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Ep 370: Building a Successful Business with Dwan Bent-Twyford
Join us for an invigorating episode featuring the dynamic self-made entrepreneur, Dwan Bent-Twyford, who transformed personal upheaval into a flourishing real estate investing venture. From laboriously handcrafting foreclosure lists to renovating her first house, Dwan's journey is a vibrant testament to her unwavering determination and passion.
Elzie uncovers the pivotal moments and priceless lessons of her journey, highlighting her commitment to aiding distressed homeowners and rehabilitating buildings. Dwan's story serves as a beacon of encouragement, not just for real estate enthusiasts, but for anyone with a dream and determination.
Ready for a dose of inspiration? Tune in to witness the transformative power of real estate investing and the indomitable resilience of the human spirit!
Episode Highlights:
06:50 - I sold the house. I made $22,000. And I was like, "Oh, my gosh, I have $22,000. I am rich." To me, I was rich. I'm looking at my bank statements. I have $22,000. People didn't even make that in a year. Thirty-four years ago, that was a year's salary for people. And I was like, "Oh, I have $22,000. Oh, my God, I'm so rich. I'm going to do it again." And I did another house and would move in. I would fix them up, bring the daughter with me, sell it, move, fix it, sell it. And I did that until she started kindergarten. And by then, I had money, and I understood what fixing up was. Rehabbing. I learned a lot in those first couple of years, but by then, I had enough money and I could have a crew here and have a crew there and work on a house here. And then I just started killing it with real estate.
12:52 - We were encouraged to go get a factory job because all the car factories were there. So, it was like, "Get a factory job, get married, have kids, work for the man, retire when you're 60, and do that." So, my very first job out of high school, I actually got a factory job. And after a week, I thought, "Oh, my God, why would my parents want me to work in a factory? This is the worst thing that's ever happened to me. Who would want this for me?" I remember being mad at my dad like, "Why would you want me to work in a factory? It's so hot. It's so miserable. There's no air conditioning. I got to stand all day. I'm dirty. I'm sweaty. Why would you want that?" So, I was like, "Okay, that's definitely not going to happen for me." People still weren't pushing women to go to college. It was more like get a factory job, get married, have kids, and, it was the 70s. It was still kind of that way.
21:37 - So, I started delegating things that I did not enjoy but are necessary. So, I just found good people, and then I started doing three and four houses at a time. I had to have other rehabbers because I can't do everything by myself. I don't have the skill set to do every single thing. So, I started finding crews, and then I would micromanage my crews. So, then I found a contractor. I'm like, "Okay, you micromanage the crews, and I'll just micromanage you." So, I just had to slowly peel my fingers off of things until I was doing what I really like. And what I really like is, I still to this very day, like talking to homeowners in distress and helping them.
24:18 - To be a successful entrepreneur, it's not a solo act. You have to have a team. I can't find the houses and be the mortgage broker, the title company, the rehabber, and the bookkeeper. And it's not even delegating. You have to have other team members that have their own part. Like a title company has its part. My contractors, they have their role. Like podcasting, for me to grow my podcast, I have to meet other podcasters like you. And we get on each other's shows, and we talk, share, and go to podcast events. For me, my biggest thing was entrepreneurship is not an individual sport.
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