Look at your Neighborhood and Beyond the Cap Rates with Alex Olson

Weiss Advice

Alex Olson is a senior real estate broker. In this episode, he shares his insights on real estate as a wealth-building tool. He explains that when you look at your taxes after you've taken depreciation into account, real estate can be a very effective way to lower your tax burden. Alex also discusses the importance of networking and how it can help you become successful in the real estate business.

[00:01 - 03:28] Opening Segment

• Alex shares his background in real estate and how he has been helping people find properties.
• The importance of working with a knowledgeable real estate agent to help buyers find properties

[03:29 - 14:08] The Key is Preparedness and Setting Up the Plan B

• Be prepared for a lot of stress and have a plan for what to do if things don't go as planned.
• Everybody starts off with what they want, which is often unrealistic and not in line with what the market is providing.
• Besides cap rates, factors such as cash flow, purchase price, and how much money will be put down should also be considered.

[14:09 - 22:59] Optimizing Real Estate as a Wealth-Building Tool

• Like-minded individuals can successfully invest in real estate together.
• To find properties that are good investments, it is important to have a clear understanding of the local market and what type of property is being sought.
• Alex shares the joy of seeing property progress over time and how it can build wealth without the buyer even knowing.

[23:00 - 31:16] THE FINAL FOUR

• What is the worst job you ever had?
  • Castrating hogs
• What’s a book that you’ve read that’s given you a paradigm shift?
  • Am I Being Too Subtle? by Sam Zell
• What’s a skill or talent that you would like to learn?
  • How to become a movie scriptwriter
• What does success mean to you?
  • Independence from taking risks

Connect with Alex
Linkedin: www.linkedin.com/in/aolson
Website: https://www.biggerpockets.com/users/hardworkinvesto

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Tweetable Quotes:

“Our main focus, of course, is multifamily. Why? Because that's what everybody wants and everybody knows it does well in the market.” - Alex Olson

“It all starts with the idea, and that's it. Once you have the idea, you figure out ways to get to it.” - Yonah Weiss

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