Today, it is my pleasure and privilege to talk with, fellow mastermind group member (and fellow “phone book celebrity”), Nick Aalerud. Nick talks candidly about his reset stories, the lessons he learned from them, turnkey real estate deals, and the importance of stress-testing the deal. He also talks about his book, Don’t Quit: Stories of Persistence, Courage, and Faith; all of the profits from which go to charity.
Minute Markers:
00:23 – Introduction
02:16 – A little about Nick and his background in real estate
05:37 – Nick’s first hard reset button
08:38 – Where to find cash flow deals/cap rates
12:00 – Multi-family flip/bird strategy
15:09 – Nick’s second hard reset and the lesson learned after
17:11 – Nick’s other real estate investments and business
18:12 – Nick on bigger assets
24:15 – Don’t believe the hype
26:42 – “Don’t Quit: Stories of Persistence, Courage, and Faith” book
28:34 – How to get in contact with Nick
29:28 – Thank you for listening to the Big Mike Fund Podcast
Quotes:
08:05 – I certainly agree with you to do the due diligence learning, to do the due diligence is the absolute key. And owning your own failures or successes is important. An indomitable spirit, you fall, you get up. That’s another key lesson so, it makes a lot of sense. I appreciate your sharing. It’s not easy to share, but it shows you’re not afraid to share even failures, which is a sign of strength.“.” – Mike Zlotnik
14:44 – “And small assets. They’re not necessarily bad assets at all. In fact, they’re great assets. It’s much easier to manage a small renovation than a big project. The exit happens to take place a whole lot faster.” – Mike Zlotnik
06:51 – “Learning to do my own due diligence with partnerships, learning that also taking ownership. I spent 6–9 months being just angry at this other person, other individual. I really couldn’t let it go until someone told me. It was actually Marshall Sylver, the national hypnotist, you might know him. He basically just said, “Own it. This was your failure. No matter what he did, you went through with it. You didn’t do enough due diligence. Why buy out of state your first five deals. Just own it, you made this mistake.” Once I own that for myself, it really helped propel me forward to sharpen my pencil.” – Nick Aalerud
26:35 – “Stress test the deal. I’m sure, I know you do that too. Stress test every deal, 100%.” – Nick Aalerud
Resources:
Don’t Quit: Stories of Persistence, Courage and Faith, Amazon
