“You can choose the hard path or the easy path, but either way, it's going to be a choice, and you know it's going to have a lasting impact on your life.”
Frank Patalano is such an amazing and industrious guy! He started out by working 2 jobs for about 17 years right out of college (school teaching and retail). Over time, he used his savings to buy small rentals. After over a decade of investing, Frank became a full-time Real Estate Investor and Entrepreneur. Go give him a follow at https://www.linkedin.com/in/frankpatalano/
He loves spending time with his family — learning about their day and teaching them valuable lessons about finances, real estate, business, as well as, savings and investments. He is very motivated and hardworking, that besides syndications and his real estate investments, he started a Virtual Assistant business called RealAgentHelper, a Podcast called The Cash Flow Kings and bought Best Resorts Punta Cana, a Boutique Hotel in the Dominican Republic. He is also the head of the Rhode Island Real Estate Investors Group.
Frank has been passively or actively involved in over 1000 doors in 8 markets across the United States and is always looking at new creative investments and opportunities.
In this episode we discuss:
✅ Teaching and Education
✅ Starting Your Own Business
✅ Hiring Virtual Assistant
✅ Cashflow over Appreciation
✅ Debt Service Coverage Ratio (DSCR)
✅ Three-Legged Stool Approach
Great quotes from the episode include:
“Hiring a Virtual Assistant has incredibly changed the dynamic of how I spend my time.”
“You know that you're worth good money every hour for the things that you do, and if you have someone else you can help bring up along the way by paying them a salary and can get more stuff out of your hands into there’s, it’s perfect.”
“If you're talking in the syndication game, the less you leverage the lower your IRR.”
“I would say you'd want to have everybody to be qualified with some numbers, but you definitely want someone that's more on the expert doing the underwriting and doing some of the math.”
“The main 3 things that are holding you back in real estate are no time, no money, or no experience.”
“When you first have that syndication, everything looks rosy on the pitch deck. Once things just start rolling, there are always these problems that show up that you would never expect, and we have to make the tough decisions to help everybody make money.”
“If you don't lose in real estate once in a while then you're not pushing yourself hard enough.”
“Each of those mistakes hardens you, motivates you and it makes you a better realtor and real estate person.”
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