On episode #41 of the Profits Over Wages Podcast we sat down with Boyan Salha - he is a passionate real estate investor and entrepreneur. Originally from Bulgaria and a former Swiss trained watchmaker, he moved to the United States in 2010. Boyan pursued a longtime dream and started investing in real estate in 2012, and since then he has flipped and rented over 75 properties. Boyan is the founder and CEO of Best Fit Homes and Real Estate Done Simple, a Chicago based real estate investment club, focused on the success of new investors and entrepreneurs. Boyan has a wife and 4 year old daughter, and sometimes still finds time to repair a Rolex for a friend.
On this episode Boyan shares with us his journey from Bulgaria to America and his dream of becoming a real estate investor. We also talk about why coaching and finding a mentor is important to take you to that next level and why you must stay true to your vision and never let anything or anyone stop you from achieving your dreams. Lastly, Boyan also gives advice on how to weed out and hire the right contractors, making tough decisions and managing life/work balance when having a family and working long hours.
SHOW NOTES & LINKS
- Boyan talks about why he’s switched his focus a bit from doing flips to doing rentals
- We talk about our upcoming series called “Show Me Your Flip” which Boyan will be featured on
- Boyan breaks down the numbers (purchase, rehab, cashflow) on the deal that is going to be featured on “Show Me Your Flip”
- Boyan talks about screening tenants for his rentals
- We go in depth about Boyan’s background growing up in Bulgaria and moving to the United States
- Boyan talks about how when he was 18 all he knew was that he wanted to be free and his own boss
- Boyan tells us about his mom handing him the book “Rich Dad Poor Dad”. How that gave him the dream to become a real estate investor and move to the United States
- Boyan talks about his fascination with watch making and going to the Swiss School of Watch Making
- Boyan talks about getting the opportunity to move to the United States in 2010 to chase his dream and meanwhile work as a watch maker in Chicago
- Boyan tells us about how while working as a watchmaker he knew that wasn’t what he wanted so he spent 30k on real estate investing education from Rich Dad Poor Dad
- Boyan talks about how even though he was now book smart on real estate he lacked support so he joined a local real estate investing community
- We talk about coaching and finding a mentor and why it’s important to take you to the next level
- Boyan talks about his start in real estate investing as a project manager for a flipping company
- Boyan talks about the decision to leave the project management position he had and start his own thing with his best friend, Isaac. He also tells us about his decision to dissolve that partnership a few years later and why he did it
- We talk about financing structures and how Boyan was able to do 75+ deals in such a short amount of time
- What advice would you give someone just getting started to find money for deals?
- Boyan talks about what’s next for him now that he is on his own and how that has revitalized his hunger and energy
- We talk about why and how Boyan has started managing projects for other investors
- We talk about what makes managing projects hard in the beginning, finding the right guys vs you as the investor not setting the deals or the expectations correctly
- Boyan talks about the process he uses for weeding out and hiring sub-contractors
- We talk about Boyan starting his own REIA and why he decided to do it
- How do manage life / work balance when having a family and working long hours?
- To what do you attribute your success?
- If you had one piece of advice just starting out, what would it be?
- What is your best hiring tip or secret when it comes down to hiring subs?
- What was the worst piece of advice that you ever got? Or what is a good piece of advice that you received recently?
- What do you wish you knew before you started?
- What do your parents do? What was your parents’ feelings when you moved to America?
- Do you have a morning routine?
- What living or dead person other than family members do you most admire?
- Why do you do what you do? What gets you through the tough times?
COMMENTS & QUESTIONS
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