053: The Power of the Cash Flow
Being a realtor is a great way to make a living. But when you start out, you suffer from “commission breath” because you have to beg for a listing or buyer. Making sales is much easier when you’re an investor. Wholesalers are overpaid realtors. You make more money because you can wholesale to other investors and list their fix-and-flips. Don’t get stuck being a realtor.
052: Multifamily Investing is a Minefield – How to Make it to the Other Side
When it comes to multifamily real estate and cash flow, Brayand Ponciano is all in – now. But he knows he made a mistake when he didn’t listen to me five years ago about raising money, instead of fixing and flipping. Brayand learned his lesson and shares what he knows about everything related to real estate on the Flippin Fridays/AZ Flip Guys show with co-host Kris Ontiveros.
051: Beat Commercial Brokers to the Punch
Stop what you’re doing because I have a big announcement! Would you like to help some kids, including my son, experience a once-in-a-lifetime opportunity? Kim Green, business manager for a youth football team, is doing a fundraiser to generate money to send these kids, along with their coaches and chaperones, to Florida to play in the Tackle Football National Championship.
050: I Live in a Trailer Park, but You Live with Your Mom!
How can some of the worst years of your life be when you manage hundreds of properties in colorful Colorado? It’s because you have to deal with tons of different tenants (and their kids and dogs), collect rents…it was a nightmare for Rondi Lambeth. So, now, he focuses on multifamily apartment complexes, which are easier to handle.
049: Legal Teams Make or Break You in Business
I’m going to share some pain stories to stress the importance of structuring deals and having great people surround you.
You can make multi-million-dollar deals, just like me. But I must admit that deals do not always go smoothly. After all, this is real estate, and anything can happen. So, you need to have a great legal team, which can make or break you in this business.
Topics on Today’s Episode:
- Who should be on your legal team? What should they do?
- Don’t be billed by the hour, set up fixed pricing
- Leverage: You have it, or you don’t
- Value of history of closing
- You can’t control how others (i.e. lenders) work and affect your deals; they work at their own speed and don’t care about your contract
- University Crossings Deal: Number of leases required for 90{c35051b4442fafb55b74468ce151e373ddcc3f5b6c0bbc4cc62a5de9551ee3ef} occupancy not reached for the lender; seller caused harm, extensions/expenses were needed
- Catalina Village Deal: Lenders can mess up deals and delay the loan process
- When things like this happen, cover your bases
- Puppet Master: I’m in my cubby hole, unless a grenade needs to be dropped and crap needs to get done
- I’m extraordinary at finding the right people; my team pulls together to complete deals and make me look good
Quotes:
“Legal teams can make or break you in the business.” Corey Peterson
“In this business – it’s real estate – anything can happen.” Corey Peterson
“When things like this happen, you’ve got to cover your bases.” Corey Peterson
“The only thing that I would say I am extraordinary at is that I know how to find the right people.” Corey Peterson
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