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Welcome to The Legacy Wealth Podcast where we help accredited business owners become educated & get access to, private investments that the wealthiest investors in the world utilize to grow their net worth. We do this by providing insight & access to successful fund managers & investors across multiple asset classes.
I am your host, Pascal and today I am interviewing Dave Homyak, CEO @ Owner of TheRockstarVAs.com and we'll diving into:
- Why investors should have an exit strategy when investing in private deals
- Why it is important to focus on a specific niche and develop a deep understanding of it
- And why investors should have an exit strategy when investing in private deals
Links from this episode:
- If you're looking for highly vetted opportunities to invest in, get access to our deal database of alternative investments & join our investor club at www.getfundbase.com.
- Watch the show on YouTube here: https://youtu.be/gQEiDaft4Gg
About Dave Homyak:
Over Dave’s career, he was a calibration specialist for General Motors, then decided to replace his engineering income with real estate. He accomplished this in 11 months by buying short term rental cabins in the Smokies. Dave is passionate about helping others achieve financial freedom and he's helped roughly 80 clients identify and purchase the best cash flowing properties in the Smokies since 2021.
Today he is the owner of [TheRockstarVAs.com](http://therockstarvas.com/), a virtual assistant placement company that helps individuals and companies find high quality overseas talent.
He’s 58, lives in Ann Arbor, Michigan and is married with 3 children.
He began investing in private investments in 2018 at the age of 53 and has invested over $500,000 in 7 deals, including a development in the Smokies.
Links from our Guest:
- https://www.linkedin.com/in/david-homyak-9827a211/
- https://therockstarvas.com/
- https://www.facebook.com/dave.homyak
Time Stamps:
00:00 - Intro
01:09 - Dave's background
02:23 - What a calibration specialist does
03:00 - Dave's work environment, driving cars with engines to test their performance
04:21 - Dave shares his anxiety and hesitations about making a career change but overcame them by researching different asset classes
05:00 - Dave talks about his decision to invest in short-term rental properties
06:30 - Dave recounts his experience investing in syndications and funds
07:00 - Dave explains how he chose investments based on the people involved and the markets they targeted
08:00 - Dave acknowledges the higher risk associated with the land investment but considers it his "mad money" opportunity
09:15 - Dave emphasizes the importance of considering the downside and potential losses in any investment.
10:15 - Dave emphasizes the importance of not investing more than 5% of your net worth in a single deal.
12:00 - The potential of doubling the investment is highlighted
12:45 - Dave's decision to transition from index investing to private investments.
13:15 - Dave reflects on his own investing experiences, including losses.
14:15 - Dave shares his approach to investing and risk management.
15:30 - Dave acknowledges that real estate investing is not suitable for everyone
16:05 - Dave explains his choice to diversify his investments and mentions the limitations of self-directed IRAs.
17:18 - Dave talks about investing with Joe Fairless using his Roth IRA money.
18:30 - Dave highlights the 10% penalty his friend faced when he pulled out his 401k without converting to a Roth 401k.
19:48 - Dave's thought process when investing in his first deal.
20:45 - Dave advises GPs to prioritize making investors whole and protecting their reputation.
22:00 - The importance of general partners taking a long-term approach and prioritizing investor trust.
23:30 - Dave emphasizes the significance of good communication between general partners and investors.
25:00 - Dave highlights the value of assessing a company's historical performance and how they handled past challenges.
26:15 - Dave warns against relying solely on charismatic sales pitches and emphasizes the need for better investor protection.
26:45 - Dave discusses the importance of reviewing the offering details and asking relevant questions during the evaluation process
28:24 - Dave explains the discovery of pre-existing plats on the acquired land and their potential value.
30:00 - Dave emphasizes the importance of understanding the potential of a piece of land and its limitations.
32:15 - Dave's preference for cash flow or equity growth in his investments
34:00 - The advantages of investing in self-storage deals with low internet presence
35:15 - Dave believes there are still opportunities with mom-and-pop operators in smaller-scale investments for the next 15-20 years.
36:09 - Dave expresses his astonishment at the traditional communication methods used by some businesses
37:29 - Dave's thoughts on the upcoming good deals and the pitfalls of bridge notes
43:00 - Outro
Time Stamps:
00:00 - Intro
01:09 - Dave's background
02:23 - What a calibration specialist does
03:00 - Dave's work environment, driving cars with engines to test their performance
04:21 - Dave shares his anxiety and hesitations about making a career change but overcame them by researching different asset classes
05:00 - Dave talks about his decision to invest in short-term rental properties
06:30 - Dave recounts his experience investing in syndications and funds
07:00 - Dave explains how he chose investments based on the people involved and the markets they targeted
08:00 - Dave acknowledges the higher risk associated with the land investment but considers it his "mad money" opportunity
09:15 - Dave emphasizes the importance of considering the downside and potential losses in any investment.
10:15 - Dave emphasizes the importance of not investing more than 5% of your net worth in a single deal.
12:00 - The potential of doubling the investment is highlighted
12:45 - Dave's decision to transition from index investing to private investments.
13:15 - Dave reflects on his own investing experiences, including losses.
14:15 - Dave shares his approach to investing and risk management.
15:30 - Dave acknowledges that real estate investing is not suitable for everyone
16:05 - Dave explains his choice to diversify his investments and mentions the limitations of self-directed IRAs.
17:18 - Dave talks about investing with Joe Fairless using his Roth IRA money.
18:30 - Dave highlights the 10% penalty his friend faced when he pulled out his 401k without converting to a Roth 401k.
19:48 - Dave's thought process when investing in his first deal.
20:45 - Dave advises GPs to prioritize making investors whole and protecting their reputation.
22:00 - The importance of general partners taking a long-term approach and prioritizing investor trust.
23:30 - Dave emphasizes the significance of good communication between general partners and investors.
25:00 - Dave highlights the value of assessing a company's historical performance and how they handled past challenges.
26:15 - Dave warns against relying solely on charismatic sales pitches and emphasizes the need for better investor protection.
26:45 - Dave discusses the importance of reviewing the offering details and asking relevant questions during the evaluation process
28:24 - Dave explains the discovery of pre-existing plats on the acquired land and their potential value.
30:00 - Dave emphasizes the importance of understanding the potential of a piece of land and its limitations.
32:15 - Dave's preference for cash flow or equity growth in his investments
34:00 - The advantages of investing in self-storage deals with low internet presence
35:15 - Dave believes there are still opportunities with mom-and-pop operators in smaller-scale investments for the next 15-20 years.
36:09 - Dave expresses his astonishment at the traditional communication methods used by some businesses
37:29 - Dave's thoughts on the upcoming good deals and the pitfalls of bridge notes
43:00 - Outro
Creators & Guests
Host
Guest
Dave Homyak
Over Dave’s career, he was a calibration specialist for General Motors, then decided to replace his engineering income with real estate. He accomplished this in 11 months by buying short term rental cabins in the Smokies. Dave is passionate about helping others achieve financial freedom and he's helped roughly 80 clients identify and purchase the best cash flowing properties in the Smokies since 2021.
What is Grow Your Cashflow Podcast?
Welcome to Grow Your Cashflow Podcast where we help accredited investors learn how to earn consistent monthly passive income from private placements.
If you're uncertain about where to invest for dependable returns, have limited access to exclusive opportunities like private placements, or are looking for expert insights and guidance on generating consistent income across various asset classes, then this show is tailored just for you.
By listening to this show, you'll achieve your passive income goals faster by learning:
🚀 Proven strategies to secure monthly passive income.
💡 Expert insights from successful fund managers and investors.
🌐 How to access exclusive opportunities in private placements.
📈 Techniques to diversify across multiple asset classes for a robust portfolio.
💰 The well-guarded secrets of wealth accumulation used by the world's elite.
Try listening to our most popular episodes on your favorite podcasting platform or on YouTube. We look forward to you joining our community of investors. You’ll be one step closer to growing your cashflow!