Key Notes From Our Podcast w/ Damon Forte
Key Notes From Our Podcast w/ Damon Forte
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Damon's interest in real estate started during his time as a financial advisor, where he served clients with a high net worth. Through his interactions with this clientele, he realized that an overwhelming majority had some kind of real estate portfolio. In 2013, Damon attended some seminars on real estate investing and continued to keep an eye on teh market.
However, it was not until his family's restaurants were forced to close due to the pandemic that he decided to go all-in on his food cart business and real estate investing. With nothing to lose, Damon and his wife started with one food cart four years ago, and now they have three across the city. Damon's mother, a real estate agent, is also part of his team, which includes his father, wife, and himself. They all have their defined roles even if they don't stick to them.
Despite facing many challenges, Damon's determination and courage helped him overcome the hurdles and achieve success in real estate. Mom found their first property on the MLS, a pre-foreclosure in Glendora that needed a lot of work. Damon's family did most of the work themselves, from adding a bathroom, remodeling the kitchen, and converting the attic into a bedroom. Damon's wife did the staging & design, and the property turned out great.
In this podcast, Damon shares his experience in real estate investing, particularly in renovating and selling their first property. He admits to being intimidated by the process and fearful of losing money, but he learned a valuable lesson about balancing cost, quality, and speed. He emphasizes the importance of betting on oneself and taking risks to provide for their family and leave a legacy of generational wealth.
Damon also talks about the challenges of balancing family life and work, particularly in the restaurant and food truck business. He admits to struggling with work-life balance, but he also shares his motivation for making changes and transitioning out of the restaurant business to focus on his family and real estate investments. His wife, an interior designer, has also played a crucial role in their success.
The conversation also touches on various aspects of Damon's real estate investments, including the number of properties he owns and his plans for investing in properties out of state. He emphasizes the need for action and accountability, as well as the importance of having a process in place for investing. Damon also talks about the challenges of starting small in the real estate industry and how it can be difficult to compete with larger, more successful investors.
The podcast concludes by discussing the importance of staying focused and not letting others discourage you from pursuing your goals. They encourage listeners to stay passionate about their endeavors and not let the opinions of others hold them back. Overall, this podcast section offers valuable insights into the real estate investment process, including the importance of balancing cost, quality, and speed, managing expectations, and betting on oneself to provide for their family and leave a legacy.
In conclusion, Damon's inspiring story is a testament to the power of perseverance and taking calculated risks in real estate investing. He proves that with determination and a strong team, it's possible to overcome any obstacle and achieve success in this highly competitive industry. We hope this podcast episode has provided valuable insights and motivation for anyone looking to enter the field of real estate investing.
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