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Meet the Podcast Guest – Mark Greseth

By Charles Osugo for Mark Greseth The clearer you are, the clearer things become. Mark Greseth has approached real estate in a methodical manner. A science teacher by profession, this investor has used debt in a good way to generate a higher level of time freedom for his family. His first exposures into real estate came through his grandfather’s land holdings for agriculture and his father’s rentals. His preference for the asset class developed from the fact it’s tangible and allows for more control compared to stock investments. The path of growth has been simplified for Mr. Greseth by defining clear metrics of success. By checking in on goals with weekly and monthly reviews progress was made possible. Commitment to a goal is what made Mr. Greseth able to cross between desire of financial freedom to achieving over time higher levels of financial freedom. His process, while not the fastest, has allowed a high level of confidence, his first investment so far has been all the personal capital he’s needed to raise. The rest has been able to be exercised through equity gains over time on his holdings. By using his houses as a personal bank account acquisitions have become a more simplified process and holdings become less stressful. Everyone goes at their own pace and success is defined by alignment. How aligned your use of resources is to your goals and mission. By having a clearly defined “why” Mr. Greseth through reading books to increase his knowledge base and creating connections with competent people has made a successful entrance into real estate and has kept growing upwards in the subsequent 6 years. His advice to newcomers is get educated, get connected and get a house. Analysis paralysis isn’t necessary, as you learn to bring it into action by analyzing properties, getting connected to an investor focused agent. As long as the house can cash flow you are better off falling forward than you are continuing to analyze properties without getting any further into real estate. He cautions that real estate investing is not a get rich quick form of investments. But as he and many others have shown it is a form of wealth creation that when done responsibly can within a decade truly change someone’s financial future along with their loved ones. Mr. Greseth through meetups such as MNREIA and Northstar Unlimited got the connections he needed to form a social network that was engaged in similar goals within real estate. Collaboration has become an important part of Mark’s increased competence and his ability to do more in less time. An example of this would be the differences in how he screened tenants at the start compared to now. By performing more through reviews and having higher levels of verification Mr. Greseth has through the school of hard knocks learned that it’s better to wait and find the right tenant instead of filling a vacancy with someone who hasn’t been well vetted. Getting a house is a pivotal step to take within real estate investment but it’s still one to perform with caution. Mr. Greseth the first house doesn’t have to be a home run as long as it’s a purchase that cash flows the benefits of learning how to manage a property outweigh the safety of continuing not being in the investment space. At the very least someone can rent out a bedroom. Becoming numb to the numbers is easy while making an investment can seem complicated. However this comes down to who you know and what you know by getting connected to knowledgeable people and becoming educated on real estate investing it becomes inevitable to get the tools necessary to learn what a good first step is. Mark’s Book recommendations: Rich Dad Poor Dad, Cashflow Quadrant, Multi Family millions, Richest man in Babylon, The Book on Managing Rental Properties