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Episode 105: The Advantages of Starting a Business During the Great Recession – with Drew Homola
Manage episode 436360768 series 2933812
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Remember when Lehman Brothers failed? It marked the climax of the subprime mortgage crisis and prolonged ‘The Great Recession’, which was the steepest economic decline in the U.S. since the Great Depression back in the 1930’s. It led to credit freezing, foreclosures skyrocketing, and left the overall market pretty bitter and sour on real estate. The date was September 15, 2008. That’s when Drew Homola jumped into the game and started his home building company! Was he crazy? Or crazy like a fox? Here’s a sample of what we discuss: The advantages of starting a business during a downturn. His biggest money management mistake… and what he’s doing instead A little-known, almost accidental real estate investing strategy that made him $70k … in just a few short months! The pros and cons of having a license as a real estate investor/builder.
Tips on how to vet and find a reliable and trustworthy contactor (from a contractor!). Practical insights on how to implement effective cash flow management and controls. The biggest challenges in ground-up construction (and how to mitigate them). Much, much more!! More about Drew Homola: Drew Homola started as a home builder and general contractor during the depths of the Great Recession. Through the years he had built houses for other people, but soon realized he needed to start owning real estate in order to attain true financial security. And that’s exactly what he’s done! He currently owns First Choice Builders, First Choice Real Estate, and First Choice Capital. His primary focus these days is acquiring and developing assets through First Choice Capital, as he’s been able to create systems and recruit great employees who run the day-to-day operations of First Choice Builders and First Choice Real Estate. For contact info, visit our website www.InstantInvestorPodcast.com/episodes and type in the search bar: Drew Homola
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