Multifamily Legacy Podcast in the NY City Podcast Network

019: The Nuts And Bolts Of Putting A Deal Together

When creating the cash flow lifestyle you are going to want to know how to structure deals Today I go through the nuts and bolts of how to put deals together and the financing component Plus the all important people component I also have a Free Live Webinar coming up February 20th Please go to the link and register to everything I m doing in the multifamily space The Boardroom is also coming up I m going to put on a small event three times a year with 35 participants This will be a high level group that does a lot of great things and gets a lot of traction I am doing a six-part webinar series on the six profit pillars and then a 3-day intensive I m really going to teach this game so you can have time and money Register at Kahuna Wealth Builders Topics on Today s Episode Partner with people who have net worth This person is a sponsor who puts down the earnest money and provides the net worth and signs for the loan Give up 10 of your deal for a sponsor Finding a deal is worth about 10 It is a simple math process Make a list of what I have and what I need and put the pieces together Underwriting guidelines protect the capital or money If you have no money or credibility give up more to get the deal and get started Build a track record and build legitimacy Then you won t have to give up as much The underwriting will tell you how much you can pay for capital and if the deal is a go or not Don t chase deals only do fat deals To find sponsors simply start asking your friends and family and practice asking You will soon develop a way to ask and find the right person Don t ask people for money ask them who they know The right people will always self-select There are people who want to invest who don t like the ups and downs of the stock market We buy for the cash flow Our investors crave consistency I pay my investors quarterly paychecks or mailbox money Plus we sell in five years and they get a big chunk of money Do this over and it creates a rising income story The deals have to be done conservatively to make money The golden rule is to take care of the capital 100 of the time everytime Make a net worth statement on an excel spreadsheet What you owe minus the properties value is your net worth Links and Resources Mentioned Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family Free Live Webinar The Boardroom Join the Free Webinar Quotes I really want people to see the authenticity of what I do and the next pieces of the puzzle Corey Peterson If you want to get into the multifamily space get good at raising capital Corey Peterson Having a deal under your built gives you so much more legitimacy Corey Peterson Don t forget to download my Free Workshop Quickstart Video Series and if you like what you have heard please leave a review on iTunes Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family Click here to visit this podcast episode