074: Hawkeye Towers: The Good, The Bad, And The Ugly Part 1

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Painting a Bob Ross is almost like doing a real estate deal You have an idea of what you re going to do but then you mess up You pull back to take a look and reflect There are no mistakes just happy accidents Things happen for a reason Today I m starting a miniseries called Hawkeye Towers The Good the Bad and the Ugly It s a conversation about what went right and wrong with a recent deal to help you understand the underbelly of what really happens in multifamily deals Many people talk about how great it is but forget to tell you the truth It s not always sunset and palm trees Sometimes there s a little snafu But everybody will forget anything bad that happens in a deal as long as you close Topics on Today s Episode Losing in best and final don t cry about it go back to work Hawkeye Towers Student housing project via same broker as Eagle s Village Transactional relationship was established did what we said we re going to do During a deal Go slow understand what you re doing and follow your process Site Visit How close are you to the college When was the property built What amenities does it offer Figure out financials for Letter of Intent LOI why does seller want to sell what s their motivation Perform physical and financial audits on property to know the numbers Sellers get amnesia miss opportunities and forget how to operate Red Flag Seller can t get lease rate back up to 90 occupied for underwriting Understand and abide by contracts because they bring out the worst in people Intervention and Alternative Finding loans is about relationships Links and Resources Mentioned Kahuna Boardroom Why the Rich Get Richer by Corey Peterson Bob Ross Fannie Mae Freddie Mac Veridian Credit Union Quotes by Corey Peterson Power of transacting and having broker relations When you can get to that point where they like you and they want to do business with you Even though deals kind of go south get weird and all that stuff when you close all sins are forgiven I m slow for a reason My team s slow for a reason The reason is we have a process We re going to follow our process We have to check things off In small town America asking putting your right foot forward and showing them all your cards being truthful and honest means something That s what we did 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