Episode 4

The Struggles of Real Life Monopoly with Alex Wright

True entrepreneurs will do whatever job it takes to get the job done or get paid.

The ultimate vision is to grow your own company one day,

But you have to start from the bottom, you have to know all the processes.

Starting from the bottom and learning the business from the ground up is the best way

Because then you learn all the angles and nobody can really fool you.

On today’s episode, we’re dipping our toes in the real estate business. Alex and I talk about the struggles and the benefits of investing in properties and also, what it takes to be a successful entrepreneur in this field of work.

Alex Wright has the true spirit of entrepreneurs, and he knew it ever since he was a child. When he was 12 years old he started working whatever job he could get his hands on, and by the time he was 17 he had saved a good amount of money. At the age of 19, he bought his first property, in Allentown, Pennsylvania, with $50,000 cash. Left with no money in the bank, it took three years for him to renovate it, but he says it was worth every penny. He believes that wherever there’s chaos, there’s always opportunity.

Alex advises us to look at our options and make the best decision based on our circumstances, but always strive for the better and always look for the best route possible.

So listen to Episode 4 of Deposit That, to take away some real estate tips from an entrepreneur who literally started from zero, all the way up to the successful man he is today.

Questions I ask:

  • What were the negative thoughts that went through your head while you were sleeping on the floor and knowing that you had a 30-month project ahead of you? (06:17)
  • As an investor, how do you analyse a deal? (13:43)
  • Have you ever passed on a deal that you regret? (15:28)
  • How do you find time for your own personal self? (20:37)
  • How do you define vision based on execution and facts versus dreaming? (26:35)
  • How do you know when to give a tenant certain breaks or certain credits or certain, “Hey, live for free”? (31:57)
  • Did you think at age 20 you would be where you are today, at age 30? (35:22)

In this episode, you will learn:

  • How hard money loan could work in your benefit. (11:17)
  • Alex’s opinion on changing careers at 40 or 50 years old. (33:02)
  • Why „buy and hold strategy” is better than „fix and flip”, in Alex’s opinion. (33:51)
  • One thing you could take away from Alex’s 30 years of experience. (37:55)
  • The best choice between hiring a professional and making the repairs by yourself. (40:20)

Connect with Alex:

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