Sometimes all we need is a little push in a different direction for it to have the biggest ripple effect in our lives. In the case of Adam Ulery, this metaphorical push came in the form of a book recommendation over a coffee break at work. Adam figured it couldn’t hurt so he gave Rich Dad Poor Dad a shot and, as he put it, “became a fiend for information.”
Like many others, he gobbled up as much knowledge he could about finance and investing and ultimately fell into real estate and stuck with it. While those initial stages were tough for him due to his mental roadblocks, with the right guidance and action, he was able to preserve and open up his life to abundance.
Up to date, Adam is the Head of Investor Relations for Dreamstone (a real estate syndication company) and hosts the Tech Guys Who Invest Podcast all while still working a full time W-2 IT job. Collectively, Dreamstone has a goal of owning 5,000 units by the end of 2021. Adam plans on continuing his stride towards wealth to be able to help more people along the way.
Takeaways from our conversation with Adam: 1) Listen to competent advice. While it might be more expensive in cash value up front to pay for the opinion of an expert, you’ll be rewarded tenfold later down the road. In other words, it’s cheaper to do something correctly the first time than to do it the inexpensive way and have to do it again. So when it comes to legal, financial, mental, or structural advice, this is capital well invested. And keep in mind, sometimes you’re going to need the same advice from different people depending on your level and goals.
2) Overcome your limiting beliefs. It all begins with mindset. Adam can vouch this was true for him. Even with his excitement and eagerness to do his first deal, those raw emotions alone weren’t enough for him to overcome his negative attitude. He first had to address his doubts and adjust his thinking about his ability to succeed. Once he was able to do that, he was no longer his own biggest hindrance, but rather his own biggest advocate. He went from fearing a single family property to purchasing over a hundred units at once.
3) The process remains consistent. Adam was a bit taken aback when he first decided to venture into apartment syndications. He was overwhelmed by the work needed to be able to scale at the level he desired. But then he realized something. Even though there were more moving pieces, the end product remains wholly the same. Adam realized that he still needed to learn about the investment type, he needed to pool together enough capital, he needed to find the right deal, and he needed to manage his investment. A duplex is not that different from a 10-unit building. And a 10-unit building isn’t that much different than a 100-unit apartment. It’s a larger scale, sure, but the process remains consistent.
4) Select a property manager with experience in your specific asset class. Similar to point #1 above, you also need competent people to do work on your deals. Competent advice is only half of the battle. The other half involves actually finding the correct employees or partners to fulfill your needs. Not any property manager can manage any type/class of property. Find a specific property (or project) manager that fits your means and can accomplish your needs.
If Adam could go back and talk to his 16 year old self, he’d tell him, “Don’t limit yourself… Choose what you love to do and focus on that. Take action, move forward.”
An unexpected benefit of real estate investing, Adam said, is his growth thus far as a person, all things mentally, emotionally, and otherwise.
A piece of advice Adam would tell his friends looking to get started in real estate would be to get educated. Start listening to podcasts, read books, and start talking to people who are already doing what you want to do.
Adam recommends using Waze to help you navigate your way around town to be more efficient and save time (to do more deals!).
Adam recommends reading Killing Sacred Cows: Overcoming the Financial Myths that are Destroying Your Prosperity by Garrett B. Gunderson and Stephen Palmer to help you break free from traditional financial principles imposed by the working class and on the fast track to financial freedom.
If you’d like to get in touch with Adam, find him on LinkedIn, email him at adam@dreamstoneinvest.com, or visit: www.tgwipodcast.com.
