Multifamily Legacy Podcast in the NY City Podcast Network

021: Becoming A Real Estate Investor – Bob Bowman

Ever thought of going to a training session on how to invest in multi-family real estate You may not have the money to go but you can t afford not to go Today my guest is Bob Bowman a real estate investor He attended Ball State University to major in education and become a teacher Eventually he realized he wanted to be in business He learned how to sell and talk to people as well as create business where there was none He made a lot of money – for the company he was working for at the time After several years he got tired of working for a company and making money for other people He dreamed about working for himself in real estate Bob began buying single-family homes He would buy renovate and lease them – and found it to be a great way to make money Around 2007-2008 the market changed and Bob realized he needed to start selling these homes He lost his net worth and income He needed to reinvent himself and started looking into investing in apartments Topics on Today s Episode How Bob learned how to raise money for real estate deals After all you need money to buy real estate Create an elevator pitch as a selling technique This is your moment to shine Educate yourself as well as generate discussions and relationships to learn about what you want to do In Bob s case it was apartments Bob learned about how to get deals how to talk to brokers and underwriting when it comes to apartments Also he got a coach to help educate him Corleone Method When you are good at raising capital it gives you power when talking to brokers and others You can act competent When subscribing for a deal and looking to get a commitment it should be 2 5X the money you need As you build a database of investors it gets easier to raise money You need to build relationships where they know and trust you If you can t raise money you will never reach your full potential No matter who you are talking to you need to be a strong underwriter and know your business and market Take care of your investors through underwriting and know your numbers Is it a good deal Or a great deal You need to be confident enough to be able to discuss and decide You can always say No When spreadsheets are spread around formulas are changes and not calculated correctly The results aren t what you are going to get in your investment Bob created a software product called Commercial Underwriter – Simple Input Sophisticated Output for underwriting apartments and commercial real estate It is a simple yet comprehensive tool that shows how an investment will perform One of the enhancements for the product will be the ability to create a professional property package for investors which will save you a lot of time Bob s Method of Success Educate yourself mastermind and surround yourself with like-minded people teach others take action and become a strong underwriter If you want to get ahead help others through a hand-up not a hand-out Money comes first and protect your capital Plus find a partner who complements what you do and shares the risks Links and Resources Mentioned Bob bob bowman outlook com or 321-239-0647 Commercial Underwriter Diane Bowman Carleton Sheets and Russ Whitney Dave Lindahl Xerox IBM Canon and Linear Harvard Club Fortune 500 Shark Tank 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