Data beats guts all day, says Neal Bawa from Multi-Family University. As the reigning mad scientist of multi-family, Neal uses data to predict trends and make safe secure investments. Your gut feeling may tell you to invest in your backyard, but does your city have the fundamentals in place to weather a recession?
When you’ve finally decided to scale up, what position should you hire for first? The first crucial hire sets the stage for the next, and then the next, until you’ve got a team that can run smoothly without your oversight. Lee Kearney has built up a team that can run without him, and he tested it when he was diagnosed with COVID-19 this spring. Since then, he and his team have had to pivot and prepare for what’s coming next in the real estate market.
Finding the perfect multi-family deal takes some time, a little bit of homework, and a lot of elbow grease. Remodeling without a reliable contractor could be a disaster that destroys your deal and causes your investors to run far away from you. Multi-family investor and contractor Jorge Abreu straddles both of these worlds, and he has some great advice to help you find the right contractor and make sure your CapEx is done correctly.
Filling up your day with tons of tasks doesn’t leave you with enough time to think those “big picture” thoughts. Stop telling yourself that no one can do the task like you can, and clear off your to-do list by outsourcing your tasks. Genecia Alluora from Soul Rich Woman teaches women entrepreneurs how to get into a zone of genius and today she talks with me about how business leaders can amplify their message and their business.
One of the key parts of a joint venture is giving the investors an accurate and honest picture of their investment. Jack Petrick and I show how we talk to our investors about some apartments we bought with them last year. We walk them through the plan we had, and we address the concerns we know they’ll have about the impact of the Coronavirus on occupancy rates.
Let more potential investors get to know you without filling up every appointment on your calendar. Digital marketing can help you find your perfect investor who is pre-qualified to invest with you before you even pick up the phone to talk with them. Dr. Gower from the Gower Crowd talks about what digital marketing looks like for real estate investing, and how you can build a better funnel for your audience.
How you frame the opportunities in the real estate market right now is incredibly important because your mindset is going to determine whether you run toward those opportunities or hide from them. Rod Khleif and I talk about how the impact of the Coronavirus is different from 2008, and how educating yourself, networking, and feeling gratitude can reorient yourself for the market shift that’s coming.
For a top down industry wide perspective, I talk with Christian Olin from OnQ Financial about whether he’s seeing any of the same signs of weaknesses in the housing market now that we saw in 2006. We talk about the differences between the two markets, and he has some encouraging advice for investors to help them weather anything coming our way in the next few years.
Building a business that you love and building a business that lasts are two things that really can go together. Gary Stouffer from Stouffer Realty shares his 41 years of experience with me about how he’s built a business that he still enjoys working at, and why the riches really are in the niches.
What you do, what you look like, and what you sell don’t actually matter in your business. By focusing on the customer and making your entire business about meeting the needs of your clients, customers, or buyers, you will become successful. Ryan Moran, author of 12 Months to $1 Million, has worked with hundreds of entrepreneurs in a wide variety of businesses, and he shares with me the fundamentals for making your first million.