031: Play the Orchestra

Jun 1, 2018

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Woohoo! I inked a deal and doing the happy dance. I got a $10.65 million property with cash flow along under contract in Waterloo, Iowa. I think we’ll start cash flowing about $100,000-$150,000 net sponsorship money. When we sell it, we’ll easily make another $3–$4 million. But it’s not about the money, but helping others!

It’s cool when you get to a point where you don’t need the money anymore. Your cash flow comes in and exceeds all your bills, and you have lots of money left over. That is the amazing sauce in this business, and I want to help you find it. Think of an orchestra and all the pieces that come together to make amazing music.

Topics on Today’s Episode:

In the movie, Steve Jobs: “Most people play whatever, play violin or whatever. I play the orchestra. I’m the company leader. I play the orchestra.”
As syndicators, our job is to play the orchestra, syndicate, and put all the pieces together for a deal
Find partners and sponsors; hire great people to build a great property management company and make deals
Avoid doing tasks you are not suited for; causes burn-out
Establish professional and personal goals; and stick to them
To get into the multifamily space:

1) Learn how to raise private money

2) Assemble your team and get deal flow from brokers

3) Do the work and underwrite deals

4) Put property under contract and fund it

5) Close the deal

If something’s broke, you have got to fix it

Links and Resources Mentioned:

Quotes:

“Your cash flow comes in, it exceeds all your bills, and you have lots of money left over.” Corey Peterson

“That is the amazing sauce in this business, and I want to help you find it.” Corey Peterson

“Let’s go play this piece of music. Let’s go play this property and make it work.” Corey Peterson

Don’t forget to download my Free Workshop Quickstart Video Series, and if you like what you have heard please leave a review on iTunes.

Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family.