An Interview with Steve Richards

There are lots of directions you can go with real estate investing. Wholesaling, fix and flips, multi-family, REITs, turn-key – you name it, there’s a way to make it happen. But when you get pulled between multiple areas of focus you run into trouble every time. Steve Richards’ story is an example of exactly that. In this conversation, he tells how he started off with great success as a fix and flip and wholesale operator but soon found that his efforts were diluted as he jumped into too many opportunities. Hear what Steve did to reign in the problem and focus on his strengths, on this episode of The Time Is Now.

So focused on the “house” part of real estate that he missed the business part. Click To Tweet

When Steve Richards first got started in real estate investing he was very good at finding the right opportunities, leveraging the profits into another opportunity, and building from there. But he did so without putting the business structure in place that would be able to support and sustain the volume and type of business he was doing. It was only a matter of time before that liability came back to bite him. Listen to how Steve addressed the problem and what it takes to be successful in the real estate business, on this episode.

Shutting down one business to grow another even more. Click To Tweet

Steve Richards had a number of real estate oriented businesses running at one time – but over time, the bandwidth, number of people, and sheer cost of doing so made it apparent that he was into way too much stuff. What tipped him off was when he noticed himself dreading coming into the office each day. That’s when he decided that he had to make a change – and he shut down one of his most profitable companies because it didn’t fulfill his personal desires. You can hear how Steve navigated the waters and rebounded to become even more successful by listening to this episode.

If you don’t stay at your personal best you won’t be able to help anybody else. Click To Tweet

One of the things that Steve Richards enjoys about having his own business is that he’s got the ability to help others – his family, friends, and the people on his team. But he realized at one point that he was consumed with giving to the people within his businesses and was not keeping himself healthy – to the point that some on his team began to take advantage of him. He learned one of the hardest but most vital lessons: If you don’t make sure that you are staying at your personal best, you won’t be able to help anyone else.

When you learn how to discover buyer and seller needs, wholesaling magic happens. Click To Tweet

When Kent asked Steve how his wholesaling business works, Steve said that he’s learned that one of the biggest skills any wholesaler needs is the skill to uncover the needs that the seller and the investor have in any transaction. When you clearly know what each person in the situation is looking for, you’re able to find the right opportunities and structure the deal in ways that will meet those needs. That’s when you have no trouble finding or selling properties. You can hear Steve explain it himself on this episode of The Time Is Now.

 

Outline of this great episode

  • Kent’s introduction to Steve Richards: wholesaler, turn-key, and more.
  • Focused on the house part of real estate to the neglect of the business.
  • How Steve got into turn-key real estate and what it’s brought to the table.
  • Shutting down a business to grow even more.
  • The new model for Steve’s business: reverse wholesaling to meet investor needs.
  • Steve’s advice to his 22 year old self.

 

Resources & Links mentioned in this episode

 

 

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About the Author

Kent Clothier is President and CEO of Real Estate Worldwide (REWW), a multi-faceted real estate education company with headquarters in Scottsdale, Arizona, San Diego, California, and Boca Raton, Florida.

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Mr. Clothier is an expert in real estate investing. As such his experiences are not necessarily typical to the standard real estate investor and whose results may vary. The successes shared on this site are not considered typical. Most individuals who order the educational materials and systems probably do not follow any of the techniques or strategies and consequently make little to no money due to their inaction. The company is in the process of determining the typical success of its clients. Stories shared herein are for example purpose only and should not be construed as "guarantees" of success. Results will vary based on background, education, and experience and actions taken.