041: Relationships Equal Monopoly

Aug 7, 2018

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How can you take relationships to the next level for them to enhance your money-making capabilities in life and business? Today, my guests are Matt and Greg Sneyd, who I have known for about 10 years. They are big-time investors who taught me about the wholesaling business. Now, I’m teaching them a few things about apartments.

Matt and Greg got into rehabbing, wholesaling, high-end remodeling, and acquiring rental properties. Then, they started to get into new construction. Now, Matt and Greg are phasing out of construction to take on some development and land entitlement. They’re converting all their active money into long-term money and long-term wealth.

Topics on Today’s Episode:

You meet a lot of people, but you click with very few; you need to have the same mindset and have fun - find good fits to go above and beyond
Matt and Greg make a successful father-and-son duo, but getting into business with family often turns sour; each has certain strengths
Turning your wheels and not getting traction? Do things the easy way through life hacking and figuring things out - take what the market’s giving you
If a business model isn’t working, figure out what else you can do; talk to people in your market to see what’s going on to make shifts at different points
Add a zero to your profit; most people in the flip business are trying to get $30,000 as their profit - what if you add a zero and make $300,000 on a deal?
Process of finding a good asset, operating, and making some cash flow; when you incubate it for five years, you keep growing
Multifamily and Relationships: There’s enough spoils to make you money, to make me money; we all get paid, have a good time, and share the workload
OPM: Finding private money is the real bread and butter in the real estate/syndication business; also talk to people who believe, like, and trust you
Have integrity and do what you say you’re going to do; always pay back your private lenders - take care of the money and the money takes care of you
Communicate with investors and lenders; offer full disclosure and documentation
People think that you have to buy run-down properties to make money in the multifamily world, that’s really not true; you’re buying a property that’s occupied
Power of Closing and Transacting: Brokers call you up about another deal from a different seller: “It’s a lot like the deal you just bought. We want you in the deal.”
Write off over $3 million - accelerated appreciation; when you sell, you pay capital gains tax but end up paying a lot less tax or roll it over and defer that tax
Make money from the day you buy a property, and it can only go up; tenants expect rents to go up - don’t disappoint them
It’s just Monopoly; trade out some houses for some commercial, and then trade some commercial for some bigger commercial

Links and Resources Mentioned:

Quotes:

“You go to a lot of seminars, and you meet a lot of people. But very few of them you actually really click with.” Greg Sneyd

“If you’re not sharing your successes or able to talk to people about it and they have similar successes, it doesn’t jive all the time, it kind of feels lonely.” Matt Sneyd

“Everything has got to be in alignment. Our relationship, it was the right fit. You have to be finding these good fits because the only way that you are going to really go above and beyond is to do it with other people that you fit well with.” Greg Sneyd

“I tagged you guys as farther down the road than I was, so I was like, ‘I’m just going to grab onto their coattails and see what they know’.” Corey Peterson

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