This episode is all about business building transitions, real estate specifics, and why we should all learn by taking action to avoid getting into analysis paralysis.
My guest is Bob Lachance, the CEO of Revaglobal.com, a company which focuses on training real estate virtual assistants and professionals. Bob started out as a professional hockey player for 8 years before realizing that he’s really an entrepreneur by nature. He jumped into real estate investing after retiring from hockey and made his first flip just after a month! Today, he owns multiple businesses of different natures in different parts of the world.
Let’s dive into Bob’s story and find out how to get started taking our businesses to the next level.
[00:01 – 04:53] Opening Segment
Bob’s journey started when he left school just two classes before getting his degree and then went on to becoming a professional hockey player. He, however, decided to retire after 8 years, went into real estate, and made his first flip just after a month! Just being able to close this deal wasn’t enough for Bob though as he realized there are still a lot of things he did not know about real estate investing. From there, Bob will give details of his journey step by step starting from how he educated himself to how he transitioned and succeeded in all his other business ventures.
[04:54 – 13:57] Real Estate Investment Strategy: Flipping Properties
Curious about how much Bob actually made on his first flip? He tells us the number in this segment, as well as the challenges he had to go through, such as almost breaking his shins! But if there’s one very important advice we can get from this part of Bob’s story? It’s that we really just have to start.
In addition, he also gives us very valuable tips on making the best deals: Know your market. Know where you’re investing. Don’t forget to look at the school systems. And also, that one of the first people on your team should be a real estate agent! Make sure to listen closely to Bob’s tips to find out why!
[13:58 – 22:10] REVA GLOBAL: Real Estate Virtual Assistants
After successfully completing almost 700 flips to date, Bob tells us next how they got started with their real estate coaching business and all other businesses—it’s all about making the law of reciprocity work in their favor. He tells us “If you get into a relationship and you expect something in return, you’re getting into that relationship for the wrong reasons.”
Eventually, their desire for helping their coaching students get their time back evolved into a new business idea: REVA Global, their training platform for real estate virtual assistants which they first put up in the Philippines. He also tells us how this business has progressed these past five years, including how he had to deal with a partnership break-up and how he was able to pick himself up after and get back to work.
[22:11 – 29:58] A Step By Step Guide into Starting a Real Estate Business
Bob breaks down the wholesaling process for us: it’s really just about marketing for buyers, marketing for sellers, and negotiating. He also stresses out the importance of starting and really learning how to do the business. We must “take action, take action and take action” and not be paralyzed by analysis paralysis.
Lastly, Bob tells us the importance of having an education (does not have to be from school) and having a mentor and how do we find people who are real versus those who are just trying to sell us something. Look for authentic people, someone not too sales-y, and someone who’s a hard-worker. After all, everyone’s talking about working hard versus working smart. But if you’re starting a business? You have to work smart and work your but off as well!
[29:59 – 35:28] The FOCUS FIVE Segment
The FOCUS FIVE are five questions I ask every guest on my show. Keep on listening to find out what book Bob gifts most often; who would he talk to if he can get an hour of any person living or dead and why; that one thing he believes but most people will disagree with; his morning routine; and lastly, where are the best places we can connect with him online. (See the links below for Bob’s social media links!)
“You don’t need to know everything, but if you have somebody in your corner that believes in you, you can accomplish so much” -Bob Lachance
“There are so many different things to learn in real estate, and just take it to step by step because It is a journey. It’s a process.” -Bob Lachance
Resources mentioned in the episode:
LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.
A few last words
Are you working HARD but not really moving the needle on anything? You should check out my POWER LIST and find out how you can get more done to move your business, project, or relationship closer to where you want it to be. Let’s go!