Wow! Thank you Everyone for the notes, was way more than I was expecting! Ill reply to everyone best I can, as some of you said things along the same lines!
@Adam Lacey @Rick Martin @Spencer Gray @AJ Shepard
I've been leaning towards partnering with a current successful operator/mentor on my first deal. The biggest thing for me now is just getting that first deal done, and I feel as though things will roll after that. Going through the process will teach me so many things by doing and give me the experience and confidence to do deals on my own. As far as mentorship goes, The way I got into real estate was working directly for a "guru" in real estate, he has the social media following, spoke on stages with big names, said he closed on thousands of properties, and had tons of people in his coaching program. Although, turned out he was a huge fraud and very unethical, but working closely with him I realized a lot of people that teach courses and sell coaching are full of it(even ones that look very successful). That story is for a different day though! I learned so much from this experience, but one of the biggest lessons was how important a brand was, and how peoples perception of that brand can instantly bring a HUGE level of trust. This has just made me even more cautious of paid mentorships.
I'd like to have a partnership be more organic/symbiotic, where we actually partner and maybe I do more of the sweat work, market research, find the deal, underwrite, negotiate and paperwork, then do asset management and see business plan through(wanting to do value add) and the mentor just be more a bird on my shoulder watching over me and guiding me. I'd bring value by bringing them a deal and doing the heavy lifting, where they would help with their guidance, maybe signing on loan, and I'm assuming if they're successful would be able to help with the capital raise.
@Taylor L. I agree on the systems 100%, Joe Fairless was very helpful and gave me tons of spreadsheets, I have a CRM, one for market research, one for deal tracking, and a financial model to use for underwriting. You and @Rick Martin make a great point with lead capturing system, to me it only makes sense to be able to capture leads from social media, the podcast, and other sources, and being able to track/use the list of leads efficiently. It seems intuitive to me but maybe it is not to other people? Being in SF real estate I've worked with many CRM's of all shapes and sizes, and set up many lead capture systems through click funnels and other sources.
@Justin Goodin I am planning on always continuing to learn and educate myself, the day I think I know it all is the day I lose! Any good book recommendations on multifamily/mindset?
@Danny Randazzo I'd love to get more info on the summit!
@Steve Morris I'm looking to make money through multifamily syndication, pooling together passive investors capital to buy, rehab, and sell/refi apartment complexes.
@Steve Morris @AJ Shepard I see you're both from portland! I am too! Although I'm actually looking to go on a road trip here soon to check out different markets, ones with little more friendly landlord vs tenant laws. Any reccomendations? Thinking Idaho, New Mexico, Arizona, TX, maybe some others.
Also I'd love to chat on the phone with each and every one of you! Not sure exactly how the DM system or messaging system works on here, so If someone could help with that I'd greatly appreciate that! Hope this reply wasn't too long!
