Getting and closing your first deal is a big deal, especially when you learn together and create lasting memories and relationships. In Part 1, David Rosenbaum, a Kahuna Boardroom student, shared his point of view on partnering with a couple investors and fellow students to get their first deal done.
Today, for Part 2, I’m talking to Patti and David Royster, who share their perspective on that journey. Why did they decide to build a team/partnership for their first, big multifamily deal? Hold each other accountable and enjoy the journey together!
Topics on Today’s Episode:
- Closing Day: Freaking out on 59th birthday with multi-million-dollar deal
- Golden Pineapple: Work to win coveted, sought-after, and rarely attained award
- Accountability Partnership: Guidance, leadership, legal documents, defined roles and splits, negotiation/re-negotiation, and raising money
- Residents: Moving away from Section 8 housing to better tenants to fill vacants
- Lessons Learned:
- If someone says they have money, prove it; show track record
- Where’s the service? What (and why) are we paying for?
- Critical Dates: Don’t be a day late or pay the consequences
- Advice: Learn by doing. Fail your way forward.
Links and Resources Mentioned:
- Patti Royster’s Email
- Kahuna Boardroom
- 1031 Exchange
- Section 8 Housing
- First American Title
- Mastermind Group
- Copy Your Way to Success
- Kahuna Investments
- Quick Start Workshop
- Multifamily Legacy Podcast on YouTube
- Multifamily Legacy Podcast on Facebook
Quotes:
“Learn from people smarter than you, have a great mentor, and don’t be afraid to take action.” Patti Royster
“Be smart about what deals you do, how you spend your money, and how you spend your time.” Patti Royster
“The sooner you talk about money, I think, the better.” Corey Peterson
“You realize how much you pay to play the game. It’s super expensive.” Corey Peterson
Don’t forget to download my Free Workshop Quick Start 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.