LP11: Growing your wealth through appreciation instead of cashflow w/ Dave Homyak, Owner of TheRockstarVAs.com

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/da....vid-homyak-9827a211/ https://therockstarvas.com/- https://www.facebook.com/dave.homyakTime 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 pro