Ep 42: The Reward of Obsession and Staying Broke with Bryan Karp
Bryan Karp is a man who exemplifies hard work and commitment. He gets up at 4 a.m. each morning, plans out his day, does a ton of work, and schedules in his kids’ sporting activities — that is, before anyone else has fully woken up. For Bryan, there is no overnight success, but only years of tangible sacrifice and an obsession to become the best at selling real estate. But when he got involved in the industry some twelve years ago, he did not immediately quit his job and expect to make a living off real estate. Rather, he started selling properties as a side hustle while doing his day job in construction and only left the latter for good once he had sold way more than he needed to fully transition from the one to the other.
In this episode, Bryan talks to listeners about his early days in the business; the moment he recognized the massive opportunity in real estate, how he educated himself, the impossible hours he put in, and why he got his license as soon as possible. He discusses his climb to the top and the role that frugality has played, warning listeners about not upgrading their lifestyles prematurely and living above their means. Later in the conversation, Bryan shares his views on the habits and practices of the successful, the current market, and what the future of real estate will look like after the crisis.
Key Points from This Episode:
Being confronted with the choice of either going to college or learning a trade.
Bryan’s football career, his knee surgery, and realizing that the NFL was not going to happen.
The impact that reading Rich Dad Poor Dad had on Bryan when he first started in real estate.
Why Bryan was determined to get his real estate license as soon as possible.
Recognizing that success at a young age only comes from sacrifice and hard work.
Things Bryan learned and experienced in the twelve years of building his business.
The importance of relentlessly selling yourself to the people who might hire you.
Advice around starting real estate as a side hustle and slowly building it bigger.
How Bryan juggled between his construction day job and his new real estate endeavors.
Thoughts on the obsession with being the best in the real estate business.
How real estate offers multiple options for people to get to their goals.
Having money to make money and saving enough to buffer you when things get hard.
Building a legacy in real estate and changing the mindset of the next generation.
Raising children with a frugal approach to money and knowledge about real estate investing.
Avoiding the temptation to raise your lifestyle as you begin to make more money.
Tips for success: be organized, task-oriented, get up early, and use time effectively!
How Bryan views the current market and what he foresees for the future.
The likely impact of the COVID-19 crisis on the commercial property market in 2021.
“Honestly, I got my real estate license twelve years ago for one reason: I wanted to be an inside player. I felt like the only way to understand real estate and get the best deals was to get my real estate license.” — @BryanKarpLI [0:07:50]
“I am a businessman running a real estate business. And I feel like those are the people who succeed in real estate.” — @BryanKarpLI [0:12:02]
“In one month, I made more money in real estate than I did all year in construction.” —@BryanKarpLI [0:18:58]
“When you start to make more money, you shouldn’t be raising your lifestyle. And I think that is one of the keys of how we were able to scale so quickly.” — @BryanKarpLI [0:37:04]
“There is nothing that is happening during my day that hasn’t been pre-planned or set up.” — @BryanKarpLI [0:44:58]
Links Mentioned in Today’s Episode:
Get in Touch
Interested in Investing With Us? Click Here
Connect with Chris - https://linktr.ee/chrisgrenzig
Toro Real Estate Partners - http://tororep.com/
The Real Estate Investing Experience - https://www.thereiexp.com/
The REI Experience YouTube - https://www.youtube.com/channel/UCjt6pmkA8ogACZ26oqhBM0g
The Real Estate Investing Experience Podcast - https://podcasts.apple.com/us/podcast/the-real-estate-investing-experience/id1481520260