Multifamily Missteps Hosted by Jerome Myers: Recent Episodes
Jerome Myers - The Preeminent Authority on Dream Realization
Are you tired of the "happily ever after" style multifamily investing podcasts where everything goes to plan? If you are like us, you know that you learn more from mistakes and missteps than when the plan goes smooth. Join your host Jerome Myers, as he digs into the missteps of active apartment operators. In these 30 minute or less episodes, follow along as we find and analyze the blunders in one of the four areas of a multifamily project life cycle: Finding, Funding, Fixing or Flipping the project. We conclude each episode with how the issue was corrected, as well as the other valuable lessons learned.
What does moving from a traditional career to financial freedom through real estate take? Keshav Kolur, founder of Clive Capital, shares his journey from reading Rich Dad Poor Dad to making his first syndication investment in multifamily real estate. Hear how he turned his desire for multiple income streams into a successful real estate career, and learn why he believes real estate outside the stock market is key to building wealth.
Listeners will gain insights into real estate syndications, build-to-rent opportunities, and the importance of intelligent partnerships and debt management. Whether new to investing or looking for new strategies, this episode offers valuable takeaways on creating lasting financial security.
00:00 - Keshav’s Early Journey
06:00 - The First Syndication: 108 Units in San Antonio
10:56 - Build-to-Rent: A New Frontier
16:44 - Diversifying with Oil and Gas Syndications
19:44 - Lessons Learned and Advice for New Investors
Connect with Keshav!
LinkedIn: https://www.linkedin.com/in/keshavkolur/
Website: https://www.clivecap.com/
Let’s discuss your goals and the legacy you want to leave for generations!
Interested in building your legacy? Click here to connect with us and explore your options!
Website: https://www.keetonrealtyinvestments.com/
Website: https://www.dancinginvestments.com/
LinkedIn: https://www.linkedin.com/in/christykeeton/
Key Quotes:
"Interest rates can change in the blink of an eye. You need to understand debt—it’s one of the most important components of any real estate deal." - Keshav Kolur
“When you're looking at investing, look at the debt. It's one of the key components in the underwriting.” – Christy Keeton
Support the show
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
How do you go from being homeless to owning over 100 doors in real estate? Ray Glymph, an award-winning investor and business coach, shares his inspiring story of resilience and success. Recognized by platforms like Yahoo and Google and honored with the NAACP Champion of Change award, Ray has helped entrepreneurs of all levels transform their businesses.
In this episode, he reveals the hard lessons learned from early real estate missteps, the importance of adding value to properties, and the powerful connection between quality housing and mental health. If you want to gain practical insights and inspiration from someone who’s overcome significant challenges, this is the episode for you.
00:00 - Ray Glymph and his Real Estate Beginnings
02:00 - The First Big Real Estate Mistake
07:04 - Transitioning to Multifamily and Mixed-Use Properties
10:11 - Adding Value and Forced Appreciation
15:36 - Section 8 Housing and Social Impact
19:44 - Navigating Today’s Real Estate Market
Connect with Ray!
LinkedIn: https://www.linkedin.com/in/rayglymph/
Instagram: https://www.instagram.com/rayglymph/
Let’s discuss your goals and the legacy you want to leave for generations!
Interested in building your legacy? Click here to connect with us and explore your options!
Website: https://www.keetonrealtyinvestments.com/
Website: https://www.dancinginvestments.com/
LinkedIn: https://www.linkedin.com/in/christykeeton/
Key Quotes:
"Long-term hold—that’s where the value is." - Ray Glymph
"Housing and mental health go hand in hand. You can help somebody just by giving them a quality house." - Ray Glymph
Support the show
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
Is success in multifamily investing just about buying the right property, or do the real dangers lie in the details you might miss? In this episode, Christy Keeton talks with real estate attorney and investor Bishoy Habib, who shares a shocking story about an investor losing millions because of a single missing clause. Bishoy reveals key lessons from his career, including how to avoid common legal pitfalls, protect your investments, and form the right partnerships.
Ready to safeguard your investments and avoid costly mistakes? Listen now and learn how to make smarter, more secure moves in multifamily real estate.
00:00 - A Candid Look at Multifamily Investments
01:36 - From Pharmacy to Real Estate: Bishoy’s Journey
07:28 - Major Multifamily Missteps: The Cost of Missing Legal Safeguards
12:40 - Lessons from the Legal Side: Why Experience Matters
15:04 - Investor Perspective: Partnering with the Right People
16:40 - The Motivation Behind Success: Bishoy’s “Why”
Connect With Bishoy!
Website: https://levacylegal.com/
LinkedIn: https://www.linkedin.com/in/bishoyhabib/
Let’s discuss your goals and the legacy you want to leave for generations!
Interested in building your legacy? Click here to connect with us and explore your options!
Website: https://www.keetonrealtyinvestments.com/
Website: https://www.dancinginvestments.com/
LinkedIn: https://www.linkedin.com/in/christykeeton/
Key Quotes:
“You can’t foresee what’s going to happen, but that’s why experience matters tremendously.” - Bishoy Habib
"If you're going to sell a property, help the buyer succeed because you've already gotten what you want." - Chirsty Keeton
Support the show
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
What separates successful multifamily investors from those who struggle? Is it about finding the perfect deal or navigating inevitable challenges? Christy Keeton talks with Julie Anne Peterson about critical lessons from real estate missteps, covering topics like rate caps, economic vacancy, and building the right partnerships.
Julie shares unfiltered stories and practical advice for avoiding common mistakes and thriving in today’s market. Tune in to learn how to turn setbacks into success and master multifamily investing!
00:00 - Welcome to Multifamily Missteps
02:00 - Early Real Estate Adventures: From Banking to Buying
06:370 - Avoiding the Bridge Loan Trap: The Importance of Rate Caps
11:02 - What’s Really Behind Economic Vacancy?
19:28 - Three Things Every Syndicator Must Nail
23:59 - Finding Inspiration in Real Estate: From Renovations to Relationships
Connect With Julie!
Website: https://oldcapitallending.com/
LinkedIn: https://www.linkedin.com/in/julie-anne-peterson-51a6603/
Let’s discuss your goals and the legacy you want to leave for generations!
Interested in building your legacy? Click here to connect with us and explore your options!
Website: https://www.keetonrealtyinvestments.com/
Website: https://www.dancinginvestments.com/
LinkedIn: https://www.linkedin.com/in/christykeeton/
Key Quotes:
“If you're not asking your investors the right questions, raising capital can become your biggest challenge.” - Julie Anne Peterson
“What inspires me the most is turning a property into a beautiful place to live and knowing it will become someone’s home.” - Julie Anne Peterson
Support the show
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
What truly separates a successful real estate investor from the rest? In this episode, a former professional hockey player, Bob Lachance, shares his journey from the rink to real estate success. He opens up about the mistakes that shaped his career, the importance of keeping emotions in check, and how virtual assistants can take your business to the next level. Whether you're just starting or looking to refine your strategy, this episode offers insights that could change how you approach investing.
Ready to uncover the mindset behind real estate success? Listen now and find out.
00:00 - From the Ice Rink to Real Estate: Bob Lachance’s Unique Journey
05:36 - Early Missteps: Lessons Learned the Hard Way
09:04 - Navigating the Complexities of Multifamily Investments
13:12 - Emotional Detachment: A Key to Investment Success
17:04 - Leveraging Virtual Assistants to Scale Your Business
20:32 - Looking Ahead: Future Plans and Final Thoughts
Connect With Bob!
Website: https://revaglobal.com/
LinkedIn: https://www.linkedin.com/in/boblachance
Let’s discuss your goals and the legacy you want to leave for generations!
Interested in building your legacy? Click here to connect with us and explore your options!
Website: https://www.keetonrealtyinvestments.com/
LinkedIn: https://www.linkedin.com/in/christykeeton/
Key Quotes:
"When emotions are high, intelligence is low." - Bob Lachance
"You will win more than you will lose if you detach yourself from the outcome of negotiations." - Bob Lachance
Support the Show.
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
Is the promise of passive income in real estate too good to be true? Emma Powell, a seasoned multifamily investor, pulls back the curtain on what it takes to succeed in this field. From her start as a real estate photographer to becoming a full-time investor, Emma shares the challenges of raising capital, finding the right partners, and why the journey is far from easy.
If you’re questioning whether multifamily investing is the right path for you, this episode provides the raw, unfiltered truth. Emma’s candid stories reveal the real struggles and rewards of building wealth through real estate.
Listen now to find out if you’re ready to face the realities of multifamily investing and learn how to navigate its most demanding challenges.
00:00 - Discovering Real Estate: Emma’s Unexpected Journey
06:24 - Behind the Multifamily Curtain: The Real Story
12:08 - The Hard Truths of Capital Raising
18:08 - Navigating Multifamily’s Tough Terrain
26:08 - What’s Next? Emma’s Vision for the Future
Connect With Emma!
Website: https://highrise.group/
LinkedIn: https://www.linkedin.com/in/emmapowell28/
Let’s discuss your goals and the legacy you want to leave for generations!
Interested in building your legacy? Click here to connect with us and explore your options!
Website: https://www.keetonrealtyinvestments.com/
LinkedIn: https://www.linkedin.com/in/christykeeton/
Key Quotes:
"Don't manifest negativity that impacts your ability to believe you can accomplish what you say you want." - Emma Powell
“Raising capital is about more than just numbers—it's about people, relationships, and trust.” - Emma Powell
Support the Show.
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
Join Christy in this episode of Multifamily Missteps as she dives deep into the crucial process of due diligence for multifamily properties. Learn how to avoid common financial pitfalls, such as improperly assessing taxes, insurance, and renovation costs, and discover the importance of reviewing leases and existing contracts.
Christy shares real-life experiences, including a case where overlooked lease details led to a short financial strain. She emphasizes the need for thorough physical inspections, covering HVAC, foundation, roofing, electrical, and plumbing systems, and highlights a costly mistake from incomplete plumbing inspections.
Christy also offers valuable tips on ensuring a deal is sound, making comprehensive checklists, and seeking expert reviews. She stresses the importance of anticipating tax and insurance increases and conducting meticulous property walkthroughs with your management team. Tune in for practical advice and real-world insights to help you navigate the complexities of multifamily property investments successfully.
Support the Show.
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
Steven takes us on the journey of beginner landlord to the most recent lending environment. Join us for the pitfalls of gut instinct and floating-rate loans. Buckle up!
Support the Show.
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
In this short episode, Christy takes you down the path of her first 2 deals that had the SAME misstep!
Support the Show.
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
Having the right inspector on-site is crucial. Join Jerome as he shares his journey of acquiring a 20-unit and an 8-unit property from the same owner, both closing on the same day. Discover the critical missteps that could have cost him and his partners dearly. Tune in as he dives into issues with HVAC systems and emphasizes the importance of attention to detail, right down to misplaced commas. You'll appreciate the integrity with which he addresses his errors.
Support the Show.
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.
Aiming for a huge target is not at all bad, but the harsh reality should also be considered. In this episode, we feature Matthew Drouin and his story of doing a deal that entails facing problematic neighborhoods and people down on their luck. He talks about his experience of regret looking upon himself as a hero and brings the invaluable lessons he learned from it.
[00:00 - 08:51] When the Harsh Truth Slaps, We Go Back to What Matters
- Back into real estate by accident as a residential agent
- The struggles of being poor in an affluent neighborhood
- Witnessing his parents die young without time to enjoy life
[08:52 - 18:19] From Hero Complex to Midas Syndrome: The Horror Story
- When there is a level of sketchiness in the neighborhood
- Facing the mental stress of pulling off a risky deal
- Realizing the significance of sticking to your principles
[18:20 - 19:16] Closing Segment
- Unexpected things can happen
- Final words
Tweetable Quote:
“ The biggest mistake I made on this whole thing was right in the beginning, I got the hero complex and also the Midas syndrome on this. And I was not doing it based upon logical reasoning in terms of sticking to my guns and all the principles that had made me successful.” - Matthew Drouin
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show https://www.facebook.com/groups/157335752156211/
Support the show
Holding your money too tightly to invest for inspection would be a big mistake. Michael Sampson notes that it's important to work with a good real estate broker and have professional inspections done on your properties to make sure they're in good condition. He also advises patience when growing a real estate portfolio, as successes can take time to build.
[00:00 - 07:13] Lessons Learned from Multifamily Investing
- Spend money upfront for inspection
- Do your research and work with a good real estate broker
- Have an exit plan in place if things go wrong
[07:14 - 10:37] Multifamily Operator Finds Success with New Framework
- Be wary of residents with no presentable references
- Michael shares his tips for getting started in multifamily real estate
- Get educated and build your network through meet-ups
[10:38 - 13:06] Closing Segment
- Get the education you need
- Final words
Tweetable Quote:
“ You just have to go out and do it. It can be frightening at first, but once you get into it, it's almost just like a single-family home. It's just a bigger asset. And then you have to spend some money upfront on an inspection. That's the cost of doing business.” - Michael Sampson
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show https://www.facebook.com/groups/157335752156211/
Support the show
How much do we know about the property before we make a deal? In this episode, Tommy Brant addresses the importance of financial due diligence and how knowing the owners is just as essential as knowing the assets. Tommy also shares how taking the lead on the deal helped create value for him and his partners.
[00:01 - 17:18] The Deal that Eluded Me
- Tommy shares how he got his start in real estate
- Forming a team with the broker's contact
- Finding problems during financial due diligence
[17:19 -19:44 ] How to Avoid Mistakes During Financial Due Diligence
- Understand the previous owners and the property
- Educate yourself about the market
- Network with like-minded people
[18:37 - 20:06] Closing Segment
- Look for people to mentor you
- Final words
Tweetable Quote:
“You really need to understand the previous owners. What are the operators like? Did they have a business plan? What did they neglect? Is there a theme that we're seeing in all the units, So whenever people are talking about hard earned money, I wanna know the owners just as much as, I would know, the asset.” - Tommy Brant
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Support the show
Planning to get the deal requires consideration of a strategic exit too. In this episode, Sam Wilson talks about his investment and exit strategies, avoiding mistakes in the future, and how important it is to make sure that there are out clauses in contracts in order to protect oneself. Listen closely as Sam provides listeners with valuable advice on how to make life count by doing the things that don't always count.
[00:01 - 13:36] How to Secure a Contractual Agreement with Sellers
- Have reasons for walking away from a deal, even if it's difficult
- Sam discusses his background in the real estate space
- Slow down and get to know the seller before getting into a contract
[13:37 - 18:36] Simple Contracting Tips to Protect Yourself from Multifamily Missteps
- Have a written contract that outlines the terms of the deal
- Have an exit strategy and ensure to understand the seller's motivation to sell
- Contracts should be simple and easy to read, with no hidden fees or penalties
[18:37 - 20:06] Closing Segment
- Make life count
- Final words
Tweetable Quotes:
“There are unfinanceable deals out there. So, you know, whatever your reasons are, make there’s enough in there that’s broad enough to get out of the deal… Don’t be like me who is afraid to walk away from deals.” - Sam Wilson
“That’s the thing about mistakes. I think that entrepreneurs, in particular, are willing to fail… And we’re going to fail… And when you do that, you just got to be able to learn from that lesson and remember those mistakes.” - Sam Wilson
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show
Is it possible to generate passive income while on active duty? Of course! Listen in as Tim Kelly and Jerome Myers emphasize the importance of education and networking to becoming successful in real estate investing. In this episode, Tim explains how to create a community of like-minded individuals in order to leverage relationships and access opportunities. Tune in as he shares stories of his own successes and failures. This is a signal for you to take the necessary steps to achieve your own goals.
[00:01 - 10:23] Creating Financial Freedom on the Way to Success
- The importance of education and connecting with successful people
- Learning allows for avoiding mistakes and achieving success faster
- Finding a community of people who share your goals
[10:24 - 22:03] Finding Like-Minded Individuals for Support and Accountability
- Helping veterans transition into civilian life and create freedom
- Understanding unique experiences is key to building relationships
- How the ADPI fund helps investors in commercial multifamily projects
[22:04 - 25:53] Closing Segment
- Continue your personal development
- Final words
Tweetable Quotes:
“You can learn the mechanics. The more important part is adapting and growing your mindset.” - Tim Kelly
“There is no such thing as failure. You either win or you learn and move forward.” - Tim Kelly
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show
Many people can get involved as you start your real estate journey, so how do we make sure that the people we have are worthy of our trust? Verifying information and clear communication are keys. In today’s episode, Jerome Myers interviews Dave Seymour, who has a background as a firefighter turned into a real estate investor. Listen as he shares his struggles with the consequences of the downturn in the market. They discuss how property values can go down, even in good times, and how this affects their decision-making.
[00:01 - 04:41] Opening Segment
- Suffering financial pain and being forced into entrepreneurship
- Progressing the business and educating people
- Riding the roller coaster of real estate
[04:42 - 19:01] Understand Who Controls the Money
- The one who controls the money wins
- The effects of high inflation and current events
- Being solid in predictions than someone who is just starting out
- Staying in the trenches and never giving up
[19:02 - 24:04] Be Careful of Whom You Trust
- The harsh truth when you are taken advantage of
- Creating a flow chart to make it easier for potential investors
- Advice on verifying information before taking any action
[24:05 - 25:53] Closing Segment
- Never give up
- Final words
Tweetable Quotes:
“He who controls the money wins his race” - Dave Seymour
“Never give up, never lay down, never surrender trust, but verify.” - Dave Seymour
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show
Wisdom comes from experience and learning from mistakes. Perhaps for those starting in multifamily investing, being a bit more conservative at first and taking calculated risks is the way. Do not take for granted the relationships you are developing along the way as this may turn out to be more valuable than what you are earning. My guest, Justin Britto, talks about how he became an investor, what mistakes he has made in the past, and how he has learned from them. He also shares advice for aspiring investors.
[00:01 - 05:40] Opening Segment
- Observing a lot of demand coming in from both buyers and renters
- How the economy in Phoenix has been growing rapidly
- The aim to mitigate risk and make money for investors
[05:41 - 16:12] Transparency is Always Key
- Broker relationships to move quickly and efficiently in the private capital market
- Independently analyzing deals and owning a property management company
- Gaining trust despite a lack of track record - transparency is key
- Tactics to employ for saving money on renovations through system integration
[16:13 - 25:44] Addressing the Barriers to Get Started
- Fear as a limiting factor in the ability to invest in day trading stocks
- How relationships can be more valuable than money
- Opt for your own financing if possible for a lower interest rate on a purchase
- You don’t need a perfect partner - do the work and put in the effort
[25:45 - 27:24] Closing Segment
- Keep the fortitude so you won’t have to turn back
- Final words
Tweetable Quotes:
“The important thing in the situation for me is just being transparent with the investors and just letting them know along the way, hey, this is what's going on.” - Justin Britto
“Don't wait. You don't need to have the perfect team in place. You don't need to have the perfect partner in place to get started. It's just put in the action, put the footwork in, and do your due diligence research, and you'll figure stuff out along the way.” - Justin Britto
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show
Do you have an exit strategy? A lot of risks go into your investment if you do have one. In today’s episode, my guest, Ben Fraser, discusses the implications of ensuring assets worth more in the future and being able to protect the investment at the same time. Listen closely as he talks about the dangers of over-leveraging in the current market environment and how to avoid getting trapped in a cycle of debt.
[00:01 - 05:26] Opening Segment
- Ben Fraser on the managing real estate turbulence
- Figuring out deals that make sense in the current market
[05:27 - 17:31] Understand the Cyclical Nature of the Economy
- Bad capital structures and deals cause huge loss
- Why taking out the finance to sell during a recession is a bad idea
- Ben’s thoughts on the current state of the economy
[17:32 - 21:44] Be Aware of the Capital Structures
- The need to be mindful of inflation when doing deals
- How the current economy is affecting the business of real estate
- Adjusting the budget arises from economical trends
[23:46 - 25:18] Closing Segment
- Be careful not to lock in a loss
- Final words
Tweetable Quotes:
“Inflation - it kind of cures all ills in a lot of senses, but it only cures them if you can hold on to the asset through the challenges.” - Ben Fraser
“Watch out for the greater fool strategy, which is ‘I'm just going to do this plan and hope that the next person is willing to pay what I just paid for this and I can manage through it.’ ” - Ben Fraser
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
What makes the real estate industry attractive is how you can attain a huge cash flow passively. However, is that the truth or is there something more? In today's episode, Axel Ragnarsson discloses his story and reminds us of the due diligence to establish when assessing deals, the ramifications of not working with key persons in transactions, and the dangers of complacency and how it can put you in a tough spot.
[00:01 - 04:49] Opening Segment
- Get to know today's guest, Axel Ragnarsson
- He shares his podcasting and real estate journey
- Missing out on the best deal because of his job
[04:50 - 13:31] Pulling the Lever on Equity, Not Just Cashflow
- The danger of not understanding the construction side of the business
- Cost basis approach: Why this is important
- More than cashflow and passive income
[13:32 - 22:45] Complacency Puts You in a Tough Spot
- Axel shares the challenges in his first few deals on refinancing
- The financial ramifications of not having a broker
- Good deals no longer growing from trees
[22:46 - 24:20] Closing Segment
- Check out Axel’s podcast and reach out to him!
- Final words
Tweetable Quotes:
“You learn a ton of stuff as you grow. Right? I think we all obviously do. And there's so many things you'll learn. ” - Axel Ragnarsson
“Real estate's a game where we all get into it for cash flow and passive income. And I think that's what entices a lot of people to or brings a lot of people to real estate, but you really make money by growing the equity and growing the value of a property or, you know, buying something below market taking your cash out buying something else.” - Axel Ragnarsson
“I think that we're at this point in the business where good deals, they're not just growing on trees, right? It's not like it's easy to go out there and, and get a good deal. So you really got to maximize what you have, like in front of you.” - Axel Ragnarsson
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
It is perfectly normal for some people to leave you and come into your life. In real estate, however, it should not be. When the people leaving your properties are more than those who come in, you should realize there’s a problem, and you need to pinpoint and address that problem fast. Luckily for Sonya Rocvil, she realized that there’s something wrong with their property and they were able to address it.
[00:01 - 03:07] Opening Segment
- I welcome today’s guest, Sonya Rocvil
- Connect with Sonya
- Links below
[03:08 - 13:46] More People Moving Out Than Moving In
- How she landed in the real estate space
- Why their occupancy rates were not going up
- What she learned about this misstep
[13:47 - 23:02 Digging Deep into The Issues
- Learn how to leverage bridge loans
- The question you should ask in closing a deal
- What changed in their process to make sure the misstep will not happen again
[23:03 - 25:54] Closing Segment
- Don’t miss these words of wisdom from Sonya!
- Final words
Tweetable Quotes:
“You still have to be diligent and you’re screening [potential tenants].” - Sonya Rocvil
“You have to be willing to really dig deep sometimes to find out the issues.” - Sonya Rocvil
You can connect with Sonya by emailing sonya@bedrockreinvestors.com or get in touch with her on LinkedIn. Check out Bedrock Real Estate Investors to acquire multifamily properties with potential economic growth and opportunities.
- Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
- Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
- Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
When the property turns out to be way too problematic to handle, it is easier to give up on it. So, should we do it? Alex Moore argues otherwise, saying that as long as you have multiple plans in place, it is even harder not to be successful in real estate investing. Also, she leaves a valuable tip for any investor to avoid huge headaches and uncover deeper issues - touring the property at night - and there are good reasons for that.
[00:01 - 04:23] Opening Segment
- Alex Moore on being a nurse practitioner for ten years and doing multifamily
- Good lessons from small multifamily investing - knowing the location very well
[04:24 - 08:14] Why You Should Opt for a Walkthrough At Night
- Why you should go back at night instead of only a day tour
- When there are more unpleasant outdoor activities at night
- The hard lesson of choosing your tenants
[08:15 - 11:39] Do Your Research and Get Involved
- Getting more information when you don’t know who’s paying
- Self-management due to smaller margins
- Applying the value of reconnaissance to multifamily
[11:40 - 15:28] Closing Segment
- Having multiple plans is key
- Final words
Tweetable Quotes:
“Go back at night… Nighttime tells you a lot more about what's going on in an area than what's going on while people are either at work, or there are fewer people there.” - Alex Moore
“Asking more questions upfront and seeing if you can get more information is also a good thing too, that we learned that hey, are all the tenants paying on time? And if they're not, what's going on right now? What were the circumstances for that tenant? And are we pursuing any legal action at this point?” - Alex Moore
“I would encourage everybody who's concerned about all the things that can go wrong in real estate, to still get involved, because honestly, you will make it… You can mess up a lot of ways and still recover as long as you have a plan B and Plan C. So have multiple plans to turn an asset around because that is really the key.” - Alex Moore
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Are you putting your opportunity fund in the right places? Although it is common to think that simply putting your money in the bank account is ideal because it is safe and risk-free, clearly, it is not the way to supercharge your investment. As Rod Zabriskie and Blake Brogan stated, we should consider playing around with the idea of compound interest and get the money working for us. Listen as they discuss the ways to be smart with how you store your opportunity fund.
[00:01 - 06:41] Opening Segment
- Rod Zabriskie and Blake Brogan on the investment optimizer strategy
- A better way to utilize your opportunity fund - leveraging the dollars
[06:42 - 12:40] A Reconsideration of Opportunity Fund Strategy
- Mitigating the risks through insurance policies
- Taking advantage of the guaranteed growth
- How investing in life insurance companies can be safer than the bank
[12:41 - 22:03] The Magic Happens with Strategic Allocation
- Working with A-rated companies and how they have the upperhand
- Understanding the idea of compound versus simple interest
- Having the asset, no loan, acquire the original investment, and repeat
[22:04 - 31:10] Get the Money Working for You
- When banks have lazy money sitting around
- Why a whole life insurance would be better than term
- Considering a source of tax-free income in retirement
[31:11 - 36:05] Closing Segment
- Get your dollars working more efficiently
- Final words
Tweetable Quotes:
“We're utilizing these [insurance] policies as a way to enhance what our dollars are doing in between deals. So then when it comes time to leverage them or utilize the capital, we have the entire balance continuing to earn and grow… then very literally, you can borrow against it or collateralize, or leverage it to go invest in the things that you are already going to invest in anyways.” - Blake Brogan
“You, of course, could be building it [life insurance] up for one to three years if you're planning on investing in the future. But this isn't something that's going to restrict any of the active investing that you're going to do.” - Blake Brogan
“Sometimes people will say, Okay, well, that's great. I've built all this money in a life insurance policy. And nothing's gonna happen until I die, right? Well, that's not the case. This also becomes a source of tax-free income in retirement for people.” - Rod Zabriskie
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When it seems like everything is going as planned, suddenly, you went way under budget for the renovation. That was the problem Chris Grenzig had to face in his deal. He shares the importance of surrounding yourself with people who know more than you and why you should always ask more questions and look for potential drawbacks to plan for contingencies. Listen as he shares this huge hurdle that was eventually turned around with a better plan and increasing rental growth.
[00:01 - 06:28] Opening Segment
- Chris Grenzig on getting his feet wet in the business world
- How COVID-19 triggers the shift in focus on the world and business
[06:29 - 17:03] A Huge Budget Deficit for Renovations Saved by Rent Increase
- Surrounding yourself with those operating at a higher level
- A major underbudget mistake from 13k to 30k per unit
- Pushing from the initial partial renovation to a full-on revamp
- Increasing rent growth higher than the projection
[17:04 - 24:49] Closing Segment
- Ask more questions and look for potential pitfalls
- Final words
Tweetable Quotes:
“If you're starting from scratch on everything, you're basically at everybody else's mercy at that point.” - Jerome Myers
“I probably should have brought in more experience earlier on and leaned on them heavier than I did, I think I was probably a little naive… and not really asking the questions of like, ‘Hey, what can go wrong with this plan?’ and not really looking at contingencies and backups and potential pitfalls.” - Chris Grenzig
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We always hear about the importance of due diligence. Well, we can never say it enough as Ayal Joshua shares his real estate experience of a costly fix that shouldn’t have happened. He goes over the turn of events and the steps he had to undertake to make the property function without compromise and worked on lowering the cost. He emphasizes the value of going beyond what’s required and practicing caveat emptor: “Let the buyer beware.”
[00:01 - 03:49] Opening Segment
- Ayal Joshua on getting into multifamily as an electrical engineer
- Investing in your own backyard to see all the bad, the good, and the ugly
[03:50 - 12:46] Costly Fixes That Shouldn’t Have Happened
- Why you should go granular and do the septic system inspection
- A costly mistake that could have been avoided through due diligence
- From $400 to $60 a month for city water and sewer
[12:47 - 15:32] Considerations for Cutting Down Cost
- Cutting down costs without the compromise
- The virtue of doing more than is required
[15:33 - 19:24] Closing Segment
- Do your due diligence and do the inspection
- Final words
Tweetable Quotes:
“It all starts when you're purchasing the property. It all starts with your due diligence… The other thing is, you've got some properties that are connected to the city sewer, so they have septic tanks, and many people don't do the septic tank inspection. Sometimes that's critical.” - Ayal Joshua
“You have to exercise the letter buyer beware, you know, the caveat emptor. Do your due diligence, do the inspection.” - Ayal Joshua
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You enter a deal and the underwriting reveals that there is too much expense allocation for the property topped with bandaid fixes to solve… What happens then? Williams Edwards shares this noteworthy experience that ended up with reduced expenses, replaced property management team, and even lower tax burden. He also highlights the value of consultancy for better tax benefits. Listen as he shares his story of starting from the ground up and now investing in 5000 units.
[00:01 - 04:29] Opening Segment
- Williams Edwards on the W-2, the software systems, then to real estate
- When multifamily ticks all the boxes as a GP and a KP
[04:30 - 12:21] The Dangers of Overlooked Bandaid Fixes
- Going for a 37-unit instead of a 100-unit…why?
- The perks of operating with your own money
- When the maintenance only go for bandaid fixes without replacement
[12:22 - 21:44] Steps to Take for Better Positioning
- Undertaking the steps to vetting the property managers
- When the underwriting reveals too much expense allocation
- Considering loans, interest rates, and tax valuation for better positioning
[21:45 - 24:49] Closing Segment
- Do your best and follow your heart
- Final words
Tweetable Quotes:
“A lot of people who come into the space think, ‘Oh, it's gonna work from day one, like it's new, out of the box.’ And that's just not the case. ” - Jerome Myers
“You don't really know what you got out of the gate, you know? Just do your best job. Follow your heart.” - Williams Edwards
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Rentometer: your source for local rents, comps, trends, property details, and more.
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Dealing with various properties can be such an interesting journey where you’ll encounter issues you never thought would occur. For Justin Fraser, it was about environmental issues and because of this experience, the need to have contingency plans as you go through deals becomes all the more essential. When this happens, staying positive and practicing due diligence in the process can make all the difference.
[00:01 - 05:24] Considering Exits and Doubling the Equity
- Justin Fraser on handling 670 units as an asset manager
- The reason for the exit of a monster deal
- Selling properties more than double in four years
[05:25 - 12:44] The Various Factors in Determining the Strongest Offer
- Hitting the tipping point - the urge to sell
- The factors making the strongest offer versus the highest price
- What to do when environmental issues arise
[12:45 - 17:43] The Value of Contingency Plans
- Dealing with air quality and safety issues in the property
- Plowing through with diligence in the process
[17:44 - 21:47] Closing Segment
- Stay positive and make many plans
- Final words
Tweetable Quotes:
“There are a million things, we've never dealt with this before. I've never experienced it, but you learn on the fly. And you know, at the end of the day, we would have to do the right thing. We always try to do the right thing.” - Justin Fraser
“Stay positive… It's easy to kind of get down on yourself, but just take a breath, make a plan, and if maybe it's a contingency plan A through Z, but make as many plans as you can.” - Justin Fraser
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Cheaper is better, right? Well, when it comes to real estate services, that is usually not the case. In fact, the cost for you can even be higher in the long run. Arie van Gemeren highlighted this as he shares the journey of multiple missteps he encountered in his deals. He discusses the dangers of not being properly capitalized - imagine if a significant amount has to be escrowed by the bank a few days before the deal! Arie also stresses the need to understand code compliance for less stress in property management.
[00:01 - 06:00] Opening Segment
- Arie van Gemeren on launching his investment company
- The real estate landscape on the West Coast
[06:01 - 12:02] An Empty Bank Account After a Deal
- Making mistakes with your own money
- The importance of capital leftover in the bank
- Strong relationships with your loan broker
[12:03 - 23:26] Do Not Pick Services with the Lowest Cost
- The danger of the cheapest cost provider
- How predictability is more important than the price
- When a unit is not permitted and legal
[23:27 - 24:48] Closing Segment
- You better not go with the cheapest contractor
- Final words
Tweetable Quotes:
“I'm in the investment business. I know, someday, I'll probably want to manage investor money. But I really need to learn with my own money, make my own mistakes on my own dime before I try to go bring money in from investors.” - Arie van Gemeren
“My first piece of advice for anyone is to always make sure you have capital leftover in the bank after you buy a deal.” - Arie van Gemeren
“Have a strong relationship with your loan broker, ask, make clear the things you're concerned about, and make sure that banks not going to play games with you. ” - Arie van Gemeren
“Exhaust all resources to find out if your units are all legal and conforming before you buy something.” - Arie van Gemeren
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Let’s talk about tax - that three-letter word is daunting for many people, but when you are guided by a professional, it doesn’t have to be too intimidating. It’s truly discouraging not to acquire the expected income due to unanticipated deductions, so having a professional leading you can help limit this frustration. Larry Pendleton talks about his mission as a CPA – helping people achieve financial freedom through real estate and taxes. He highlights the need for real estate investors to create their tax strategy to successfully grow investments.
[00:01 - 06:06] Opening Segment
- Larry Pendleton on accountancy and being meticulous
- Getting started with real estate investing
- Striking the balance to leverage rentals
[06:07 - 13:45] The Disclaimer “Talk to Your Tax Advisor”
- The misconceptions of incentive systems as LPs
- Knowledge is not as assurance for smooth application
- Leveraging other deals for potential offsetting
[13:46 - 21:02] Crafting a Tax Strategy to Grow Investments
- Why TurboTax may not be the best option
- Conversations to have with your advisor
- The audit side of real estate investing
[21:03 - 25:39] Closing Segment
- Have an advisor to limit frustrations
- Final words
Tweetable Quotes:
“Who knows if your tax advisor is fully aware of how the tax law works when it comes to real estate?... It becomes this conundrum… How does it all relate to you? It’s when you have to kind of sit down and get the consultation that's needed.” - Larry Pendleton, CPA
“You're not going to go to urgent care for heart surgery, and you're not going to go to a dentist if you have a foot problem. So you have to find the right specialist… If you're not getting the value that you're expecting to get, like, those are the upfront conversations that you may be having with whoever is potentially going to be your advisor.” - Larry Pendleton, CPA
“My mission in life is to help as many people achieve financial freedom through real estate and taxes.” - Larry Pendleton, CPA
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Real estate investing can be crazy and scary. Things won’t always go as planned and Angel Williams’ story will get your heart racing knowing the ups and downs their team had to face just to get to the finish line. Sometimes, the members of an LLC had to be restructured and exits can happen for numerous reasons. The important thing is to keep the respect and strive for a clean transition to establish transparency. Angel also reminds us of the benefits of surrounding yourself with experts and the importance of solidifying your documents for a smoother close.
[00:01 - 06:12] Opening Segment
- Angel on closing a deal in a not-so-average method
- The benefits of good relationships with brokers
[06:13 - 17:41] Establishing Respect Through Difficult Conversations
- Structuring of teams and dealing with exits
- Capital raising and transparency through the switch
- Positioning oneself in the virtual world through meaningful interaction
[17:42 - 23:12] At the End of the Day, It’s All About the Close
- The significance of solidifying the lending documents
- When several versions of the closing documents appear
- Getting across the finish line
[23:13 - 25:39] Closing Segment
- Things don’t always go as planned and that’s okay
- Final words
Tweetable Quotes:
“Teams change, and that's okay… You don't just want one or two people to be thought of as the people that are bringing in all the capital.” - Angel Williams
“Transparency is the name of the game. If you want to have trust, there is no way around that.” - Jerome Myers
“It's kind of like tennis, you play somebody who's better than you, you're going to get better. If you surround yourself with experts in the real estate, investing space, you're going to get more knowledgeable and you're going to get better.” - Angel Williams
“When it gets tough, it's okay. And things aren't gonna go like you think they're gonna go. And that's actually normal. It's gonna be scary, and it's gonna get crazy.” - Angel Williams
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Being a limited partner entails fewer responsibilities. However, what would you do if the GPs disappear when things go wrong? For Marc Weisi, he chose to grab the issues by the horns and save the day. In this episode, he emphasizes the significance of practicing due diligence and putting your head down to do the work to save a good deal. Listen as he shares his experience of going deeper into the ins and outs of managing a deal, the checklist when vetting sponsors, and the sacrifices he had to make to get this done.
[00:01 - 04:00] Opening Segment
- Welcoming today’s guest, Marc Weisi
- Merging syndicators and acquiring his first deal during COVID-19
- Taking over the property as a limited partner
[04:01 - 12:27] When the GPs Disappear When Things Go Wrong
- The impact of track records when vetting sponsors
- Troubles of an unextinguished old mortgage
- Restructuring the entity for equal equity distribution
[12:28 - 23:34] Saving the Day Triggers a Confidence Boost
- What to look for sponsors - records, references, and partners
- Putting your head down and getting the work done
- When the financials do not tell the whole picture
[23:35 - 25:56] Closing Segment
- Mitigating mistakes and working through them
- Final words
Tweetable Quotes:
“The first and foremost concern is really, who is running that deal? Because you can have the most smoking deal on paper in the world, [but] when it comes down to it, it's about the execution. Do the people that are running the particular deal, you know, have your best interests in mind, and do they have the experience to allow them to achieve what they're saying they can achieve? ” - Marc Weisi
“It just comes down to, you know, putting your head down and doing the work when it's required…. Once we [Marc and an LP] figured out that that deal was going sideways, and we kind of turned it around. That gave us a little bit of confidence. And we started to look out, okay, let's do a deal on our own here. And that, you know, obviously, we had a little bit of a learning lesson along the way there.” - Marc Weisi
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Just the view of piles of papers can already be such an eyesore, but Rodney Thompson warns us of the potential repercussions if we don’t go through the documentation. Relying on others may be an option, but we have to remember that not everyone has your best interest in their mind and that at the end of the day, everything will be under your name, not theirs.
[00:01 - 06:02] Opening Segment
- I welcome today’s guest, Rodney Thompson
- Planning to be financially ready for retirement
- Choosing to get up and work on what you can control
[06:03 - 16:03] Not Everyone Has Your Best Interest in Mind
- Breaking barriers to entry in the multifamily space
- Understanding deals through the underwriting process
- When the reserve account was short for execution
[16:04 - 23:30] Understand That It’s Under Your Name, Not Theirs
- Deferred repairs and not having the ideal tenants
- Initiating a capital call with the GPs for transparency
- The virtue of reading the documents and staying vigilant
[23:31 - 25:55] Closing Segment
- Guard your reputation, keep your word, and invest in yourself
- Final words
Tweetable Quotes:
“Everybody talks about how 2020 was a train wreck. And I think that when you're presented with a challenge like that, you can make a choice about what you can do… And I didn't want to sit around and wait for something to happen. And so I looked at the whole situation, I said, ‘What can I change? What do I have control over in my life and in my surroundings that I can work on?’.” - Rodney Thompson
“The best way to understand the deal is through the underwriting. And if you don't understand the underwriting, then you can't properly talk to your investors. So that's really an ethical part of the whole process.” - Rodney Thompson
“When you put together a deal and you present it to investors, of course, you can't promise that everything's going to be rosy, or that the returns are going to be this because you don't know. You know, it's a risk. It's an assumed risk.” - Rodney Thompson
“Read all the documentation and analyze… You really need to be vigilant about who you're working with, talk to other people that have done business with them… Get recommendations, get second opinions, and make sure you read the documentation… It's so easy to rely on somebody else or trust somebody else, and you're signing your name to that, they're not signing their name.” - Rodney Thompson
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Looking at the numbers may seem like a daunting task, but as Beau Beery stressed in today’s episode, getting systems in place is essential. How do we make it easier? The answer is simple: technology. Without utilizing these tools, we might pass up some opportunities that could have been the way to success. By crunching the numbers effectively, we gear ourselves towards profitability.
[00:01 - 06:01] Opening Segment
- Get to know today’s guest, Beau Beery
- Data scientist that figured out real estate
- Perception of reverse or slowing down in the multifamily field
[06:02 - 12:44] Crunching the Numbers for Better Profitability
- A big mistake of those who can buy tweeners
- Crafting an efficient marketing engine in place
- Decreasing expenses for a favorable net operating income
[12:45 - 29:00] How Passing Up Opportunities Becomes Detrimental
- Diet plan in coming out reputable in the real estate realm
- Property appraisers on taxing properties
- The algorithm as pinpointers or reliable basis
[29:01 - 35:55] Closing Segment
- Take advantage of technology to scale your operations
- Final words
Tweetable Quotes:
“I think data is the most concrete reliable thing that we can go off [to] make good decisions from.” - Beau Beery
“They'll [investors] pass on it [a deal]. And it's the stupidest thing you could do because what you're doing is, you're relying on what that broker is telling. And not that the broker is lying, it's that every broker and every seller calculates things differently.” - Beau Beery
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We all have our reasons to get into the real estate space. For Nicole Pendergrass, it is achieving time freedom not just for herself, but for her mother. However, like any other business, there would be ebbs and flows we have to face. How frustrating is it to be at a disconnect with the people you think should be working with you? Listen as she breaks down the story of her missteps in the industry to save yourself from the heartache.
[00:01 - 06:46] Opening Segment
- Welcoming today’s guest, Nicole Pendergrass
- How she explored the way to earn money while achieving freedom
[06:47 - 13:41] Revise the Roadmap to Success
- Wanting parents to step away from their job to have freedom
- The significance of exposure to true success
- Thinking outside of the box for a better retirement plan
[13:42 - 23:14] The Frustrating and Problematic Disconnect
- How you might be overpaying or missing something
- When mentors are crucial in the underwriting process
- Observable changes in the market during COVID-19
[23:15 - 26:01] Closing Segment
- Get out of analysis paralysis and pull the trigger
- Final words
Tweetable Quotes:
“I did not know that a normal person could invest in real estate and actually make money and have freedom. And that's the thing I've been chasing all these years is just the freedom, it's not about the money. ” - Nicole Pendergrass
“How are you living the life of your dreams when you retire if you follow the footprints that everyone is telling you is like the way to do things?” - Nicole Pendergrass
“At least have these other streams of income built up. Because you cannot rely on the government to provide you with the life of your dreams, or the lifestyle that you want to have when you retire.” - Nicole Pendergrass
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Establishing solid systems conducive to scaling is the key to have for a successful business. Although it may be inevitable to hit some snags, what’s important is how we learn and become better along the way. In today’s episode, Ruben Greth tells us about how mindset matters in implementing systems and how taking actions out of integrity rises above everything. Who are you when nobody is looking? The answer to that will reflect how you are in work, family, and life, in general.
[00:01 - 05:06] Opening Segment
- Get to know who Ruben Greth is
- Selling off all properties as the biggest mistake
- Going through various cycles of different cycles of capital raising
[05:07 - 11:06] Who Are You When Nobody’s Looking?
- From thinking to execution through meditative practice
- Manifesting the life you believe you deserve
- Doing things out of integrity and from your heart
[11:07 - 19:42] On Mindset Shift and Putting in Systems
- The detrimental move of loans described as capitals
- The dangers of not having an LP database
- From not owning your own house to being a fund manager
[19:43 - 21:14] Closing Segment
- Mindset matters in implementing systems
- Final words
Tweetable Quotes:
“If you can come from a place of gratitude and focus on the things that you would like to attract as if you have already attracted them… This is the way to manifest. ” - Ruben Greth
“This whole concept of manifestation becomes reality. And I know that that sounds crazy to a lot of people, but when you prove it to yourself over and over, that these things happen, you start to believe.” - Ruben Greth
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We take great lengths just to get a great deal done, but perhaps looking into the aspects of the contract can bring us a better advantage throughout the process. Charles Seaman shares how having an extension built into the contract is advantageous although requires consideration of the cost. His story also tells us the importance of establishing good relationships for easier communication and transparency.
[00:01 - 04:22] Opening Segment
- Charles Seaman on early involvement in Multifamily Investing
- Why single family investing did not work out for him
[04:23 - 12:46] The Push to Better Positioning in the Deal
- Extension built into the contract for the 11th hour
- The advantage of good relationships for transparent negotiation
- Catching the broker’s attention via email
[12:47 - 19:13] Being Wise in Handling Cost of Doing Business
- Recognizing the true cost of legal fees and loan applications
- The significance of due diligence and financial reviews
- When the seller is not accommodating
[19:14 - 20:49] Closing Segment
- Why you should make as many mistakes as you can
- Final words
Tweetable Quotes:
“So with any contract, one of the things that I would always advise anybody to do, regardless of how fast you believe that you'll be able to close the deal is to make sure you have an extension built into the contract.” - Charles Seaman
“So I think part of the problem with our early transactions is that we would wait until we were about halfway through our due diligence period, to submit the loan application and to start our offering backs.” - Charles Seaman
“Make as many mistakes as you can… That's how you learn. Don't be afraid to make mistakes. Obviously, if you're using somebody else's money, be smart about it so that way you're not tossing them anyway. But learn from your mistakes. Figure out where you need to adjust course and then keep making new mistakes [so] that we keep growing.” - Charles Seaman
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On the surface, multifamily seems to just be creating living space for people where rentals are charged, aiming to get profit. However, adding more thought to the process itself by not only constructing a good space for living but dignifying the area makes all the difference. In today’s episode, Yusef Alexander talks about the significance of mindfully adding value to real estate projects and being wary of the imbalance - maybe the chase to appreciation is not done right.
[00:01 - 04:52] Opening Segment
- I welcome today’s guest, Yusef Alexander
- Yusef’s background and meeting a mentor who introduced real estate
[04:53 - 10:30] Updating a Living Space for Dignified Living
- Scaling operations from single-family to multifamily
- Mastering the craft of adding value and optimizing assets
- What it takes to establish dignified living spaces
[10:31 - 20:54] Building on the Aesthetic and Losing the Essential Element
- People always tend to cut corners and the lackluster will be felt
- The decision-making process in the joint venture model
- The market conditions and value-added projects
[20:55 - 23:06] Closing Segment
- Invest in yourself and get into the space
- Final words
Tweetable Quotes:
“One of the things that I have been able to master in my career, not only sourcing deals, negotiating deals, acquiring deals, but also have mastered how to add value.” - Yusef Alexander
“Added value to me is optimizing a living space in an updated fashion to provide a dignified living environment.” - Yusef Alexander
“[Being] dignified has nothing to do with the dollar value.” - Yusef Alexander
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As entrepreneurs, we always look for ways to network. We go to events, send emails, and find out whatever ways to establish connection. However, do we utilize the free resources already available to us? Yonah Weiss tells how we may be overlooking this opportunity. Cyberspace is a tool to build our presence and if we position ourselves professionally, we can build a brand that would invite people to reach out to us instead of us needing to chase them. Capitalize this social landscape, be cognizant in proper online profiling, and network more efficiently.
[00:01 - 04:19] Opening Segment
- Welcoming back Yonah Weiss for the second time
- Helping people save money on their income tax through real estate
[04:20 - 11:10] Capitalizing the Free Virtual Space for Network
- How Linkedin can work for you and your business
- Reasons to be cognizant in online profiling for network
- Resources you may be wasting in building your personal brand
[11:11 - 23:55] How Not to be Socially Awkward on Social Media
- Who you are and what you do - the online world vs. real life
- Becoming top of mind through value proposition
- Experimental rebranding through repurposing talent
[23:56 - 25:05] Closing Segment
- Do not waste a great tool for networking
- Final words
Tweetable Quotes:
“People need to be cognizant of the fact that the internet is a real thing. And your online presence is a very real thing. And if you're going to do business with anyone, even not business…People are going to look you up.” - Yonah Weiss
“It's [Linkedin] a free website, that's really what it is. It is a landing page for you, for your brand, [and] for your business.” - Yonah Weiss
“Building your online presence is building your personal brand. And your personal brand is your online version of yourself. And you want people to relate to you how you would like to be portrayed.” - Yonah Weiss
“Adding value should be the main component, main ingredient to everything you're doing online.” - Yonah Weiss
“Maybe a question is always a really good thing to put in a post. Because it invokes engagement, you want to start to build an audience and build a community. And the way you do that is by having dialogue and putting thoughtful questions out there.” - Yonah Weiss
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It’s natural to be a little bit too excited for a deal. Sure, one may know the ins and outs of managing deals, but actually being in the works, we might be overlooking the process. When this happens, conflicts and heartbreaks may strike. However, in today’s episode, Darryl Murphy Sr tells us that these setbacks should not discourage you. As he shares his story of his first deal and the turn of events, we can learn from the dangers of not vetting our partners, jumping the gun, and bouncing around for deals. Hear how, despite all these, he managed to use these experiences as ways to pivot and get excited about the next deals.
[00:01 - 03:00] Opening Segment
- Welcoming Darryl Murphy Sr to the show
- Not vetting on investors and jumping the gun
[03:01 - 11:15] Practice Due Diligence but Stick to the Process
- The switch to syndication that triggered suspicion
- Recognizing the significance of sticking to the process
- Coming up with the offer without the financials
[11:16 - 18:09] Don’t Be Discouraged and Learn from Setbacks
- Consulting the lender to perceive debt positioning
- Bouncing around looking for a deal
- Setback as another step to the right direction
[18:10 - 20:09] Closing Segment
- Find the right partners in the game
- Final words
Tweetable Quotes:
“We all know there's a process and we should follow the process and stick to the process. In that way, you don't make mistakes.” - Darryl Murphy Sr
“I did not vet properly to choose, just see about these investors, like who have dealt with them before? Have they done this before? Stuff like that. And I failed to do that. So because of that, I still went through the due diligence.” - Darryl Murphy Sr
“You have to settle down, pick one to two markets, focus on and build a relationship, and then a deal will come.” - Darryl Murphy Sr
“I was everywhere man, I was. I was in North Dakota, South Dakota, New Mexico... I was in Texas, New Jersey when you name a state, and I was there looking for a deal. Until my mentor told me to say, ‘As long as you keep bouncing around like this, you're never going to get a deal.’.” - Darryl Murphy Sr
“Let me tell you, it [setback] did not discourage me. It got me pumped, it got me excited, because now I knew that it could be done for real. I may not have closed on it, I learned a lot from it. And yes, I lost money, too. But I was so excited that it just drove me more and more and more.” - Darryl Murphy Sr
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Occupancy drops, economic downfall, and debt policies are the uncontrollable aspects of real estate investing yet one thing’s for certain: People will do what it takes to maintain a roof over their head. In today’s episode, Darin Batchelder talks about taking advantage of loan origination processes through trading, building more wealth in real estate as compared to the stock market, and dealing with the down economy while facing low occupancy.
[00:01 - 04:53] Opening Segment
- Get to know Darin Batchelder and how he got into real estate
- How loan trading works and methods of origination
[04:54 - 11:19] Watch Out for Turnovers: Factor in the Occupancy Drop
- Factors contributing to solid multifamily loans despite down economy
- Getting out of the trap of the corporate ladder
- Darin shares his duplex story on having 50% of income gone
[11:20 - 22:32] Everything Doesn't Always Go in a Straight Line
- Finding more wealth-building opportunities through real estate investing
- Shifting to a better approach of establishing relationship with brokers
- Occupancies in the lens of the buyers and sellers
[22:33 - 26:38] Closing Segment
- Joining a mentorship group builds your confidence and credibility
- Final words
Tweetable Quotes:
“Even in a down economy, people are paying their rent, because you know, if they're going to cut anything out, they're going to cut out entertainment, they're going to cut out, but they need a roof over their head. So multifamily loans have performed very well in both good economies, and also, you know, in downturns.” - Darin Batchelder
“Everybody looks at single family and duplexes through a lens of perfection…. If I had the single family or I have this duplex, or both units are rented all year long, here's my total income here, all my expenses, here's my positive cash flow. But most people don't factor in occupancy. And then, you know, other expenses related to that.” - Darin Batchelder
“Compared to, you know, investing in the stock market, my experience is that there's so much more wealth building opportunity in real estate, because of leverage, because of the tax efficiency.” - Darin Batchelder
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I had the pleasure of speaking with a research architect at the US Army Corps of Engineers, Samuel Stidwell IV.
Let’s jump into Sam’s story that failures are part of the process, and it’s a stepping stone for you to learn and be better than you from yesterday.
Things you will learn in this episode:
[00:01 – 04:37] Opening Segment
- Sam talks about his background and how his journey began
- His father was in the real estate industry
- Majored in Architectural Engineering
- Just started in real estate recently
[04:38 - 14:09] Sam’s Missteps
- Sam shares his missteps in the real estate business
- Sam talked about wanting to learn the process by doing it himself
- Sam shares some tips he learned from his missteps
[14:10 – 19:39] Your Knowledge is Your Leverage
- Sam talks about not having a formal education in real estate
- The importance of getting formal education to prepare you into getting in real estate
- Sam gives powerful words of wisdom that you don’t want to miss!
Tweetable Quotes:
“Don’t be too overconfident” – Sam Stidwell
“Everybody makes mistakes, but that doesn’t mean that that’s the end of the road” – Jerome Myers
You can connect with Sam on Instagram, Linkedin, and Facebook.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
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As simple as it seems, being honest is truly key in establishing credibility and promoting healthy relationships in all aspects. Yet this idea is still overlooked with the fear of discomfort. Amy Sylvis tells us her real estate journey from taking a decade to finally break into the industry, facing devastating missteps, and suddenly having to deal with a wheelchair bound resident. This talk resonates with the concept of showing up with integrity despite the circumstances.
[00:01 - 03:46] Opening Segment
- Amy Sylvis’s story - a decade to breaking into the industry
- The truth behind real estate industry - things don’t always go as planned
[03:47 - 07:59] Establishing Credibility Despite Setback
- Pros and cons of investing in scatter sites
- The virtue of honesty towards the seller and the broker
- The impact of switching horses too late in the race
[08:00 - 19:09] The Core of Relationships: Values and Honesty
- Establishing and maintaining rapport despite barriers
- Acknowledging discomfort in forwarding honesty
- Not all landlords display moral and ethical outlook
[19:10 - 20:38] Closing Segment
- We can only play the cards we are dealt with
- Final words
Tweetable Quotes:
“It [real estate] is a hairy industry. There are definitely missteps. There are definitely things that don't go as planned.” - Amy Sylvis
“It's too exhausting to be anything other than honest, it takes too much time.” - Amy Sylvis
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Closing deals and finally starting your multifamily journey are milestones worthy of celebration especially when at the initial stages, but that does not mean that everyone in your side is practicing due diligence and just consideration with their roles and limitations. Dr. Erin Hudson reveals her story and reminds us of the dangers of entitlement confusion and not recognizing the red flags early on. Despite these, also witness how she moved forward from this expensive and crippling mistake that helped catapult her to success in the industry.
[00:01 - 03:40] Opening Segment
- Get to know today’s bubbly guest, Dr. Erin Hudson
- How she started out in private practice and going into real estate monopoly
[03:41 - 06:48] Getting to the Finish Line for a Confidence Boost
- It’s not about the deal count or the number of units
- Starting small is strategic and it may work for you
- Bringing in partnership and capital as results show
[06:49 - 22:21] Salt on the Wound Multifamily Mishap
- Confusion on entitlement of the investors on commissions
- Acquisition fee as the saving grace and the start of fear
- Multifamily investment is not a poor man’s game
- Recognizing the red flags looking back
[22:22 - 25:12] Closing Segment
- Be consistent with your morning routine
- Final words
Tweetable Quotes:
“Just like the multifamily space, it's really about doing right for people and not being manipulative, and truly helping them as if they were your brother or sister.” - Dr. Erin Hudson
“So people laugh like, oh my gosh, why did you start so small? No, it was a matter of getting strategic and it worked for us.” - Dr. Erin Hudson
“If you always have your eye on the prize, which is to take care of your people and water that relationship and do good by people and do right kind of business, you will have a trough of investors and you will forever have a successful business because people will know exactly who you are and what you stand for.” - Dr. Erin Hudson
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Today I had the pleasure of speaking with the Founder and CEO of Barratt Asset Management, Ivan Barratt.
Let’s dive into Ivan’s story of how to scale your business to get the highest Return Of Investment
Things you will learn in this episode:
[00:01 - 05:36] Opening Segment
- Ivan talks about the protests happening in the mids of COVID-19
- racism
- Connect with Ivan +317.762.2625 or see below for the links
[05:37 - 14:02] Evaluate First Your Potential Partners
- Ivan talks about his background and his real estate journey
- Ivan mentions Ken McElroy who says real estate is not location, location, location. It's, it's location, financing, and partners.
- Ivan shares the importance of evaluating individuals and potential partnerships in order to prevent the awful mistakes he had made before
- Personality test
[14:03 - 26:48] Scaling Out Of the Bedroom
- Ivan reveals how to construct the foundation of a strong organization
- really good trusted attorney
- hired an admin or assistant much faster
- Ivan shares his 4 coaches in his life that you wish to listen to!
- Ivan shares an interesting story about the significance of having a coach in your life
- Coach is worth every penny. It’s a huge return of investment
- Ivan gives powerful words of wisdom to someone like you who wants to scale a business
- What do I have to do today, that will move the chains on where I'm trying to be Tomorrow
- Read five to eight business books over the course of the year
Tweetable Quotes:
“Don't let that fear or those things slow you down” -Ivan Barratt
“You gotta delegate so that you can elevate” -Ivan Barratt
Resources Mentioned:
- ivanbarratteducation.com (Blog)
- barrattassetmanagement.com (Company Website)
- ivanbarratt.com (Personal Website)
You can connect with Ivan on Facebook LinkedIn, Twitter, Instagram
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
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The best solution is creatively finding alternative solutions work best for solving the problem. A Donahue Baker gives tips on finding funding as a real estate developer and developing new ways of closing the deal. He talks about leveraging his network, finding alternative means for funding, and understanding business credit. A Donahue Baker is a CPA by trade but is currently a Real Estate Developer.
Join A Donahue Baker as he delves into his missteps as a real estate developer, and creatively coming up with 500K to close a deal.
KEYPOINTS
Finding alternative means for funding
Deal sourcing
3 Tiers of Section 8
Understanding business credit
SEGMENT TIMESTAMPS
- 05:00 – Misstep 1: Not having the funding. Finding alternative meanings of funding.
- 13:15 – Forming strategies for success. Building and leveraging network.
- 17:00 – Leveraging business credit. Get it under contract.
- 23:00 – How to build business credit. Entities (LLC, S-Corp, etc.)
- 26:00 – Words of wisdom.
"When you find a deal, even when you don’t have the money, the first thing you do is get it under contract." – A Donahue Baker
RELEVANT LINKS
A Donahue Baker
- Website: https://adonahuebaker.com/
- Instagram: https://www.instagram.com/adonahuebak...
- Facebook: https://www.facebook.com/adonahuebake...
- Twitter: https://twitter.com/adonahuebaker?lan...
- YouTube: https://www.youtube.com/channel/UChzl...
RECOMMENDED READS
- Generational Wealth That’s The Key – A Donahue Baker
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Many people think that the safest and the best way to keep their money is using conventional financial instruments everyone is familiar with, however, in today’s episode, Damion Lupo argues otherwise. Just because it looks safe and convenient does not mean it’s suitable or beneficial for you. In fact, maybe Wall Street is already preparing your rabbit hole of overwhelming tax. Keep your ears open and watch out for the call to action you might implement in handling your money more wisely.
[00:01 - 04:30] Opening Segment
- I welcome today’s guest, Damion Lupo
- His story on financial mishaps and starting over
[04:31 - 11:37] The Caveat to Better-Known Financial Instruments
- Refrain from the bondage of money and being enslaved by ignorance
- Why 401k is great for victims
- Comparing real estate investing, eQRP, 401(k), and IRA
[11:38 - 20:43] Overcoming the Primal Fear to Shift
- Why it’s difficult to start the shift
- Utilizing the right tools for better benefit
- Discovering ins and outs of well-known investments
[20:44 - 23:40] Closing Segment
- Ignorance has detrimental consequences
- Final words
Tweetable Quotes:
“It's one of three times that I've lost all my money...every one of those was about ego and ignorance. You combine the two of those things, and it's really dangerous, especially when you start making money.” - Damion Lupo
“I think today, money is modern day slavery. I think people are trapped in the cage, and they don't know what to do about it.” - Damion Lupo
“There's momentum, what we've always done is what we tend to continue doing because it's easier than when you start shifting. And there's a lot of energy, and there's the unknown.” - Damion Lupo
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Kenny Wolfe joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with coordinating move outs to lift a building. We learn why he decided to bring property management in house and how to buy across the country. Kenny shares how he jumped into multifamily by doing two passive deals and then syndicated a 76 unit. We hear about a 2 bedroom unit with 16 mattresses in it and the pain of finding sewer breaks.
Kenny believes that there isn't much difference between driving an hour and a half and flying the same distance.
In this weeks show we learn about:
- importance of accurate accounting
- things to look for when buying a company
- how to upskill your company by hiring
- what happens when cash for keys doesn't work
- challenges of older properties
- what drove the migration to Texas
- how much "cushion" is enough
- what dilution of equity means
- importance of being a people person
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Say hi to Jerome
Say hi to Kenny
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Facing unsuccessful deals and going through lots of issues dealing with losses along the way inexorably brings doubts not only to yourself, but also to the partners. In reality, these scenarios are part of the cycle of a business and it is just the matter of how you position yourself despite these challenges. In today’s episode, Mauricio Roque reveals his stories of missteps especially in his first deals with both controllable and uncontrollable factors, how he managed to pivot and rise through it all, the legalities and the implications of practicing due diligence, and the tactical steps to take you might consider for your next RPA.
[00:01 - 04:05] Opening Segment
- I welcome today’s guest, Mauricio Roque
- From selling residential real estate then to owning massive multifamily properties
[04:06 - 13:03] The Caveat to Letting Fear Take Over
- Mauricio shares his first unsuccessful multifamily deal
- The disadvantage of letting fear run the course
- Repercussions in changing your mind during negotiation
- Recognizing unreliability of brokers
[13:04 - 19:56] The Recipe for Success in Real Estate Partnerships
- The fear of losing partners and potential investors
- Displaying openness in communication
- Not giving up despite of tough challenges
- Practicing due diligence and tweaking the RPA
[19:57 - 21:10] Closing Segment
- Persist and get to the finish line
- Final words
Tweetable Quotes:
“When I started looking at multifamily, all I heard was these perfect stories. And when I started doing all the work myself, then I started hitting walls.” - Mauricio Roque
“You see all these people closing deals and I'm not closing anything. But what happened was people actually started approaching a little more and they appreciated the fact that I was putting their interest… and that they saw or they felt that I was taking care of their hard earned money. I think they appreciated it and they stuck with me.” - Mauricio Roque
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Attracting partners willing to invest in deals with you is always an issue in the real estate industry. There are so many different tactics being forwarded and various principles to apply. In today’s episode, Vinki Loomba reveals how exactly she does this by showing her authentic self. From this approach, she shares the strategy of positioning yourself in a place of fulfillment, offering opportunities instead of going after a chase, and the rationale behind coming in on the beginning of a raise.
[00:01 - 04:43] Opening Segment
- I welcome today’s guest, Vinki Loomba
- How she shifted from IT, retail sales, to real estate
[04:44 - 10:00] Living Your Purpose through Real Estate
- Filling the heart’s void and finding purpose
- Going from merger and acquisitions to multifamily
- Vinki talks about the gaps we should avoid
[10:01 - 17:18] Create Your Own Path and Live Your Own Life
- Why coming in on the beginning of a raise is much beneficial
- Establish yourself in a place of fulfillment rather than chase
- Don’t live the life of somebody else
[17:19 - 19:40] Closing Segment
- Be your authentic self. Don’t try to be someone else.
- Final words
Tweetable Quotes:
“Nothing is perfect in this world. But again, it's up to you what you make out of the situation, because every challenge is an opportunity.” - Vinki Loomba
“I would say experience is the main thing. And the more experience you have, the better you are.” - Vinki Loomba
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Bruce Wuollet joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss Bakerson's missteps on properties in Arizona. We learn the risk associated with properties that have chiller systems. Bruce shares how they negotiated a $250,000 credit and how a strong economy made up for some of their challenges. He also takes us through a discussion on the "valley of death" which is when you are writing checks to pay your mortgage and other obligations associated with the property
Bruce believes that you have to be a rock in uncertain times and you shouldn't let the winds of change push you around.
In this weeks show we learn about:
- capital calls
- dilution of equity
- what happens when your property can't pay the mortgage and other bills
- how a strong market can save you from unexpected challenges
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Say hi to Jerome
Say hi to Bruce
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There are aspects in real estate investing that people overlook and that involve the inclusion of insurance, assignment of benefits, and other easily missed potential additional revenue streams. With the many controllable and uncontrollable factors influencing the industry, especially these crucial times, it is beneficial to utilize risk assessment yet, as Johnny Lynum points out, we must also take action.
[00:01 - 05:14] Opening Segment
- I welcome today’s guest, Johnny Lynum
- How his entrepreneurship heart led him to real estate
[05:15 - 12:37] How to Utilize the Characteristics of Insurance
- Johnny talks about his misstep and his solution
- The potential risk of not employing cost control approach
- Aim for clarity - Communication is key
[12:38 - 20:57] Risk Diversification in Light of Implementing Strategy
- What financial companies to consider in line with real estate services
- Feasible steps in generating additional income
- Where the true opportunity is in managing properties
[20:58 - 24:11] Closing Segment
- Why we should not overanalyze
- Final words
Tweetable Quotes:
“When you go through adversity, it sets you up for success. It's always an opportunity when you're going through some type of adversity.” - Johnny Lynum
“We got to make our dreams real and you got to take action and make it happen. Because right now, nobody's gonna give it to you. You got to go out there, take action, and take what it is that you're looking for and make it happen.” - Johnny Lynum
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The initial thought of people whenever a new property is acquired is a celebratory greeting. Although this sounds proper, John Casmon begs to disagree especially when it comes to market positioning. Also, in this episode, he talks about more tips in attracting high net worth individuals, experiencing imposter syndrome, and shifting our focus to giving value. So, why did John Casmon have this thought? Let’s listen to his story.
[00:01 - 05:13] Opening Segment
- I welcome today’s guest, John Casmon
- Sentiments on his email about the reality of the real estate business
- Taking advantage of marketing opportunities
[05:14 - 15:12] Finding Your Unique Position to Help
- Attracting high net worth individuals
- Understand the investor’s challenges to filter your network
- Tackling imposter syndrome with a shift in focus
[15:13 - 23:39] Why Celebratory Messages in Platforms is a No-No
- Medium matters - it boils down to marketing positioning
- Aiming to give value and having people think deeper
[23:40 - 26:26] Closing Segment
- Figure out what’s holding you back
- Final words
Tweetable Quotes:
“Whenever you have an opportunity to engage your audience, your network, you want to take advantage of that.” - John Casmon
“It's not necessarily that you go to them and say, ‘Hey, come invest with me,’ but you want to leverage those relationships to start building out your network.” - John Casmon
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It goes without saying that in the real estate business, we must know how to work with people all the while determining who to work with. Trusting one company to do the works may seem to be the safest way to go, however, Cary Love points out that we must consider the possibility of inconsistent quality of services rendered, the dangers of sob stories of contractors just to flesh in more cash, and how the contact person may vanish, leaving you hanging. In this episode, Cary talks about the horror story of working with irresponsible contractors, the lessons he learned, and how he overcame these mistakes.
[00:01 - 04:49] Opening Segment
- I welcome today’s guest, Cary Love
- How he got into the real estate business to retire at 44
[04:50 - 12:07] The Dangers of not Being Hands-On Enough
- When things aren’t going as smoothly as they seem
- Issues on working with irresponsible contractors
- The contact person may vanish or the quality may diminish
[12:08 - 22:17] Steps to Finding Consistent Contractors
- Recognizing the changing parameters in contractor work
- Giving chances for smaller companies to do the job
- Allow time for healing from mistakes to build a solid foundation
[22:18 - 24:48] Closing Segment
- Creativity solves problems
- Final words
Connect with Cary via Linkedin: https://www.linkedin.com/in/caryjlove/
Tweetable Quotes:
“This has always been my fear and multifamily. When you're doing a deal, if you don't have a proven team, right, if you think you're just gonna go out and grab a contract off the street to do the turns on your property that’s got bridge financing on it, I think you're setting yourself up for failure just because you don't know if that company is going to perform at the level that you need them to perform.” - Jerome Myers
“If you make a mistake, because you will make a mistake, you can look at your financial information and look at it and say, ‘Hey, in three years, what does this look like?’...’What will it look like in five years?” - Cary Love
“You know, one of the things is that time has a way of healing mistakes.” - Cary Love
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While the potential for growth in the real estate business is staggering. Once you are in it and witness how much you can scale, it can be tempting to keep going. That’s definitely possible, however, in today’s episode, Mike Morawski reveals his story and reminds us of the dangers of not trimming loose ends in implementing business strategies. Hear how he managed the drastic uphills and downhills of the industry from its early parts and how those impacted his life all throughout.
[00:01 - 05:01] Opening Segment
- I welcome today’s guest, Mike Morawski
- How he sold his business and stumbled upon real estate
[05:02 - 12:16] The Significance of Information Disclosure to Investors
- The sudden shift in the market and the 2008 bubble
- Mike shares his struggles as a multi-business owner
- From being convicted for wire fraud to becoming a commendable real estate coach
[12:17 - 29:47] The Repercussions of Scaling Too Quickly
- The intentions may be good, but it’s important to check on the manner
- How Mike figured out the real estate systems at the early stages
- The contributory factors to realize in building confidence before scaling up
[29:48 - 35:55] Closing Segment
- How to position yourself towards proper execution
- Final words
Tweetable Quotes:
“I had a guy walk up to me and said, ‘Hey, don't let these people beat you. All they want to do is take everything from you. And they can take your real estate, they can take your cars, they can take your business, they can destroy your family, but what they can't take is what you're made up of.’ ” - Mike Morawski
“[The investors] may panic, but be willing to just say, hey, we're in business. Business doesn't always go as planned. Here's what happened. We want you to be a part of the solution. I think that's something that I think more of us can do.” - Jerome Myers
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Reassuring ourselves of a good deal is not as simple as determining the potential future value appraisal. It comes with consideration of varying aspects and the market cycle is one of them. David Lindahl discusses the importance of recognizing the patterns of the market and using such observations to elevate our decision-making process in property acquisition. Just as how the flow of trends goes, there exists a method to effectively evaluate deals further.
[00:01 - 05:24] Opening Segment
- I welcome today’s guest, David Lindahl
- How he moved from small to big property acquisitions in the emerging markets
[05:25 - 11:50] Understanding the Full Cycles of the Market
- The ultimate advantage of grasping the market transitions
- Where people go wrong in assessing the market cycle
- David shares his experience as an author and the pursuit of making his parents proud
[11:51 - 29:24] Revamping Deal Selections and Finding Partners
- David shares his first deals and finding his first investor
- The heavy influence of market cycles in household formation
- The dangers of disorderly inventory and lack of risk assessment
[29:25 - 35:14] Closing Segment
- Have the right mindset and overcoming your limiting beliefs
- Final words
Tweetable Quotes:
“Now, if you understand the full cycle of the markets, the four phases, the transitions, and what strategies to be using during each phase, which is explained in the book, then you can sit in your own backyard and make money in each particular phase with the right strategies. The key is recognizing the transitions. That's where people usually go wrong.” - David Lindahl
“This first deal is gonna be the hardest, you know, but if you get through the obstacles and get through your limiting beliefs and get it done, oh, it's like the sky opens up, the sun shines down, you love life gets better, and your face clears up. It's just a beautiful thing.” - David Lindahl
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Let’s get into it to get a deep dive into some of the harsh truths of real estate and how to overcome them.
[00:01 – 06:02] Opening Segment
- Jerome talks about his background.
- Three things that you want to do before you quit your job to get in real estate
- To get more of that check list
Link below
[06:02 – 20:20] Education in Real Estate
- What Jerome went through with the banks
- The importance of education
- What should people be looking for to find the right educators
- The importance of getting to know the person that you want learn from
- Figuring out your why as a student
- The lack of diversity in real estate investing
[20:20 – 32:17] Incomplete Solutions
- Jerome talks about incomplete solutions.
- How having the mindset is important but not sufficient to succeed.
- The importance of networks.
- Jerome’s talks about the context of his podcast, his conference and his course and coaching services.
- Contact Jerome
Link below.
[32:17 – 37:49] Bullseye Round
Apparent Failure:
Not being able to get his first deal done.
Digital Resource:
Calendly
Most Recommended Book:
Sizing People Up
Daily Habit:
Running
Curious About:
Interest rates
I Wish I Knew When I Was Starting:
Getting educated
Best Place to Grab a Bite in Greensboro - North Carolina
Scramble
Contact Jerome:
His podcast, details about his conference, his coaching and courses can be found at: jeromemyers.com
Tweetable Quotes:
“The banks don’t invest in dreams. They invest in proven business plans with experienced operators.” - Jerome Myers
“When you are unconsciously incompetent, your are in that space of ‘I don’t know what I don’t know.’” - Jerome Myers
Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you do not miss an episode
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The realms of real estate can be appealing especially in the aspect of monetary gain. In reality, there is more to it than that - it is not simply about acquiring low and selling at a high price. To experience more rewards, we must be willing to do the hard work and give value to our product. In this talk, Josh Cantwell stresses the importance of not relying on the “MVP”, recognizing that money is king, and breaking down the dangers of merely getting a deal done. And all the while acknowledging the goal of the hustle - financial freedom - and ultimately, satisfaction in life.
[00:01 - 03:52] Opening Segment
- I welcome today’s guest, Josh Cantwell
- How he got into real estate
[03:53 - 14:51] Realities of Attaining Financial Freedom
- The meaning of financial freedom and its challenges for entrepreneurs
- Josh talks about his deals and the threat of COVID-19
- The considerations in building a solid business model
[14:52 - 28:48] Dangers of Rushing the Deal
- The real MVP in real estate investing
- What tenants truly care about
- Why being on time yet going over budget is better
[28:49 - 34:45] Closing Segment
- The truth about business - money is king
- Final words
Tweetable Quotes:
“And the big challenge for every entrepreneur in today's market is to sit and think about what they're really trying to do, and realize that yesterday is gone. .” - Josh Cantwell
“ You do the hard work. That's where the MVPs are at… Why is somebody gonna pay you more rent, if you're not giving them a better product? Simple as that.” - Josh Cantwell
“I was passionate about what I was doing. I was loving it. So if I literally had my number calling, I was off the face of the earth that year, I would have been okay with that. Because I was doing what I love. I was having fun with it.” - Josh Cantwell
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Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Many people will tell you to trust your gut whenever you’re making a key decision in your life. In the real estate business, however, it pays to not follow your gut all the time, especially in hiring. What you should do always is doing your due diligence to ensure that you’re doing the right thing. In the case of Anthony Scandariato, he learned to not trust his gut when hiring and instead prioritize background checks to hire the right guy.
[00:01 - 04:25] Opening Segment
- I welcome today’s guest, Anthony Scandariato
- He talks about the services their company offers
[04:26 - 15:03] Hiring the Wrong Guy
- The truth about multifamily investing you should know
- What Anthony learned from hiring the wrong guy
- Why background checks are required in hiring
[15:04 - 20:08] Why Market Research is Important
- Should you have a bookkeeper in-house?
- Here’s Anthony’s experience
- The importance of market research in real estate
- Anthony gives a sneak peek on how they look at deals
[20:09- 24:59] Closing Segment
- Don’t miss Anthony’s words of wisdom!
- This is applicable for beginners and experts
- Find Anthony at the links below
- Final words
Tweetable Quotes:
“Don’t be afraid, regardless of whether you’re a beginner, intermediate [or] advanced, keep building out your team.” - Anthony Scandariato
“It’s really the property management from multifamily that’s really the key to success, in my opinion, in this business.” - Anthony Scandariato
Resources mentioned
- Brian Leonard
- Indeed
You can connect with Anthony by emailing a.scandariato@redknightproperties.com or get in touch with him on LinkedIn, Instagram, and Twitter. Visit Red Knight Properties to grow your income and wealth from investing passively in real estate!
You can also check them out on Facebook, Twitter, Instagram, and YouTube.
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Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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It’s hard to get your target audience to engage in your social media content since there is a lot of “competition” for their attention. Brian Pownall learned that the key for them to engage with you is to be a relatable content creator, which you can only achieve if you’re getting yourself out there.
Share your journey, both the ups and downs. Discuss the lessons you’ve learned along the way. Be transparent. Show them how unique you are. The next thing you’ll realize is that people are starting to engage in your content, making it easier for you to engage them in your business.
[00:01 - 03:32] Opening Segment
- I welcome today’s guest, Brian Pownall
- How he got interested in multifamily syndication
[03:33 - 13:36] Promoting Real Estate in Social Media
- Which should you try first, joint venture or syndication?
- How to leverage your socials for your real estate business
- Engage people by documenting your journey
[13:37 - 24:27] How to Invest and Where
- How to learn real estate in the best and quickest way possible
- Partner strategically to make your investing a success
- Here’s how
- The market where you should start investing
[24:28 - 27:29] Closing Segment
- Why you should always be in your peak performance condition
- Find Brian at the links below
- Final words
Tweetable Quotes:
“The person who can articulate the problem the best is the de facto expert.” - Jerome Myers
“When you start talking about that pain that you’re trying to solve, when you talk about the problems, and your journey to get to a solution, that’s gonna resonate with the other people who are in the same boat.” - Jerome Myers
Resources mentioned
- Gary Vaynerchuk
You can connect with Brian by emailing brian@newdayinv.com or get in touch with him on LinkedIn. Check out Silverado Oil & Gas, LLC to start investing in large-scale, liquid-rich resources!
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
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Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Brett Morgan discovered that investing in the oil & gas industry has some similarities to investing in real estate. Still, there were a few things he needed to learn to invest in multifamily properties the right way. What prompted him to seek guidance was his experience with losing a property near his home just because he didn’t know where to start. Now, he’s equipped with the 4 things every investor needs to invest in real estate.
[00:01 - 04:09] Opening Segment
- I welcome today’s guest, Brett Morgan
- Brett talks about his journey to the real estate industry
[04:10 - 13:40] 4 Things Every Investor Need
- Why you need to acquire knowledge in real estate
- Aside from knowledge, what do investors need?
- Learn more about our “4 Fs” process to invest in real estate
[13:41 - 23:52] Your Very First Deal
- Which to invest in first, small or big properties?
- What new investors should realize about real estate
- What do we mean by “exposure to the content?”
[23:53 - 29:48] Abundance Mindset
- Brett talks about studying money and finance
- What you should understand about economies of scale
- Sharing your knowledge is normal in real estate
[29:49 - 31:10] Closing Segment
- Find Brett at the links below
- Final words
Tweetable Quotes:
“You have to be getting out of just having one or two streams of income. You should have multiple streams of income.” - Brett Morgan
“Harness other people’s knowledge so you don’t have to be a master of everything.” - Brett Morgan
Resources mentioned
- Book: Becoming Your Own Banker
You can connect with Brett by emailing bmorgan75@hotmail.com.
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Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Raising money is a different skillset from operating a real estate deal. This is why there are real estate investors who opt to bring in partners to fund their deals instead of raising the capital themselves. Marcus Phillips learned what should be prepared when raising money, alongside certain practical tips to scale their business via the commercial real estate route. We have an interesting conversation, a highlight of which is the importance of going through the process.
Indeed, there’s no substitute for experience when it comes to being great at what you want to do.
[00:01 - 03:24] Opening Segment
- I welcome today’s guest, Marcus Phillips
- He shares his journey to real estate investing
[03:25 - 13:42] Raising Capital in the Commercial Real Estate
- Best practices in raising capital
- Why you need 10x as many people who know, like, and trust you
- Which is more focused on the business, commercial or residential?
- Marcus shares his takeaway
[13:43 - 22:06] There’s No Substitute for Experience
- Marcus talks about certain objections you might also have!
- The power of doing a follow up in real estate investing
- Marcus shares his experience
- Find out if you can apply your engineering background to real estate
[22:07 - 23:37] Closing Segment
- Find Marcus at the links below
- Final words
Tweetable Quotes:
“[Commercial real estate] is more business-focused. It's more, marketing and sales are more important than in the residential side.” - Marcus Phillips
“There is no substitute for actually having experience as an operator of a development company.” - Jerome Myers
Resource mentioned
- Alvin Hope Johnson
You can connect with Marcus by emailing marcus@noirinvest.com or get in touch with him on LinkedIn. Check out Noir Capital to learn more about their work.
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Before things get better, they get from bad to worse. This was what Randy Langenderfer experienced with a property a few years ago. First, he discovered that the property manager had been committing fraudulent acts. Then, he needed to deal with flood and fire incidents to the property, not to mention the outbreak of COVID-19.
The good thing was that he did not change course and eventually found the light at the end of the tunnel. Patience is a virtue, and Randy proved that this is a piece of advice that actually works.
[00:01 - 03:41] Opening Segment
- I welcome today’s guest, Randy Langenderfer
- Randy talks about his path to multifamily investing
[03:42 - 14:23] Dealing with Fraud, Flood, Fire, and a Pandemic
- The truth about syndication that people should know
- Randy breaks down a bridge loan
- How Randy discovered fraud in his property
- How it turned from bad to worse
[14:24 - 23:14] The Lessons that Randy Learned
- Why you should not apply for a CMBS loan
- Choose the members of your sponsorship team wisely
- The power of communicating regularly with investors
[23:15 - 26:12] Closing Segment
- Don’t miss these words of wisdom from Randy!
- Find Randy at the links below
- Final words
Tweetable Quotes:
“Don’t ever do a CMBS [Commercial Mortgage-backed Security] loan.” - Randy Langenderfer
“Communicate with your investors.” - Randy Langenderfer
Resources Mentioned
- Rod Khleif
Email randy.langenderfer@invest-ark.com to reach out to Randy or connect with him on LinkedIn and Facebook. Do you want to invest in multifamily real estate in Texas and Arizona? Check out InvestArk Properties now!
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Growing your personal brand and business involves showing yourself up to your target market. One major platform where you can be present is social media. This is why many entrepreneurs, investors, and business owners are out there creating content regularly, exposing not just their business but also their personal lives to some extent.
However, people have been so exposed to such content that they can already tell if something is authentic or not. Authenticity is something that Bobby Jones is trying to build right now. He has learned that talking about yourself does not necessarily mean being selfish or egoistic. It’s actually a way for people to truly know him and in turn be attracted to work with him.
[00:01 - 06:15] Opening Segment
- I welcome today’s guest, Bobby Jones
- His first impression about real estate investing
[06:16 - 13:17] Creating Alternative Sources of Income
- The reasons Bobby transitioned from employee to real estate investor
- Bobby shares his thoughts about the healthcare industry
- Produce alternative sources of income with this advice from Bobby
[13:18 - 23:55] Authenticity in Social Media
- Creating content in social media the right way
- How often should you post on your socials?
- People will unsubscribe to your content and it’s okay
- Here’s why
[23:56 - 27:55] Closing Segment
- Why you should unlearn some of the things you currently know
- Find Bobby at the links below
- Final words
Tweetable Quotes:
“It’s so fascinating to learn about what other people are doing to supplement their own income.” - Bobby Jones
“Finding a different way requires you to think about life differently. You have to un-program or de-program a lot of the things that were programmed into you.” - Jerome Myers
Resources Mentioned
- Michael Blank
You can connect with Bobby by emailing bobby@oncallinvestments.com or get in touch with him on LinkedIn and Facebook. Check out On Call Capital, LLC to learn more about their work.
Are you a CRNA looking for success outside your career? Listen to The Plan B CRNA Podcast now!
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Attracting people to invest with you may look difficult since you are persuading strangers to share their hard-earned money with you. That is not necessarily the case in real estate. You can actually attract people with the right mindset and right reasons coupled with enough knowledge and perseverance. If you specifically know how to manage risks, that will be a big bonus too. Joseph Pinkney has learned these lessons for his real estate investing and is now primed for long-term success in this industry.
[00:01 - 02:39] Opening Segment
- I welcome today’s guest, Joseph Pinkney
[02:40 - 12:14] Generating Cash Flow Today
- Creating cash flow today from multifamily
- Why multifamily over single family
- The benefits of having higher debt
[12:15 - 21:57] Working with a W2 and Investing in Real Estate
- How debts can generate cash flows
- Here’s why you should be aggressive with your savings
- Higher salary means more happiness
- The road to financial freedom
[21:58 - 25:36] Closing Segment
- Dealing with people with love and compassion
- Find Joseph at the links below
- Final words
Tweetable Quotes:
“The only way that you get financial freedom is through ownership.” - Jerome Myers
“You mitigate risk through knowledge.” - Jerome Myers
Resources mentioned
- Robert Kiyosaki
- Grant Cardone
- Dave Ramsey
You can connect with Joseph by emailing j.pinkney33@gmail.com or get in touch with him on LinkedIn.
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Building your brand, whether you’re in real estate or another platform, requires you to identify who you want to serve and in turn determine how your service or skill addresses their problems. This is what Oliver Perry has learned so far in the multifamily real estate space. If the avatar is well defined, then the solutions will be clear. If there is clarity in the solutions he offers, then he’ll slowly be able to build a brand that’s unique to him.
[00:01 - 03:22] Opening Segment
- I welcome today’s guest, Oliver Perry
[03:23 - 11:28] Multifamily is a Math Problem
- Handling direct-to-seller conversations
- Who should be your target market?
- Mastering the underwriting process
[11:29 - 20:35] Building a Multifamily Brand
- Building your brand as a real estate investor
- The question to ask to start building your brand
- The 2 reasons people take action, real estate or not
[20:36 - 26:26] Closing Segment
- The importance of sales copy in your real estate investing
- Find Oliver at the links below
- Final words
Tweetable Quotes:
“Every decision that you make should be with your avatar in mind.” - Jerome Myers
“How do we actually create traffic? One is letters, two is phone calls, three is text messages, and four is networking.” - Jerome Myers
“What problem do you solve and how can you actually help people by solving that problem?” - Jerome Myers
“There is some selling in everything that you write.” - Jerome Myers
“The numbers just tell the story of the property.” - Jerome Myers
You can connect with Oliver by emailing info@theoliverperryshow.com or get in touch with him on LinkedIn, Facebook, YouTube, and Instagram. Check out The Oliver Perry Show and learn how to grow your money through real estate!
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Investors would not co-sign a loan for their little cousin, so there’s no reason they will for a stranger they barely know. Chalmette Ray has learned this lesson, alongside other important facts on syndications and joint ventures and limited and general partners. She has also realized that investments and businesses are two different things and that one is advised to be done before the other due to some practical reasons.
[00:01 - 07:35] Opening Segment
- I welcome today’s guest, Chalmette Ray
- Chalmette talks about her inspiring journey to real estate
[07:36 - 17:12] Syndication vs. Joint Venture
- Why syndication is more popular than joint venture (JV)
- The role of limited partners in syndications and JVs
- Should you be an active operator or a passive investor?
[17:13 - 27:47] Business or Investment
- The advice you need to hear about building a business or an investment
- Let’s talk about risk in real estate
- Facts about vertically integrated firms you need to know now
[27:48 - 35:07] Voting Rights in a Loan
- Signing a loan with--or without--voting rights
- Here’s an interesting thought about convenience in real estate investing
[35:08 - 36:31] Closing Segment
- Find Chalmette at the links below
- Final words
Tweetable Quotes:
“The difficulty in being in a joint venture is the same as it is with being a general partner.” - Jerome Myers
“Business owners are able to grow and create equity, you have the leverage, you know how to pull them. And in that operation, you take that equity created, and then you drop that down into the investment.” - Jerome Myers
Resources Mentioned
- Keller Williams
- Robert Kiyosaki
- Book: Rich Dad's CASHFLOW Quadrant
You can connect with Chalmette by emailing chalmetteray@outlook.com or get in touch with her on LinkedIn, Facebook, and Twitter.
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Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Ego is a common obstacle that keeps people from succeeding in their personal endeavors. The same is the case in the real estate industry. If you are not willing to take the time and effort and only looking for a shortcut, you might feel that the industry has failed you, when in fact, you’ve failed yourself. Julie Holly believes that investing in real estate should be purpose-driven and not solely motivated by money.
[00:01 - 03:41] Opening Segment
- I welcome today’s guest, Julie Holly
[03:42 - 11:41] Wrestling With Your Ego
- How to manage your ego while investing in real estate
- The cold hard facts of real estate investing
- Should you be a sophisticated investor?
[11:42 - 22:06] Being Disciplined in Real Estate
- The frustrating part of investing in real estate
- The importance of discipline, real estate or not
- Investing in one market only
- Should you do this?
[22:07 - 32:07] Purpose-Driven Investing
- How to put yourself in a better position as a property owner
- Real estate that is driven not only by money
- Are you planning to invest in more than one market?
- Here’s Jerome’s advice for you
[32:08 - 39:04] Making Money in Real Estate
- Julie breaks down her approach in looking for properties outside her market
- What you should know about crimes in neighborhoods
- The 2 things to make money in real estate, regardless of the market
[39:05 - 40:10] Closing Segment
- Find Julie at the links below
- Final words
Tweetable Quotes:
“If you don’t know what you’re investing in...you end up with a lot of work on your hands.” - Julie Holly
“You have to have the discipline and take the time.” - Julie Holly
Email julie@threekeysinvestments.com to get in touch with Julie or connect with her on LinkedIn. Visit Three Keys Investment to strategically grow your wealth without working harder. Listen to her on her podcast, Ask Me How I Know: Multifamily & Mindset
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
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Raising capital is always a challenge. That’s why you “use other people’s money,” as you commonly hear from real estate folks. In the case of Suzy Sevier and Michael Barnhart, they learned that putting up an investor group was not enough.
They learned that they needed to ask and understand how their investors could raise money for their deals. This may be a hard question to ask, but nevertheless, something that should be raised so you will not be surprised if you are not able to raise enough money for your real estate investing.
[00:01 - 03:37] Opening Segment
- I welcome today’s guest, Suzy Sevier and Michael Barnhart
[03:38 - 08:58] Living Abroad and Investing in US Real Estate
- Susy shares the story of how they found the real estate industry
- Investing in US real estate while living overseas
- Michael tells us why networking is important in real estate
[08:59 - 17:05] Not Enough Investors
- Suzy breaks down their multifamily deal
- The realities of closing a real estate deal
- Michael shares his thoughts
- Suzy talks about their first “hiccup” in raising capital
[17:06 - 25:21] Asking the Hard but Needed Question
- Why you should your investors how they raise capital
- Certified Rent Rolls cannot be relied on and here’s why
- What are Certified Bank Deposits?
[25:22 - 27:32] Closing Segment
- Find Suzy and Michael at the links below
- Final words
Tweetable Quotes:
“Networking is a lifeblood of real estate, especially multifamily real estate.” - Michael Barnhart
“Every part of the process takes time and takes patience.” - Suzy Sevier
Resources mentioned
- Grant Cardone
- Brian Briscoe
Reach out to Suzy on LinkedIn or seviersuzanne@gmail.com. Get in touch with Michael on LinkedIn. Check off your bucket list now, not after retirement, with Suzy and Michael.
- Visit Adventurous REI on Facebook, Instagram, and LinkedIn.
- Download Suzy and Michael’s free checklist for real estate investing. Start here.
- Listen to their podcast, “The Adventures of a Real Estate Investor”
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
The best general operators in real estate offer amazing customer relationship management (CRM) with their investors. Since CRM is an important part of raising capital to invest in real estate, should operators also learn how to market well or should they hire a marketer instead? Daisy Serrano learned that operating a real estate deal and marketing are two different skill sets. Not all good operators are good marketers and good marketers are not always the best operators.
[00:01 - 03:33] Opening Segment
- I welcome today’s guest, Daisy Serrano
- From being a teacher to a real estate investor
[03:34 - 09:16] Keeping Communications Open
- Customer Relationship Management in apartment syndication
- The things that will make investors and partners satisfied
- Listen to our interesting exchange about capital raising
- Not all operators are good marketers and vice versa
[09:17 - 21:43] General Operators and Marketers in Real Estate
- The most frustrating and disappointing aspect of real estate investing
- The skills of a good general operator
- The most important thing about marketing in real estate
[21:44 - 25:16] Closing Segment
- Find Daisy at the links below
- Final words
Tweetable Quotes:
“We don’t want to always be in the business. We must grow it into a space where it can run without us.” - Daisy Serrano
“For the marketing person, they’ve got to have an impeccable reputation. They’ve gotta have the ability to individualize and get to know people, build trust really quickly, and they have to have reach.” - Jerome Myers
Resources mentioned:
- ActiveCampaign
- Mailchimp
- Karl Sona
You can connect with Daisy by emailing daisy@makeitraincapital.com or get in touch with her on LinkedIn. Check out Make It Rain Capital to learn more about their work.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Do you think that you cannot invest in real estate because you have a full-time job? Do you think busy professionals like nurses should only focus on their work and wait for their retirement in their 60s? Think again. The truth is that you can be a busy professional and a real estate investor just like The Networth Nurse, Savannah Arroyo. Of course, you will make a couple of missteps along the way, but the most important thing is you learn from them and grow from there.
[00:01 - 01:55] Opening Segment
- I welcome today’s guest, Savannah Arroyo
- Find Savannah at the links below
[01:56 - 10:51] From A Storage Space into A Studio Unit
- Savannah shares her story and she got into the real estate space
- Don’t miss Savannah’s main takeaway from real estate investing
- Turning a storage space into a storage unit
[10:52 - 19:38] Opportunity for Open Communication
- What underwriting approach saved them from this misstep
- What Savannah learned from the misstep
- Don’t miss Savannah’s words of wisdom!
- Interrogate your team no matter how experienced they are
[19:39 - 20:52] Closing Segment
- Final words
Tweetable Quotes:
“Don’t be afraid to interrogate your team.” - Savannah Arroyo
“I think it’s important to ask [your team] very specific questions or even asking them, ‘What’s one of the biggest mistakes you’ve made at your job?’” - Savannah Arroyo
Email savannah@thenetworthnurse.com to connect with Savannah or connect with her on LinkedIn, Facebook, and Instagram. Visit The Networth Nurse and their social media pages: Facebook and YouTube.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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You can be the most experienced property manager and not be the “right” manager in the eyes of an investor and that’s okay. All real estate investors have their ideal property manager the same way they have their ideal real estate team and ideal property to acquire. What you should aim for is to stand out in the real estate space, and you can do this by identifying first your “avatar.” By fully knowing who you want to serve, you can craft a message that resonates and attracts the ideal people you want to work with.
[00:01 - 04:59] Opening Segment
- I welcome today’s guest, Hersh Rai
- How to deal with extending closing dates of deals
[05:00 - 13:21] Investor Retention Tips
- Don’t look at the investor’s money
- Should the asset manager also be the manager of the LLC?
- Retain your investors with these real estate tips!
[13:22 - 22:36] The Ideal Property Manager
- How to find the right partner in real estate
- The “turn-offs” of a property manager you should watch out for
- Listen to this football analogy about the property manager
[22:37 - 30:45] Stand Out in Real Estate
- Are you ready for a joint venture?
- Listen to this advice
- How to stand out in the real estate space
- What to look forward to about multifamily investing
[30:46 - 38:45] Being Tax-Efficient
- Don’t miss our exchange about taxes
- We talk about 1031 Exchanges
- How to determine your ideal returns in a deal
[38:46 - 46:17] Real Estate Development
- How to know if your money is safe in a real estate investment
- Real estate development is not for you if…
[46:18 - 50:45] Closing Segment
- How to call out an “uneducated” prospect without offending them
- Find Hersh at the links below
- Final words
Tweetable Quotes:
“You’ve gotta figure out who your avatar is and then craft a message specific for that avatar.” - Jerome Myers
“Treat everybody with love.” - Jerome Myers
You can connect with Hersh on LinkedIn and check out Veteran Pride Investment Group to learn more about their work.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
If you lose money, you will normally feel bad and think about where you could’ve spent it. When Pancham Gupta lost $15,000 in a deal, he only felt good. Had he not done his due diligence, he would have lost more money than he expected.
Pancham’s story shows you that all kinds of investments have inherent risks, and you should be ready to lose some if you want to gain a lot. You should also be ready to take a few missteps along the way because they will eventually lead you to the path you’re destined to take.
[00:01 - 05:41] Opening Segment
- I welcome today’s guest, Pancham Gupta
- Get in touch with Pancham!
- Links below
[05:42 - 15:35] The Best $15K Pancham Lost
- The difference between a real estate investor and a business owner
- Don’t miss this misstep from Pancham!
- The importance of doing due diligence
- Pancham talks about this deal they didn’t close
[15:36 - 25:41] Doing Due Diligence
- A bad roof was a dealbreaker in one of Pancham’s deal
- Listen to his story
- If you lose a deal, what should you do?
[25:42 - 30:23] Closing Segment
- Don’t miss this advice from Pancham for your real estate investing
- Final words
Tweetable Quotes:
“Your income going down is a function of a problem and you have to fix that problem, which wasn’t there before.” - Pancham Gupta
“Be a student of whatever you’re trying to achieve and keep learning and take action at the same time.” - Pancham Gupta
Resources mentioned:
- Robert Kiyosaki
- Book: Cashflow Quadrant
You can connect with Pancham by emailing p@thegoldcollarinvestor.com or pancham.gupta@mesoscapital.com. Get in touch with him on LinkedIn and Facebook and check out Mesos Capital to optimize your real estate investing!
- LISTEN to his podcast, The Gold Collar Investor
- LEARN the top 6 reasons to invest outside of Wall Street! Start here.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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How will you react if your property manager calls you and tells you that a few people have broken into your property and have been found naked? This experience of Christy Keeton shows the value of filtering your would-be tenants. A simple Google search will do, but the better step is to set criteria to attract tenants that will maintain a positive reputation for your properties.
[00:01 - 03:23] Opening Segment
- I welcome today’s guest, Christy Keeton
- She walks us through her path to real estate
[03:24 - 11:29] The Right Real Estate Partner
- You would not want to miss this story on Christy’s last flip!
- Her interesting thoughts about family in real estate
- How to choose the right partner in real estate
[11:30 - 22:25] The Orgy Unit
- How this deal changed Christy’s life
- What’s Christy’s goal for this year?
- Listen to Christy’s multifamily misstep and what we can learn from it
[22:26 - 24:49] Closing Segment
- Find Christy at the links below
- Final words
Tweetable Quotes:
“Just because they’re family does not make them good partners.” - Christy Keeton
“Make sure that you are building long-lasting relationships...because this is a relationship industry.” - Christy Keeton
Resources mentioned:
- Kim Wendland
- Quattro Capital
You can connect with Christy on LinkedIn and Facebook. Check out Keeton Realty Investments to learn more about her work.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
You don’t and would not want to marry a stranger. The same thing applies to real estate. You don’t and would not want to do a deal with someone you don’t know. This is why you need to show the value you can bring to the table to attract people, especially in the real estate space.
John Burg learned some creative ways to attract potential partners, including how to pre-qualify them for him to know they are the right fit. If you treat building relationships in real estate as a marriage, you can already help yourself in finding the right partner.
[00:01 - 03:54] Opening Segment
- I welcome today’s guest, John Burg
- How John has learned real estate
[03:55 - 08:12] Joint Venture and Passive Investing
- What’s the gap in John’s underwriting experience?
- John’s next steps in real estate investing you should not miss
- Facts about Joint Venture (JV) you should know
- Passive investing and JV don’t work together and here’s why
[08:13 - 18:07] Building Your Investor List
- Creative tips to build your investor list
- The do’s and don'ts of meeting people
- Your criteria in partnering with people
- Why it’s like a marriage
[18:08 - 23:33] Growing Your Reputation
- Planning to jump into the multifamily space?
- Listen to this advice
- Why you should niche down
- You need to do at least 1 of these 3 things to grow your reputation
[23:34 - 24:17] Closing Segment
- Final words
Tweetable Quotes:
“You don’t have to know everything. Develop your strengths. Partner for your weaknesses. Find somebody else that will work together with you and you can make a strong team.” - John Burg
“You have to have something to offer to people in exchange for their email address.” - Jerome Myers
Resources Mentioned:
- BiggerPockets
- Brandon Turner
- Rod Khleif
- Logan Freeman
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Looking for off-market deals involves finding the right data to analyze. This involves knowing what data to seek in the first place. Real estate investors start off not knowing everything, and that’s okay. They only surrounded themselves with the right team and agreed on a course of action they would take together.
This is one of the main principles of this business that has been proven to work every time: partnering with people with the same goals, mission, and aspirations as you.
[00:01 - 04:12] Opening Segment
- I welcome today’s guest, Jesse Futia
- A US Army Ranger and a commercial real estate investor
- His short-term and long-term goals
[04:13 - 11:05] Building the Right Team
- The 2 major components of running a syndication
- Marketing or investor relations
- Operations
- The traits of the right partner in real estate
- Should you outsource your underwriting?
[11:06 - 21:21] Potential in Small Off-Market Deals
- Joint venture of syndication?
- We weigh in
- Why you should look for smaller deals too
- The great thing about real estate that you should know
[21:22 - 26:45] Closing Segment
- How to add value to properties
- Find Jesse at the links below
- Final words
Tweetable Quotes:
“I think there’s potential there too with those smaller deals that we kind of hunt off-market.” - Jesse Futia
“If you’re well-capitalized...and you’re ready to take action, I think there’s an opportunity for you to get in the game.” - Jerome Myers
Resources mentioned:
- The Third Time is the Charm - Bo Goebel
You can connect with Jesse on LinkedIn.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Underwriting deals is one of the most important skills in real estate investing. Learning it by yourself, though, is not advisable. It’s actually inefficient and ineffective. You don’t know what you don’t know, after all.
That is why it’s crucial for beginners to build relationships in this space. Aside from being a wealth-generating vehicle, real estate is a team sport that you play with like-minded individuals. Investors like Marcellus McKinley, who is serving in the Air Force, will be better off surrounding themselves with people who know more than they do.
[00:01 - 02:20] Opening Segment
- I welcome today’s guest, Marcellus McKinley
- Active in Air Force
- Started in the residential space for real estate
[02:21 - 10:29] Underwrite in Real Estate
- Marcellus recalls how he became a limited partner
- How to underwrite properly in real estate
- Developing relationships with brokers
[10:30 - 19:55] Unconscious Incompetence
- Bad real estate advice you should hear now
- ...and not do later
- What you should know about the Net Operating Income
- What is “unconscious incompetence?”
[19:56 - 25:37] Closing Segment
- Where to start in real estate?
- Find Marcellus at the links below
- Final words
Tweetable Quotes:
“At the end of the day, though, the game is really building track record like you would in anything else.” - Jerome Myers
“Self-educating is the most inefficient and ineffective way to get into this space because there’s so much that you don’t know that you don’t know.” - Jerome Myers
Resource mentioned:
- Multifamily Missteps: The Third Time is the Charm - Bo Goebel
Connect with Marcellus on LinkedIn.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
We’ve always seen banks as repositories of money. However, banks offer more than just being a storehouse. They can serve as a vehicle to kick start business endeavors, including real estate deals. The main idea that Johnny Nelson has taken away is that he can leverage other people’s money to fund his investments in real estate. Banks are one option, but there are more creative strategies that Johnny and other new investors can try to grow capital in this space.
[00:01 - 03:32] Opening Segment
- I welcome today’s guest, Johnny Nelson
- Why he’s looking to jump into real estate
[03:33 - 13:32] Why Investors Should Invest With You
- Johnny talks about his first deal
- The role of the bank in closing your deal
- The secrets to convince equity partners to invest with you
[13:33 - 24:17] Goal Alignment in Real Estate
- The not-so enjoyable part of real estate investing
- Align yourself with people who has the same goals as you
- If you feel that you can’t close a deal alone, here’s what to do
[24:18 - 27:56] Closing Segment
- What you should look for in an investor
- Final words
Tweetable Quotes:
“Experience is the way to the capital...it doesn’t matter how much money you have as long as you’ve got enough money to market for the deal.” - Jerome Myers
“The first thing that I wanna see is that they’ve done something to get the right education.” - Jerome Myers
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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You always hear that relationships matter in real estate. After all, this is a team sport and it’s hard to invest in this space alone. However, not everyone will be your partner and should be your partner in real estate
What you truly need here are people you can trust, not necessarily people you just like. You need people you can rely on to make money with you, and if you can’t find those people, you’re better off doing this yourself. At the end of the day, real estate is all about creating generational wealth that you and your family can be proud of.
[00:01 - 03:52] Opening Segment
- I welcome today’s guest, Jerry Sanchez
- Join Jerry’s monthly meetup!
- Details below
[03:53 - 14:03] Building Trust in Real Estate
- How to build trust in real estate
- Building the right team shouldn’t be hard
- Listen to our exchange
- Don’t be apologetic and you’ll find the right fit
[14:04 - 24:58] Profit, Partnership, Property
- Prioritize these 3 P’s in real estate
- Profit
- Partnerships
- Property
- Is it advisable to make deals alone?
- Listen to our exchange
[24:59 - 28:19] Closing Segment
- Should you go passive or active?
- Find Jerry at the links below
- Final words
Tweetable Quotes:
“Liking somebody doesn’t mean that you should trust them.” - Jerome Myers
“Passive investment is great but you would need a lot of money to invest to get the kind of passive investment that’s going to replace your income and your lifestyle.” - Jerry Sanchez
Resources mentioned:
- Multifamily Investor Nation
- Book: Sizing People Up
You can connect with Jerry on LinkedIn or check out EMS Capital LP to learn more about his work.
JOIN the Carolina Multifamily Connection Monthly Meetup!
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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Investing in real estate is possible, wherever you are, whatever you do. One actionable step that you can take right now is knowing your “Why,” which should be strong enough to withstand the “Why not?” Esther Dorzin, MD is a healthcare professional who already has this strong enough “why” that can help her succeed in this industry. She wants to create a generational wealth and legacy for her family. The question now is, “How can she start?”
Let’s listen to our exchange and start your own real estate journey!
[00:01 - 03:39] Opening Segment
- I welcome today’s guest, Esther Dorzin, MD
- Why she is interested to jump into real estate
[03:40 - 14:19] Investing in Real Estate
- Real estate is totally about you
- Listen to our interesting exchange
- How to go active in real estate
- Where’s the real value creation in this industry?
[14:20 - 23:52] Creating a Legacy
- Creating generational wealth and legacy
- How does this work in real estate?
- Should you go passive in real estate?
- The “why” vs. “why not?”
[23:53 - 27:55] Closing Segment
- Why multifamily over single-family?
- Find Esther at the links below
- Final words
Tweetable Quotes:
“When you have a family, it’s not about you anymore...it’s about their future” - Esther Dorzin
“Everybody’s pursuing the freedom of choice.” - Jerome Myers
You can connect with Esther on LinkedIn or check out Northside Hospital to learn more about her work.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
You can use other people’s money to invest in real estate. That’s what loans are for. But what would you do if lenders like banks will not let you borrow money? Mo Obotette recalls this experience and does not want to repeat it. Here's what went wrong in this experience and how he can make it right the next time. We will also discuss how this experience is related to one of the key principles in real estate investing: proving value.
[00:01 - 03:07] Opening Segment
- I welcome today’s guest, Mo Obotette
- From computer programming to real estate
[03:08 - 12:29] Showing Your Value
- Listen to our exchange about commercial loans
- Mo talks about his experience on single-family investing
- How to show your value in real estate
[12:30 - 22:35] Joint Venture vs. Syndication
- How to build your confidence in making a deal
- The real risk you should know in real estate
- Joint venture vs. syndication
- Listen to our exchange
[22:36 - 25:00] Closing Segment
- What Multifamily Missteps really is for
- Find Mo at the links below
- Final words
Tweetable Quotes:
“Instead of me doing 30 calls and talking about the exact same thing, we can just put this episode together, share it with the world.” - Jerome Myers
“If you don’t know about those [real estate] challenges, then you can’t put a financial plan together.” - Jerome Myers
You can connect with Mo by emailing chillbo@hotmail.com or call/text him at 262.458.4008.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
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James Bryant joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to launch this new concept. We learn that these projects don't always go as planned, the four steps of the Myers Methods of multifamily investing, and why they believe there is a need for this type of programming.
James believes that how you respond to missteps is more important than having them and we are using this as an venue to learn how people are transforming obstacles into opportunity.
In this weeks show we learn about:
- not raising enough money
- what happens when you don't turn on the utilities during the physical inspection
- why you must go in every unit
- what we should expect in future episodes
- why people should go tuna fishing instead of trying to take Moby Dick down the first go around
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Say hi to Jerome
Say hi to James
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Today, I had the pleasure of talking with Danny Randazzo, a full-time multifamily investor at PassiveInvesting.com. His company controls more than 2,000 apartments valued at 225 million assets under management. In 2019, they were able to purchase over 120 million dollars in multifamily real estate.
Let's dive into Danny’s story and get expert advice from a real estate pro!
[00:01 – 06:26] Opening Segment
- Danny Randazzo talks about his background and his multifamily journey
- Danny shares the skills he can offer in multifamily investing
[06:27 – 11:59] The Three Amigos
- Danny talks about how he met his business partners
- They slowly found alignment in their business pursuits
- “Let’s look at this thing together”
- He shares some tips in building partnerships you don’t want to miss!
[12:00 – 19:58] Life and Safety Inspections Matter
- Danny shares that there’s not a lot of difference between a 50-million-dollar deal, a 5-million-dollar deal, and a 500,000-dollar deal.
- Find out why!
- Here’s a quick shout out to our website, Myers Methods
- Danny tells us why we need to check if our properties have fire extinguishers and sprinkler systems
[19:59 – 23:48] Closing Segment
- Danny shares some words of wisdom you’d want to check out!
- Danny talks about what we can do if we don’t have access to people who can help us in our business
Tweetable Quotes:
“Be grateful for what you have and continue to work hard.” – Danny Randazzo
“Multifamily is definitely a team sport.” - – Danny Randazzo
Resources mentioned:
- Myers Methods
You can connect with Danny on Facebook, Instagram, LinkedIn, Twitter, and his website, https://dannyrandazzo.com/. Listen to his podcast, The Danny Randazzo Show. Visit his company’s website at https://www.passiveinvesting.com/ and their social media channels: Facebook, YouTube, and LinkedIn.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
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Jumping to real estate while having a mid-senior management job is a scary thought, but not for Jim Parker. Still in his early 40’s, Jim is ready and more than willing to take the leap into space because he wants to have a passive income stream by the time he’s in his late 50’s. He wants to take full control of his own time, where he will work only if he wants to, all the while collecting mailbox money.
In investing in real estate, there are 4 things that investors are working on. The first should be Knowledge. We believe that investors should know first how a deal looks like before they can proceed in joining a deal. We also believe that there is an efficient and effective way to jump into real estate, which will let the investors know if this space is really for them.
[00:01 - 03:53] Opening Segment
- I welcome today’s guest, Jim Parker
- The part of real estate is Jim the least interested
[03:54 - 08:10] The 4-Step Process to Start in Real Estate
- What’s the Dave Ramsey way?
- The 4-step process that Jim can follow
- Find
- Fund
- Fix
- Listen to our exchange for the last step!
[08:11 - 14:44] The Truth Behind Multifamily Investing
- The ideal number of units to acquire first
- What every investor should know about multifamily investing
- The key part in the 4-step process we discussed
[14:45 - 23:18] 4 Things Real Estate Investors Work On
- Listen to our exchange about buying properties
- What you should know about the business model of McDonald’s
- The 4 things that investors work on
- Why knowledge should be the starting point
- The most efficient and effective way to jump to real estate
[23:19 - 25:15] Closing Segment
- Final words
Tweetable Quotes:
“It’s not uncommon to look at 75, 100 deals in a year and you might do two of them.” - Jim Parker
“You need to know what a deal looks like so that’s why we start with knowledge.” - Jerome Myers
Resources Mentioned:
- Dave Ramsey
- D.R. Horton
- KB Real Estate
- BiggerPockets
- Craigslist
- LoopNet
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Doing your due diligence is one of the best ways to succeed in real estate investing. We need to remind ourselves that it takes hard work to win in this industry. Our guest for today definitely learned that the hard way.
Kyle Jones, Co-Founder and Key Principal of TruePoint Capital, LLC shares this story of how they lost 50% occupancy in a property, which caught them by surprise. It led him to take several key steps to avoid this misstep. What are these steps and can you apply them to your investing strategies?
Let's dive into Kyle’s story and get expert advice on real estate investing.
[00:01 – 08:30] Opening Segment
- Kyle Jones talks about his background and how his journey in real estate began
- He shares some secret sauce you’d not want to miss!
[08:31 – 16:33] Stalled at 50% Occupancy
- Kyle talks about how they lost 50% of occupancy in one of their properties
- Lack of necessary information
- Misalignment of goals with the property manager
- He shares how you can keep the confidence of your investors despite difficulties in the business
- Learn our four-step process to enter the multifamily business on Myers Methods
[16:34 – 23:35] Due Diligence
- Kyle shares some criteria in looking for a property manager
- He talks about the steps he’d take to avoid the multifamily misstep they experienced
[23:36 – 29:41] Closing Segment
- Kyle shares some words of wisdom you might want to hear!
- Stick to your standards
- Do your homework
- Final words from Kyle
- It’s not always sunshine and rainbows in our business
Tweetable Quotes:
“Keep your head on straight...make sure that your sights are focused on the fact that [your business] is a long-term play.” – Kyle Jones
“You can’t control people...just make sure you understand what you’re getting into.” – Kyle Jones
Email Kyle on kjones@truepointcap.com or call him at+1-832-247-2570. You can also follow him on LinkedIn and listen to his podcast. Visit their company’s website online and check them out on LinkedIn. You can also call them directly at 832-247-2570
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
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A Donahue Baker is a CPA turned full-time real estate investor. He is a real estate developer, author, speaker, and entrepreneur. Donahue now focuses on acquiring value-add apartment complexes and providing people with affordable housing. In this episode, he shares the most challenging deal he ever faced, a 107-unit complex that took a year to close.
[00:01 – 13:29] Providing Affordable Housing
- Donahue talks about his background and journey to affordable housing
- A CPA in his previous life
- Focuses on purchasing value-add apartment complexes
- Grabbing his most challenging deal.
- Donahue walks us through the process of acquiring their 107-unit complex.
[13:30 – 24:29] Hurdles and Setbacks
- The major deficiencies in the management of the previous owners of the 107-unit complex
- Other people seeing opportunities in Donahue’s deal
- The hurdles and setbacks
- The deal failed 3 times in a year
[24:30 – 27:38] Closing Segment
- Final words of wisdom for the listeners:
- “Opportunity is all in every difficulty.”
- “It’s important to analyze your deals from various perspectives.”
- Final thoughts
Tweetable Quotes:
“If you know what to look for, for me, it’s like really looking for the opportunity to do a tremendous value-add.” – A Donahue Baker
“I learned along the way. So, now I have a different mindset.” – A Donahue Baker
Resources Mentioned:
- Generational Wealth: That’s The Key by A Donahue Baker
You can connect with Donahue on the following platforms:
- Instagram: @adonahuebaker
- Facebook: @adonahuebakerpage
- Twitter: @ADonahueBaker
Get his book Generational Wealth: That’s The Key for free by subscribing to his YouTube Channel at A Donahue Baker or by joining the Generational Wealth Builders (The Inner Circle) Facebook group.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Today, I had the pleasure of talking with Brian Hamrick, owner of Hamrick Investment Group. The Group has over 40 investors, more than 32 million dollars in acquisitions, focusing on cash-flowing real estate and real estate developments primarily in multi-family apartments, as well as self-storage, performing and non-performing notes, office, and retail.
Let's jump into Brian’s story and get expert advice from a real estate pro!
[00:01 – 05:06] Opening Segment
- Brian Hamrick talks about his background and his real estate journey
- He shares where his specialty is in terms of real estate business
[05:07 – 17:38] Go Big or Go Home
- Brian talks about his opportunistic investment behavior in real estate
- Can you “go big or go home” in single-family units?
- Brian talks about the secrets on property management you don’t want to miss!
- Brian shares how he learned about real estate investing
- Here’s a quick shout out to our website, Myers Methods.
[17:39 – 28:15] Cheap Price Doesn’t Make it a Deal
- Brian talks about his version of multifamily missteps
- He already spent what he would have earned for some of his units
- Take a careful look at the utility bills of your property
- Brian shares what saved him from his missteps
[28:16 – 32:07] Lessons learned
- Brian shares a couple of lessons he learned from his missteps
- Go strong when you buy a property
- Get rid of your property as quickly as possible if you realize it can’t make a great return eventually
- Brian talks about a rule of thumb in increasing income and decreasing expenses
[32:08 – 36:24] Closing Segment
- Brian shares some words of wisdom for aspiring and seasoned investors
- Pay close attention to the details
- He talks about a “concrete actionable advice” that is not commonly shared by our guests.
Tweetable Quotes:
“In this business, you have to really look into your heart and figure out what you want to be.” – Brian Hamrick
“Every step you take leads to more steps.” – Brian Hamrick
Resources mentioned:
- Myers Methods
- Rental Property Owner & Real Estate Investor Podcast
- Rich Dad Poor Dad
- David Lindahl
- Sue Nelson
You can connect with Brian on LinkedIn and Facebook or email him at brian@higinvestor.com. Visit their website https://www.higinvestor.com/ and check out their LinkedIn profile. Watch out as Hamrick Investor Group rebrands to be a next-level investment club!
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
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Today’s guest is a man who hardly needs an introduction if you’ve spent time in the multifamily space. I have with me, Yonah Weiss, business director for Madison Specs, and the host of the Weiss Advice Podcast. Yonah is an expert in saving millions in taxes for property owners using his method of Cost Segregation. Tune in a learn how Yonah helped a client save millions in taxes after first watching him pay too much.
Things you will learn in this episode:
[00:01 – 3:42] Opening Segment
- Yonah talks about his background
- Education and teach then moved into real estate
- Began with Madison working with cost-segregation
[03:43 – 09:39] Yonah’s Missteps Story
- Yonah breaks down cost segregation and how it affects people differently
- Yonah’s story of working with a top real estate broker who paid too much in taxes
- Ignorant to the tools that can save you millions in taxes
- Did not amend previous tax returns
[09:40 - 14:49] Yonah’s Methods
- The downsides to a cost seg study and ways around them
- The power and importance of using cost seg study correctly
- Do your due diligence when hiring a company to do your study
[14:50 – 20:29] Closing Segment
- The questions you need to ask when looking to hire a cost seg company
- What happens when you have audit protection
- Yonah’s words of wisdom - always ask questions
- Final words
Resources Mentioned:
- Weiss Advice Podcast
- Madison Specs
Tweetable Quotes:
“All taxpayers are not equal. If you’re a real estate professional, you actually have the highest benefit of any certain type of taxpayer that’s out there. ” – Yonah Weiss
“Foundation is everything, if you don’t have a good foundation then the whole building will fall down.” - Yonah Weiss
Connect with Yonah on LinkedIn. Visit https://www.yonahweiss.com/ to learn more.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with Joseph Bramante. He is the co-founder and CEO of TriArc Real Estate Partners, a wholly integrated multifamily investment company. He purchased his first multifamily property in the US in 2011, sight unseen, while working as a business team lead for ExxonMobil in Papua, New Guinea. Today, along with his business partners, he has grown a portfolio of over 1100 units, increasing NOI (net operating income) by over 80% on average within 48 months post-acquisition.
Let’s jump into Joseph’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 04:29] Opening Segment
- How to get in contact with Joseph
- See links below
- Joseph talks about his career background
- Joseph shares the beginning of his journey in real estate
- The ‘take action’ mindset
[04:30 - 22:59] Idea of Lose and Losing
- Joseph talks about his first deal with 26 units
- It took 6-9 months to find the deal
- Didn't have any experience with multifamily before
- He partnered up with a friend that did not have any experience as well
- Leading himself and his friend based on the information he got from books
- Do the same due diligence as buying a house
- Joseph talks about some missteps that he took
- Did not have the detailed plan upfront before he closes the loan
- Had some scope growth
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Joseph talks about the AC process of getting a permit
- Missed the submission of environmental
[23:00 - 38:19] Fixing it with the Right People
- Joseph talks about the local rose group that he joined
- He got a mentor and got some help
- He cashed up his 401K
- Doubled his original investment
- Still on the mindset of saving his money and making real estate as a side job
- Almost lost everything with loan
[38:20 - 42:44] Closing Segment
- What are your words of wisdom to our listeners?
- “You never gonna know or be ready until you do it.”
- Joseph talks about the Cap rate compression he got on his first deal
- Compounding affect
- Part of his success was getting the right team around him
- Final words from me
Tweetable Quotes:
“Make sure you at least 80-90% of your detail plan before closing the loan .” - Joseph Bramante.
“Make sure to distribute some of your savings to make an artificial paycheck to yourself .” - Joseph Bramante
“It is not a one-man show; you have to bring in people to partner with you.” - Joseph Bramante
You can connect with Joseph on LinkedIn, and you can also visit the website atwww.triarcrep.com or email him to info@triarcrep.com
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
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Reid Bennet, CCIM serves as National Council Chair of Multifamily Properties for SVN International and a Senior Vice President for SVN - Chicago Commercial. As a licensed managing broker, he focuses primarily on the sale of apartment communities across the midwest and also teams up with members of his council to serve clients across the country in over 150 markets. Reid prides himself on understanding the nuances and analysis of multiple unit apartment dwellings & low-income Section 8 & Section 42 communities.
Things you will learn in this episode:
[00:01 – 04:39] Opening Segment
- How to get in contact with Reid
- See the links below
- Reid talks about his background in real estate
- Multifamily deals during the Great Recession
[04:40 – 32:30] Confessions of A Seasoned Broker
- Lessons learned from his first active investment deal
- How Reid handles concerns in his deals
- Having enough deals to go around
- Reid’s current deals and transactions
- Reid talks about choosing the right deals with the right people
- Being more credible in Syndication deals
- Reid talks about off-market deals
- Reid talks about how people destroy the value of their deals
[32:31 – 41:11] Closing Segment
- Reid’s words of wisdom for the listeners:
- Look at enough deals to understand the market
- Have 4 or 5 sanity checks when you look at a deal
- Final thoughts
Tweetable Quotes:
“Look at 50 or 100 deals from the one that you buy. Look at enough deals to understand the market.” - Reid Bennet
“The best advice is to have a sanity check. Have 4 or 5 sanity checks when you look at a deal.” - Reid Bennet
Resources Mentioned:
- SVN
Connect with Reid on LinkedIn. Send him an email at reid.bennet@svn.com
Call 773 251 7342
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
What does it take to become a successful property manager? How do we find and hire the right one? And by “right,” I mean how do we find the manager that will be best suited to take care of our needs?
Dustin Miles, President of Cowtown Cap, Founder of School of Income, and the Managing Partner of Momentum Multifamily, was caught by surprise when his main connection retired. He was also unable to meet his desired growth rate. What steps did Dustin take to overcome these challenges?
Let’s jump into Dustin’s story and get expert advice on how we can hire the perfect property managers.
[00:01 - 07:00] Opening Segment
- How to get in contact with Dustin
- See links below
- Dustin talks about his career background and journey in real estate
- Dustin talks about personal life
- He loves hiking and running and living a very active lifestyle
- If there is anything you want to do in life, either you hire a coach or partner up with someone who has already done it
- Figure out your map and get the right people to help you to reach it
[07:01 - 14:44] Where's The Manager?
- Dustin talks about a tough time he faced on a deal
- Involving a management company that specializes in the secondary market
- By the time the deal closed, his main connection decided to retire
- He has to make a pivot
- Making the switch
[14:45 - 17:24] The Switch of the Process
- Dustin talks about the change he made in the process of hiring a property manager
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Dustin talks about another deal he has in Oklahoma city
- Hiring a management company in Dallas that he knew very well
- They don’t have any vendors and resources in Oklahoma city
[17:25 - 20:20] Closing Segment
- What are your words of wisdom for our listeners?
- “It would help a lot if your management company has a presence there, has been there for a while, and knows the market in the area .”
- Dustin talks about markets that are difficult to break into
- Huston compared to other texas cities
- Make sure to get a management company that has resources and sub-contractors that knows the market in the area
- Different sub-markets could change very quickly
- Final words from me
Tweetable Quotes:
“It would help a lot if your management company has a presence there, or has been there for a while, and knows the market in the area.” - Dustin Miles
“ If there is anything you want to do in life, either you hire a coach or partner up with someone who has already done it.” - Dustin Miles
“Figure out your map and get the right people to help you to reach it.” - Dustin Miles
You can connect with Dustin on LinkedIn, Facebook, and you can also visit the website or email him at dustin@momentummultifamily.com
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
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Joint ventures (JVs) in real estate is one way to participate in large real estate transactions. It has many benefits, including shared resources, additional capital, shared risks and expenses, and added credibility. JVs are commonly done by investors who think they cannot take on a deal by themselves. That’s when they find partners who can help them achieve their goals.
In participating in a JV, finding the right partner is key, but it is not enough. You also have to be the right partner for the investors you’ve found. Richard Fowler has learned how to do JVs the right way by knowing when to pursue them and when to try other options to raise capital such as syndications. He also learned about the importance of educating yourself in the real estate space.
[00:01 - 03:03] Opening Segment
- I welcome today’s guest, Richard Fowler
- Why he’s interested in joint ventures
[03:04 - 08:07] Large Multifamily Deals
- The opportunities that you should grab in real estate
- Richard prefers active investing because of this reason
[08:08 - 13:44] Joint Venture or Syndication?
- What you need to know about joint ventures in real estate
- Should you syndicate or do joint ventures?
- Listen to our exchange
- The importance of self-education in real estate
[13:45 - 18:00] Added Credibility
- How to get directly to the sellers?
- How to build credibility through a JV
[18:01 - 23:28] Closing Segment
- Connect with Richard! Links below
- Final words
Tweetable Quotes:
“If you don’t have an experienced person on your team, it’s gonna be really difficult to raise capital.” - Jerome Myers
“If you don’t have a deal, it’s gonna be hard to find somebody with experience who’s interested in partnering with you.” - Jerome Myers
Resources Mentioned:
- Michael Blank
Connect with Richard by emailing topteam4solutions@gmail.com. You can also reach out to him on LinkedIn.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
We always hear that death and taxes are the only things that are certain in this world. Rashmi Nigam would like to add another: trial and error. She learned this the hard way when they were looking for the right property manager to replace the previous manager who suddenly died days before they closed the deal.
What she also learned in this experience is the need to separate business matters from personal relationships. You can’t allow the property manager to get close with the tenants. Let’s get into the episode to learn why.
[00:01 - 04:29] Opening Segment
- I welcome today’s guest, Rashmi Nigam
- Find Rashmi at the links below
- Let’s get to know Rashmi
[04:30 - 09:32] Mistakes Are Okay If Not Repeated
- Rashmi walks us through her start in multifamily
- Here’s Rashmi’s general philosophy in life you should hear
- Make mistakes
- Minimize risks
- Don’t repeat the same mistakes
- Repeat the first 3 steps
[09:33 - 16:20] The Property Manager Died on Us
- Rashmi’s response when their property manager suddenly died
- Listen to Rashmi’s approach in finding a new property manager
- How much should you let the property manager do their thing?
- Rashmi weigns in
- There should a boundary between the property manager and tenants
- Rashmi explains
[16:21 - 21:55] Numbers are Meaningless With No Proper Understanding
- Who should be assigned to manage the property on-site?
- Not the property manager
- Don’t just pay attention to the net operating income
- Listen to Rashmi’s words of wisdom for today
- Follow your gut
- Know what works for you
- Success comes in many ways
[21:56 - 24:11] Closing Segment
- Parting words from Rashmi
- Pursue your dreams
- Final words from me
Tweetable Quotes:
“It’s okay to make mistakes. Learn to minimize your risks so you don’t lose it all, but don’t repeat it again because then you’re the fool.” - Rashmi Nigam
“Just pursue your dreams. Go at it. Be brave” - Rashmi Nigam
Email rashmi.nigam@gmail.com or visit LinkedIn to connect with Rashmi. Check out their company online to learn more about their work.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with Amy Tiemann today. Amy is a multi-family investor and consultant and President of TM1 Properties. She was recently featured in Forbes, with a piece on due diligence in multifamily investing. Her passion is to help accredited investors earn passive income through multi-family real estate projects. In this episode, we will discuss her whirlwind journey into real estate investing and property management, plus some of her missteps and lessons along her journey.
Let’s jump into Amy’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 07:19] Opening Segment
- How to get in contact with Amy
- See links below
- Amy talks about her career background and journey in real estate
[07:20 - 13:26] The invisible Boundary
- Amy shares the story about the lesson she got from one of her 40 unit deal that went wrong.
- Expect the unforeseen, and don’t blame it all on yourself.
- You have to check with your advisors routinely.
- In real estate, things go wrong sometimes, and it is okay to admit that you have screwed up so you can learn.
- The invisible boundary is a real thing.
[13:27 - 26:19] Down to 20% Occupancy
- Amy shares the story of one of her biggest deal that went bad after a hurricane
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Got down to 20% of occupancy
- Don’t let emotion run you when it comes to real estate
- It took a long time to stabilized
- Amy talks about buying in our backyard
- It’s all about the mindset and emotion that drives you
[26:40 - 29:39] Closing Segment
- What are your words of wisdom to our listeners?
- “ Pick your partners carefully, the one with the skillsets that you need because you can not do everything. So be self-aware enough to know who is going to help you.”
- Unwanted things might happen, so you want to make sure your partner will support you, not hurt you.
- Final words from me
Tweetable Quotes:
“You can’t do everything on your own and don’t be afraid to ask for help from others.” - Amy Tiemann.
“In real estate, things could go wrong sometimes, and it is okay to admit that you have screwed up so you can learn .” - Amy Tiemann.
“Routinely checking with your advisors, even when things are going well .” - Amy Tiemann.
“Pick your partners carefully, the one with the skillsets that you need because you can not do everything. So be self-aware enough to know who is going to help you.”- Amy Tiemann.
You can connect with Amy on LinkedIn, and you can also visit the website at tm1properties.com/ or call her at 5126880594.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
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Today I had the pleasure of speaking with the CO-Founder and Marketing Manager of Four Oaks Capital, Brain Briscoe.
Let’s dive into Brian’s misstep story and how to come back from a cut in loan proceeds when you’ve overextended yourself.
[00:01 - 05:25] Opening Segment
- Brian Briscoe gives us his background story from Marine Corp to Multifamily Real Estate
- Contact Brian through Four Oaks Capital or contact directly at brianbriscoe@fouroakscapital.com
- Michael Blanck Coaching Program
[05:26 - 11:13] How to Launch
- Brian talks about the value of mentorship
- Brian shares how he launched himself into his first deal
- Don’t buy into the people teaching that you can start with zero down
[11:14 - 31:30] They Cut My Loan Proceeds
- Brian talks about overestimating the proceeds in the loan of his Franny May deal in the Scarborough area
- Brian walks us through how he was able to negotiate back up and fix the situation
- Changing the GP/LP split
- Brian gives us valuable advice about how to avoid this kind of situation
- Underwriting without assumptions
[31:31 - 34:57 ] Closing Segment
- What are your words of wisdom to our listeners?
- “Sharpen your pencil on everything” and “verify all assumptions”
- How long did it take you to close this deal?
- “The seller measured everything in business days to about 6 months.”
- Final words from me
Tweetable Quotes:
“Sharpen your pencil on everything...When you’re going through your underwriting or projections make sure there are no assumptions in there.” - Brian Briscoe
You can connect with Brian onLinkedIn, and Facebook, and definitely check out the Four Oaks Capital website.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with the owner of Vytal Investments, LLC, and co-founder of Vital Investment Partners, Kristen Ray.
Let’s dive into Kristen’s story that by not giving up, no matter how many times you fail, it can eventually lead you to the success that you have been dreaming of.
Things you will learn in this episode:
[00:01 – 03:07] Opening Segment
- Kristen talks about her background and where her journey began
- Inherited properties from her grandfather and turned them into rentals
[03:08 – 14:19] Kristen’s Missteps
- Kristen talks about previous deals she had made
- How she met her business partner
- Kristen talks about the first deal with her new partner
- Quick shoutout to our website myersmethod.com
- Kristen shares her learnings from the failed first deal
- Building and maintaining good business relationships
[14:20 – 20:54] Don’t Give Up
- Kristen talks about moving on and the next deal that they made
- The surprises after closing the deal
- Kristen gives powerful words of wisdom that you don’t want to miss!
Tweetable Quotes
“Don’t give up; just keep doing it. No matter how many times you fail for something you want to do, keep at it, and try to mitigate your risk.” – Kristen Ray
You can connect with Kristen on Facebook and Linkedin. You can also send her an email at info@vitalinvestmentpartners.com.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
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Mike Tighe joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with purchasing his first property cross country in a joint venture. We learn the risk associated with bridge debt. Mike shares how your partners can influence you to stretch yourself and how to build repertoire with brokers over the phone. He also takes us through a break down on his first off market deal, being under capitalized and the financing struggles with closing the property
Mike believes that you have to be willing to delay gratification in order to live an amazing life.
In this weeks show we learn about:
- bridge debt
- helping increase the number of showings at your property
- importance of having an experience partner
- house hacking
- BRRRs
- paying contractors a fair wage
- collecting delinquencies
- value of mentorship
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Say hi to Jerome
Say hi to Mike
Support the show (https://www.facebook.com/groups/157335752156211/)
Ben Wuollet joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with managing property managers when going into "rougher" properties. We learn about the risk associated with Land Use Restricted Projects and high vacancy. Ben shares how the property manager stopped leasing new units while they were 50% vacant. He also shares how they were able to get big discounts by closing in 30 days or less with no financing contingency.
Ben believes that its better to have debt than equity.
In this weeks show we learn about:
- "pump and dump"
- difference between 506b and 506c
- what happens when your property has low activity
- how to get off market deals
- importance of underwriting to Year 1 rents
- how to buy 5 deals in 7 months
- what deals are "bankable"
- why he doesn't like cross-collateralization
- importance of exiting quickly when you have hard money loans
- why you would raise equity to pay down debt
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Say hi to Jerome
Say hi to Ben
Support the show (https://www.facebook.com/groups/157335752156211/)
Sandhya Seshadri is the founder and CEO of Texas Twilight Investments and Multi-Family 4 YOU. She’s a multifamily deal sponsor, syndicator, and accredited investor based in Dallas, Texas.
Let’s jump into Sandhya’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 04:10] Opening Segment
- Sandhya talks about her background and when her journey began
- Moved to Texas 30 years ago from India
- Graduated with an engineering degree and MBA
- Got into the corporate world and stock exchange
- Joined a Multifamily Syndication
[05:00 - 15:00] Practical Training
- Sandhya shares the lessons she learned especially as a passive investor
- Sandhya talks about the importance of putting her money in the deal
- Sandhya shares her transitional experience
- Choosing the right partner to invest with
[15:01 - 21:05] Being a Key Principal
- Sandhya talks about her experience dealing with banks
- Sandhya shares about her experience being a Key Principal
- Sandhya gives us valuable advice about how to be a Key Principal
[21:06 - 24:13] Closing Segment
- How do you find and approach the people that have the capacity to join your deal?
- Follow the same rules that you would use to get passive investors
- Offer your current investors to become Key Principals
- Guidance to ask about networth information
- input on lenders’ requirements
- What are your words of wisdom to our listeners?
- “No matter what the obstacles might seem, there is always a way.”
- Final words from me
Tweetable Quotes:
“No matter what the obstacles might seem, there is always a way. The straight path that someone else had followed might not be going to fit you, you have to create your own path.” - Sandhya Seshadri
You can connect with Sandhya on LinkedIn, and Facebook. Check her website at multifamily4you.com or email her at multifamily4you@gmail.com
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
Checking the numbers and doing due diligence will save you in the long run, most of the time. John Azar delves into his journey into multifamily. He talks about his setback during 2008 and his incremental growth to owning over 6000-8000 units. John talks about the doomsday scenario, stress testing, and planning for foreseeable roadblocks. John Azar is the Executive Vice President of MACC Venture Partners.
KEYPOINTS
- No shortcut to growth, growth happens in increments
- Talking with peers in the industry
- Working with investors when starting out in a multifamily investing
SEGMENT TIMESTAMPS
- 01:50 – Off the script: going from deal 1 to 6000 - Getting into multifamily
- 04:20 – Building from the ground up
- 07:25 – The missteps along the way
- 10:00 – Which scenario is the best scenario?
- 17:25 – Under promising and overdelivering
If we always look at the best-case scenarios, we will never account for worse case scenarios. - John Azar
LINKS
John Azar
- Website: https://maccvp.com/senior-management-team/
- LinkedIn: https://www.linkedin.com/in/jalalazar
Support the show (https://www.facebook.com/groups/157335752156211/)
John Casmon joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps associated with partnerships. We learn why he decided to leaving fixing and flipping behind and how we went from a duplex to controlling over 90,000,000 in multifamily real estate. John shares how he had a deal go bad because of a lack of respect in the partnership. We hear what motivated him to be an advertising executive and why he left that career behind.
John believes that respect is a non-negotiable.
In this week's show we learn about:
- the importance of harnessing your transferable skills
- how to expand your investor database past your friends and family
- why you have to have cushion in your estimates
- when you should trust your gut
- the similarities between a partnership and a marriage
- what happens when only the lender makes money
- how emotional drain can have more impact than financial
- the importance of being able to adjust when your plan derails
- why you shouldn't let your budget dictate who you work with
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Support the show (https://www.facebook.com/groups/157335752156211/)
Today I had the pleasure of speaking with the President / CEO of Praxis Capital Inc, Brian Burke.
Let’s jump into Brian’s story of how reputation is worth more than money and what real estate investing is all about
Things you will learn in this episode:
[00:01 - 04:03] Opening Segment
- Brian talks about his background and his real estate journey
- Connect with Brian, see below for the links.
- How he started in multifamily
[04:04 - 15:54] How Brian Handles Economic Challenge During The Recession
- Brian discusses how he strategizes to gain access to capital in the midst of the recession
- Brian recalls where the real estate began collapsing in the year 2005
- Lehman Brothers, Bear Stearns, and stocks markets collapsed
- People started losing jobs resulted from them to stopped paying rent, got evicted, or moved out
- Brian shares how he handles the issues during the economic challenge when the real estate business came crashing down
[15:55 - 21:30] My Reputation is Worth More Than Money
- Brian shares lessons you need to avoid when it comes to real estate investments
- Brian gives powerful words of wisdom in times of global pandemic
- “Take the lesson that I’ve learned from the last economic challenge and apply them to this one”
- “Use conservative leverage, use conservative assumptions when you're underwriting”
- “Never worry about being too pessimistic”
Tweetable Quotes:
“Don't use so much leverage” -Brian Burke
“Without reputation, you have nothing” -Brian Burke
You can connect with Brian on LinkedIn, visit his company website https://praxcap.com/ or you can also reach him on https://www.biggerpockets.com/forums
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
Support the show (https://www.facebook.com/groups/157335752156211/)
Investing in real estate requires your attention, regardless if you’re active or passive. It also helps to be knowledgeable and involved, especially if your name and reputation are at stake in the deals that you’re going with.
Richard Fowler realized this when he went through some nightmares about the properties he’s handling. What he realized in this experience is that one must consider all options available before going all out in real estate. In his case, he shares what could’ve been a better tax planning strategy in his deals.
[00:01 - 01:56] Opening Segment
- I welcome today’s guest, Richard Fowler
- Connect with Richard! Links below
[01:57 - 05:43] Single Family Investing
- Richard walks us through his path to real estate
- What you should watch out for in single family investing
[05:44 - 14:50] Tenancy in Common Nightmares
- Understand deferred taxes with these tips from Richard
- Cost segregation or 1031 exchange?
- Richard weighs in
- What Richard changed in his real estate approach
[14:51 - 16:27] Closing Segment
- Don’t miss Richard’s words of wisdom for today!
- Final words
Tweetable Quotes:
“Learning leads to action. Action leads to success” - Richard Fowler
“Knowledge makes you wealthy.” - Richard Fowler
You can connect with Richard by emailing topteam4solutions@gmail.com or get in touch with him on LinkedIn.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
You buy insurance policies with the hope that you won’t ever have to use them. In case you have to use a policy, you hope that every loss and damage will be covered. It’s true that insurance is a good safety net that can protect your hard-earned money in real estate--only if you fully understand what you signed up for.
Insurance agents like Jeremy Goodrich know a good policy when they find one. Most of the time though they find terrible policies, those that will not really protect the investors’ properties, or worse, force them to pay an insane amount they don’t expect. Jeremy found out that many real estate investors--80% to be specific--own those terrible policies. He’s using his knowledge and platform to educate real estate investors about insurance policies that cover everything they need.
[00:01 - 02:23] Opening Segment
- I welcome today’s guest, Jeremy Goodrich
[02:24 - 08:30] $34K Out-of-Pocket Cost
- The 2 things real estate operators should look for in an insurance
- Listen to this multifamily misstep that Jeremy encountered
- $6K payout on a $40K claim
- Why you should not get an Actual Cost Value coverage
[08:31 - 14:16] The Right Insurance Agent
- Learn Jeremy’s no. 1 piece of advice for investors
- What to look for in an insurance agent
- Listen to Jeremy’s approach in insurance
[14:17 - 20:48] Expensive Insurance Coverage
- Have you been offered something you shouldn’t be paying for?
- Listen to Jeremy
- Jeremy breaks down loss runs
- Hear from Jeremy about “uninsurable” properties
- Are there such properties?
[20:49 - 22:01] Closing Segment
- Find Jeremy at the links below
- Final words
Tweetable Quotes:
“The bottom line is: ‘Where’s the best price for the coverage that I actually want, that I actually need, that I actually feel will take care of me?’” - Jeremy Goodrich
“You just can’t think about insurance as insuring what you paid for in a property.” - Jeremy Goodrich
You can connect with Jeremy by emailing jeremy@shineinsurance.com or get in touch with him on LinkedIn. Check out Shine Insurance to learn more about their work.
Do you belong to the 80% of commercial real estate investors with insurance that will fail to protect your properties? Find out here.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Failures always have silver linings if you only know where to look at. Those silver linings are often directions that lead to the path to success. However, among those who have found a silver lining, only a handful of people take action. A fraction of those people try and try then, after seeing failures again, completely give up.
People like Bo Goebel belong to the few determined ones who have managed to see the light at the end of the tunnel even after several setbacks. May this episode remind you then that the path to success is not a straight line. In most cases, it’s full of ups and downs.
[00:01 - 04:29] Opening Segment
- I welcome today’s guest, Bo Goebel
- Find Bo at the links below
- His path from the Army to real estate
[04:30 - 10:26] Preparation is the Key
- Why commercial multifamily is the best wealth-building vehicle now
- The biggest reason a deal can fail
- The “old-school” mentalities you should drop already
[10:27 - 21:28] Third Time's the Charm
- This deal was an “educational piece” for Bo
- Hear his story
- Syndication is not only applicable to commercial multifamily
- Bo explains
- The most fulfilling aspect of closing a deal
[21:29 - 26:43] A Positive State of Mind
- Bo walks us through their onboarding process
- Bo’s solutions avoid another multifamily misstep
- Don’t miss his words of wisdom for us
[26:44 - 27:41] Closing Segment
- Final words
Tweetable Quotes:
“The most important aspect to any success in life is a positive state of mind.” - Bo Goebel
“That love and appreciation for everybody is gonna be the marker of success.” - Bo Goebel
Resources Mentioned
- Book: Think and Grow Rich
You can connect with Bo by emailing him at bogoebel@riversideinvestmentgroup.com. You can also get in touch with him on LinkedIn. Check out Riverside Investment Group to learn more about their work.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Jeff Love is a partner at Gibbs Giden Attorneys at law. His practices encompass all facets of real estate transactions, including drafting and negotiating purchase, sale, syndication, and financing transactions in connection with commercial, industrial, and residential assets. He also regularly drafts and negotiates office, retail, and industrial leases for regional landlords and tenants throughout the West Coast.
Things you will learn in this episode:
[00:01 – 04:23] Opening Segment
- How to get in contact with Jeff
- See the links below
- Jeff talks about his background in real estate
- Jeff talks about Los Angeles deals and missteps
[04:24 – 18:08] You Have to Disclose
- Understanding disclosures
- Disclose everything to investors
- PPM’s in investment deals
- Jeff’s recommendations to avoid missteps in disclosures
- Don’t guarantee things
- Disclose and share information
[18:09 – 21:51] Closing Segment
- Jeff’s words of wisdom for the listeners:
- Not everything goes according to plan
- Don’t get discouraged when things go wrong
- Learn from your missteps
- Final thoughts
Tweetable Quotes:
“Don’t get discouraged when things go wrong. Things are going to happen, it’s a fluid situation especially with real estate, even more so when you’re just starting out. So you may have some missteps, but the important thing is to learn from those missteps. ” - Jeff Love
“Disclose everything to your investors. You want investors to understand the deals as much as you do. The problem arises when you have investors that didn’t understand the deal, the risks of what they’re getting into, and just saw that massive return.” - Jeff Love
“The point of disclosing is for the investor to actually see it and understand it and be okay with it.” - Jeff Love
“There’s no substitute for a trust. You’ve got to trust the people you’re working with, you’ve got to like the people you’re working with. Because when you don’t, that’s where problems are gonna rise.” - Jeff Love
Resources Mentioned:
- Tesla
- Apple
Connect with Jeff, send him an email at jlove@gibbsgiden.com. Visit their firm’s website at https://www.gibbsgiden.com/.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
John Eitingon is a Managing Partner at DXE Properties. Before DXE Properties, John leaped and dived into the multifamily world, working on a 20-unit distressed property in Cincinnati, OH, as his first real estate investment. With over 8 years of experience in multifamily, John brings his expertise and a keen eye to acquisitions, identifying growth opportunities.
Things you will learn in this episode:
[00:01 – 08:16] Opening Segment
- How to get in contact with John
- See the links below
- John talks about his background and his journey to real estate
- Took a leap into multifamily (20-units) as his first deal
- John talks about the most recent deal he closed
- A 140-unit property
- Structuring a deal based on equity
[08:17 – 16:29] They Cut Loan Proceeds
- John talks about Bridge Loans
- What is a bridge loan?
- Why they prefer bridge loans
- Be unique
- What makes John and DXE Properties different from others
- John walks us through the process of managing deals involving bridge loans
- Making sure a property manager is going to perform and bring excellent results
[16:30 – 18:17] Closing Segment
- Final words of wisdom for the listeners:
- “I think it depends on what you’re looking for. My advice is always like, for those just getting started in real estate is, in its simplest form – location, location, location.”
- Final thoughts
Tweetable Quotes:
“I like deals that need a bridge loan. I think those are the ones where you can create a lot of value and I think those are the ones that give yourself an opportunity to really hit the home runs.” – John Eitingon
“Bridge loans they’re going to be more expensive, so you do want to make sure the juice is worth the squeeze.” – John Eitingon
Resources Mentioned:
- Bridge Loans definition
You can connect with John on https://www.dxeproperties.com/ or send him an email at jeitingon@dxeproperties.com
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Tyler Lowe works for a pest control company in the day while making real estate investments on the side. His real estate journey started back in 2016 when he bought his first single-family property. Later on, he was able to buy an 8-unit apartment, but during a span of 6 months, they experienced 3 fires. Bouncing back up from these setbacks, Tyler joins us today to share the lessons he has to offer.
[00:01 – 04:21] Opening Segment
- How to get in contact with Tyler
- See the links below
- Tyler talks about his background and real estate career
- He works for a pest control company as his day job
- His first deal was a single-family back in 2016
[04:22 – 16:30] Following the Fire Truck to My Apartments
- Tyler’s missteps
- 3 fires within six months of each other
- Tyler talks about each fire
- Bouncing back up from these setbacks
[16:31 – 18:10] Closing Segment
- Final words of wisdom for the listeners:
- “Make sure you have reserves.”
- Final thoughts
Tweetable Quotes:
“You need to make sure that you have some kind of reserves in the bank just to make sure when stuff does hit the fan – that you have some kind of backup plan as far as some money to pull to make sure you can get those things resolved. Because the faster you can get those things resolved the faster you can get somebody in there making money again.” – Tyler Lowe
You can connect with Tyler by sending him an email at greensalixrealestate@gmail.com
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
My guests for today are Ashton and Chris Levarek from the Valkere Investment Group, a family-owned company that offers choices and opportunities for passive investing by syndicating apartment deals and small multi-family properties.
Let's dive into their story and get expert advice on real estate investing.
[00:01 – 05:08] Opening Segment
- Let’s get to know Ashton and Chris Levarek
- How to get in touch with Ashton and Chris?
- Ashton shares their path to multifamily investing
- A 90-day commitment
[05:09 – 15:01] A Partnership That Clicked
- Learn from Chris and Ashton’s multifamily missteps
- What saved them from these missteps?
[15:02 – 25:29] A Mantra That Worked
- Don’t miss Ashton’s real estate tips!
- Ashton tells us why we should take action first
- Chris shares 3 ways to start in real estate
[25:30 – 28:48] Closing Segment
- Hear words of wisdom from Ashton and Chris!
- Final words from me
Tweetable Quotes:
“There are three ways to get into [real estate] You can passively invest in someone’s deal… or you can pay for a mentorship or you get lucky with a good friend or mentors doing this or...you go in yourself and you make all the mistakes. ” – Chris Levarek
“Take action. An action can be as little as committing to learning something new in the next 30 days.” – Ashton Levarek
Resources mentioned:
- BiggerPockets
- Long-Distance Real Estate Investing
- Thumbtack
- Joe Fairless
- The Three Immutable Laws of Real Estate Investing
- Monday
- Good People
Connect with Ashton on LinkedIn. You can also reach out to Chris via LinkedIn, Facebook, and Instagram. Visit their company’s website https://www.valkeregroup.com/ and check out their LinkedIn, Facebook, Instagram, and Twitter pages.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Anthony and Dan take over the Multifamily Missteps Podcast and bring on their guest Sterling White.
Support the show (https://www.facebook.com/groups/157335752156211/)
Ben Wuollet is the Acquisitions Manager for the Bakerson portfolio for over four years. His extensive experience in all facets of the acquisitions life cycle allows Ben to acquire properties quickly and efficiently. He has been directly involved in the underwriting, due diligence, property management, and closing of over 300 transactions during his term at Bakerson.
Things you will learn in this episode:
[00:01 – 03:42] Opening Segment
- How to get in contact with Ben
- See the links below
- Ben shares the trouble they had with some of their acquired properties in Tucson
[03:43 – 18:00] The Wild Wild West
- Ben talks about how they handle property deals in troublesome neighborhoods
- Buying properties in both nice and rough neighborhoods
- The Bakerson Property model
- Making a difference in the neighborhoods and communities
- Getting feedback and taking time to cater to the concerns of their tenants and clients
- The Bakerson Philosophy
[18:01 – 21:51] Closing Segment
- Ben’s words of wisdom for the listeners
- Final thoughts
Tweetable Quotes:
“We’re all in business to make money. But if you are only in business to make money, you start to lose your why, you start to lose the purpose and it becomes monotonous.” - Ben Wuollet
“Never be too proud to pick up a broom. If there’s an issue, fix it. If you walk in the property and you see a piece of trash on the ground, just pick it up and throw it away. Don’t go find the maintenance guy and tell him to go pick it up.” - Ben Wuollet
“Leave all things better than when you found them.” - Ben Wuollet
Resources Mentioned:
- Wuollet Bakery
Connect with Ben on LinkedIn. Visit their firm’s website at https://bakerson.com/
Call 877.969.1987
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
I have the pleasure of talking with Oscar and German Buendia of the GoodDay Capital. Oscar and German own 1.5 million dollars worth of assets distributed to over 20 multifamily units. They bring years of experience in leadership and management to real estate investments. Today, they will share their multifamily missteps and the processes to address them.
Let's dive right in and get expert advice on real estate investing!
[00:01 – 04:59] Opening Segment
- Let’s get to know Oscar and German Buendia
- How to get in touch with Oscar and German
- They talk about their path to multifamily
[05:00 – 13:10] Higher Number, Easier Funding
- Oscar shares the first big lesson in real estate
- They share the multifamily misstep they experienced
- Proper documentation is a must
[13:11 – 24:04] Due Diligence
- Listen to their plans to venture into larger multifamily deals!
- They talk about the power of social media to build an investor base
- The mistake they made with good people
[24:05 – 26:32] Closing Segment
- Hear words of wisdom from Oscar and German!
- Final words from me
Tweetable Quotes:
“If [a property is] so mismanaged, we have an opportunity and upside here to turn it around.” – Oscar Buendia
“We have to stick to the plan. We cannot deviate just because of excitement.” – German Buendia
Resources mentioned:
- Michael Blank
- Vinney Chopra
Connect with Oscar on LinkedIn and Facebook. You can also reach out to German via LinkedIn, Facebook, and Instagram. Visit their company’s website https://gooddaycapital.com/ and check out their LinkedIn and Facebook pages. Listen to their podcast.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with Chris Lento today. Chris is the managing member of EM Capital LLC, focusing on acquiring commercial multifamily apartment complexes in markets across the country that exhibit positive growth trends. His passion is helping middle- and low-income families in overcoming housing issues through well-managed and well maintained economic housing.
Let’s jump into this episode and get expert advice from a real estate pro!
[00:01 - 02:19] Opening Segment
- How to get in touch with Chris Lento
- Links below
- Let’s get to know Chris
[02:20 - 10:07] 10% From Insurance Claim
- Chris talks about an eye-opening misstep on plumbing you should hear!
- He talks about his experience on a private insurance investor
- What was his response when two residential properties broke down?
[10:08 - 19:38] With Broker or No Broker?
- Chris talks about their in-place re-piping plans
- An on-call plumber is key
- Here’s another misstep from Chris you should hear
- Chris gives us a tip on when brokers should be called
- He talks about the importance of a good loan agency
[19:39 - 21:14] Closing Segment
- Words of wisdom from Chris
- Final words from me
Tweetable Quotes:
“[If you have problems,] reach out. There’s a lot of nuances and things that could go wrong in multifamily investing but rarely are they new. Someone else had already dealt with that situation.” - Chris Lento
“Check out podcasts. Check out other people’s websites. Call other investors...Just reach out because there’s a lot of solutions out there that maybe you wouldn’t have thought of and it could save you a lot of time and money.” - Chris Lento
Resources Mentioned:
- BiggerPockets
Email Chris at chrislento@emcapitalgroup.com. You can connect with him on LinkedIn, Facebook, and their website.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Today's episode with Harper Jones is a great one if you think you can't invest in real estate when you're younger - Harper has built a sizeable real estate business using creative financing and partnerships, all before the age of 23!
Harper is located in Knoxville, TN, and invests in real estate where he focuses on wholesaling and multi-family investments. He prefers to get creative with real estate deals when possible. Alongside real estate, Harper is part of CreateTailwind as a strategist to teach people how to become their own banker. He teaches people how to utilize this strategy in their day to day life and with their investments.
Show Notes and Highlights:
-
Harper shares his experience in door to door sales and how he learned programming to earn income on the side.
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We discuss how Harper utilized direct mail to start his wholesaling business, which led to his first multifamily acquisition.
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Harper shares his next few deals in college and how he structured his deals
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We discuss how Harper builds additional relationships through conversing with landlords and brokers.
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Harper shares how a “personal approach” such as writing hand letters, door knocking, and calling landlords can help scale one's business.
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Harper shares why he used a 6% preferred return, followed by a 50/50 GP/LP Split.
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We discuss how age can be detrimental or advantageous to one’s business and how age is more of a mental barrier than anything.
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We talk about how stimulus checks and the current state of the economy will impact rent collections and the multifamily real estate market.
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Harper shares how he negotiated and used creative financing to acquire a motivated seller's full portfolio through a very sophisticated deal structure.
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We discuss Harper’s goal of closing more deals and stacking more capital over the next 6-12 months.
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Harper shares what he would do differently if he was restarting his real estate career.
CONNECT WITH HARPER:
His podcast about the Knoxville seller finance deal:
Part 1 Overview: https://createtailwind.com/2020/04/21/harper-jones-the-crossroad-of-infinite-banking-and-real-estate/
Youtube Video analyzing/reviewing the deal: https://www.youtube.com/watch?v=j3KqkkDblhs
https://www.linkedin.com/in/harperajones/
harperajones@gmail.com
CONNECT WITH AXEL:
Follow him on Instagram
Download the Investor's Toolkit (investor pitch deck, cash flow calculator, scope of work template, and renovation checklist).
Support the show (https://www.facebook.com/groups/157335752156211/)
Spencer Gray is the founder and president of Gray Capital, LLC, and Gray Properties, LLC. He has developed, leads, and executes investment strategy, performs underwriting and due diligence of all assets in the Gray Capital portfolio, and interfaces with investors.
Let’s jump into Spencer’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 03:11] Opening Segment
- How to get in touch with Spencer
- See links below
- Spencer talks about his background and current focus
- Grew up in an entrepreneurial family
- Started his first real estate investment in highschool
- Sold his business in 2015
- Focus on multi-family housing
[03:12 - 11:59] 50% of the Equity
- Spencer talks about the solid B-class deal that he purchased
- Joint venture project
- 314 units located in Carmel, Indiana
- Create the momentum to start the project and add values
- Fix some issue and calculation from the previous owner
- Spencer talks about the finding the Funders to get to the deal
- Reaching out to the institutional funding equity groups that specialize in real estate
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Spencer talks about how he got the 340 unit deal
- It was off the market from a broker
- All about relationships, building the network, and being active
[12:00 - 18:19] Preventing Collateral Damage from Miss Steps
- Spencer talks about the financial implications and collateral damage after the rent bump
- Significant drop off in renewal
- Occupancy went from 100% to 83% at one time and majorly affected annual cash flow
- Still able to hit the target return just because of the underwriting
- Resolving the Rent Bump process
- Mostly happen on the 1st year of operation
- How to prevent Rent Bump
- Communication and community engagement
[18:20 - 19:54] Closing Segment
- What are your words of wisdom to our listeners?
- “Don’t just focus on the problem but start to focus on the ray of a different solution to open multiple doors.
- “Never assume anything, but communicate the problem, because communication is the key.”
- Final words from me
Tweetable Quotes:
“When the deal gets bigger, it’s all about putting the right team together, getting the right people to the table to get the deal done .” - Spencer Gray
“Don’t just focus on the problem but start to focus on the ray of a different solution to open multiple doors” - Spencer Gray
You can connect with Spencer on LinkedIn and Facebook. Check his website at www.graycapitalllc.com/ or email him at spencer@graycapitalllc.com
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with Chris Larsen today. Chris is a real estate expert, author, podcast host, and founder plus Managing Partner of Next-Level Income. Chris has been investing in and managing real estate for over 20 years. He is deeply passionate about helping investors become financially independent through education and investment opportunities with his experience.
Let’s jump into Chris’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 07:19] Opening Segment
- How to get in contact with Chris
- See links below
- Chris talks about his career background and journey in real estate
- He has a bachelor's degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech
- Chris talks about his entrepreneurial side
- Pivoting from stock market to real estate
[07:20- 13:29] Being Comfortable with the Market
- Chris talks about the challenges he faced in real estate
- We learn more from the mistakes we made
- The biggest motivation for him in writing his book was so people can learn from his journey and the mistakes he made in the past
- Chris talks about the three things that investors need to look at when it comes to Multifamily
- Make sure that you’re comfortable with the Market that you invest in
- Make sure that you understand the operator’s experience and the team
- Make sure that you know the deal, especially the investment return
- The goal is to expand the value that you provide
- Chris talks about his experience in investment with his former partner
[13:30 - 19:54] Finding your True Skills
- Chris talks about his self-discovery and how to be good at your skillset
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Chris talks about all the different area of investing
- Short term cost and the long term cost
[19:55 - 27:40] The Key is to Communicate
- Chris talks about the conversation to unravel a partnership
- The key indicator to understand your team
- Fundamental process change to prevent the unraveling of partnership
[27:41 - 29:39] Closing Segment
- What are your words of wisdom to our listeners?
- “ Dream big! Do not shy away from your dream and aspiration.”
- “Find, learn, and reach out to someone that has achieved what you want to achieve .”
- Final words from me
Tweetable Quotes:
“If something doesn’t work, look at it as a learning experience and look forward. The lesson that you learn and the relationship that you build are much more valuable than the cost that took you there .” - Chris Larsen.
You can connect with Chris on LinkedIn, and you can also visit the website at www.nextlevelincome.com/. Click here to get a free copy of his book https://www.nextlevelincome.com/ebook.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with David Evans today. David is a real estate expert and the Founder of the Investment Property Advisors LLC. With his deep passion for real estate, David’s primary focus is advising investors on how to best position themselves when buying and selling investment property to minimize risk while increasing their upside.
[00:01 - 07:39] Opening Segment
- How to get in contact with David
- See links below
- David talks about his career background and journey in real estate
- David talks about how he sources the eight-unit apartment
- Business plan of the property
- David talks about the issue he got with the property manager
[07:40 - 11:44] In 2016, Market Heated Up in Chicago
- David talks about the lessons he got when he manages the property
- More about finding the right property management company
- How to choose the right property management company to move forward
- The importance of the economy of scale
- Require more units
- To mitigate cost, you still need to be involved to a certain extend
- Avoid upcharge
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
[11:45 - 16:17] The Vacant Basement Units
- David talks about taking the platform for his property management agreement from another property management and modify
- Make sure that there are a 30 days notice termination clause on the agreement
- The downfall is we do not exercise the action soon enough in most cases
- David talks about the financial impact of changing property management
- The challenge of running a basement units
[16:18 - 19:12] Closing Segment
- What are your words of wisdom to our listeners?
- “Be very careful about how you choose your partners and make sure there is a clear understanding of role and responsibilities.”
- “ When a relationship is not working with the property management company, don’t be hesitate to terminate the relationship; it will save you so much money later.”
- “Take action swiftly when you do have vacant units because that is lost income.”
- “Reach out and research as many housing programs in your area as possible.”
- Final words from me
Tweetable Quotes:
“Be very careful on how you choose your partners and make sure there is a clear understanding of role and responsibilities.” - David Evans.
“ When a relationship is not working with the property management company, don’t be hesitate to terminate the relationship; it will save you so much money later.” - David Evans.
“Take action swiftly when you do have vacant units because that is lost income.” - David Evans.
You can connect with David on LinkedIn and the phone at 773-678-621 or email him at david@investmentpropertyadvisorgroup.com.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episode.
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of talking with Matt Anices, a multi-family investor, and syndicator. He also serves as a sales consultant for a development company in Atlanta, Georgia, and currently a sales executive at Lead Revenue, LLC.
Let's jump into Matt’s story and get expert advice from a real estate pro!
[00:01 – 07:40] Opening Segment
- Matt Anices talks about his background and how he got into real estate
- He shares that he started in real estate by learning from and linking with the right people
[07:41 – 16:58] I Didn’t Understand the Retail
- Matt shares the challenges he encountered with retail business
- Prepare better for the worst
- Reach out faster to experienced people
- Here’s a quick shout out to our channel, Myers Methods
- Matt talks about what he would have done differently
- Matt talks about the importance of relationship-building in the real estate business
- Understand people’s goals
- Listen to people to determine what’s important for them
[16:59 – 20:58] Closing Deals Quickly
- Matt talks about going after deals fast because they can also fall apart fast
- He shares about the changes he made for him to avoid losing deals again
[20:59 – 22:16] Closing Segment
- Matt shares some words of wisdom in doing real estate business
- Keep learning
- Stay innovative
- Don’t be afraid to reach out to people
Tweetable Quotes:
“There’s always opportunities to innovate people’s businesses and to stand ahead of the curve.” – Matt Anices
“When you have a deal, go after it. Don’t be afraid of it.” – Matt Anices
Resources Mentioned:
- Myers Methods
You can connect with Matt on 9724417995 or follow him on Instagram, Facebook, and LinkedIn. Check out Lead Revenue, LLC on LinkedIn.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with the Founder of The Apartment Guy℠, Bruce Petersen. He is a serial syndicator of large multi-family properties throughout Central Texas.
Let’s jump into Bruce’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 04:10] Opening Segment
- Bruce talks about his background and where his journey began
- The first one to graduate high school in his family, dropped out of college and failing in the retail industry
- Found a good real estate mentor, and jumped right into Multi-Family Syndication
[08:55 - 15:59] 5.2 MM Lost in the Wire
- Bruce shares his missteps in the real estate business
- Bruce shares some unexpected experience in the real estate business
- Bruce shares the story about his deal that got lost because of the wire
- How to be prepared for any unexpected case
[16:00 - 21:05] The Hard Truth about Multi-Family Syndication
- Bruce shares the hard truth about Multi-Family Syndication
- Bruce talks about preparing to spend our own money on the deals
- Bruce talks about the strategy to avoids traps on deals
[21:06 - 26:23] Closing Segment
- What is your newly launched book about?
- “It is about sharing to people the real hard truth about Multi-Family Syndication, that it is not as easy as the theory“
- What are your words of wisdom to our listeners?
- “Understand who you are, don’t just go chasing dollar sign, but do it because you like it”
- “Be transparent and upfront when things go wrong”
- “Be self-aware and don’t put yourself in a bad situation”
- Final words from me
Tweetable Quotes:
“Understand who you are, be self-aware and don’t put yourself in a bad situation” - Bruce Petersen
You can connect with Jeffrey on LinkedIn, Facebook, and Instagram
For a free copy of his book, go to apt-guy.com/get-v-book
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
Feras Moussa graduated from the University of Texas with a degree in Computer Science and worked at Microsoft. In his first 12 months, he built his portfolio completing nine closings. Feras then scaled up into Apartments and started Disrupt Equity with Ben.
Things you will learn in this episode:
[00:01 – 07:52] Opening Segment
- How to get in contact with Feras
- See the links below
- Feras talks about his background in real estate
- Leveraging existing process in systems and software
- What led to the name Disrupt Equity
- He also talks about finding deals
[07:53 – 14:25] Fund it Without the Lender
- Why is it difficult to work with bridge lenders
- They are not fixed with their interest rate
- Their strategies in different kinds of deals
- Feras also talks about their extra 800 thousand dollars
[14:26 – 20:08] Closing Segment
- Feras’ words of wisdom for the listeners:
- Know your lenders and partners on the deals
- Final thoughts
Tweetable Quotes:
“No deal goes perfect” - Feras Moussa
“Know who your lender is, they are your partner on the deal.” - Feras Moussa
“Make sure you have reserves. More reserves than you might need, depending on the deal.” - Feras Moussa
Resources Mentioned:
- Microsoft
- Fannie Mae
- Freddie Mac
Connect with Feras, send him an email at feras@disruptequity.com Visit their firm’s website at Disrupt Equity Partners.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of speaking with real estate entrepreneur, and the founder and principal of DJE Texas Management Group, Devin Elder.
Let's jump into Devin's story and get expert advice on how you can switch from single-family to multifamily real estate.
[00:01 – 03:23] Opening Segment
- Devin Elder talks about his background and how his journey began
- Spent about ten years in corporate America
- Wanted to be an entrepreneur (pursued real estate)
[03:24 – 10:11] From Flipping Houses to Apartment Buildings
- Why did you switch from flipping houses to apartment buildings?
- "I'm real big on learning."
- Have there any been issues with running your apartments?
- "I absolutely had stuff go wrong, still goes wrong, every day."
[10:12 – 18:48] Devin's Missteps
- Devin shares some of the problems they faced in their company
- As entrepreneurs, there are times that you just have to take the leap
[18:49 – 24:53] Scaling His Multifamily Portfolio
- How big was your first apartment?
- Devin talked about his approach when he switched to multifamily
- Devin talks about the mindset to become successful
- Shares some actionable advice that you can apply in your life
[24:54 – 30:15] Closing Segment
- Devin gives powerful words of wisdom that you don't want to miss!
- What does it mean for you to be all in?
- Devin reflects on how he was able to reach where he is now
Tweetable Quotes:
"My default assumption is, somebody's gonna try to steal from me. Somebody's gonna not pay rent. Somebody's gonna quit on-site. And when those things happen you go, ‘Yup, I expected that. It's figuring out how to put in a plan that can deal with all those things’." – Devin Elder
"I think that's important for passive investors to understand: there's a lot of dollars in this business. Pro and Con, right? There's a lot of money to be made, but guess what? There's a lot of money to be spent and a lot of operating capital to float too." – Devin Elder
"Anything that man can conceive and believe, he can achieve." – Devin Elder
You can connect with Devin on LinkedIn. Visit his website https://www.devinelder.com/. Check out DJE Texas Management Group’s website for more information on real estate investment opportunities. Listen to his podcast, The DJE Podcast.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
Support the show (https://www.facebook.com/groups/157335752156211/)
David Pere is an active-duty Marine who devotes his free time to teaching service members and veterans how to build wealth through real estate investing, entrepreneurship, and personal finance. In this episode, David shares some of his experiences and issues that he faced on his investment deals so we can all learn from it.
Let’s jump into David’s story and get expert advice to avoid any potential issue from a real
estate pro!
Things you will learn in this episode:
[00:01 - 03:24] Opening Segment
- David talks about his journey in the investment
[03:25 - 15:29] Trust But Verify
- David talks about one of his deal and a contractor
- Faced some unforeseen issue with the contractor and the building
- Fix the house, sold it, and got half of his money
- Lost about $30.000
- What could we do to avoid this kind of issue
- Get a property manager to check the details in the property before giving any checks
- Change the billing structure to ensure what your contractor is doing and stays on schedule
- Increase the oversight on contractors and stricter contracts
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Issues may come up, but you just have to adjust your system and keep pushing
[15:30 - 27:59] Have Everything in Writing
- David shares the story about one of his deal that had an issue with the property manager in 2018
- 40 Units mix-use building in Southwest Missouri for $3million
- Faced some weird issue by the second month of ownership
- He was losing two or $3,000 a month since
- Got the contract breached by the contractor and previous owner
- Put legal action proceeding for 14 months and scheduled on July for the jury court case on this deal
- David shares the lessons he got from this
- Always have his trusted property manager and have her to do the due diligent with him
- Have everything in writing, not just over the phone
- Be more decisive
[28:00 - 31:00] Closing Segment
- What are your words of wisdom to our listeners?
- Trust but verify
- “If you say that you are going to do something, you have to do it.”
- Always learn, network, and take action
- How to get in touch with David
- See links below
- Final words from me
Tweetable Quotes:
“Issues may come up, but you just have to adjust your system and keep pushing.” - David Pere.
“Trust but verify, always have everything in writing, and be more decisive. ” - David Pere.
“If you say that you are going to do something, you have to do it.” - David Pere.
You can connect with David on LinkedIn, Instagram, and Facebook. Check his website atwww.frommilitarytomillionaire.com.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
Support the show (https://www.facebook.com/groups/157335752156211/)
Today I had the pleasure of speaking with Spencer Hilligoss. Spencer is a real estate expert, Founder of Madison Investing, former technology leader, and part of Forbes 2019 Real Estate Council. With a 13-year track record of building high-performing teams across five companies, he is passionate about real estate investing and helping others achieve their goals through real estate.
Let’s jump into Spencer’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 05:00] Opening Segment
- Spencer talks about his background and current focus
- Spencer shares the story about his early exposure to real estate
[05:01 - 15:59] The Hard Learning
- Spencer talks about his experience in the last company he worked with
- Investing criteria
- The concept three pillars
- Spencer shares about his experience with underwriting knowledge
- Holistic decision making
- Have cash reserves
- Underwrite the operator (how do you evaluate)
- Build out vetting criteria for the team that running a multi-family project
- Spencer talks about the sniff test in real estate investment
- Spencer talks about doing Capital call
- You want your investors to invest because they think it is the right decision for them
- Not because you got to cross the finish line faster
[16:00 - 28:29] No Pushing
- Spencer shares another story about the miss-steps he took
- investing with other passive investors
- Hardcore education focus
- Taking off all the pressure that you wouldn’t ever want to experience
- Spencer talks about the signs when you are pushing
- The sense that you have to push too hard
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Spencer talks about aspiring passive investors
[28:30 - 35:57] Closing Segment
- What are your words of wisdom to our listeners?
- “It’s less about the quantity, but more about the quality of the application of the knowledge you get from books or podcasts.”
- “Pick the one knowledge that resonates with you, take note, and do some stuff with it.”
- Spencer talks about a good coaching program
- The person that you work with don’t pull punches
- The ability to accept feedback from the coaches
- Have they done what you are looking to do?
- Final words from me
Tweetable Quotes:
“You never ever should need to feel like you pushed when it comes to capital raising or involves other people's money .” - Spencer Hilligoss.
“It is more important to be understood than to sound smart to the clients ” - Spencer Hilligoss.
You can connect with Spencer on LinkedIn and check his website at www.madisoninvesting.co or email him at spencer@madisoninvesting.co
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
Support the show (https://www.facebook.com/groups/157335752156211/)
Today I had the absolute pleasure of speaking with the Managing Partner of Wellings Capital, Mr. Paul Moore.
Let’s get into Paul’s story and wisdom on making the right investments and his mistakes in the multifamily field and his so you can avoid them.
Things you will learn in this episode:
[00:01 - 04:00] Opening Segment
- I introduce our guest, Paul Moore
- Paul Introduces himself and gives his background of how he started flipping properties then realized he wanted to get into multifamily real estate.
[04:00- 13:35] Paul’s Misstep Stories - Investing vs. Speculating
● Paul talks about his mistakes in the field by speculating instead of truly investing
- Ignoring advice from mentors leading to Paul losing money on a deal
- Why Paul was unable to raise apartment rent
- Paul talks about how to prevent his mistake from happening
- He talks about this in his book The Perfect Investment
- Realizing multifamily real estate has a lot of competition, Paul looks towards different types of multifamily homes.
[13:35 - 17:58] Closing Segment
- Words of Wisdom for our listeners
- Make sure to invest and not speculate.
- Make your mistakes while you’re young
- Don’t plow a whole high percentage of your cash into one property
- Paul talks about diversification
- The One Thing - Gary Keller
- Final words from me
Tweetable Quotes:
“In Real Estate there are so many opportunities to invest safely and part of that can be reflected in the debt service coverage ratio; The margin of safety between your net operating income and your debt payments… there are so many good ways to invest but you shouldn’t have to speculate and so I recommend people really think through that.” - Paul Moore
You can connect with Paul and his team at wellingscapital.com. Also, be sure to check out his podcast How to Lose Money. You can also visit him on LinkedIn.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
I had the pleasure of talking with Math Faircloth, President and Director of Investments of The DeRosa Group, a family-owned business dedicated to transforming lives through real estate.
Let's dive into Matt’s story and get expert advice on real estate investing.
[00:01 – 06:45] Opening Segment
- Matt Faircloth talks about his background and how his journey in real estate began
- His first deal was a single-family home he rented to two friends
- After getting married, he and wife started The DeRosa Group
[06:46 – 14:37] How to be a Hero
- Matt tells us two ways to grow in real estate that you don’t want to miss!
- Matt shares that he identified with a certain Marvel Avenger for being a courageous person and a strong soul inside
- He shares that his superpowers are explaining complicated things, being a good motivator, and bringing the energy out of people
[14:38 – 24:35] Women and Diversity in Real Estate
- Matt tells us how his wife got involved in the real estate business
- He talks about his approach in looking for talented people
- He shares his ideas on the issue of equality in the country
[24:36 – 38:36] The Man on Fire
- Matt talks about his experience of losing money
- He talks about two important historical figures as he shares his approach in dealing with challenges
- Matt shares the key changes he made to avoid losses again
- He talks about 1031 exchanges
[38:37 – 40:48] Closing Segment
- Matt shares some words of wisdom you might want to check out!
- What will you do in your dark moments?
Tweetable Quotes:
“It’s such a life hack to be able to reduce my expenses drastically to the point where I was making a good salary, but my cost of living was zilch.” – Matt Faircloth
“Those that are successful in life are those that just simply don’t quit.” – Matt Faircloth
“In your dark moment, don’t quit.” – Matt Faircloth
Resources mentioned:
- The DeRosa Group
- Raising Private Capital
- The Real Estate InvestHER Show
- Rich Dad Poor Dad
You can connect with Matt on LinkedIn and Facebook. Visit their company’s website https://www.derosagroup.com/ and check out their YouTube channel.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show (https://www.facebook.com/groups/157335752156211/)
Today I had the pleasure of speaking with the CO-Founder of Yarusi Holdings, Jason Yarusi.
Let’s dive into Jason’s story of the missteps and how to improve the value of the asset to provide a monthly passive income.
Things you will learn in this episode:
[00:01 - 05:19] Opening Segment
- Fabiola talks about her background and how he got into the multifamily real estate
- Connect with Jason, see below for the links
[05:20 - 17:50] Problems Affecting Real Estate and How to Improve the Operations
- Jason talks about some of the issues he experienced with investing in real estate and how he's been able to solve or deal with it.
- Jason shares how he addresses the various questions and needs of potential investors
- What is the problem?
- How to address it?
- What is the estimated time of completion?
[17:52 - 23:37] Things You Need To Take Into Account: The Property and The Safety Of The Area
- Jason provides valuable guidance on what investors should consider when investing in assets older than 1990 or 1980
- Jason shares things which you also have to take into account not only the property but also the area around your property, is it safe?
- Jason offers guidance on if a crime has occurred in the area you purchase
[23:38 - 26:53] Closing Segment
- What are your words of wisdom to our listeners?
- “You have to act and implement.”
- What are your thoughts with mentorship and doing on their own? Do you think it’s helpful for somebody?
- “It depends on your attitude. You can do both.”
Tweetable Quotes:
“In running a business, there's a certain point where you have to be revenue and expense driven, but you also have to think of people in mind too” -Jason Yarusi
You can connect with Jason on Instagram, Facebook LinkedIn, Youtube, and listen to their podcast The Jason and Pili Project.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
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Today I had the pleasure of speaking with a multifamily syndicator, co-founder of Limitless Estates, Kyle Mitchell.
Listen to Kyle 's story of how multifamily investment can be successful with consistency.
Things you will learn in this episode:
[00:01 - 04:20] Opening Segment
- Connect with Kyle Mitchell +5628335010. See below for his social links
- Kyle talks about his background and how he started investing in real estate
[04:21 - 09:36] Kyle’s First Multifamily Deal
- Kyle shares an exciting story about his first multifamily deal
- Closing 42-unit property in Tucson
- How he raised a million dollars on a deal
- How he did his first deal with no prior existing multifamily experience
[09:37 - 15:07] Kyle’s Experience in Multifamily Syndication
- Kyle talks about how his multifamily experiences in splitting syndication
- Kyle talks about the importance of building a partnership in dealing with multifamily syndication
- Kyle shares a fantastic story on why he quit his job to pursue his passion
[15:08 - 23:03] Raising Capital Practices
- Listen to Kyle’s advice for someone like you who plans to have a career change
- Kyle’s shed some light on what he learned after he closed two deals
- Dealing with the lender and raising capital
- Kyle’s capital raising practices
- Building a relationship
- Educational platform
- add value back to the people.
- Kyle talks about how he built his investor database
- Kyle shares his experience in raising money
- Kyle talks about the importance of joint venture
[23:04 - 24:37] Closing Segment
- The words of wisdom you have for our listeners?
- “It’s all about consistency.”
Tweetable Quotes:
“As anyone who wants to get started in multifamily investing, the biggest thing that we have done that's created success for us is consistency” -Kyle Mitchell.
You can connect with Kyle on Linkedin, Twitter, Facebook, Youtube, Visit his Podcast.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
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I had the pleasure today to speak with real estate developer + CEO of Blueprint Creative Group, Fabiola Fleuranvil.
Let’s jump into Fabiola’s story of how to scale your business into investing in affordable senior living development projects.
Things you will learn in this episode:
[00:01 - 06:55] Opening Segment
- Fabiola talks about her background and her investing journey
- Connect with Fabiola, see below for the links
[06:56 - 14:31] How to Scale Your Business From Small To Big deal
- Fabiola shares an incredible story about her transition from fix and flips to multifamily
- How she was able to recover during a market crash in 2015 to 2016
- Fabiola talks about how she scales her property business.
- Looking for a growth market in which competition is not so high
- How to redevelop your business plan into an affordable assisted living facilities
[14:32 - 21:02] How to Raise Equity
- Fabiola shares a fantastic story about how she met her operating partner
- Fabiola provides valuable insight into how to raise equity to purchase a property that is a dead asset
- She bought the building initially with her cash
- Networking
[21:03 - 25:43] Closing Segment
- Are there any missteps along the way with the acquisition of the property?
- “No, because I've had more than enough time to digest this”
- The words of wisdom you have for our listeners?
- It’s the fear factor that people have to get rid of”
- “It’s so much easier to raise on a big deal than it is to raise on a small deal.”
Tweetable Quotes:
“It's better to lose it and make it back versus to be so scared to lose it that you never even try in the first place” - Fabiola Fleuranvil
You can connect with Fabiola on Linkedin, Facebook, Instagram, or visit their company website Icon Heritage Partners.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
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I had the pleasure of speaking with the mobile home park investor and director of operations of Buckeye Communities, Ryan Groene.
Let’s dive into Ryan’s story of how learning from your mistakes can help you grow better.
Things you will learn in this episode:
[00:01 – 5:47] Opening Segment
- Ryan talks about his background and how his journey began
- Studied finance in college
- Worked in financial analysis and investments companies
[05:48 – 10:29] Ryan’s Missteps
- Ryan talks about his business and partnerships
- Ryan shares when he realized having too many hands in the pot was a misstep
[10:30 - 18:02] Ryan’s Methods
- Ryan shares how he structures his deals to get the best out of it
- Ryan’s checklist before engaging in deals
- Ryan shares how he manages the debt side of his investments
[18:03 – 24:00] Closing Segment
- Ryan talks about how mobile home parks work
- Ryan gives some inspiring words of wisdom that you wouldn’t want to miss!
- Ryan explains why investing in real estate is more straightforward than other forms of investments.
Tweetable Quotes:
“Read as much as you can, talk with as many people as you can, and then at the end of the day, don’t be scared by thinking that real estate is complicated.” – Ryan Groene
You can connect with Ryan on Facebook, Instagram, and Linkedin, or you can send him an email at ryan.groene55@gmail.com. If you want to learn more about mobile home park investing, visit https://themobilehomeparkinvestor.com/.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
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I had the pleasure of speaking with the speaker and founder of Old Fashioned Real Estate Group, Jeffery Holst.
Let’s jump into Jeffrey’s story and get and expert real estate advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 04:10] Opening Segment
- Jeffrey talks about his background and where his journey began
- He was diagnosed with leukemia
- Visit Jeffrey’s personal website Jeffreyholst.com
- Listen to his show the Old Fashioned Real Estate Show
[04:11 - 14:27] Jeffrey’s Missteps
- Jeffrey shares his missteps in the real estate business
- Jeffrey shares some best practices with his business partner
[14:28 - 23:05] Scaling Your Real Estate Business
- Jeffrey talks about getting someone for consultation instead of bringing them in as a long-range partner
- Jeffrey shares about how to get better and grow your real estate business
- how they bridge the gap of his inexperienced business partner
- Jeffrey gives powerful words of wisdom that you don’t want to miss!
Tweetable Quotes:
“No matter what happens in the world, you can get through it by just moving forward one step at a time” - Jeffrey Holst
You can connect with Jeffrey on LinkedIn, and Facebook, Instagram, and Youtube.
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
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I had the pleasure of speaking with the Director of Multifamily Education & Executive Partner at Active Duty Passive Incom, Tim Kelly.
Let’s jump into Tim’s story of the recipe to success that you could apply to any facet of life.
Things you will learn in this episode:
[00:01 - 06:27] Opening Segment
- Tim talks about his background and his real estate journey
- Free Coach Session with Tim. Call +1 847-910-9161
- Tim mentions Robert Kiyosaki, Tom Wheelwright, Grant Cardone
- Tim talks about he discovered multifamily
[06:28 - 18:12] How To Raise A Capital
- Tim talks about his approach to raising money and getting deals done
- Tim shares his struggles in raising capital
- Tim shares an interesting story on how he scales up the investor flow
[18:13 - 30:57] Finding Success in Real Estate Through Linkedin and Paid Coaching
- Tim gives tips on how LinkedIn can be used to network your business
- Tim gives valuable advice on finding success in the real estate business
- Invest in paid coaching
- Tim gives powerful words of wisdom about the recipe to success
- Learn, Network, Add Value and Take Action
Tweetable Quotes:
“If you're not willing to invest in yourself, I don't think you deserve to succeed in business” -Tim Kelly
“Your income is a direct result of how you grow as a person” -Tim Kelly
You can connect with Tim on Instagram, LinkedIn, Facebook, and Youtube. Or visit his personal website thetimothykelly.com
LEAVE A REVIEW + help someone who wants to learn more from mistakes and missteps by sharing this episode or click here to listen to our previous episodes.
If you are interested in getting into multifamily or scaling your current business, hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
Support the show by following our Facebook Page (https://facebook.com/groups/157335752156211)
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Knowing the ingredients, the projections, and understanding the staff will save you in the long run. Ryan Wehner talks about some of the common missteps and the important role relationship plays in real estate. He delves into the ingredients and some of the factors that come into play when acquiring a new property. Because each property isn’t the same, vetting property and properly placing management is key to the property’s success. Ryan Wehner is a Property Manager with over 25,000 units and counting.
KEYPOINTS
- Contingency money
- Overleveraging and overpaying
- Property management best practices
- Building an online presence pre and post COVID
- Property management integrity
SEGMENT TIMESTAMPS
- 01:20 – The elevator pitch
- 03:45 – General missteps owners make
- 07:00 – How to know when you are overpaying
- 13:00 – Getting the most out of a property
- 20:00 – Vetting a property manager
- 39:00 – Advocating for yourself as an investor.
Your best advocate as an investor is yourself, you are your own best advocate. - Ryan Wehner
RELEVANT LINKS
Ryan Wehner
- Website: http://www.wehnermultifamily.com/
- Email: info@wehnermultifamily.com
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Colin Douthit joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps in his early property management days. We learn why he believes you shouldn't try to cash flow the rehab of your property. Colin also shares the details on why he has decided to use a debt broker instead of going directly to the bank.
Colin believes that the most important thing you can do is know the rules
In this weeks show we learn about:
- why physical vacancy goes up when you institute professional property management
- how deferred maintenance kills profitability
- the challenges associated with refinancing
- why you want to have substitution of collateral in your loan
- what happens when people live in a unit without a lease
- the risk associated with fair housing lawsuits
- why self managing isn't a good strategy for cost savings
- the importance of communication from the property manager to the owner
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Support the show (https://www.facebook.com/groups/157335752156211/)
Janene Tompkins joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with her units being "retail" purposes and the struggles associated with strong property management. We learn why she believes that real estate is a great addition to her stock market investments. Janene also shares the details on how she inherited a pitbull puppy.
Janene believes that the most important thing you can do to make your property do well is creating a sense of community and ownership
In this weeks show we learn about:
- the challenges with self management
- the importance of selecting a safe neighborhood
- what to do if your vacant unit is broken into
- risk associated with out of state investing
- why you must go in each unit during your inspection period
- challenges of deferred maintenance during take over
- importance of having enough time to allocate to new property turnovers
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Support the show (https://www.facebook.com/groups/157335752156211/)
With every story, there’s a beginning, middle, and end, but always expect to the unexpected. Andrew Keel shares his stories of starting as a Lonnie Dealer, flipping homes around Central Florida, and his $60,000 mistake. He delves into the consequences of not doing due diligence, contacting veterans who have experience in the field, and forming partnerships. He gives insight into investing in mobile homes, mobile home parks, and the benefits of personal and professional development. Andrew Keel is the CEO of Keel Team Real Estate Investments, and an Elite Mobile Home Park Investor and Operator.
KEYPOINTS
- 00:10 – Flipping home to Lonnie Dealer
- 05:30 – The $60,000 Mistake
- 13:16 – How to value a mobile home lot
- 14:40 – Andrew Keel’s words of wisdom
- 15:20 – Mutually beneficial partnership
“Seminars aren't gonna teach you everything you need to know, you gotta get your hands dirty, you gotta dig in!!!” – Andrew Keel
- Alex Keel:
- Website: https://www.keelteam.com
- LinkedIN: https://www.linkedin.com/in/andrewkeel/
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Ryan Narus joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps going from being rejected by 40 banks trying to get into his first deal to closing a $10,000,00 deal. We learn the risk associated with 1031 exchanges. Ryan shares how he went to 40 banks and got rejected and how they put up 100k hard to buy an extra 30 days to smooth out a deal. He also takes us through a break down on how he makes it easy for sellers, why he is comfortable putting money at risk based on other's promises, and why money has to go to escrow instead of directly to the seller
Ryan believes that you have to be ready for the unexpected.
In this weeks show we learn about:
- frustrations of entrepreneurship
- the risk of full leverage debt
- value of networking
- how escrow works
- why zoning is important
- the reality of doing work that doesn't get compensation
- the importance of being willing to give
- why you shouldn't quit
If you are interested in getting more multifamily investing education go to www.myersmethods.com
Say hi to Jerome
Say hi to Ryan
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