Today's Guest: Terry Burger
I am excited to have my friend, Terry, on the show today! He is a super smart investor that has pivoted strategies several times in his career and I believe he has a ton to offer my audience in the show today!
Highlights From The Show:
To kick our conversation off, Terry shares that he is a classically trained musician and believes that demonstrates that he knows how to work hard, be disciplined, and get the work done. He taught orchestra and band to middle and high school children and decided to leave that vocation when he felt like it was similar to the movie, “Groundhog Day” - just very repetitive. He moved into being a real estate agent, selling over 1000 houses in a fifteen-year span, and then transitioned into full-time investing in 2015.
We really take the gloves off, so to speak, in this interview. We talk about different investing strategies, the pros and cons of scaling, how to achieve work-life balance, comping properties, and so many other pertinent topics. Terry talks about how he transitioned from flipping houses to holding onto the winners and turning them into short-term rentals. He explains that his motivation to do this was to build a true cash-flowing business and says that it is more of a challenge than flipping a dozen or so houses a year. We discuss extensively the large property that Terry has acquired where he says “life change” can happen in the form of church retreats, family reunions, micro-weddings, and the like.
Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Terry Burger and take a look behind the scenes of a casual conversation I have with a close friend who happens to be killing it in real estate!
Notable Quotes:
“Everything Terry has done has worked.”
“I know what it takes to be disciplined and get stuff done.”
“That has been the pattern of my life. When it starts feeling like “Groundhog Day”, I try something new.”
“Terry, you have seen me when I am hungry, tired, and irritable, and you are still my friend.”
“I have always been a work-life balance kind of guy.”
“I feel like I have never made more money than when I was doing 12-18 flips per year.”
“I have to know the part of the symphony that is mine to control.”
“It is like a mini hospitality business that you have started.”
“I have learned a lot of hard lessons in the STR world and the best lesson I have learned is that uniqueness matters.”
“The bleeding is more like a hemorrhage rather than a slow drip, so it feels like a bigger risk.”
“They represent my middle-class upbringing and I like them.”
“Instead of a Starbucks experience, I have a Dunkin’ Donuts experience.”
“I hate it when people say, ‘I am waiting for the market to change.’ It just sounds like an excuse to not take action.”
“When I see someone do something, it gives me the confidence that I can do it myself.”
“I try to surround myself with people who inspire me to go do crazy stuff.”
Thank You for Listening!
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Resources and Links From Today's Show:
Previous Episode with Terry
Bison View Lodge
Airbnb Homes for Sale
Terry on Facebook
More Resources From Mike:
