On this episode of House Flip Masters Holly is joined by guest Greg Pinneo. Greg has over 40 years of experience in the business; he has been a full-time entrepreneur for that long. Greg has become a recognized expert in acquisition, finance, negotiation, property management, and the philosophical mindset that makes possibility a reality.
Greg shares with us the beginning of his real estate journey. When he was 8 years old he was looking forward to playing baseball because he had watched his older brother play baseball. When he was finally able to play ball, he went to the first game and instead of playing baseball the coach lectured Greg and his teammates on their financial responsibility to the team and sent them home with cans of Almond Roca to sell. He went home discouraged but after a pep talk from his parents he set out to sell that Almond Roca. He recounts that he skipped the first house because he knew the people that lived there were not nice and moved on to the second house. At the second house was Mr. Peterson, when Greg presented Mr. Peterson with the Almond Roca; Mr. Peterson invited Greg in to help him with his presentation. Mr. Peterson told Greg to never set a ceiling on what you are trying to sell, if someone wanted to buy several cans of Almond Roca don’t set your presentation up to limit them to one. He also told Greg that when he sets out to sell always bring references; it paves the road to your success. Greg reminds us to never set a ceiling to opportunity, be bold, and to bring references.
Greg got started in real estate investing due the way that his parents operated. Greg’s parents expected after high school for their children to become adults, to move out, and to fund their way through college and beyond. As a junior in high school Greg began to look at rental houses, he found one home that was a mess, a home that he would rather own than rent and put all the work into fixing it. At the time he was only 17 years old and the owner of the home offered to sell it to Greg. The owner drafted up a document for the sell of the house and Greg took it home to have his parents look at it, they agreed that it seemed decent enough so Greg decided to purchase the home. The moment that Greg was writing his first installment to his home he realized that he needed to buy more houses.
Holly asks Greg to share one of his more recent deals – Pinneo recalls that the basics of his very first deal can translate and develop as the deals get larger and as you become more experienced in real estate investing. When he looks at a real estate transaction he always divides up his transaction by finance and sticks, bricks, and dirt. Sometimes you don’t want the home but you want the finance package that the property brings. The current property that Greg is dealing with falls into that category where the financial package has a create return on investment.
Greg reminds us that real estate is the clothing that finance wears. Real estate is the reason for financing. Real estate is the excuse for a finance package. Every investor needs to major in financing and negotiating. You need to frame everything from the seller’s perspective; you need to learn to explain to the seller why this transaction is good for them.
Greg’s best advice for someone just venturing into the world of real estate investment is that the people you hang around, the book you read, the thoughts you think are absolutely critical; you need to control the input into your life. You cannot be a sponge to anything you need to control your influences and input. You need to define failure as not trying, you need to be fearless. And lastly, you have to study and learn every day of your life. Greg reminds us that personal growth will always translate to income and personal freedom.
If you are interested in learning more about what Greg is teaching or reaching out to him you can find him on his website at www.TheCoreCo.com
You can also reach out to Greg by phone or email