Terry Thayer talks about starting off working for his dad, starting a construction company, and getting into flips and buy and holds. Lost everything in 2008, and started anew in 2012. Terry builds, flips, builds, and finally wholesales.
Video Replay of Interview with Terry Thayer
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$100,000+ /mo Working 5 hrs/wk. Terry Thayer on How He Went From Contractor to Real Estate Empire
With Terry Thayer, TAB
February 3, 2021
About Terry Thayer
Terry Thayer is a recovered general contractor who used to burn the candle until it was a molten puddle of wax. He managed crews of carpenters, drywallers, plumbers, etc. and had to take up any slack they left behind. Until one time at a seminar he attended opened his eyes to the world of systems.
Terry promptly went home, fired his crews, and spent the next few months building a real estate business based heavily on systems. What he couldn’t find from someone else, he put his head down and figured out himself. Now he manages his business from afar, with a heavy emphasis on training and practicing for his employees. Even his hiring process is highly automated and systematized, reducing his time to hire a new employee to two hours.
Terry also created the TAB (The Absolute Best) Retreat, a networking and educational event for entrepreneurs looking to improve their businesses and their lives.
Terry shares his history with Steve about how he went from working 70-80 hour weeks to just 5 hours, and most of that is training with his employees. He explains his epiphany and development of systems which permit him to make six figures a month while only working less than a standard work day.
Top 5 Takeaways from Terry:
5. Life is too short to do everything yourself.
4. One of the best ways to find properties for sale is to ask neighbors in the area where you have a house. Often they can point you to a homeowner who may want to sell.
3. It’s OK to take a day off. You’re not weak if you do that, but have your systems in place so that your business can run with you not there. If you’re a one person shop, your systems will allow you to pick up right where you left off without having to figure out what the status is.
2. If you think you can’t afford a coach, you can’t afford to NOT have a coach. Getting a good coach will make you multiple times the money you spend on one.
1. Find good systems and plug them into your business. If you can’t find a system, put your head down and create it. Running your business with systems will make life much easier, require you to do less work, and your business much more profitable.
Bonus Takeaway: It is never too early to implement systems into your business. Even if you’re a one person shop, putting systems in place will drastically reduce wasted time and set you up for future benefits when you do hire.
About Steve Trang
Steve Trang is the founder of the Real Estate Disruptors movement and host of the Real Estate Disruptors Podcast. He started his podcast in the middle of 2018 to inspire wholesalers and real estate agents to double their incomes by adding a second leg to their business. The podcast has now grown to ten thousand followers with new members of the community sharing their success story every week.
Steve’s goal is to create 100 Millionaires. One of his favorite quotes is from the great Zig Ziglar: “You can have everything in life you want, if you will just help enough other people get what they want.” He heard this quote when he first got into real estate, and it has stuck with him throughout his entire career. In fact, it’s essentially one of the core values Steve lives by.