EP74: The Most Certain Way to Fast Track Your Success with David Phelps

02/14/23 • 31 min

Are you a dentist and wondering how you can invest in real estate? In this episode, I interview David Phelps, a thriving entrepreneur who shifted from dentistry to real estate. David is the host of the Dentist Freedom Blueprint podcast. He has a passion for real estate and seeks to help his former colleagues to generate income from their net worth.

David began his career as a dentist. After 20 years in the practice, he quit and joined real estate, which has been his passion since college. While in college, he would attend real estate meetings and learn more about investing in this niche. After college, he started buying real estate. The desire to make money inspired him to join real estate.

In this episode, David shares his story and advises on how to invest in real estate. Tune in and get inspired. Remember to take some notes for reference.

Key Talking Points of the Episode:

[00:38] Getting to know David

[02:38] Quitting dentistry to focus on real estate

[06:21] Importance of surrounding yourself with the right people

[09:37] David explains the mastermind program in the education space

[13:55] Areas of focus in the real estate markets

[17:15] Planning and preparing for pivot

[18:48] Adapting to the economy

[22:09] Preparing for recessions

[25:17] David discusses his book on inflation

[28:01] Importance of the author narrative in audiobooks

[28:49] Connect with David

Magical Quotes from the Episode:

"It all starts somewhere. But I think you've to be willing to have open eyes and test different ideas as you go along."

"Smart as you might be willing to work as hard as everybody listening to this today has proven, don't do it yourself. Find the right people."

"When net worth is seven figures, that's meaningless unless that net worth can produce income when you need the income."

"The markets are not always liquid."

"The tendency in the market is that the time to buy is when nobody wants to buy."

Connect With David Phelps:

Website: https://www.freedomfounders.com/

Podcast: https://dentistfreedomblueprint.com/

YouTube: https://www.youtube.com/channel/UCIfa2etFpK3LY8YzWRX7y7g

In this episode, David shares his story and advises on how to invest in real estate. Tune in and get inspired. Remember to take some notes for reference.

Key Talking Points of the Episode:

[00:38] Getting to know David

[02:38] Quitting dentistry to focus on real estate

[06:21] Importance of surrounding yourself with the right people

[09:37] David explains the mastermind program in the education space

[13:55] Areas of focus in the real estate markets

[17:15] Planning and preparing for pivot

[18:48] Adapting to the economy

[22:09] Preparing for recessions

[25:17] David discusses his book on inflation

[28:01] Importance of the author narrative in audiobooks

[28:49] Connect with David

Magical Quotes from the Episode:

"It all starts somewhere. But I think you've to be willing to have open eyes and test different ideas as you go along."

"Smart as you might be willing to work as hard as everybody listening to this today has proven, don't do it yourself. Find the right people."

"When net worth is seven figures, that's meaningless unless that net worth can produce income when you need the income."

"The markets are not always liquid."

"The tendency in the market is that the time to buy is when nobody wants to buy."

Connect With David Phelps:

Website: https://www.freedomfounders.com/

Podcast: https://dentistfreedomblueprint.com/

YouTube: https://www.youtube.com/channel/UCIfa2etFpK3LY8YzWRX7y7g

Previous Episode

EP73: How Ashley Kehr Builds Deep Relationships to Turn Her Weaknesses Into Strengths with Ashley Kehr

Would you like to become a real estate rookie? This episode is for you! I have a rare opportunity to interview Ashley Kehr. She is the co-host and author of ’The Real Estate Rookie’. Ashley is passionate about investments and the different avenues of wealth creation. Her goal is to give back and help others gain financial freedom.

Ashley started as an accountant. After six months of working in an office, she quit to be a stay-at-home mom. After a while, someone offered her an opportunity to become a property manager. She had no idea what goes into property management. All she had were a bunch of files, keys and 40 units to manage. Ashley invested her time in learning property management and watched close what her employer was doing. In no time, she started buying houses of her own, and today she is a real estate rookie. Her mode of investment is unique and exciting.

In this episode, Ashley shares her journey and some golden nuggets we can all borrow to get started. Grab your notebook and pen. You’ll need to take notes.

Key Talking Points of the Episode:

[00:27] Getting to know Ashley [03:25] Long-term versus short-term investment [09:14] Ashley’s inspiration to reach out to beekeepers [15:00] Misconceptions in real estate [19:14] How to minimize risk in real estate [24:02] Grab Ashley’s book [24:24] Nuggets of wisdom from Steph [27:10] Connect with Ashley

Quotes from the Episode:

“In New York State, they have a huge tax credit to on your property taxes, if you enroll with their logging program.”

“Figure out what that worst case scenario is, and then figure out how to deal with it.”

“If you find the deal, you can usually find money when you start.”

Connect with Ashley Kehr:

Facebook: https://www.facebook.com/wealthfromrentals

Instagram: https://www.instagram.com/WEALTHFROMRENTALS/

YouTube: https://www.youtube.com/@ashleykehr9632

Podcast: https://www.biggerpockets.com/blog/category/rookie

Next Episode

EP75: Diversifying Your Portfolio & How the Pandemic Shaped James Prendamano's Business with James Prendamano

Since the Covid pandemic hit, many things have changed. People changed their habits and discovered more things about themselves. Companies closed while others have managed to flourish. In this episode, James Prendamano shares how times have changed for him and his business. During the Covid period, James started his podcast, ‘The PreReal podcast’, and thrived. His idea was to go local, but it went international.

Today, James shares how they have diversified his portfolio, how he started his podcast, and how he teaches kids about money, his real estate journey, and what’s happening in New York.

Listen and learn from James.

Key Talking Points of the Episode:

[00:32] Getting to know James and what he does

[02:40] The importance of diversifying your portfolio

[04:19] James’s podcast and what inspired him to start it

[07:01] A message to people who are holding back on starting a podcast

[10:45] How James got into real estate

[11:12] What is happening to New York?

[18:53] Why aren’t schools teaching finance?

[24:10] James’s favorite books

[25:15] How James is adapting to the market

Quotes from the Episode:

“When you’re having some level of success. It’s easy to rationalize the things that you shouldn’t do.”

“We breathe life into these things that don’t exist.”

“This is not a time to retreat. This is a time to double down on your efforts, find those deals, and seek out that opportunity because I do believe this will be the greatest buying opportunity of my generation.”

“Investing in that immediacy mindset is a good way to get yourself jammed up.”

Resources Mentioned in the Episode:

Rich Dad Poor Dad- Robert Kiyosaki

Never Split the Difference-Chriss Voss

Ninja Selling: Larry Kendall

Connect with James:

Website