Did you know skills you develop in your current job translate to multifamily investing? In this episode, Dan Handford shares how his background in owning multiple medical practices influenced his approach to multifamily investing. Hear why Dan decided to leave the day-to-day operations of his medical practices to invest in real estate. You won’t want to miss this episode as he explains why he paid a mentor for real estate investing, how he chose his mentor, and ultimately why he chose multifamily.
Entrepreneur at heart: the road to multifamily investing
Dan is an entrepreneur at heart. Even as a child he looked for opportunities like mowing grass to make money. Early in his career, he started developing websites. Dan landed in the medical field after designing a website for a local chiropractor. This piqued his interest in medical services, which eventually led to his 5 clinics in South Carolina.
Though he was the CEO of these clinics, Dan wondered if there was something more out there for him. He walked away from the day-to-day of his business to find his new calling. Dan was reminded of his love of real estate by a friend, which led to multifamily investing. Dan realized his entrepreneurial drive paired exceptionally well with real estate investing, allowing him to build things from the ground up with multifamily deals.
Why you need a mentor to break into multifamily investing
Prior to multifamily investing, Dan always had a mentor. When he decided to invest in real estate, he knew he needed someone who had more knowledge than himself to teach him the ropes. Finding a mentor who worked well with his personality was very important. He also wanted to find a mentor who could interact well with others, not just bulldoze a conversation. He looked to podcasts, blogs, and websites to help him find the ideal mentor for him.
Dan says that having a personal relationship with his mentor was key. He did not want a group phone call once a week. It was very important to him to be able to call his mentor with questions in the middle of a deal and have access to his mentor.
The importance of learning from mistakes
As a real estate investor, you don’t always have the perfect deal. Sometimes they go sideways or don’t succeed. Dan points out in this episode that you can learn from your mistakes AND from other people’s mistakes. These experiences teach you to handle when things are not perfect. Dan says that bad situations make you better and sharpen you as an investor. These deals allow investors to learn more about multifamily investing. Listen in to hear how to gain knowledge and experience through mistakes and less than ideal conditions.
Skills that transfer from one profession into real estate
Dan gained many skills from his career in the medical field. He shares several of those in this episode. Dan became a very good delegator as the CEO of 5 medical practices. He could do every job, but in order to scale and get to the next level, he had to delegate. He built a team. He got the right people on this team so that he could hand off jobs and feel confident that they were being done well. The same practice was necessary for multifamily investing. He needed to build a team of people who were good at what they do. He delegated and trusted others to do their jobs so he could focus on building his investments.
In This Episode Dan Handford says…
- [2:23] Dan’s journey from medical practice to real estate investing
- [6:05] How Dan scaled his medical business
- [9:20] Dan’s key to marketing his medical clinics
- [11:17] How Dan found multifamily investing
- [17:48] Reasons Dan hired a paid mentor
- [19:11] How to pick a mentor
- [27:00] Benefits of multifamily investing
- [30:42] Dan’s first investment steps
- [37:23] Skills that transfer from the medical field to real estate
Resources Mentioned In The Episode
- Jonathan (at) MultifamilyLaunchpad.com – Learn to be an asset manager and Investor
- Bellwether Enterprise(sponsor) – contact Will Oldham will (at) bwecap.com