In this Alchemist Nation Real Estate Podcast, I had a discussion with Nathan Pyles where I ask him what brought him into real estate in the first place. He says that it is everyone’s old same story of being broke, having 3 Kids at the time, needed some cash, did some network marketing, and before joining real estate they were missionaries together with his wife in Ireland.
To listen to Nathan Pyles’ Alchemist Nation Real Estate Podcast on Anchor: #78 Alchemist Nation Real Estate Podcast with Former Navy Nathan Pyles Turned Developer.
I ask Nathan what was his worst experience in real estate if he is comfortable going there and telling Alchemist Nation Podcast listeners. He says that is more comfortable going there and about three years ago he had a major bankruptcy in business, in real estate and it was basically because it was some bad lenders. He had four subdivisions he was developing and building on but when you get on with the wrong guys, it is really bad. What those guys did were essentially loan sharks and he knew that he shouldn’t have been with them and he was trying to get out of them underneath them. A couple of things they did was they forced him involuntarily into bankruptcy and they had to prove why they didn’t want to be bankrupt. So they did that and accused him of writing bad checks, something that he didn’t where he had to spend a night in jail. In the end, he didn’t write bad checks, something that he proved, and recovering from that he learned a lot which he is able to use for good. He learned two things from this 1) be wise in business because it is cut throughout there, you can get family, friends, media, judicial system turning on you. 2) Just expose your life.
I further ask how did he get into being a real estate developer, did he start with rehabs or was he a developer before, or what was his previous experience before jumping into this. He says that when he got to the navy, he had done some for a friend of his and on the golf course and learned a lot from there. When he got into real estate and again after being in the mission field and the bottom line of the real estate industry, you have to find a niche. If you can’t find a niche, then you’re going to fail, and when he started there was the competition and he knew it was easy getting there, and he decided on getting a niche that he specializes in from where he started doing his marketing.
I also ask Nathan where he built construction and development skills since he came out of the navy with only navy skills. He says that he started doing a subdivision when he got of a navy for a guy, learning how it all works, he was basically his representative where he was up in the mountains and his guy was in the bay area and it was kind of ground zero, how it all worked to manage everybody and learning a lot from there. Having that right information really helped him and once he learned about real estate and how stuff worked got him to learn the skills.
The only problem in real estate is when you over leverage, I wanted to know what day did he realize that he was over-leveraged. He says that private money is cool but here is the challenge of private money and this a little dirty secret about it somebody listening or watching this podcast should understand. When someone goes for private money, you don’t know how much commitment that person wants to put in, what you’re doing and how much funds they have. It is hard to do random long term with just private money. To explain the point further, he was building a bunch of houses and he had a lender who was lending him money and he had 4 or 5 houses with that lending company and the lender called him for coffee and told him that he was one of the biggest players they had, were limited of funds and he had told him initially they had billions of dollars and unlimited funds which were frustrating and had big plans to develop other subdivisions.
Nathan offers 3 pieces of advice to 20-year-old Nathan to be super successful, save himself the heartache, and reach the top fastest.
1) – Be wise with whom you do business.
2) – Find out and study what your niche is and be really good at it.
3) – Hustle because it is all about the hustle.
To get in touch with Nathan call/text: 208-576-4311
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