Multifamily Legacy Podcast 094: Talk is Cheap, Show Me the Check
How do you source deals to grow your multifamily business to own 6,000 units in just six years? It’s all about relationships!
I’m talking to Michael Becker, principal at Strategic Property Investment (SPI) Advisory. He handles all aspects of property operations, from accounting and asset management to capital improvement/renovation projects and taxation.
Topics on Today’s Episode:
- Borrower vs. Lender: Michael’s transition to finding his own multifamily deals
- All Work, No Play: Michael’s motivation to experience life before it’s too late
- Principal Perception: Build and leverage relationships and capital for projects
- Property Process: Assemble team, balance deals with loans, and run projects
- Lingo and Language: Education comes before building, establishing relationships
- How to source a deal? It’s all about the relationship and getting to know others
- Biggest Risk for New Operators: Being under-capitralized for long-term holds that impact cash flow
- Crystal Clear Role: Make money by finding deals and money; everything else is noise
- Go with Your Gut Feeling: Even if you need the money, walk away and say, ‘No!’
- Get Real to Grow: Know where you are, what you know, where to start, and who you know to win deals
Links and Resources Mentioned:
- Old Capital Podcast with Michael Becker
- SPI Advisory
- Institutional Property Advisors (IPA)
- RealPage
- Fannie Mae
- Freddie Mac
- Edward Jones
- Automated Clearing House (ACH)
- Schedule K-1 (Form 1065)
- RingCentral
- Kahuna Investments
- Multifamily Legacy Podcast on YouTube
- Multifamily Legacy Podcast on Facebook
Quotes by Michael Becker:
“I had a lot of relationships. I had a lot of experience. I just wasn’t using those to the best of my capability.”
“I get to spend a week in Germany going to Oktoberfest in lederhosen with some of the most powerful apartment brokers in Dallas and Fort Worth.”
“It’s really simple. People do business with people they know, like, and trust.”
“The way that you make money is to go find deals and find money. Everything else is noise.”
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