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How To Hire The Right Lawyer In Multifamily Real Estate


Hiring the right lawyer in multifamily real estate can make or break deals and can increase or decrease your future deal flow from brokers and other investors. ELITE INVESTORS ALSO CHOOSE LAWYERS WHO SHARE THEIR BELIEFS ABOUT DEAL MAKING AND EMPATHY. This is huge! Every Elite Investor I know is represented by a lawyer with whom I thoroughly enjoy working. They show empathy in transactions, and they truly thrive on doing deals rather than suspiciously searching for ways the other party is trying to get the upper hand. Unfortunately, the opposite is also true. Some investors choose attorneys who thrive on redlining as many words as they can so their client thinks they are really good. When they find a clause they don’t like, instead of thinking about solutions, they build up the issue to be more important than it is. Attorneys are used to seeing redlining, so it is no big deal to them. But when investors open a document like that, they are completely deflated, angry, and aggravated. Even if most of the redlines are grammatical, it still sours the review process. Elite Attorneys have an encouraging tone that a deal can get done; they give realistic probabilities on issues, never raise their voice, and never start building up the other side as villains. These attorneys know that the more deals they can help their clients do, while still keeping them safe, the more those clients will use them and help them grow their own law practice. Also, Elite A......
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Top 5 Reasons Real Estate Investors Hire Real Estate Agents


Don't let the boring title of this video fool you. There are 5 main reasons the most elite multifamily investors in the world hire a real estate agent to sell their assets and you're not gonna want to miss # 5 on the list.

As an overall answer to the question "Why hire a real estate agent to sell your assets," they make you more money. That's a fact. Read on. Yes, real estate investors could just get an appraisal done and stick the listing on LoopNet, Crexi, apartmentbuildings.com, or Ten-X. And yes it will probably sell.

A real estate investor could even get a bunch of real estate agent BOVs (Broker Opinion of Value) to ensure they list their own property for the right price, not hire any real estate agent, and sell themselves. But make no mistake only real estate agents can create an environment that earns a seller the most the market will pay.

Here's reason #1:  No investor can ever create the vast database a real estate agent can because it isn’t natural for real estate investors to call dozens of other real estate investors a week and build rapport. An investor’s database of buyers will pale in comparison to a real estate agent's. The more real estate investors known the greater the chance of bringing a higher offer.

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How Elite Multifamily Real Estate Investors Make Decisions


When you adopt the "Hell Yes or Hell No" decision-making process like elite multifamily real estate investors do, you'll be amazed at what you can accomplish in your business.  Every year that goes by the number of distractions for real estate investors grows. Those distractions are costing most investors millions of dollars in lost opportunities. In this video, I give you an inside look at how elite investors transact more deals per year than everyone else. Elite investors are highly focused and say “no” a lot. They say no to anything that doesn’t have a 90% likelihood to help them procure more deals. Mediocre investors are highly distracted. They are members of lots of clubs, board members on multiple philanthropic type organizations, presidents of associations that don’t contribute to doing more deals, they allow numerous meetings during the week with people that don’t contribute toward procuring more deals, someone convinces them to look at a shopping center, a new business to buy, etc. Those things are fine if they TRULY bring joy to your life. The elite set up their personal lives to be as distraction free as possible during the workweek so they can be as productive as possible. In every decision they make throughout the day they are asking themselves “does this help me procure more deals?" And if the answer isn’t “hell yes,” meaning 90% certainty, then they aren’t doing it. Here is the most dangerous thing I see among successful individuals. The more success you gain, the more others notice ......
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How To Systematically Build Broker Relationships In Your CRM


There is no way to consistently build relationships with every multifamily broker in every market you cover without systematizing the process using customer relationship management (CRM) software.

The process in theory is easy, but carrying out the process does require a lot of work. This is a good thing, it ensures few will do it right for a long period of time but those that do earn tremendous success in their investment careers.

  1. Buy a CRM license. There are lots of them out there. I use and love RealNex (http://info.realnex.com/lead_demo-0). This will be the platform that you do all your networking with brokers on.
  2. Search for every multifamily broker in every market you cover and save their contact info into the CRM.
  3. Save their contact info to your CRM.
  4. Schedule regular, out of the blue calls.
  5. Make introductory calls for new contacts.
  6. As you continue to make calls and develop relationships, learn about them.

Watch the video, read the details in the video description for more specific details.

 

 

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How Empathy Can Earn Real Estate Investors A Big Win


As a multifamily real estate agent I've witnessed numerous times how empathy has earned real estate investors a big win not just in the deal they are working on, but on future transactions. All too often in the real estate investment world buyers and sellers are only looking out for themselves. Others notice that way of operating and tend to shy away from future transactions with those real estate investors. The amateur investor criticizes the other party's actions or decisions without ever considering what their needs are or reasons for their actions. The Elite Investors ask questions. They don't pass judgment. They look deeper to understand what the buyer or seller's true concerns are in order to create a win-win for both parties. When both parties feel like they are being heard and that the other side is truly trying to accommodate one's concerns or goals, it not only makes that transaction smooth, it dramatically increases the probability that one of three things will happen: 1. either those two parties will want to transact again, 2. they will tell others about how wonderful it was to deal with the other side, or 3) both 1 and 2 above. This isn't rocket science information to understand, but the implementation of it consistently over a long period of time is a rarity. Take it from a real estate agent with over 20 years of experience and hundreds of transactions under my belt. I'll conclude with this, 79% of my closings (and probably a......
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What is the Michael Jordan effect in real estate investing?


Michael Jordan is arguably the greatest basketball player to have ever lived who consistently got referee calls to go his way. Some thought it was unfair. If you want the unfair advantage in real estate investing, take a listen to this video. Andy Andrews (https://www.andyandrews.com/), is an in-demand speaker, coach, and consultant for the world’s largest organizations. Andy once wrote about the Jordan Effect (https://www.andyandrews.com/the-jordan-effect/) on this website in a blog. Jordan put in meaningful time developing relationships with referees because he liked them. In turn, those referees would sometimes give Michael Jordan the benefit of the doubt on close calls during a game as opposed to the NBA players that would cuss, yell at the referee, and generally be unpleasant. Michael Jordan is arguably the greatest basketball player to have ever lived who consistently got referee calls to go his way. Some thought it was unfair. If you want the unfair advantage in real estate investing, take a listen to this video. For other helpful tips on how to buy more multifamily assets, visit https://www.beaubeery.com/book. Andy Andrews (https://www.andyandrews.com/), is an in-demand speaker, coach, and consultant for the world’s largest organizations. Andy once wrote about the Jordan Effect (https://www.andyandrews.com/the-jordan-effect/) on this website in a blog. Jordan put in meaningful time developing relationships with referees because he liked them. In turn, those referees would sometimes give Michael Jordan the benefit of the doubt on close calls during a game as opposed to the NBA players that would cuss, yell at the referee, and......
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Top Destroyer of Real Estate Deals for Investors


There is a silent destroyer of real estate deals for an investor out there that is costing them millions of dollars in opportunities and they have no idea it’s happening.  SPAM BLOCKERS.  As a real estate broker in modern times, most new listings are pushed out through email and world servers are blocking those emails from ever getting to an investor's computer.  The multifamily real estate investors that buy more deals are the ones that see more deals than other investors.  If a server has flagged a real estate agent's email domain as a spammer, none of their new listings will ever make it to an investor's inbox. Watch this video for exactly how this works.

Almost Everyone’s email has spam blocker technology.  Some are more aggressive than others, but the point is, it is just a software, or artificial intelligence, deciding which email to allow in to your inbox.  There’s no human being watching over the spam blocker technology.

Multifamily brokers send a lot of emails in the ordinary course of a day.  Listings, closings, market reports, correspondence, relationship building, etc.  Everyone’s email is run off of one of just a few main servers in the world.  Sometimes those server’s spam blocking technology will decide that the server holding a broker's email is spam.  Because brokers email so much servers will label it spam and block it from ever going thru their server to get to any of the email addresses they serve.

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How buyers lose deals


If you are a multifamily real estate investor with an active real estate license that was sent a listing by a listing broker, DON'T try to share in that listing broker's commission if you want to see more future listings.

Remember, the multifamily investment world is a hyper competitive environment with hundreds of investors competing against each other for a small number of investments for sale. Real estate agents are responsible for over 90% of all multifamily real estate sales in many markets. If a listing broker sends a buyer a new listing, and that buyer turns in an offer that includes them wanting a portion of that listing broker's commission just because they hold a real estate license, than that listing broker will be dis-incentivized to share any future listings with that buyer.

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Top 2 Best Multifamily Real Estate Assets To Buy Right Now


Which multifamily real estate assets give the best return after you add value to them? We reveal the answer in this video after conducting a two year study of Class A, B, and C assets in Florida.

 

 

I conducted a 2 year analysis of every asset class within multifamily, including Class A, B+, B, B-, C+, C, and C- assets across the entire northern half of Florida. I analyzed what the dollar per unit difference was between each asset class in order to determine which jump in asset class produced the largest value increase.

To go from a C- to a C, or a C to a C+, or a C+ to a B- all had roughly $15,000-20,000 per unit jumps. To go from a B- to a B is around $35,000. But to go from a B to a B+ or from a B+ to an A offers a $40,000+ jump in value! Those B and A class deals are more rare however so don't get frustrated only trying to find those assets. You should pursue all deals that meet your return objectives but pay particular attention to those assets. If you'd like to understand the make-up or DNA of B, B+, and A class assets ($/unit, age, rents, etc.) for the northern half of Florida, please contact me.

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The Law Of The Big Mo (Momentum) In Multifamily Real Estate


In multifamily real estate when an investor has built momentum, they are extremely hard to compete against. Every broker and seller wants to do business with them. In this video we discuss The Law of The Big Mo as author John C Maxwell calls it in his book The 21 Irrefutable Laws of Leadership.    Below are THE 7 KEY FACTS ABOUT MOMENTUM from John Maxwell's book: 1. MOMENTUM IS THE GREAT EXAGGERATOR When deals are being brought to you, and you’re closing, and more investors continue to give you money, and management is managing well, momentum makes it look even better. In contrast when you can’t find deals, and nobody is bringing you any, and you’re in a dry spell for closing, and you can’t find equity, momentum makes you look even worse. 2. MOMENTUM MAKES LEADERS LOOK BETTER THAN THEY ARE The more deals you’re closing on, the more brokers and sellers are wanting to bring you deals. The world forgets about how long it took you to get there, all the bids you lost, a moment or two you had to retrade, etc. 3. MOMENTUM HELPS FOLLOWERS PERFORM BETTER THAN THEY ARE When you’re acquiring more deals, and they are being managed well, and rents are increasing, and your value add program is working, your staff becomes inspired to perform at their highest levels. It becomes contagious. 4. MOMENTUM IS EASIER TO STEER THAN TO START Momentum is hard to get started but all elite investors found out that once a......
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