s5e57 Your 50s is Where It’s At! with Steve Lloyd
Steve Lloyd is a Founder and Managing Partner of several real estate development companies. He is responsible for investor relations, specifically securing capital from private sources for placement into acquisition, rehab, and development activities. Steve is well-known for his abilities to identify real estate market opportunities, and he is nationally recognized as an expert in raising and investing private capital. Today, Tom and Steve engage in a rich discussion on building a real estate portfolio, the power of cash flow and compound interest, and traits to look for in a good business partner.
Key Takeaways
- 00:45 – Tom introduces today’s guest, Steve Lloyd, who joins the show to discuss Covid, his decision to create a new lifestyle for himself, and how real estate played a big role
- 07:50 – How Steve went from 2.5 million dollars in debt to living his best life
- 09:59 – The importance of balance when building your real estate portfolio
- 16:49 – What to look for in a good business partner
- 23:19 – Steve points out his strengths and weaknesses when it comes to real estate
- 25:18 – Rule 72 and the power of compound interest
- 31:39 – Fighting through trials and Steve’s five year plan
- 36:01 – The power of cash flow
- 40:02 – Advice Steve would give to younger people looking to get over their own egos
- 45:25 – Steve’s morning gratitude routine
- 50:09 – The dangers of holding on for too long and final thoughts from Steve
Tweetable Quotes
“I wanted to create a new lifestyle. I sold a big portion of my real estate and I went to the Fort Lauderdale Boat Show, and I came back with a 52 foot Horizon Motor Cap.” (04:09) (Steve)
“I think there needs to be a balance. The wealth is created by the real estate that you hold, because with flipping you’re paying the highest taxes because it’s all short-term capital gains. There’s no tax benefit to it. So, I say everything in life is balance. So, maybe flip two, wholesale two, and keep one. You’ve got to build up that real estate portfolio over time.” (09:59) (Steve)
“To me, you have to keep progressing. You have to better yourself physically, mentally, with your real estate. You have to go to these real estate meetings and learn and network.” (15:27) (Steve)
“To me, there’s many things that I know and I could talk about, but I really hope people in their late twenties and early thirties are maxing out that self-directed 401(k).” (25:18) (Steve)
“It’s really not hard to build a real estate portfolio.” (36:01) (Steve)
“Once you get the money - the cash flow - then you can invest in other things, I believe. That’s how it’s worked for me.” (38:13) (Steve)
“If something is burning you up in your life and it’s not working out, let it go.” (50:26) (Steve)
