Multifamily Legacy Podcast

Today, I continue to give you behind-the-scenes pointers of my recent Hawkeye Towers deal that closed in December 2018. The truth is, deals don’t always go perfectly.   Most gurus don’t tell you the truth. However, the goal of this podcast is to give you the truth. Investing is real, and there are risks. Put the right team together to help things go the way they’re supposed to.   Topics on Today’s Episode: Hardest part is getting the property to close; then get out of the way Follow processes to manage expectations, cashflow, and projects Find great management companies and great managers with great systems to make money for you Easiest bang for your bucks to make a big difference in property is to change light bulbs to provide a safer environment Testament of a Good Deal: Made $45,000 last month and at 87% occupancy Goal: 100% occupancy with waiting list by Fall leasing season Under Promise and Over Deliver: Strive for the best, but set the floor based on your and your investors’ expectations Cash flow expected to go through the roof; rents will be raised 3-7% annually Strive for more time and money for a better life and to make a difference Corey’s 3 Assets: Belief, determination, and copying Listen to your mentors and master their techniques to be successful   Links and Resources Mentioned: Multifamily Legacy Podcast on Facebook Kahuna Investments Why the Rich Get Richer by Corey Peterson Cashflow Calculator Cashflow HQ Sean Terry Quotes by Corey Peterson: “Getting them to close is typically the hardest part. Once you get there and operations take over, a lot of the hard work, for the most, is done.” “I’m there to guide the ship, but I’m not there to make everyday decisions.” “I’ll take deals like Hawkeye every day. I’ll go through the trials and tribulations. Things happen. But at the end of the day, you’re here to make a difference.” “It only takes one (deal). The journey is the reward. It doesn’t happen overnight. Success takes work.” 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.

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: Kahuna Investments Why the Rich Get Richer by Corey Peterson Kahuna Boardroom 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’.” 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.

Painting a Bob Ross is almost like doing a real estate deal. You have an idea of what you're going to do, but then you mess up. You pull back to take a look and reflect. There are no mistakes, just happy accidents. Things happen for a reason. Today, I’m starting a miniseries called, Hawkeye Towers: The Good, the Bad, and the Ugly. It’s a conversation about what went right and wrong with a recent deal to help you understand the underbelly of what really happens in multifamily deals. Many people talk about how great it is, but forget to tell you the truth. It’s not always sunset and palm trees. Sometimes, there's a little snafu. But everybody will forget anything bad that happens in a deal, as long as you close. Topics on Today’s Episode: Losing in best and final; don’t cry about it, go back to work Hawkeye Towers: Student housing project via same broker as Eagle's Village Transactional relationship was established; did what we said we're going to do During a deal: Go slow, understand what you're doing, and follow your process Site Visit: How close are you to the college? When was the property built? What amenities does it offer? Figure out financials for Letter of Intent (LOI); why does seller want to sell; what's their motivation? Perform physical and financial audits on property to know the numbers Sellers get amnesia, miss opportunities, and forget how to operate Red Flag: Seller can’t get lease rate back up to 90% occupied for underwriting Understand and abide by contracts because they bring out the worst in people Intervention and Alternative: Finding loans is about relationships Links and Resources Mentioned: Kahuna Boardroom Why the Rich Get Richer by Corey Peterson Bob Ross Fannie Mae Freddie Mac Veridian Credit Union Quotes by Corey Peterson: “Power of transacting and having broker relations: When you can get to that point where...they like you, and they want to do business with you.” “Even though deals kind of go south, get weird, and all that stuff, when you close, all sins are forgiven.” “I'm slow for a reason. My team's slow for a reason. The reason is, we have a process. We're going to follow our process. We have to check things off.” “In small town America, asking, putting your right foot forward, and showing them all your cards, being truthful and honest means something. That's what we did.” 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.

Work hard, hustle, and overcome challenges. If you haven’t been through that, then you’re not an entrepreneur. You’re better for it and appreciate life more. Today’s guest is Mike Hambright of Investor Fuel Real Estate Mastermind and FlipNerd. As a real estate coach and mentor, Mike has helped hundreds of people build profitable businesses, improve their lives, and grow their network. Topics on Today’s Episode: Power of Community and Communication: Create space for people to feel comfortable being vulnerable Live a Lifestyle by Design: Real estate is more than what you do for a living Commitment to become successful; there’s no easy route in real estate Date Night with Support System: Do not disturb, be present Building a business the right way; work less to grow and work with your mind to make an impact Cash flow to scale and outsource in multifamily space Links and Resources Mentioned: Investor Fuel Real Estate Mastermind FlipNerd Rich Dad Poor Dad by Robert Kiyosaki Kahuna Boardroom Webinar Quotes by Mike Hambright: “I got into coaching and started helping hundreds of other people build their businesses.” “It’s more than what we do for a living. It ties back to who were are personally and our families.” “If you’re fat, pop a pill. If you’re sad, pop a pill. There’s no pill in entrepreneurship. There is no easy route.” “I thrive on impact. I do love it. It’s my life, it’s my hobby, it’s everything.” 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 day, businesses go bad and fail. Do you have the necessary skills to be successful? It all comes down to multi-tasking, delegating, and aces in places. Today’s guest is Greg Dickerson, a handyman turned multi-millionaire in the real estate industry. During his 22-year career, Greg has bought, developed, and sold more than $200 million in real estate. Topics on Today’s Episode: Greg’s Business Philosophy: Find great people, put them in the right position, let them do their job, and let them make mistakes Self-education: Feed your mind to give it new ideas and fresh perspectives Be a leader, delegator, and motivator; don’t be afraid to give up control Hire or learn from the best to fast track your success and cut your learning curve Let somebody else do it, so you can focus on finding and doing more deals Get capital and funding to start by having businesses provide cash flow to invent Relationships in Real Estate: Deals and opportunities come to you Wisdom and Awareness: What you know now vs. what you didn’t know then Work Ethic: When I’m in, I am all in; dig in and get dirty Set up yourself, your staff, and your business for success Find a building, reimagine it, and bring back the neighborhood Greg’s Advice: Go out there and find the biggest deal you can and call Corey Links and Resources Mentioned: Greg Dickerson Greg Dickerson’s Email Greg Dickerson’s Phone Number: 434-326-3903 Rich Dad Poor Dad by Robert Kiyosaki Kahuna Boardroom Webinar Quotes: “I’m really good at discerning people and finding champions and coaching them to success. It’s been my business philosophy all through my life.” Greg Dickerson “You’re feeding your mind and just giving it new ideas, fresh perspectives, and that’s really how you are able to probably lead so well.” Corey Peterson “I have no trouble at all letting go of control. I’m a very good delegator. That’s my superpower.” Greg Dickerson “Relationships are key. That’s actually the most important thing in life. The only thing you can take out of this world with you is somebody else’s soul.” Greg Dickerson 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.

Single-family stuff is for losers. Commercial real estate is the way to go. Make real money in this business through apartments, buildings, or self-storage. Everybody needs space to store their stuff. Fernando Angelucci is the self-storage king. He was wholesaling single-family and multifamily houses, but realized the cash buyers he was selling the properties to were making more money than he was as a wholesaler. Fernando found out that all his issues could be solved by investing in self-storage. Now, he’s making a lot of money. Topics on Today’s Episode: Lessons Learned from First Deal: Crooked contractors, inspection issues, and making less money than expected We call that experience; no book will ever prepare you   Hint: If you're going to go to college, pay attention and hangout with everybody; they make good partners and investors later on Pioneers vs. Partnerships: If you do it alone, you're the pioneer and get arrows in your back; partnering makes it easier, and they have systems/processes Know what you are good at and not so good at; partner with people who have strengths that are your weaknesses Fernando’s wholesaling business now runs on automatic - thanks to processes and procedures put in place Two Sides: Conflict of interest and residential rental laws; never do anything that’s not above board Getting fed up with constant rotation of contractors and evicting tenants Scott Meyers talking about self-storage: "Triple-digit, cash-on-cash return"; Fernando fell in love with it immediately Self-storage is a recession-tolerant asset; people downsize because of the economy or life choices, but don't want to get rid of sentimental items High sticky factor, low break-even occupancy because of low total expenses Links and Resources Mentioned: Fernando Angelucci’s Cell Phone Number: 630-408-8090 Titan Wealth Group Rich Dad Poor Dad by Robert Kiyosaki DiSC Profile Myers & Briggs Traction by Gino Wickman Scott Meyers of Self-Storage Investing National Association of REIT The Miracle Morning by Hal Elrod Quotes by Fernando Angelucci: “People assume that if something is going to have very low risk, it's also going to have a very low capital return. That's the opposite for self storage.” “Go to college because degrees are good to have, but the real importance is the network you build.” “I'd rather focus on making my strengths even better than trying to bring my weaknesses up to mediocre. It's just a waste of my time.” “I love to share my knowledge with people because it always comes back tenfold.” 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.

Are you a real estate investor who doesn’t have enough time to focus on money making activities to close more deals? Then, it’s time to automate your marketing to scale and grow your business. When it comes to marketing automation processes and getting people leads, nobody does it better than today’s guest, Gary Boomershine. He created REIvault, which provides real estate investors with managed systems, resources, and processes. Gary shares valuable secrets and lessons learned to become successful.   Topics on Today’s Episode: Avoid mindset and philosophy that all leads suck; seller appointments can be generated from crappy, junk leads Don’t get stuck in quicksand by spending too much time seeking the best, cheapest, popular options Don’t reinvent the wheel; find what works and replicate it Get a good coach and join mastermind groups to learn and grow REIvault offers a shared team that gets the seller on the phone, qualifies them, and schedules the appointment Reasons why direct mail does and doesn’t work for finding apartments Inside Sales Agent (ISA): Trained person who does nothing, but kiss frogs all day Cold Calling: Best leads don’t come from picking up the phone, but from those you call who are not interested; money is in the follow up Two Functions of Money: Make offers to sellers ready, willing, and able to sell; and constantly raise money for deals to come to you Follow cash flow marketing funnel and best practices; doing it all vs. done for you Links and Resources Mentioned: REIvault Accenture Arthur Andersen Collective Genius - Real Estate Mastermind Podio Joe McCall PATLive InvestorFuse Sean Terry Doing it all on your own vs. done-for-you ListSource CallRail Call Porter Slybroadcast IDI TLO Brad Chandler from Express Homebuyers Cris Chico Dan Kennedy Better Business Bureau Traction: Get a Grip on Your Business Randy Taussig (EOS Coach) Clint Bartlett Corey Peterson’s YouTube Channel Kahuna Wealth Builders on Facebook Quotes by Gary Boomershine: “The money is in interacting with sellers.” “If you have a philosophy that all leads suck...from a lead perspective, it’s like any other business. It’s like having a big pot of what looks like rocks.” “Like-minded people with the highest ROI, it’s the lowest risk because you’re going to be with people that are going to share the real things.” “Cold calling and direct mail together is lethal.” 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.

Most people don’t have a business that serves them. Instead, they run around crazily because their business is making them do lots of things. And, that’s not necessarily what they really want to do. Today, my guest is Ron Phillips, founder and CEO of RP Capital. He has an amazing business and is ranked in the top 25% of the Inc. 5000. Ron describes how he mastered the way of doing business, how he conducts himself, and how his business serves him. Ron truly lives his life by design. Topics on Today’s Episode: Millionaire Seeks Real Estate Apprentice: Ron showed up for big pitch fest for a bootcamp and bought it Ron became jaded with the seminar world and millionaire’s pitch: If I go find the deals and do all the work, he’ll fund them, and we’ll split them 50-50 Ron did what he was taught - found a perfect deal, submitted it, and it was denied; the millionaire taught him how to do it, so “why do I need him?” HUD changed its guidelines, and Ron had houses he couldn’t sell; he was out of business and reinvented himself in the rental business RP Capital finds and fixes homes, puts renters in them, and helps people buy and get good deals Multifamily rules haven’t changed, some have gotten better; you don’t need tax benefits to succeed Real estate market will stall or stop at some point, so people who do it for tax deductions will have to pay; too many people are buying skinny deals Information gurus and guides try to sell you something, not train or protect you to make sure you do it right; all they want is your money Sales and negotiation are not taught; Ron was successful because he already had those skills; he gives away education - you only buy real estate from him Get Real (estate) Podcast: Educates people on the good, bad, and ugly parts of real estate business and life Self-made vs. Team: You can’t go do anything by yourself in this world; treat your team like you want to be treated with dignity, respect, and kindness RP Capital’s Purpose: Build people through services; company’s core values are integrity, loyalty, own it, and fun Links and Resources Mentioned: RP Capital Get Real (estate) Podcast Inc. 5000 Rich Dad’s Guide to Investing The Millionaire Mind HUD The Devil’s Advocate Collective Genius David Lindahl The Compound Effect Quotes: “I went out and found a perfect deal, exactly like what he taught us to do. Submitted it, and they denied it. I realized something. He taught me how to do it. Why do I need him?” Ron Phillips “We had all these houses, and then I couldn’t sell them. I got shoved into the rental business. I finally realized...that this rental thing was not such a bad gig.” Ron Phillips “That’s what I do in my current company. We help people invest all over the country, and it’s been so much fun changing people’s lives that way.” Ron Phillips “The government can make the rules better, or they can make them worse. You don’t have to have the tax benefits to succeed. That’s just...a really big fat bonus.” Ron Phillips 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 always dreamt about being in real estate? Were you lured into spending $1,000 after seeing an ad on TV that promised to teach you about it? Only to find that you would have to spend an additional $20,000 to get the real stuff? Debbie Camacho-Franco learned that the hard way. She decided to build a real estate business, but discovered that traveling, marketing, and educational trainings add up. Before investing any more of her money, she wanted a sure thing. Luckily, she found me and the Kahuna Boardroom. If you want to get into multifamily, you don’t have to start wholesaling or continue rehabbing. Just go for it. Topics on Today’s Episode: Power of Connection: Network and find out who’s who Kahuna Boardroom attendees want to do something to change and grow Mentors helped Debbie learn how to manage people in the corporate world Corporate world experience allowed Debbie to build her own business Debbie considers her mother an amazing human being and the reason why she’s so driven professionally to be able to take care of those she loves Corporate America: Way to make a living, but company gets the profits; at the same time, transition to be your own boss and start your own business Spend-selling means asking situational, problem, impact, and pay-off questions to tell a story and paint a picture that motivate people Self-selected investors and partners should like and trust each other before making a commitment Most people want freedom and time, but don’t have either or only one; the solution is to invest in multifamily apartments Raising Money and Momentum: What it feels like to get your first, “Yes” Being true to herself is one of the main principles that Debbie lives by; it reconfirms her attitude and character Debbie loves to help and mentor others, so she brings together people who want to learn about multifamily investing Visualize: When you start to believe in it, you can achieve it Stay focused during moments of self-doubt; “No” means for right now, not forever Real estate isn’t always a solopreneur sport; get support from a partner Don’t let anything stop you from pursuing your dreams; entrepreneurship is as much about failure as success to be able to grow and learn Links and Resources Mentioned: Debbie Camacho-Franco on Facebook Debbie Camacho-Franco’s Phone Number: 214-919-4626 Debbie Camacho-Franco’s Email Address Franco Acquisitions Investor Fuel Kahuna Boardroom Raising Private Money Course Coach Wooden’s Leadership Game Plan for Success Quotes by Debbie Camacho-Franco: “To be a good leader, you have to be a good listener. In order to be a good listener, you have to ask lots of questions.” “When you focus on something, you get what you focus on.” “Whenever I talk to my mentees and they tell me about their successes and everything, that’s what I love the most, to see people grow.” “I believe that it’s better to trust and be disappointed occasionally, than to always mistrust and live a miserable life.”   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.

This is the last one in the Six Pillars to Profits series. Pillar 6 is the Secrets to Being a Great Operator. How can you make phat money in deals to get some paydays? I’m going to give you some of my successful secret tips and tricks. If you do these things, you can get a lot of juice that’s worth the squeeze! Topics on Today’s Episode: Operations is where you go to make money; don’t manage your own companies Do’s and Don’ts: Questions to ask management companies to determine if they have systems and processes in place: How do they take tenant’s money? How do they do ACH? What’s the lease-up process? Is it written down? What’s your training process? How do you train your employees? Is it online? Is it offline? Is it both? Do you require your manager and your maintenance person to live on the property? Or, do you want them off property? What accounting systems do they use? Is it Yardi? Is it Rent Manager? Is it AppFolio? What do you think the #1 thing is to generate profit or money at the property? Ask situational questions: “Tell me about a time…” Putting together a deal involves partnerships, structures, and knowing your operating agreement Communication Reporting/Accounting: Get reports of complete financials from your management company every month Management Styles: Avoid one-to-one relationship; use straight vertical line where different people in different situations deal directly with your property Don’t be in a hurry when doing repairs, be patient; always look like you’re doing something on the property - do little things that make a big difference Typical management company charges you 3% to 6% in fees Management companies do most of the heavy lifting in this business; look for their guidance and cost per door Links and Resources Mentioned: Multifamily Legacy Podcast Group on Facebook Kahuna Cashflow Calculator Yardi Rent Manager AppFolio Quotes: “Truly, the real profit is made in the operations. I personally believe that you shouldn’t be managing your own companies.” Corey Peterson “Communications happen directly from the management company to the person that needs to hear it. I believe that’s the best way.” Corey Peterson “We’re in the people business. The people make the difference. You’ve got to have someone that’s nice and kind, but also knows how to carry a stick and is not afraid to use it.” Corey Peterson “We’re never in a hurry when we’re doing our repairs. We’re always doing something on the property. Always making it a little bit better, always making it a little bit nicer.” 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.