Career Path of a Real Estate Investor and Entrepreneur
Josh's career path deviated from traditional education, beginning with real estate investment at age 19 after a mentor introduced him to the concept of "buy[ing] as much real estate as you can," leading to flipping houses, short-term rentals, and eventually acquiring a property management company, demonstrating a growth trajectory marked by continuous adaptation and entrepreneurial spirit. The evolution from individual investor to business owner, managing "22 properties under management," highlights the strategic shifts and risk-taking involved in Josh's success.
Real Estate Investment, Entrepreneurship, Mentorship, Overcoming Challenges, Building a Business
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Josh Rudin
President
Rudin Enterprises
N/A
N/A
Real Estate
Real Estate
None Applicable
Video Highlights
1. Josh's career path highlights the importance of mentorship, emphasizing how a mentor guided him into real estate at age 19. This highlights the value of seeking guidance from experienced professionals.
2. His entrepreneurial journey showcases the power of calculated risk-taking. He transitioned from flipping houses to short-term rentals (Airbnbs), demonstrating adaptability and a willingness to evolve his business model.
3. Josh's experience with building and managing a team, including hiring and firing, is a valuable lesson for students interested in leadership and business management. He highlights the importance of finding the right people and the challenges of personnel management.
Transcript
Could you walk me through your career path, starting with your experiences in college? Did you have any internships or jobs before your current role?
I started my career working at a deli as a host. It had nothing to do with my career path, but it was a job to earn money.
I had no idea what I wanted to do after high school and didn't end up going to college. I attended a semester at community college but realized it wasn't for me.
At that time, I had already purchased my first real estate property. I met a mentor when I was 19, and we played a board game that taught me about assets, expenses, liabilities, and income. The game's goal was to buy as much real estate as possible, aiming for it to double or triple in value.
This presented the first opportunity I saw to make money without a traditional job. I realized you could have a renter paying you monthly, granting time freedom for travel. With 10 to 20 homes, you could fund your entire life and pursue passion projects. My goal became investing in real estate.
I bought my first property at 19 with my mentor, which I highly recommend. He significantly changed my life. While managing that property and others, I made mistakes, dealt with evictions, and learned the importance of checking credit.
Eventually, one of my tenants became a friend and suggested I try flipping homes, seeing my success. I decided to try it, hoping to make significant money quickly. I found a home under contract with someone I'd been speaking with.
After purchasing the home and investing $15,000, I made $25,000 in about three months. It was an amazing experience; I couldn't believe you could make so much money so easily. While there's risk, a good deal, reliable contractors, and multiple bids can make it a very profitable business.
I then partnered with the person who introduced me to flipping, giving him 15% of the profits to manage the projects. I found the deals and provided the capital. We completed five, then 10, then 20 projects in a year, and my business has continued to grow.
When COVID-19 hit, I was uncertain about the market and sold most of my properties due to the unknown risks and potential for significant loss. I've since pivoted to short-term rentals, such as Airbnbs. A friend got me into the Airbnb business and taught me a lot, leading to a great experience.
I'm currently buying properties in Joshua Tree and own about 10 Airbnbs. I also recently purchased a management company, overseeing 22 properties. More are on the way, and it's been an amazing experience seeing how to run a business with employees and virtual assistants.
Virtual assistants are incredibly powerful; they essentially run my business. They allow me to be on this call now without worrying, as they handle all the issues. That's where I am now, and I love it.
There have been struggles, and I've had to fire people, but that's part of finding the right team. This is what I do now.
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