RG 158 – The Journey to 100 Doors: The Story of Financial Freedom w/ Andy Dane Carter
Nuts and Bolts
Andy made his first dollar selling chocolate bars to the kids on his baseball team when he was 12. Also at this time his family moved to a wealthier part of town and he was put into a new school where his friends all had more disposable pocket money than him. When they were in a surf shop he and his new friends spotted a wetsuit they all wanted and so the other children asked their parents and by the next day they all had new wetsuits, however Andy couldn’t do this. He went next door into a silk screen shop and asked for work, he went after work each day with his $20 to the surf shop to pay for the wetsuit. When he’d finally accumulated enough money he was really proud of his achievement.
When Andy was 14 he worked in a fast food shop at the drive through which gave him a taste for the service industry. He worked in service through his education and at 19 he worked at a fancy restaurant where he earned lots of tips. This was where he learned his first tip about real estate; “always buy the dirt” which is what his boss would say. His boss owned the restaurant and the land. At this job he got close with the man who did the wine and this was where his life changed track because he got really into the wine business. His first company was a wine consultancy business where he’d go into a restaurant and build their wine list, train the staff and move on. After doing this for a while he got bought by a large corporate wine company and while he was employed here he ate and drank good food and wine every day. Although this was delicious it affected his health and he lost his passion for wine. When this became too much he quit and got healthy but he was broke.
During this time his friend approached him with the recommendation to get into real estate. Andy worked with investors and made a lot of money very quickly doing acquisitions for a flipping company. After 6 months he realised he wanted to do this forever so he started to buy buildings for himself to flip and then he got into syndications.
Andy’s central message is that you need to learn to live for free and that anyone can achieve this. In order to live for free don’t buy a house – the first piece of real estate that you should buy is a 4-plex or similar and then rent out and cash flow. Andy’s other advice is that you need to get educated and watch the market to learn everything possible.