Multifamily Legacy Podcast

What’s your management company not telling you? They don’t care two cents about you, but they do care about their money. When you hire people and pay them well, they still never care as much as you do.  How do you get them to care? Walk slowly, carry a big stick, and smile to let them know you’re in charge. Management companies should carry out your dreams, goals, wishes, and plans.  Topics on Today’s Episode: Start: Management company puts its best foot forward Middle: Management company tends to get lazy Things To Do: Management companies want to raise rents and increase income Collected Income: How most management companies get paid Expenses: Do management companies truly care about what they spend?  Motivation: Always chase the money, always follow the money  See What You See, Expect What You Inspect: Prepare annual budgets, make surprise visits, pay attention to details, and submit work orders Change management company? Get the love that you deserve Two-part Solution: Corey to be CEO and Kim Bruggeman the asset manager  Plan Basics: Risk/liability, prevention, product improvement, resident retention Lighthouse Way: Management company controls product to create culture, system, and belief to get things done the Kahuna way Links and Resources Mentioned: Multifamily Legacy Episode 056: University Crossings Case Study Part 1 of 3 Lighthouse Asset Management  Copy Your Way to Success Quickstart Workshop Mastermind Group Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “They are in a fee-based business, and they care about the money. More importantly, they just really care about their money.” Corey Peterson  “No one is going to care more about your property than you.” Corey Peterson  “There’s this nasty thing called, ‘expenses.’ It could be nasty when it’s not paid attention to correctly and properly.” Corey Peterson  “Pay attention to that expense category because if you don’t, you will not be profitable. Management operations is what makes or breaks your deal.” 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.

Listen up. By sharing all my mistakes, success, and failures, there are enough clues to pick up on that provide a clear path for you. There are three things that you should pay attention to when it comes to deals in a competitive market. You need to have a performance clause in your contracts, make sure management company codes your CapEx correctly, and be conservative with underwriting.  Topics on Today’s Episode: Strong Competition: Multifamily market is filled with people trying to find apartment deals and making stupid offers/money Performance Clause: Avoid feeling frustrated when contract goes bad by including clause to cancel contract or get your money back Seller’s Coma: People put stuff under contract and ownership group or management company check out  Power of No: Believe in yourself, your offers, and what you’re doing; don’t be afraid to walk away  CapEx: Buy things in bulk and make them part of your improvement plan; code correctly for refi and capital improvements—things that make property better  Good, Clean Business: Expect what we expect, inspect what we expect  Slow Down Speedy: Underwriting shouldn’t hurt; be patient and conservative Mentors and Masterminds: Give you direction, guidance, and vision Links and Resources Mentioned: Fannie Mae Freddie Mac CMBS Loan A2 Management 019: The Nuts and Bolts of Putting a Deal Together (Underwriting Guidelines) Mastermind Group Copy Your Way to Success Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “There’s lots of people out there trying to find apartment deals, and they’re making offers that are stupid.”  “Things can go south badly, if people are not paying attention. Most people, they’re not. They don’t care about you. They’re only thinking about themselves.”  “The hardest thing you’ll say is, ‘No,’ to yourself.”  “Our jobs as owners is to make sure we push our management companies and expect what we expect, inspect what we expect.”  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.

Can you imagine walking away from being a teacher and making a regular paycheck to work with your husband or wife? Talk about a deal breaker, but not for some couples in the multifamily space—like us, Corey and Shelley Peterson.  Today’s guests are Roman and Christy Gonzalez of Summit Home Buyers. They host the Both On Board Podcast, which focuses on their journey of co-creating a lifestyle and business. Learning to live and work together while starting a business is challenging, but so sweet when successful and still in love.  Topics on Today’s Episode: Opposites Attract: How to fight fair and figure out each other’s strengths and weaknesses  Business Roles in Romantic Relationships: Who does what, who is good at what, and why?  Follow the Leader and Learn to Let Go: Know your role, and shut your hole What do you like to do? What do you want to achieve? Prepare, plan ahead, and make a commitment to learn, grow, and play together and separately Climb Another Mountain: Reach your goal or target, but don’t get comfortable or cool down, set the next one above it Money Habits: Values align when you make money together Marriage and Business: The better your relationship, the better your business Links and Resources Mentioned: Summit Home Buyers Both On Board Podcast Date with Destiny Tony Robbins Copy Your Way to Success Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “Once you hit a target, if you don’t set the next one above that, you end up cooling down.” Roman Gonzalez  “This is my lane, and this is your lane. When we come together, that’s where the magic happens.” Christy Gonzalez  “Know your role, and shut your hole. That’s how Mama Kahuna rolls.” Shelley Peterson  “When you’re dealing with your spouse, it’s really about trust and communication. There’s no one that I know has my back, better than my wife.” 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.

Have you ever considered stepping away from your corporate cubicle and trying something different? Tired of working on the same product or different variations of it every year? Being an engineer can be boring. After all, it’s not rocket science.  Today’s guest is James Kandasamy, who worked as an engineer and spent 22 years in the corporate business world. He took a giant leap to try something different. James settled on real estate and started investing in single-family homes. He moved onto bigger and better deals in the multifamily space. Not only does James raise money, but asset-manages his properties.  Topics on Today’s Episode: How much money needs to be raised per deal? $3-$4 million on average  What and Who You Know: How to get your foot in the door to raise money  Be Like Corey: True investors already know real estate and syndicators Positive Track Record: Underwriting deals, defining and executing business plans, and communicating directly raises money and returning customers Word-of-Mouth: People like to give money to those they’re referred to  Build Relationships: Tell people what you do; if they want to invest, you have an established relationship already Unconventional Methods: Find deals with awesome prices by doing your own marketing and prospecting to direct sellers  Investment Portal Software: Not the Holy Grail for raising money Value Add: Keep on adding free value through podcasts, content, and more  Corey and James: People you know, like, and trust; raising money is personal Capital Raises to Raise Money: New people know capital raises, capital knows GPs/sponsors Property Management: Hardest part of multifamily properties Fear of Missing Out (FOMO): Social media exaggerates psychological optimism Four Market Cycles: Recovery, Expansion, Hyper-supply, and Recession Passive Investors: Learn how to select deals, sponsors, and markets; diversify; and what kind of cash to use Best Tips: Be patient, only do good deals, and interact diligently with investors Links and Resources Mentioned: Achieve Investment Group James Kandasamy’s Email Passive Investing in Commercial Real Estate: The Insider Secrets Achieve Wealth Through Value Add Real Estate Investing Podcast James Kandasamy on LinkedIn James Kandasamy on Facebook Multifamily Investors Group at Facebook Fannie Mae Freddie Mac Copy Your Way to Success Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “You want to create a generation of wealth for ourselves, where we risk it ourselves, we do everything on our own, we use all our skills.” James Kandasamy  “Tell people that you're doing this, tell people the successes, and that’s how you raise your money in the beginning.” James Kandasamy “When you got the money, you invest.” Corey Peterson “Understand in property management, you don't make money. But it's not there to make money, it's there to control the product.” 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.

How and where can you unlock money that you never knew you could use to invest in real estate? Enhanced Qualified Retirement Plan (eQRP). Today’s guest is Damion Lupo, author of The QRP Book. He's invested in real estate for 20 years and owned more than 50 businesses. Damion knows a thing or two, or just about everything when it comes to raising private and making passive money.  Topics on Today’s Episode: Rookie Mistakes: Real estate investing takes more than books, inspiration, and buying property Reset Switch: After losing $20 million, Damion started over to focus on future Traditional Mutual Funds: Smoking a bunch of hope-eum as retirement strategy  What are you, stupid? Using retirement money to do real estate is legal, if you know or learn how to do it correctly and control it In-kind Rollover: Don't have to pay unrelated business income tax (UBIT) with enhanced qualified retirement plan (eQRP) under 401 Section   Seal the Deal? Questions to ask and how to avoid fear of missing out (FOMO), or running out of retirement money Emotional Rollercoaster: Stock market gives an illusion, not a paycheck If U.S. President doesn’t pay taxes, why should we? Why not? Use same code Assets Under Management (AUM) and eQRP: It’s not about what you make, but what you keep by taking action Links and Resources Mentioned: Damion Lupo Damion Lupo’s Phone: Text “eQRP” to 72000 The QRP Book Enhanced Qualified Retirement Plan (eQRP) Total Control Financial Unrelated Business Income Tax (UBIT) Unrelated Debt-Financed Income (UDFI) Individual Retirement Arrangements (IRAs) Edward Jones Charles Schwab Real Estate Investment Trust (REIT) Money Magazine Kiplinger  Financial Adviser Robert Kiyosaki Tom Wheelwright Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “It's what most people are doing. They're all high on the hope, instead of actually being pragmatic and realistic.” Damion Lupo  “There's all these options where you can take that money and start investing. Some people know about it, but they're doing it wrong. Most people don't even know about it.” Damion Lupo “The reality is, you can take your money and you can use retirement money.” Damion Lupo  “My entire mission is to break those shackles and to free people from bondage. It's not a bondage that you're stuck in for life, unless you choose to be there. It's really a choice.” Damion Lupo 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.

Can you imagine never having a boss? It’s a dream come true for most us. Creating passive cash flow does take a lot of patience. Once you get there, it doesn't stop. Never ask people for money. Only ask, who do they know?  Today’s guest is Josh Cantwell, a strategic real estate coach and Accelerated Investor podcast host. He talks about how to reap the benefits of raising money, deploying money, and owning assets.  Topics on Today’s Episode: Private Money Philosophy: Funding equals freedom Why own long-term assets? Wealth, financial security, freedom, tax advantages Bad News: Shaking, baking, making money until pancreatic cancer, no cash flow Passion for Private Money: Started by buying investment properties Pivot to what you know: Own assets so you don't need transactional to start over Passive Cash Flow: Lend and pool people's money into private equity fund Big Regret: Out of 700 residential deals, didn't keep them all  Raising Money Tactics: 12-step process includes new and existing people to be potential investors and influencers—what about me? Play the Game with Elevator Pitch: What do you like to do? How does that work?   Links and Resources Mentioned: The Flip System by Josh Cantwell Freeland Ventures Accelerated Investor Podcast Robert Kiyosaki Carleton Sheets Francis Ablola U.S. Securities and Exchange Commission (SEC) Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “Funding equals freedom. It doesn't have to be your money. It doesn't have to be your funding. But funding from someone else equals freedom.” Josh Cantwell  “Owning the asset long-term...provides true wealth, true financial security, true freedom, and major tax advantages.” Josh Cantwell  “You’ve got to own the asset because you don't want to start over. You don't need transactional. I lived that mistake.” Josh Cantwell  “What about me? Those are the magic words.” Josh Cantwell 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.

Real estate is a journey. In the first episode of the Multifamily Legacy Podcast, I shared my journey into the multifamily space. For the 100th episode, someone else’s rags-to-riches story is featured.  Today’s guest is Will Harvey of CEO Capital Partners. He came from the lending world, got into a bit of trouble, but the lessons learned from substance abuse led to success.    Topics on Today’s Episode: Multifamily Game: Best journey that provides two things—time and money Early Entrepreneur: Collect, clean, and sell public golf balls to private course Double Dropout: Focus and make better choices by getting a real job and sober   Support System: Family and friends help to get you back on your feet Landlord Lows: How to manage tenants better and guarantee cash flow Single-family vs. Multifamily: Battle scars from bad condo conversions or development that went south, but multifamily doesn’t miss a beat Deal Goggles: Kill deals before they cost money but don’t go under contract Will’s Superpower: Raising money/capital Action Items: Continue to learn and recognize paralysis by analysis   Want to quit your day job? Will and desire needed to improve your circumstance  Best Advice: Don’t seek qualified advice from unqualified people and think bigger  Links and Resources Mentioned: Will Harvey’s Email Will Harvey on LinkedIn Will Harvey’s Wealth Junkies Podcast CEO Capital Partners  FHA Loan Grant Cardone Michael Blank’s Podcast Zach Gregor Multi-Family Millions by Dave Lindahl Monopoly Game Multifamily Legacy Podcast Episode 001: The Power of Cashflow in Real Estate Investing Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “You don’t want to go up the ladder. You want to own the ladder.” Will Harvey  “Lightbulb Moment: I need to buy as much real estate as I can cause this is awesome.” Will Harvey  “The best advice that I would give is don’t seek qualified advice from unqualified people.” Will Harvey  “It’s the best journey that I know that gives you the two things that most of us dream about, which is time and money.” 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.

Going from more than 1,500 passive investments to actively closing more than 170 units and a goal to reach 50 million assets under management in the next year—that’s just the tip of the iceberg.   Today’s guest is Gary Lipsky, CEO and founder of Break of Day Capital. Knowing how to manage people, having a steady hand, and being a solutions-oriented person led him to the multifamily space.  Topics on Today’s Episode: Perfect Storm: Applying years of experience, skills, and lessons learned led Gary to multifamily space Pull the Trigger: Education and partnerships provide time and money to invest personally and professionally, in owning multifamily properties  Meetup Host: What happens? What do you learn from others? And why do others seek Gary’s advice? Build in Buffers: Rates and terms can change, nothing’s perfect and things can always go wrong Don’t Chase Deals: Stay patient, steady, and true to your numbers to get deals CapEx Negotiation Needed: Who’s going to pay? Who’s fault is it?  Realistic vs. Best Case Scenario: Over-perform rather than under-promise; give investors what they expect  Raising Capital: Email list, meetups, Webinars, and meaningful relationships  Multifamily Game: Too good to be true? Find, educate, understand, and invest to overcome fear Due Diligence: Take action, don’t work in silo, and partner with others; every deal looks sexy, get to know operator and go beyond memorandum before investing   Links and Resources Mentioned: Gary Lipsky  Gary Lipsky’s Email Break of Day Capital Break of Day Capital on YouTube MultiFamily Masters Meetup Fannie Mae Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “Everything I have done in the past has led up to this moment. The lessons learned, the mistakes, all the hard work has brought me to this point.” Gary Lipsky  “Knowing how to manage people, having a steady hand, and kind of being a solutions-oriented person really led me to multifamily.” Gary Lipsky  “Deals, money, people, resources—those are all the things that show up at meetups.” Corey Peterson  “Dealing with a seller who is a pain in the ass from the beginning, it’s not going to improve.” Gary Lipsky  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.

What are you thankful for? I’m thankful for many things, especially knowing how to fail. Failing is never fun, but failing is part of learning and shapes you. Nobody’s perfect. You’re human. What do you learn more from, your success or failures?   Out of all the things someone could do in life, I’m convinced that multifamily deals are the true way to success. It’s what I know and understand. I wouldn’t trade my journey for the world!  Topics on Today’s Episode: Supportive Structure: If someone believes in you, their support keeps you going Learn to say, “No,” especially as you make more money, and people want it  Dream Big: Who and what do you want to be? Everything is attainable 2020 Goal: Own your calendar and make time for what matters most to you  “No” Factor: I don’t want to do it, I don’t have to do it, I’m not going to do it… Grateful for Growth: Cash flow changes your life and lets you share your success Kahuna Mastermind: Guide people when they need help by being a true mentor Why? Money is fleeting, but helping others to succeed lasts forever   Links and Resources Mentioned: Kahuna Mastermind Group 2: Email Shelley to join!  Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “I attribute to my success is being willing to fail.” Corey Peterson  “I truly believe that failing is part of learning, and it is what will help you grow.” Corey Peterson  “‘No’ is a really, really hard word to master, and it will become even more hard...as you start to make more money.” Corey Peterson  “Take time to pencil your life. You don’t get the time back. It really is that important to have that time to share and to love and to live and to breathe.” 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.

Every year in the United States, we observe Nov. 11 as Veterans Day to honor those who have served in the U.S. Armed Forces. Rather than spending your signing bonus on a Harley, Charger, or Mustang upon your return, spend your well-deserved chunk of money by buying a home.   Today, I’m talking to Phil Capron, U.S. Navy veteran who served as a Naval Special Warfare Combatant Craft Crewman (SWCC). He purchased his first property in Norfolk, Va., while serving in the military. Five years and 30 flips later, Phil’s in the multifamily business and author of a new book, Your VA Loan: How It Can Make You A Millionaire. Topics on Today’s Episode: From Navy SEALS to Multifamily Space: Phil’s story and journey into real estate SWCC—What they do: Jump out of planes, drive fast boats, and shoot big guns Veterans Administration (VA) Loan: Enables service members and qualifying veterans to purchase a primary residence at 0% down House Hacker: Being resourceful is big component to live for free, make money Assets vs. Liabilities: Pros and cons to living on/off base with family or friends Multifamily means more work, but more opportunity to build cash flow Lessons Learned: Don’t kill profit by raising all rents at once and losing tenants Do Something: Difference between big kahunas and people without portfolio Multifamily Space is a Team Sport: Partner with someone with some experience and take less; it’s better to have a slice of watermelon than a whole grape Commander of the Ship: Know how to negotiate and when to keep or sell property to cash out for cash flow Version 1 is better than Version None: Write a book and teach what you know Move On: Never let a failure/setback define you for an extended period of time Links and Resources Mentioned: Phil Capron Your VA Loan: How It Can Make You A Millionaire Phil Capron on Facebook VA Loan  Rich Dad, Poor Dad by Robert Kiyosaki Michael Blank CoStar The Miracle Equation by Hal Elrod Copy Your Way to Success Kahuna Investments Multifamily Legacy Podcast on YouTube Multifamily Legacy Podcast on Facebook Quotes: “Being multifamily guys, we know about the power of leverage. It can be a tool that works for us, but it can also really mess us up, if we use it improperly.” Phil Capron  “I didn’t mean to be a house hacker. It just seemed like I wanted to have my buddies around, and I wanted to give them a place to live for cheap.” Phil Capron  “These guys and gals are returning home with a good chunk of money, and they’re going to drop it on a Harley, a Charger, or a Mustang. That’s a mistake.” Phil Capron  “What I would never do again. I would never allow a failure or set back to define me for an extended period of time.” Phil Capron  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.