Embracing Discipline in Real Estate: A Conversation with Austin Palacios

In a recent episode of the LearnLikeaCPA Show, host Ryan Bakke and guest Austin Palacios, a seasoned real estate investor and wealth management expert, delved into the importance of discipline and consistency in achieving success in real estate investment. This engaging discussion highlighted key strategies and insights beneficial for both new and experienced investors.

Starting Young and Making Big Moves

Austin began his career in wealth management in Chicago at 24 and has since built an impressive portfolio of properties across Chicago, North Carolina, West Palm Beach, and Hollywood, Florida. His journey reflects the potential of starting young in the industry and the power of strategic moves.

The Turning Point: From Wealth Management to Real Estate

Austin's shift from a traditional career in wealth management to real estate investing was prompted by his observation of a colleague who seemed perpetually unhappy. This sparked a desire for change, leading him to real estate as a means of escaping the 9-5 grind. His first investment was a house hack in Chicago, where he added value to a property by transforming it into a duplex. This initial success set the stage for his future investments.

Short Term Rentals: A Game Changer

Austin's transition to short term rentals marked a significant shift in his investment strategy. He identified the potential in this market, especially in areas like South Florida, where he achieved impressive gross revenues. This experience demonstrates the lucrative opportunities that short-term rentals offer, especially when compared to traditional long-term rental properties.

Co-Hosting and Property Management: Expanding Horizons

Recognizing the potential in property management, Austin co-founded Deluxe Co-hosts. Within 90 days, the venture brought properties under management projected to gross over $1.25 million in revenue. This expansion illustrates the importance of diversification within real estate investment and the benefits of exploring different facets of the industry.

Key Takeaways: Discipline and Dedication

The overarching theme of the discussion was the critical role of discipline and dedication in real estate investment. Austin emphasized the importance of being focused and consistent, suggesting programs like "75 Hard" to build dedication. He also stressed the necessity of pushing through setbacks and remaining resilient in the face of challenges.

Conclusion: Consistency is Key

This podcast episode with Austin Palacios offers valuable insights into the world of real estate investing, emphasizing the importance of discipline, consistency, and the willingness to explore new avenues. Whether you are a seasoned investor or just starting out, these principles can guide you towards success in the dynamic field of real estate.

Ryan Bakke and Austin Palacios' conversation provides a roadmap for aspiring real estate investors, demonstrating how discipline, consistency, and a willingness to explore new opportunities can lead to significant success.