Dave Lukas Chats with Peter Vekselman
327: The Value of Alignment, Success Secrets from One of America’s Top Real Estate Investors, Peter Vekselman
This week’s Misfit Entrepreneur is Peter Vekselman. Peter is known as a real estate legend. He has been a leader in the real estate industry for over 30 years and has done over 3600 deals.
Today, Peter leads a team of real estate professional doing deals all over the country through his company Partner Driven. The company is unique in that Peter provides the system and even the capital for his partners on the ground in the markets where they do deals. Partner Driven does all the support and works with partners through every stage from identifying the right real estate opportunities all the way through to sale.
But I did not invite Peter on just to talk about this unique model and real estate, I had to have him on the pick his brain on everything he’s learned in such a successful entrepreneurial career.
Peter is an immigrant. His family escaped the USSR during the cold war. He was young and did not know he even coming to the US until he was on the plane. His parents taught him that he had to make it happen for himself. He grew up pretty normal, but had a lot of trouble in school. He did go to college, but couldn’t get a job. He turned the only thing he could do, his own thing. He got into the vending business, then network marketing industry. He had his first big success in merchant services. This is where he really started to understand entrepreneurship. He felt like kind of an imposter, as he didn’t know much about the industry. He just hit things at the right time with the right people. He sold his shares of the business to cash out and then go into real estate investing.
He learned the lesson of making sure to understand the industry and initially got started in mobile homes and did well. He became the larges mobile home broker in Georgia until the bottom fell out and financing dried up. He then pivoted to investing in real estate. He thought he understood it because of his experience in mobile homes, but he didn’t and within about 6 months, he had lost everything and was living out of the back of his car.
That is when he met his first real mentor. Two years from that point, he made his first million dollars. Over that period her learned the value of alignment and the ins and outs of real estate investing. Now 22 years later, he has succeeded doing over 3600 deals.
What was the catalyst that took you in two years from living in your car to having a million in the bank? What did the mentor teach you?
Take us through your business model and how you create alignment…
What are the risks in the model?
What do you look for in a partner?
Thoughts about the real estate market in general? Where are things going?
Talk a little about perseverance and what you can teach us from your experience.
Best and most important habits that you have developed that help keep you successful?
Any advice for entrepreneurs just starting out?
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