Multifamily Legacy Podcast 075: Hawkeye Towers: The Good, the Bad, and the Ugly (Part 2)
I’m going to share mistakes made, how to overcome challenges, and what I wish people would have told me when doing a multifamily real estate deal.
Today, I’m continuing my miniseries called, Hawkeye Towers: The Good, the Bad, and the Ugly. I teach what I know and challenge you to be a lifetime learner and leader, too.
Topics on Today’s Episode:
- First Hurdle: Problems with seller maintaining occupancy rate to secure financing
- Second Hurdle: Getting and buying the property when pettiness ensues; play nice to produce a seamless transition
- Nothing and no one can move forward until title company says these magical words: “We’re closed.”
- Is the deal going to go happen? Calm down and take a breath; it may not get done today
- Remain calm, cool, and collected to take care of business and get the key
- Underpromise and Overdeliver: Setting the floor to make a healthy profit and increase occupancy
- Apartment industry is in the business of creating happy people by offering a clean, safe, and disciplined property
- Lead by example and with love: Fix bad management and deferred maintenance
Links and Resources Mentioned:
Quotes by Corey Peterson:
“This is very typical of sometimes the pettiness that can happen in a deal. Sometimes, sellers are idiots.”
“When it comes to money, you see the absolute worst in people. It doesn’t have to be that way.”
“It’s not done until the title company says, ‘We’re closed’.”
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