All Forum Posts by: Joshua Michael Hauman

Direct Mail Marketing, Cold Calling, Door Knocking, Driving for Dollars, Wholesalers, Facebook groups, the list goes on.

I've done a couple deals using the methods mentioned above and seen others succeed with them as well. What I'm about to share is the 3 ways I use to source off market deals and the mindset shift that differentiates these strategies from the rest of the pack.

Sourcing Deals from Lenders, especially, Hard Money Lenders:

Banks are in the business of lending, not owning real estate. When a borrower takes on a loan and cannot keep it current the lender in may of these cases forecloses on them and repos the property. The bank doesn't want to hold onto this so they oftentimes will sell it off, in many cases, at a discount to get it off their books. This has landed me some fantastic deals that I ended up BRRRRing or outright flipping. Oftentimes, the lender will rewrite a new loan and get another set of lender fees thus rinsing and repeating the process and making more income on lending for that property with a better hope of the borrower keeping the loan current. The breakdown of how this plays out in real life or at least how its worked for me is this:

• Step 1: Research and identify local lenders, especially hard money lenders, who specialize in financing real estate deals. I've had luck meeting people at my local Real Estate Investors Association, asking other flippers who they recommend for bridge debt and simply google searching lenders in my area.
• Step 2: Understand that banks and lending institutions are primarily in the business of lending, not buying or managing real estate. They want the loan, not the asset. 
• Step 3: Attend industry events, conferences, and networking functions where lenders and investors converge. In my experience events have sponsors. Oftentimes some the vendors or sponsors of the event are lenders.
• Step 4: Initiate conversations with lenders to express your interest in acquiring properties. Do not mention that you are looking for properties they have repossessed or foreclosed on. This is a very bad practice to use when conversing with lenders of any kind. Simply tell them who you are, what you do and then ask them lots of questions about their business and what kinds of projects they like to take on to build the relationship.
• Step 5: Build trust and credibility by demonstrating your ability to close deals promptly and professionally. If you have yet to close a deal that's ok. Send them your buy box, follow up with them consistently. Ask them questions you have curiosity about. If they send you a property, review it and provide your feedback quickly as to if it fits your criteria or not. As you build the relationship and maintain ongoing communication with these lenders you stay top of mind and continue to plan the seed that if they have any other inventory available you give yourself the best opportunity to be at the top of their list.  

Contacting Craigslist Sellers for Purchase:

Just like banks prefer lending over owning real estate, some property owners who list their homes for rent may have a change of heart when presented with the opportunity to sell. Some landlords renting out their properties find they can unlock a range of advantages if they were to sell. Although they initially explore the rental route, they may discover even more benefit from selling. This not only provides them with a faster exit from property ownership but can also lead to a more seamless transition for you as the buyer. Here is how I've done this successfully:

• Step 1: Find rental property listings on Craigslist using relevant keywords in my target markets.
• Step 2: Reach out to the seller via phone or email with a polite message expressing your interest in their property.
• Step 3: Inquire about the rental property and gather information about its features and terms.
• Step 4: Express your interest in potentially purchasing the property instead of renting it.
• Step 5: Build rapport, negotiate, and conduct due diligence as needed to facilitate the purchase transaction. Easier said than done, volume is the name of the game here. I've built great relationships with property owners this way that has lead to lender, contractor, agent and property management referrals even when I the deal didn't pan out as it wasn't in their best interest to sell. Its important that you keep the frame of win-win or no deal rather than pushing them to sell the property if its not aligned with their best interest.

Building Relationships with Real Estate Agents for Pocket Listings:

Pocket listings are properties held 'in the pocket' of real estate agents, not yet officially listed on the market, while expired listings are properties that didn't sell during their initial listing period. Both present unique opportunities to secure off-market deals, and the key to unlocking these opportunities lies in building strong relationships with real estate agents.

• Step 1: Identify local real estate agents who specialize in the type of properties you are interested in.
• Step 2: Attend local real estate networking events, seminars, or open houses to meet agents in person. Using sites like zillow, redfin etc.. can also help you find current properties listed in your market that fit your criteria. You can often see how much transaction volume that relator has done. Since their contact information is listed on the site its easy to use this to connect.
• Step 3: Initiate conversations with agents. Similar to the lenders situation you don't come out of the gate expressing your interest in off-market or pocket listings. The relationship needs to be developed overtime.
• Step 4: Establish credibility by sharing your investment goals, your ability to close deals quickly, and any relevant experience. If you don't have much, rely on promptness and professionalism in communication.
• Step 5: Maintain regular contact with agents, keep them updated on your criteria, and build a strong working relationship to gain access to their pocket listings when they become available.

The Mindset Shift

The key takeaway here is by building trust and credibility in these relationships with lenders, owners and agents overtime builds you an inbound deal acquisition machine. 

You could constantly spend time and energy:
Sending letters out

Competing with other investors on Facebook

Competing with wholesalers email list of dispo buyers

Making cold calls 

Driving for dollars

Or...

You could build relationships with the people that have the deals so when they have opportunities, you are top of mind and have the reputation as a closer.

Its great if you know the market, its better if the market knows you.

With Discipline,

Josh

1. Ready to take on that first or next fix and flip? Before you roll up your sleeves and start swinging that hammer, there's something crucial you need to know: the hidden costs that can quietly sabotage your renovation profits. By actively researching, obtaining quotes, and preparing for each of these costs, you'll create a more realistic and accurate rehab budget. This means fewer surprises, fewer setbacks, and ultimately, a better bottom line no matter if you intend to flip or BRRRR.
2. Permit Fees:
• Research local building codes and regulations, contact your local permitting office, and ask for a breakdown of permit fees. You can typically find this by typing into google “[Insert your city here] Department of Building and Housing”. Always include permits for major renovations in your budget.
3. Utility Activation/Transfer Fees:
• Contact utility providers well in advance to understand the fees involved in activating or transferring services. Include these costs in your budget from the start.
4. Dumpster and Waste Removal:
• Obtain quotes from waste removal companies based on the estimated amount of debris. Overestimate the volume if unsure to avoid unexpected expenses.
5. Landscaping:
• Consult with a local landscaper for an estimate. Consider low-maintenance landscaping or spending most of the landscaping budget on curb appeal.
6. Homeowners Association (HOA) Fees:
• Contact the HOA or review HOA documents to understand fee structures and any upcoming assessments. Include these fees in your budget. I don't buy property governed by HOAs for the fact that it is too variable of an expense to take on for me.
7. Property Taxes:
• Contact the local tax assessor's office for property tax rates and estimates. Calculate the annual cost and prorate it for your holding period. This can be found on your county auditors website.
8. Insurance:
• Shop around for insurance quotes and ensure you have adequate coverage for the renovation and any liability issues. Review your policy annually for cost adjustments.
9. Legal Fees:
• Seek quotes from real estate attorneys upfront and discuss your needs to get a clear understanding of entity creation and any potential legal costs.
10. Interior Design/Staging:
• Get quotes from professional stagers or interior designers. Consider virtual staging as a cost-effective alternative. I use this AI to stage my flips: https://www.virtualstaging.art/?via=topaitools
11. Property Management:
• If you plan to hire a property manager, research local property management companies, and obtain quotes. Ensure their fees align with your budget.
12. Marketing and Advertising:
• Allocate a marketing budget based on local advertising rates. Include professional photography and listing fees.
13. Travel and Miscellaneous Costs:
• Create a miscellaneous budget line item for unexpected expenses and pad it with extra funds to cover any surprises. This might include travel, living expenses you incur as you move or that mocha latte you buy on the way to check on the property.
14. Interest on Loans:
• Calculate the monthly interest payments, lender fees or any other cost on your loans and include them in your holding costs.
15. Contingency Reserve:
• Allocate a contingency fund as a percentage of your total budget (usually 10-15%) to cover unforeseen expenses.
16. Home Warranty:
• Research home warranty providers and obtain quotes. Use this as a form of insurance for yourself as a landlord if that is your exit strategy or offer this as an incentive to potential buyers while factoring in the cost.
17. Title and Escrow Fees:
• Request quotes from title companies and escrow services. These fees should be part of your closing costs budget.
18. Home Inspection Repairs:
• Budget for repairs based on the buyer's inspection report. Address critical issues and negotiate reasonable solutions to avoid surprises.
19. Cleaning and Final Touches:
• Hire professional cleaners and contractors for finishing touches. Ensure the property is in top condition for potential buyers.
20. Holding Costs:
• Calculate monthly holding costs by considering property taxes, insurance, utilities, and maintenance. Include this in your overall project budget.

By actively researching and obtaining quotes for each of these costs, you can create a more realistic and accurate rehab budget, reducing the chances that you have to change course later or make a costly mistake.

BP Community let me know if I'm missing any.

With resilience,
Josh

So you want to get into real estate investing. Exciting! But also, nerve-wracking. How exactly do you start generating returns instead of racking up costly mistakes?

That’s why you might be wondering: Should I invest in a real estate mentor?

It’s a debate I see often on the BP forums and it’s not an easy call. Arguments proliferate on both sides and as someone who has seen the dark side of the guru culture as well as the light of experiencing some success in my investing journey all while spending over 100k on mentorships, masterminds, coaches, consultants, courses, books etc… I thought I would offer my $.02.

Setting the frame:

I am an investor and make my income from being a practitioner of real estate rather than a professor of it. My hope is that you find this article to be a well-reasoned, unbiased perspective and helps you if you’re considering investing in something or someone to make an informed decision.

Dark Secrets of the Self-Help World

Financial freedom

A successful business

Quitting your job in 6-12 months

Join the 1%!

It all sounds so wonderful and tempting but is it possible?

The truth about many real estate mentors is far more sinister.

They lure you in with promises of easy money. Visions of getting rich quick with just a few "insider secrets" and some handholding.

These mentors don't really want you to succeed on your own. That would mean losing their cash cow when you no longer need their "guidance." Their true goal is to keep you dependent and paying those hefty fees indefinitely.

So they overhype unrealistic results while downplaying how much effort is required. They provide just enough motivation and basic information to string you along without ever letting you spread your wings. It's a parasitic relationship masquerading as empowerment.

And those "proprietary strategies" for real estate riches? Mostly recycled ideas you could easily find for free. But mentors know drowning you in lofty promises makes their programs seem irresistible. Even though their cookie-cutter approaches seldom fit an investor's unique goals and local market.

Once you realize their incentives are about exploiting hopes and dreams rather than helping them come true, you start seeing through the sales pitch. Your vulnerability makes you the perfect target. Stay skeptical and don't waste money better spent on actual investing.

Now, the argument in support of mentorship.

Unlocking the Mentorship Cheat Code

We all start as amateurs to the game. 

We face challenges.

Our experience points (XP) are low and our connections are weak.

We're not sure what place to go on the map first or even if we do know, the path to get there is unclear. 

But what if an expert player who already mastered the game gave you that direction and coached you through it? Would it make sense that you could get there with more confidence and with less time?

The greatest athletes learned from other players and coaches by passing hard-earned knowledge to them. Imparting proven tactics honed over decades of experience. Shortcutting years of trial and error through expert instruction.

Throughout history, mentors have unlocked potential in those hungry to learn. Sir Isaac Newton once said, “If I have seen further, it is by standing on the shoulders of giants.” What he was explaining by this is explaining that his ideas didn't come from him alone. He relied on the ideas of those who came before him to get him to where he wanted to go faster.

Real estate is no different. A mentor helps you acquire the tools and skills central to success much faster.

The fundamental idea of investing in yourself earlier to reap compounded returns later is as sound as the quality of the instruction.

The right mentor understands your struggles and stands ready to guide you. Offering a clear path forward tailored to your abilities and goals. You retain autonomy over your journey while benefiting from their hard-earned experience and connections.

Real estate investing is challenging without proper guidance. The right mentor provides the knowledge, skills, connections, support and accountability to ultimately save time, avoid costly mistakes and achieve success many times faster than trying to figure it out alone. That's why getting a mentor is so critical.

Additional thoughts:

I created this to talk about some of the main arguments and marketing tactics used and present arguments for and against each.

So should you hire a real estate mentor or go it alone?

Whichever route you take, persistence and personal initiative are key.

With Discipline,

Josh

Introduction to House Hacking

House hacking is a powerful strategy that allows you to turn your home into an income-generating asset. By strategically utilizing different forms of house hacking, you can significantly offset your housing expenses and build a path to financial independence. In this post I’ll explain various ways you can implement this strategy and hack your way into the real estate game.

Traditional House Hacking

Traditional house hacking involves renting out extra rooms within your primary residence. This approach offers a simple way to generate rental income while sharing living space with tenants. The benefits include close proximity to your tenants and relatively straightforward management. However, privacy concerns and compatibility with roommates' lifestyles should be carefully considered.

Multi-Unit Property House Hacking

If you're seeking greater rental income potential, consider investing in a multi-unit property such as a duplex or triplex. By living in one unit and renting out the others, you can substantially cover your mortgage and even make a profit. Managing multiple units requires more effort, but the financial rewards can often be greater than having only one unit.

Renting by the Room

Renting individual rooms separately is a variation of house hacking that can yield higher rental income. This strategy works well in areas with high demand for shared living arrangements, such as college towns or cities with a transient population. Adapting your property to accommodate more tenants may require extra effort, but the increased cash flow can be worth it.

Short-Term Rental House Hacking

Platforms like Airbnb have revolutionized the short-term rental market, offering a unique form of house hacking. By listing rooms or even your entire home on these platforms, you can tap into the lucrative world of vacation rentals. Flexibility in terms of when you rent out your space and potential for higher nightly rates are some of the perks. However, managing guest turnover and adhering to local regulations are critical aspects to consider as not all municipalities allow it.

Owner-Occupied Real Estate Investment

For those looking to diversify their real estate portfolio, owner-occupied investing provides a smart approach. This involves living in one unit of a multi-unit property while renting out the others. It allows you to leverage favorable financing terms and build equity in multiple units. Selecting properties with long-term investment potential is essential for this strategy's success.

FHA House Hacking

Utilizing an FHA loan to finance a multi-unit property is a clever way to start house hacking with a lower down payment. This government-backed loan program is designed for first-time homebuyers and can make real estate investing more accessible. FHA is a bit stricter when it comes to financing so it's crucial to understand FHA loan requirements and how they impact your investment strategy.

Bonus Content:

House Hacking Case Studies

Real-life examples from members here on BP that have done successful house hacks is a great place to show you what is possible. Stories can provide valuable insights. From individuals who turned their properties into income powerhouses to creative strategies they used to overcome challenges, these case studies showcase the diversity and potential of the house hacking strategy.

Scaling Up: What's next?

House hacking can be a stepping stone to more ambitious real estate ventures. The skills and experience gained from managing a small-scale rental property can be applied to larger investments. As you build your portfolio, consider expanding into commercial properties, partnerships, or syndications to further grow your real estate empire. At least that what I've done. Always remember the journey of 1000 miles begins with one step.

For my experience on the subject, I suggest reading the post I made here:

I reduced my monthly expenses by $1,469 each month

Quote from @Andrew Hesse:

Great story Josh, persistence is key! Congrats and I am sure the journey has been difficult but well worth it! I am in a similar boat as you earlier in your journey where I just finished renovating both sides of my duplex and now have a tenant covering my mortgage. How did you end up scaling to 10+ doors after your first house hack? Did you fund the deals yourself, partner, or use hard money/private money?  

Thank you Andrew!

Self funded. Biggest thing for me was increasing active income both in my job and I also launched a social media marketing agency. I was speaking to one of my roofers and he was struggling getting clients so I offered to help him out. After working for free to run some advertising that brought in some business I decided to see who else needed assistance. I mainly served roofers, some plumbers, electricians and GCs. I grew that to a 6 figure run rate all through cold calling local business owners and undercutting prices on my competition. During the process I hired a sales coach and a paid for someone to teach me how to run ads more profitably and effectively. I got some great contractors from it too! That business was a one man band and became a big time drain to manage alone. I've since dissolved that business to focus on the investment side of real estate. 

BRRRs also helped me pick up a few more doors as well! 

I reduced my monthly expenses by $1,469 each month and I'll here is the story of exactly how I did it.

If you go to my profile you can see the first deal I ever did in October of 2020. It was a househack. Before we go there, lets start from the beginning.

In March of 2020 I was renting an apartment paying $1,500 in rent and much like many of you reading this, I was stuck inside with the world shutdown. All I had was a lot of coffee and a strong WiFI connection.

Attaining Clarity
I had about 5k in savings and wasn't content with that. I then wrote out a monthly PnL, Profit and Loss statement to get clarity in order to plot my trajectory and make a more informed decision and begin to improve my financial position.

Unsurprisingly, my largest expense each month by far was rent. With this in mind I identified the goal as reduce my largest recurring monthly expense. This brought me into the world of real estate and I quickly discovered BiggerPockets.  

Singular Focus

Over the next 7 months I set sail on the seas of knowledge in search of understanding. My goal was clear. I wanted to own a property and live in it for free. I added specificity as I went. With my budget in mind I crystallized my criteria. I was looking for a multifamily property I could purchase for 50k/door where rents would cover my fixed expenses of mortgage, taxes and insurance. I set a daily intention and began analyzing 10 deals a day.

People, people, people

As I've progressed throughout life a common theme continues to arise. People > Everything. Business is not as much about business as much as it is about people. Books, podcasts, courses are all helpful in idea generation and foundational knowledge however, it wasn't until I began putting myself out there that real progress began to materialize. I attended the local REIAs and began calling agents, sending them my criteria and going to showings. It took me 7 agents to find one I really connected with and 3 lenders until the last one finally got my business to service the debt. During this period I was still underwriting 10 deals a day and providing feedback on every deal agents sent my way.  

Striking gold

In September of 2020 I finally found a deal. I was preapproved and had a total saved up just over 10k from my active income. I'd looked at over 1,000 deals and ran the numbers down to quotes on debt, county tax records, crime rates, utilities, insurance quotes, rents, median income etc... 

I spoke with my agent and we went to tour the property. The upstairs was renovated to rental grade and rented at $675/month. The bottom unit was vacant and offered a play for value add to say the least. I offered at asking with owner occupied financing at 10% down with a 4k seller assist, got my offer accepted and moved in a month later. My mortgage payment, taxes and insurance all in was $706 per month. My "rent": $31/Month

Broke as a joke

I poured over 90% of my liquid net worth into closing this deal and was so broke It took me 3 months to be able to afford to install lights in the bathroom and fix the tub/shower. During that period I was turning my shower on with a wrench I borrowed from my dad and showered in the dark. I would prop my phone up on a roll of toilet paper when I took a shower to give me light. I also learned that houses built over 100 years ago don't have the best insulation and since I was too poor to have lights in the bathroom, a new furnace was completely out of the question. Luckily, Cleveland Isn't known for its harsh winters :)

I'm not advising this but it worked for me in my situation. I earned a lot of respect for myself through gratitude and humility during the two years I lived there.    

Aftermath

I saved hard. After living on just over $500/Month and increasing my income for 2 years I finally finished renovating my unit. It wasn't perfect, I made mistakes and those mistakes have become incredible stories that continue to fuel my desire and provide amusement. Now, that second unit is rented and the property managed by a property management company. I've since gone on to owning 12 doors residentially and launching my first commercial net lease fund acquiring $5,000,000 in our first year and hitting our return target. I was foolish in the beginning and I'm certain I will look back a few years from now and think the same thing about the man I have become today. However, I do know this:

The interest earned on your persistence and isn't linear.
Tall trees grow from small seeds.

With Discipline, 

Josh

You want to get started in real estate but not sure where to begin?

I brainstormed a list and added summaries to each point. I ranked this list in terms of difficulty which I'm defining as the big 3: Time, capital and labor. This means that things that fall earlier on the list would be more suitable for if you're newer to the game and have less time, money, skill and experience and those that fall later on in the list would be considerations likely more suited for the established players or those with more resources at their disposal.

Essential:

1.    Real Estate Writing and Content Creation
•  Producing informative content like articles, blogs, videos, or podcasts related to real estate topics for educational and engagement   purposes.
2.    Real Estate Photography and Marketing
•  Providing visual marketing services to make properties appealing, including photography, videography, and digital content.
3.    Real Estate Education
•  Sharing your knowledge and expertise through teaching real estate courses, workshops, or seminars to aspiring investors or agents.
4.    Real Estate Appraisal
•  Evaluating the value of properties for various purposes such as mortgages, sales, or tax assessments through comprehensive analysis.
5.    Property Research and Analysis
•  Offering market research, data analysis, and property valuations to investors and real estate professionals for informed decision-making.

Advanced:

1. Real Estate Wholesaling
• Contracting properties at a lower price and assigning the contract to another buyer for a fee, often involving distressed properties.
2. Real Estate Consultancy
• Providing advice and guidance to clients on property investment strategies, market trends, and portfolio management.
3. Real Estate Agent
• Becoming a licensed professional to assist clients in buying, selling, or renting properties and earning commissions.
4. Property Management
• Managing properties on behalf of owners, handling maintenance, tenant issues, and rent collection for a recurring income.
5. Real Estate Broker
• Advancing from an agent to oversee and manage a brokerage, including agents and their transactions.
6. Real Estate REITs
• Investing in Real Estate Investment Trusts, publicly traded companies owning or financing income-generating real estate.
7. Real Estate Crowdfunding
• Investing smaller amounts alongside others in pooled funds to finance larger real estate projects through online platforms.

Expert:

1. Real Estate Flipping
• Purchasing distressed properties, renovating them, and reselling for profit, requiring market insights and renovation skills.
2. Residential Real Estate (Buying and Selling)
• Buying and selling single-family homes, condos, townhouses, etc., for profit.
3. Real Estate Investor (Buy and Hold)
• Purchasing properties as investments to generate rental income or capital appreciation, with various strategies like buy and hold.
4. Commercial Real Estate (Leasing)
• Investing in or leasing commercial properties like office buildings, retail spaces, and warehouses to businesses.
5. Commercial Real Estate (Investing)
• Investing in income-generating commercial properties, requiring a deep understanding of the commercial real estate market.
6. Real Estate Finance and Mortgage Brokering
   
• Assisting buyers in securing loans and mortgages for property purchases, necessitating knowledge of lending options and regulations.

Elite:

1. Real Estate Syndication
• Forming partnerships with other investors to collectively purchase and manage properties, sharing profits and risks.
2. Real Estate Law and Legal Services
• Specializing in legal matters related to real estate transactions, contracts, and disputes, requiring expertise in real estate law.
3. Real Estate Developer
   • Acquiring land and developing properties for profit, involving construction, project management, and financing.

If you liked this and got value out of it I'd be glad to make a second article or engage in conversation about specific business ideas and resources that can help you on each topic. Let me know by upvoting or commenting any routes you've taken or plan to take in your journey that I missed. 

With Discipline,

Josh

Recently I was invited to speak on a panel discussion at a real estate event here in Cleveland Ohio. The moderator asked "What questions do you need answered to fulfill your vision?"

I liked the sentiment of the question which I interpreted as what obstacles are you facing that are holding you back from achieving your goals?
However, I found the question to be more personal and less relatable to the audience I was speaking in front of. The audience seemed to like my response so I thought I would share here on BP.

I answered:

Who remembers growing up as a kid playing on the playground on a teeter totter? You have one side all the way down and the other side all the way up as someone else sits on the other side it starts to balance out. Finding out what you need to fuel your vision is a balance and just like the teeter totter that balance will rarely stay at an equilibrium point. Sometimes in your journey you may need more knowledge, sometimes you need connections. The teeter totter is rarely stagnant, there’s constant motion. This is the path of an entrepreneur.

There are questions that I won’t have the answers to. There will be uncertainty. Challenges will arise. That’s ok. The measure of an entrepreneur is found in the ability to navigate those challenges. You must do more if you want to learn more and in this way the path is illuminated by the walking. Having an experienced coach to act as a guide along that path has been a massive help with that as well.

To give you all an actionable framework for whatever niche you’re in or business you’re working on to fulfill your vision I would recommend focusing on:

Knowledge first

Clarity of purpose

Relentless execution

I have witnessed countless individuals fall victim to the pitfalls of mental accounting when it comes to their property investments. I know wholesalers that have booked a vacation expecting an assignment fee only to be dismayed when their buyer backs out. I know syndicators that lost their shirt on a deal when they accounted for cashflows from the property to fund renovations rather than being oversubscribed on their raise.

Mental accounting refers to the tendency of categorizing and assigning different values to our financial resources based on subjective criteria, rather than objectively evaluating their true worth. One common mistake I have observed is funding future renovations solely based on asset cashflows or spending money that is yet to be acquired. This approach can lead to overestimation of available funds and significant financial setbacks.

To avoid this perilous trap, it is crucial for experienced real estate investors to raise more capital than they initially believe they require, especially as it relates to renovations. Not to mention there can be unexpected expenses or market fluctuations that may arise during the process. This prudent approach ensures you have the necessary financial resources readily available, preventing delays, eating into NOI and potential project failures.

Moreover, proper budgeting is an indispensable tool for mitigating mental accounting biases. By meticulously outlining a detailed budget or scope of work that accounts for all expenses, you solidify the bedrock of your financial plan. This not only helps avoid overspending but also enables you to make informed decisions based on accurate financial projections.

Hope this helps and acts as a tool for your journey towards truth and sound investing.

When it comes to multifamily investing, reputation stands as a principal factor that distinguishes the top investors from the rest. It serves as a resolute pillar upon which lucrative transactions and long-lasting partnerships are built. I often view reputation as an unspoken currency. If wielded correctly it can act as your closest ally. If left unkempt, it can act as a massive hurdle especially in finding opportunities and funding future ventures.

When you make decisions with reputation at the forefront and do what is right despite conceding a near-term cost, you build goodwill. By consistently upholding this standard, even in the case of challenges and tradeoffs, one endorses trust in the future. This fortified moral position not only bolsters credibility but also safeguards against incalculable future losses. Each transaction becomes a testament to your integrity, fostering an environment where partnerships develop, and opportunities are created.

You can't estimate how much you're leaving on the table; regret only exists in hindsight. By building and preserving an impeccable reputation, astute investors harness the power of foresight, ensuring that every endeavor is underpinned by trust, credibility, and the unwavering commitment to deliver.

In the competitive landscape of multifamily investing the wise investor understands that reputation is the lifeblood that flows through every successful transaction. It is the intangible force that commands respect, opens doors, and propels one towards future opportunities.

Nurturing and safeguarding one's reputation is an indispensable strategic advantage. It is a testament to character, a shield against future losses, and a prerequisite for sustained success in multifamily investing.

Reputation = Promises Made x Promises Kept