Aiming for a huge target is not at all bad, but the harsh reality should also be considered. In this episode, we feature Matthew Drouin and his story of doing a deal that entails facing problematic neighborhoods and people down on their luck. He talks about his experience of regret looking upon himself as a hero and brings the invaluable lessons he learned from it.
[00:00 - 08:51] When the Harsh Truth Slaps, We Go Back to What Matters
[08:52 - 18:19] From Hero Complex to Midas Syndrome: The Horror Story
[18:20 - 19:16] Closing Segment
Tweetable Quote:
“ The biggest mistake I made on this whole thing was right in the beginning, I got the hero complex and also the Midas syndrome on this. And I was not doing it based upon logical reasoning in terms of sticking to my guns and all the principles that had made me successful.” - Matthew Drouin
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show https://www.facebook.com/groups/157335752156211/
Support the showHolding your money too tightly to invest for inspection would be a big mistake. Michael Sampson notes that it's important to work with a good real estate broker and have professional inspections done on your properties to make sure they're in good condition. He also advises patience when growing a real estate portfolio, as successes can take time to build.
[00:00 - 07:13] Lessons Learned from Multifamily Investing
[07:14 - 10:37] Multifamily Operator Finds Success with New Framework
[10:38 - 13:06] Closing Segment
Tweetable Quote:
“ You just have to go out and do it. It can be frightening at first, but once you get into it, it's almost just like a single-family home. It's just a bigger asset. And then you have to spend some money upfront on an inspection. That's the cost of doing business.” - Michael Sampson
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show https://www.facebook.com/groups/157335752156211/
How much do we know about the property before we make a deal? In this episode, Tommy Brant addresses the importance of financial due diligence and how knowing the owners is just as essential as knowing the assets. Tommy also shares how taking the lead on the deal helped create value for him and his partners.
[00:01 - 17:18] The Deal that Eluded Me
[17:19 -19:44 ] How to Avoid Mistakes During Financial Due Diligence
[18:37 - 20:06] Closing Segment
Tweetable Quote:
“You really need to understand the previous owners. What are the operators like? Did they have a business plan? What did they neglect? Is there a theme that we're seeing in all the units, So whenever people are talking about hard earned money, I wanna know the owners just as much as, I would know, the asset.” - Tommy Brant
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show (https://www.facebook.com/groups/157335752156211/)
Planning to get the deal requires consideration of a strategic exit too. In this episode, Sam Wilson talks about his investment and exit strategies, avoiding mistakes in the future, and how important it is to make sure that there are out clauses in contracts in order to protect oneself. Listen closely as Sam provides listeners with valuable advice on how to make life count by doing the things that don't always count.
[00:01 - 13:36] How to Secure a Contractual Agreement with Sellers
[13:37 - 18:36] Simple Contracting Tips to Protect Yourself from Multifamily Missteps
[18:37 - 20:06] Closing Segment
Tweetable Quotes:
“There are unfinanceable deals out there. So, you know, whatever your reasons are, make there’s enough in there that’s broad enough to get out of the deal… Don’t be like me who is afraid to walk away from deals.” - Sam Wilson
“That’s the thing about mistakes. I think that entrepreneurs, in particular, are willing to fail… And we’re going to fail… And when you do that, you just got to be able to learn from that lesson and remember those mistakes.” - Sam Wilson
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Is it possible to generate passive income while on active duty? Of course! Listen in as Tim Kelly and Jerome Myers emphasize the importance of education and networking to becoming successful in real estate investing. In this episode, Tim explains how to create a community of like-minded individuals in order to leverage relationships and access opportunities. Tune in as he shares stories of his own successes and failures. This is a signal for you to take the necessary steps to achieve your own goals.
[00:01 - 10:23] Creating Financial Freedom on the Way to Success
[10:24 - 22:03] Finding Like-Minded Individuals for Support and Accountability
[22:04 - 25:53] Closing Segment
Tweetable Quotes:
“You can learn the mechanics. The more important part is adapting and growing your mindset.” - Tim Kelly
“There is no such thing as failure. You either win or you learn and move forward.” - Tim Kelly
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Support the show