Manage episode 320356302 series 2570043
We begin the episode with Art sharing his background story and how he ended up in real estate. Art shares that after a rocky childhood, he went on to play collegiate basketball at a D2 school on scholarship and eventually to professional basketball in Portugal. After moving on from his career, Art applied everything he learned in basketball in entrepreneurship to grow his organization, and later, his real estate business. He started investing in real estate in 2018, and he did over $2.5 million in transactions in his first two years in wholesaling. He later moved from wholesaling and flipping to doing full syndications, and he has done over $6 million in transactions, across 15 properties, in only three years.
We then talk about how playing sports impacted his business life. Art shares that there is a lot of value in playing sports, being an athlete, or being part of any organization that requires discipline at a young age. When you apply discipline, character-building, persistence, teamwork, and commitment to entrepreneurship, you’re setting yourself up for success. Art was hungry for success, and he poured his efforts into basketball, which earned him a successful career. In real estate, it was no different; he knew how to play the game and how to win.
Next, we talk about how Art started his entrepreneurship journey after he left his basketball profession in 2014. Art stopped playing basketball because of injuries and corruption. As an entrepreneurial-minded athlete, Art didn’t want to get a job. He wanted to be in control, so he started a basketball organization. He was doing well, and he knew that if he applied the same efforts and principles in real estate, he would be successful. Art was in an industry that had a ceiling, and for him venturing into real estate, the sky was the limit. In 2018 he stepped forward to make his dream a reality. However, he didn’t do it openly until he got his first wholesale deal, which allowed him to make $40,000 from an off-market deal.
We then talk about why Art got into wholesaling and how he was able to scale it. Art shares that he wanted to own his own business and destiny. According to him, wholesaling fit well with his personality. From his studies, Art knew that wholesaling is an OPM (other people's money) strategy, and it was easy for him to scale up. After his first deal, he bought a multifamily property with the money that he earned from it. Art also got more deals from Instagram marketing, and he was able to do the same thing with his industrial partners.
Lastly, we talk about how Art was raising money at the beginning of his real estate business. Art shares that he had a trustworthy brand and network, and when he launched his real estate company, everybody knew he was smart and trustworthy. He had a professional basketball organization, and people trusted him with their children. This made it easier for them to trust him with their finances, and he was guaranteed a loan for the capital that he needed to scale his venture. However, later they shifted to the LLC space, and now they are limited to only accredited investors. According to Art, this experience has allowed them to build their brand on social media and in their demographic to raise more funds publicly.
Make sure you don’t miss another fantastic episode of the Just Start Real Estate Podcast with Art Morrison III and get valuable information on creative ways of starting and financing your real estate projects!
“There’s a lot of value in playing sports, being an athlete, or being part of any organization that requires discipline at a young age.”
- Art Morrison III
“You just need to find motivation. If you find a person who is not motivated to sell their property you might end up paying too much.”
- Art Morrison IIII
“It doesn’t matter how much money you have, you need to educate yourself or you’ll lose it.“
- Art Morrison III
“Investors invest money with people. They have to like you and trust you as a person.”
- Mike Simmons
“Success is not a coincidence - it’s about self-awareness of what your strengths and weaknesses, and creating a team that compliments you.”
- Mike Simmons