Gary Wilson developed a passion for drawing houses and architectural floorplans at just eight years old, but as Wilson grew older he would discover a much stronger affinity for the wealth that could be generated by them. His business sense and entrepreneurial spirit have been there through it all, and Wilson was always inspired by the simple exchange of providing quality service and getting paid for it.
The idea that you gotta wake up and show up to get paid is what shaped Wilson’s work ethic and prepared him to be a dealmaker as an adult. Wilson made his first real estate deal within a month of graduating college by assuming the previous owner’s VA mortgage, getting a second mortgage to refinance the seller’s second mortgage, then giving him a third note for his portion of the equity – so he put no money down. It was a very creative deal that was anything but conventional, and Wilson was even able to rent two rooms which paid for nearly all of his other bills.
The Pitfalls of a One-Size-Fits-All Deal Structure
From that point on, Wilson was determined to forge his own path outside of conformity. There are many ways to buy real estate but Wilson’s success is largely attributed to using the right strategy, at the right time, for the right deal. A lot of people tend to shove everything into a universal deal structure and that can be detrimental to their progress because every deal has the potential to be more lucrative if you get creative.
The ability to create tailored deal structures is a necessary component to becoming a great dealmaker, but mindset plays an important role as well. Getting creative with your strategy and taking risks are not comfortable ideas for everyone, but Wilson has picked up on some key characteristics that define a dealmaker.
Transferable Skills
Every year that Gary Wilson spent in the corporate world made him more miserable because he had to suppress his entrepreneurial mindset until he got out. When he broke away from that lifestyle, Wilson was finally in a position where he could pursue the unquenchable desire for financial freedom. The ability to look at things creatively and the desire to make them work are what set successful entrepreneurs apart, and it is a mindset that Wilson brings to every opportunity in his path.
Those skills define business leaders and entrepreneurs across a wide array of different industries, so there is an open door to real estate investment even if you aren’t going to put 100% of your time into it. The skills, attitudes, and talents needed to run a business are the same ones you need to succeed in real estate, and when you have both you gain an asset to borrow against to keep leveraging your business and vice versa.
A Cycle of Abundance
It is an amazing combination that creates a cycle of abundance. So, if you want to get into it, the resources you want to have are as follows: a tax accountant; a solid general contractor or contact in the construction/remodeling business; a good attorney; an investor-agent. The investor-agent is a key player in your venture because they can go beyond listing services to find the best deals that aren’t even published. Off-market deals are crucial in this space and Wilson’s entire brokerage company was based on that practice.
This industry has a learning curve and Wilson has made his fair share of mistakes, but if you are diligent and self-reliant you can avoid simple, costly screw-ups. It should not be a deterrent because the same risks apply in all facets of entrepreneurship. If you approach this business with a concrete strategy, mentorship, and a strong team, there is no telling what you will be able to accomplish with your current business and new ventures generating income simultaneously.
Listen to the interview with Gary Wilson on the Fueling Deals podcast to learn more about Gary and how you can apply your dealmaking skills in the real estate industry.
Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.
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