In this #Highlights episode, we look back at our conversations with Pam Scamardo, Founder of The C.R.E.A.T.E Wealth Network and Dusten Hendrickson, Founder of Mailbox Money. They share the keys they discovered to make their side hustle in real estate investment a steady income stream.
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Pam recounts her early days in real estate, which she believes was the most difficult stage in her investing journey. Yet, it set the tone for the success she enjoys today. Dusten shares eye-opening principles for investing in different markets and the strategies he used to scale his portfolio even during the pandemic. Enjoy the show!
Key Points From This Episode:
- The transition process from being an aerospace engineer to a real estate investor.
- Support from family and friends will keep you going along your chosen path.
- Finding a mentor is instrumental in keeping your focus and mindset straight.
- What’s the hardest part in syndication?
- What is the biggest misconception in multifamily investing?
- How to pick the right market to invest in.
- Some rules of thumb for investing in different markets.
- Tip-offs to look for for a good operator.
- What is Dusten’s wellness design for apartment investors?
- How Dusten refinanced his entire portfolio in 2020 during Covid-19 pandemic.
- What was his debt strategy?
“Once you find a way that works for you and you set it up properly, then things will start to flow in.” –Pam Scamardo
“Even if you’re working right now in your essential job, in the job that you need to have to pay those bills, you can still try to grow your passive income stream on the side. It just takes time, takes a lot of hard work but don’t give up, you can do it.” –Pam Scamardo
“The sooner you learn how to work with other people’s money and how to properly syndicate a deal, that in itself is a skill set that you can take anywhere.” –Pam Scamardo
“The money will always come when you have a really good deal.” –Pam Scamardo
“I can pivot and move, if an opportunity comes up, I can go and attack it right away. If something becomes very important, we can just focus just on that ’cause almost everything we do now is proactive, it’s not reactive.” –Dusten Hendrickson
“Your biggest enemy is not the scam artist, but it’s the guy who’s just operating in a mediocre fashion.” –Sam Rust
Links Mentioned in Today’s Episode:
About Pam Scamardo
Entrepreneur Pam Scamardo is the Founder of The C.R.E.A.T.E Wealth Network – a top free educational resource for commercial real estate investing. Officially ‘retired,’ Pam is a mother and wife who discovered the benefits of passive income after realizing she did not need to be a millionaire to begin investing in commercial real estate. An aerospace engineer by trade, having been employed by Lockheed Martin, Boeing, and UTC Aerospace, Pam made a career pivot almost 10 years ago and founded her first company TPK Properties. The organization has successfully syndicated properties for investors in California, Arizona, Oregon, and Washington with the current portfolio valued at over six million dollars. She is passionate about helping others achieve “job optional” status through commercial real estate investing and wants to empower men and women along their journey to financial freedom.
About Dusten Hendrickson
Dusten develops real estate, purchases existing value add real estate, and invests passively as an LP. He also helps others invest in the same deals he invests in.
He has been involved in RE his whole career. From owning a roofing company to building homes, duplexes, and apartments. He has developed new & revitalized old neighborhoods and worked closely with the historical society, city council, and government officials to develop adaptive reuse and infill projects. He has a passion for green building and collaborated with South Dakota State University – Department of Architecture to build the first certified Passive House in South Dakota. He owns and asset manages over 300 units and he passively invests in over 1000 units. He also helps raise money for the deals he invests in. He has developed a skill set that is perfect for value add multifamily because of all the affordable design-build he has participated in by living in a very frugal community.
He loves to have fun in everything he does, be a positive influence, read, play basketball, cycle, cook, and be involved with his wife, three children, and friends. He is also open to mentoring anyone who reaches out looking for advice in RE investing or dealing with autism.
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