In this Interview with Connor, we talk about what his day has been like and he says that he has been busy on calls with agents and brokers plus putting out fire with contractors. I further ask Connor on how he got into real estate in the first place. He says that he went off to college to get a business marketing degree at the University of Oklahoma and while at college in his freshman year, he put $ 20 in a poker site because at that time, they were in the middle of the online poker boom. He narrates how he put the $ 20 for fun, ran a small fortune, and realized he would make more money doing that than a traditional marketing job of working for a corporation. He was making more money in a month compared to when he would have graduated to get that job. So he ended up doing it for 8 years and going through a getting his college degree something he respects his parents for having invested a lot of money in him. He narrates that on April 15th, 2011 it was a black Friday for him when the world ended for a lot of them when the United States Department of Justice seized two big poker sites and stores. He woke to that news and everything was gone for him. He further went on to ask old gentlemen whom he used to take their money all the time on how they made their money and how they can afford to lose $ 20 K or $ 30 K and they were all in real estate. So he went down the cliche of Rich Dad Poor Dad, jumped into real estate, made all the mistakes in Rich Dad Poor Dad Book. He had $ 70K in debt, started working night shifts, built WordPress websites, started to look for ways to do deals on the internet. He basically made one of the top-ranking websites in Texas for real estate business, built a real estate wholesaling company in 2014/2015, transitioned into fix and flip acquisitions.
To listen to Connor Steinbrook’s Alchemist Nation Real Estate Podcast: #58 Alchemist Nation Real Estate Podcast – Connor Steinbrook Talks About Becoming A Multi-Millionaire Based On One Word SPEED
I ask Connor what else in stores for him and investor Amy. He says that he’s going to continue doing what he has been doing. He says that what is has done right now is to cash out some properties over the past year to certain properties that were having long term maintenance issues, older properties, framing duplexes. So he kind of dejunking his portfolio where you going to swell up a portfolio of 30, 40, 50 houses then you’re going to trim it down a little bit to get better properties. The properties that they are looking for right now are 1980 new properties, Four Two Brick ranches that are in funnel zones, right outside hospitals or colleges, commercial streets where they’re like a chain of restaurants. The other thing is doing right now is purposely hoarding the cash right now and has kind of shut the funnel right now on acquisitions and basically, the reason for that is long term holds for now.
He explains his investor army model that has all sorts of partners in different markets across the country so that he can get really good data from different areas of the country, also their eyes and boots on the ground and not all investors want to be agents and vice versa although a lot prefer both. So it is better to buy property from agents he’s working with because they’re out there running the streets and agents are in front of homeowners all the time and not all the time is it house bank financeable. Every time an agent passes over like $50K junky house is because either they don’t want their name attached to it or the time the deal is going to take is not worth the commission. As far as the opportunity cost is concerned, it is in their mind that they’re losing money yet that could be a deal that could take $ 30K in repairs that he could pull cash out on a refinance and cashflow is strong. It is more of an entrepreneurial model because of its scalability and it is going to overlap the businesses of just buying houses.
I further ask why Connor is going more in buying multi-family property as opposed to the single property yet initially he had done both. He replies that it is because of the scalability factor where he was able to build a portfolio of single-family property because he wasn’t financeable. He had to do things by and direct a seller with his own financing and was buying houses with zero interest, no downpayment. With this, he had to figure creative ways because he wasn’t where he should have been but now he is in a better position for bigger properties plus he’s open to risks than initially when he was coming out.
Connor offers 3 pieces of advice to 20-year-old Connor on how to become successful.
1) – Get the right education on the right things.
2) – Don’t be Egotistical
3) – Go work for someone for free to get the skillsets.
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To listen to Connor Steinbrook’s Alchemist Nation Real Estate Podcast on Anchor: #58 Alchemist Nation Real Estate Podcast – Connor Steinbrook Talks About Becoming A Multi-Millionaire Based On One Word SPEED