How to Define Your Real Estate Investing Goals

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This Money Monday$ Learn tips on how you can define your real estate investment goals! By identifying your real estate investment goals, you will have a clear idea of which investment opportunities are a good fit for you!

VIDEO TRANSCRIPTION

00:00
days welcome everybody the monday before
00:02
thanksgiving the money for thanksgiving
00:04
yeah did you bring your turkey hat i did
00:06
not i was thinking about that when i was
00:07
driving in i was like man we should have
00:08
we need to get better at props
00:10
oh i thought you were saying you’re
00:11
thinking you should have brought your
00:12
turkey hat no why no which would be a
00:14
prop right yeah
00:16
yeah i told you that a while ago we need
00:17
to just have a bunch of props it should
00:18
be prop heavy on the show but
00:20
i got some good feedback on when we had
00:22
the mask master’s getting it done oh you
00:23
guys did something different
00:24
kind of switching it up i was like man i
00:26
didn’t think people were gonna like that
00:27
that much
00:28
so you know we should have brought me a
00:29
turkey we could have had the turkey on
00:31
the call but the video
00:32
you’re just kind of you know but then
00:34
hey we wouldn’t be able to
00:36
you know to be able to bestow some of
00:38
our education on our viewers here
00:41
absolutely so what are we talking about
00:42
today man you were gonna tell me how
00:44
thankful you are for me
00:45
uh i’m very thankful for a lot of things
00:47
buddy you included my friend
00:49
all right no we are so money mondays
00:52
right
00:52
you do this every monday at what time
00:53
ben 3 30 central oh you remember now it
00:56
took us about 25 shows to go right now
00:57
i’m kidding it was it was three
00:59
mondays 3 30 central calendar we go
01:01
through a bunch of different topics
01:02
this week’s topic is how to define your
01:04
real estate investing goals right i
01:05
figured it’s a good match for
01:07
thanksgiving kind of the holidays right
01:09
really getting back in that goal setting
01:10
mindset
01:11
hopefully next year kind of covered
01:13
passes and we kind of get back into a
01:15
little bit
01:16
more of a you know where you can
01:18
actually set goals and plans and then
01:19
work towards them
01:20
without a bigger edge getting tired in
01:22
our defense we did have some pretty
01:23
ambitious goals too for 2020 some of
01:25
them we were able to achieve some of
01:27
them are obviously going to be now 2021
01:28
goals
01:29
absolutely you know mainly on the
01:30
acquisition side but no no you brought
01:32
up a good point
01:33
this is the time everybody that you need
01:34
to be setting your goals right whether
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it’s personally professionally
01:38
whatever it might be right you know now
01:39
we can’t sit here and motivate you to
01:41
get into the gym or eat better or
01:43
whatever it might be whatever advice you
01:44
need to get rid of
01:45
but we’re going to try to at least show
01:47
you kind of some of the ways that we
01:48
kind of look at
01:49
you know how do we how do we look at it
01:51
from a real estate investing
01:52
you know goal standpoint right so we’re
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going to dive right in here because
01:55
we’re a couple minutes late right
01:57
but before you get going right so we’ll
01:59
spend about you know so shows tell 30
02:01
minutes right for those tuning in for
02:02
the first time
02:03
3 30 central every monday now we’ll
02:05
spend about 15-20 minutes presenting in
02:07
about 10 minutes
02:08
live q a so in the q a is the best part
02:10
q a is the best part
02:11
you guys don’t have to ask questions
02:12
about what we’re talking about
02:14
you can ask questions about whatever you
02:16
want to know so we’re happy to answer
02:18
them
02:18
feel free to ask them you know but
02:20
hopefully it’s about the topic but if
02:21
not feel free to ask yeah i mean
02:22
anything real estate entrepreneur wise
02:24
technology
02:25
right you know what do we think of the
02:26
market you know those are some of the
02:27
questions that we’ve gotten in the past
02:28
and we’re happy to
02:29
throw those so throw throw all the curve
02:31
balls to him all the easy questions to
02:32
me and we’ll go ahead and
02:33
before you go on we got two comments
02:35
right so savion says you know what’s
02:37
going on guys
02:37
how’s it going man you’re definitely one
02:39
of our one of our top top viewers so
02:41
appreciate it
02:42
any deals in the pipeline we’ve been
02:44
close
02:45
on many deals my heart is still broken
02:48
it’s been a rough you know quarter yeah
02:49
it’s just a problem with this business
02:51
is being close as if you didn’t do
02:53
anything at all
02:54
yeah you got to be patient right we’re
02:56
not willing to buy a deal just to buy a
02:58
deal
02:58
so you know i mean we’re trying to be as
03:00
conservative in our underwriting knowing
03:02
that obviously kobet’s still with us and
03:04
we’re hopeful that it goes away sometime
03:06
soon but who knows right so you got to
03:07
be a little bit more conservative on
03:09
those rent pushes and
03:10
you know obviously debt’s cheap which is
03:11
great but that doesn’t always offset
03:14
the premiums that some of these brokers
03:15
are asking and the the lack of rent
03:17
pushes that you can get on some of these
03:19
deals so absolutely
03:20
so let’s talk about it right you know i
03:22
think you know we always look at
03:23
everything in terms of a smart goal
03:25
right yeah tony robbins talks about this
03:27
this is it’s been out in the market if
03:28
anybody
03:29
if anybody’s in corporate america you
03:31
probably had your smart goal
03:32
you know either defined for you or your
03:35
manager’s probably asking you for one
03:36
right but
03:37
what are we talking about in terms of
03:38
smart call right it’s specific it’s
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measurable
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it’s attainable it’s relevant it’s time
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bound right so we’re going to kind of
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come
03:44
go through that in reverse no off top
03:47
ahead of that looking at the screen
03:48
oh excuse me
03:51
time bound relevant don’t laugh shanna i
03:54
heard you back there
03:56
attainable uh measurable
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and uh i should know the ass i can’t
04:01
believe that
04:02
subtle i mean specific sup really all
04:05
right well i was close
04:06
thanks for throwing that’s the curveball
04:08
i’m talking about this guy you got to
04:09
watch him
04:10
all right so what are we talking about
04:11
when we’re talking about being specific
04:13
right you have to just say you can’t
04:15
just say i want to buy real estate
04:17
okay what does that mean right there’s a
04:19
thousand different niches in real estate
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so i think you have to be a little bit
04:22
more specific right
04:23
i want to buy a hundred unit to a 200
04:26
unit property multi-family
04:29
in houston class c or b pretty specific
04:32
right you know versus saying oh i want
04:34
to buy real estate i want to get in the
04:36
room
04:36
a lot of people want to get in real
04:37
estate and it’s very vague and you know
04:38
that’s fine people start there but again
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be a little bit more specific because
04:42
otherwise you’re just going to get lost
04:43
right and i see that a lot of times
04:45
people just get overwhelmed
04:46
real estate is massive it is a very big
04:48
ecosystem right
04:49
narrow what you wanted whenever i first
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started it was i wanted to buy one to
04:53
four unit properties in houston that i
04:55
could basically self-manage
04:56
right that’s pretty specific you know
04:58
and something and honestly too
04:59
even pricing i had to you know when that
05:00
150 to 220 000
05:02
price range now yeah maybe i’d go a
05:04
little bit lower maybe a little bit
05:05
higher but that was kind of the focus
05:06
right
05:07
and from that you figure out what
05:08
opportunities presents itself but you
05:09
can really start to build up a system to
05:10
really double down you get your box
05:12
right i mean we’ve talked about this on
05:13
this show before right we talked about
05:14
this and we talked about this in
05:15
investor academy quite a bit right you
05:17
have to define what your box is and
05:18
that’s either
05:19
if you just want to commit this business
05:20
passively i just want to put some money
05:22
to work
05:23
or if you want to come at this you know
05:24
as uh you know the co
05:26
you know the sponsor of the deal the
05:28
syndicator or whatever you want to call
05:29
us right
05:30
you need to understand what you are
05:32
going to be doing and what you’re going
05:33
to be going after so that’s what we’re
05:34
talking about we’re talking about being
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specific
05:36
right so next one measurable right
05:38
you’re the you’re the data guy
05:40
you’re the kpi guy yeah right you you do
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all the systems for us and and houses
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you need to be able to track it and kind
05:46
of what it is right it’s important again
05:48
saying you know i just want to buy real
05:50
estate again it’s not specific nor is it
05:51
really measurable
05:52
it’s i want to buy three properties by
05:54
the end of this year that are in this
05:56
price range that are yielding this
05:57
return
05:57
right and i need to take it i take it
05:59
one step further right because what
06:00
we’ve noticed as we’ve done this more
06:02
and more
06:03
the more deals that you look at the more
06:05
deals that you underwrite the more deals
06:07
that you
06:07
that you make you know an offer on the
06:10
more likelihood that you’re going to so
06:12
there’s
06:12
you can literally back up and say okay
06:14
and i’m this is just an example folks i
06:15
don’t take this
06:16
this is with a grain of salt right i
06:18
have to look at 100 deals
06:20
to underwrite 50 to offer on 20
06:23
to get one yeah right and you really
06:25
that’s so your measurable is i’m going
06:27
to underwrite 20 deals a month yep
06:29
to in order to buy three properties this
06:31
year right like you’re measuring that
06:32
and tracking then each month you can
06:33
evaluate yourself did i underwrite 20
06:35
deals no i didn’t i underwrote 10.
06:37
sorry what does that mean i’m not on
06:38
track right you need a course correct
06:39
yeah you need to you need to say okay
06:41
maybe i’m not talking to enough bot
06:42
or brokers excuse me right and so you
06:44
need to pick up the phone
06:45
and when i when we tell you i can’t i’m
06:47
going to go a little bit on the tangent
06:48
here
06:49
don’t just call them ask a bunch of
06:50
questions and then then hang up and
06:51
never call them again
06:52
try to develop relationships with these
06:54
folks people you know this is they’re
06:56
not only going to put you under more
06:57
deal flow they’re going to put you on to
06:58
the right deal flow so it’s important to
07:01
really develop
07:02
those friendships and those those true
07:03
business relationships with the brokers
07:05
right
07:05
they’re not some people that you should
07:06
put on a pedestal they’re just sales
07:08
people
07:08
yeah you know they’re all good guys and
07:10
gals absolutely so before we continue on
07:12
right monday mondays do this every
07:13
monday 3 30 central
07:14
a bunch of different topics from
07:15
underwriting to acquisitions to death
07:17
positions to everything in between
07:19
this week we’re talking about how to
07:20
define your real estate investing goals
07:22
right and really you know we’ll kind of
07:24
go on for about another 10 minutes and
07:25
then at the end we’ll do open q a so
07:26
people have comments questions
07:28
you know feel free to leave them we’re
07:29
happy to talk to them live go ahead and
07:30
dump them right now folks right like you
07:32
don’t have to wait until the
07:33
first come first serve ferris is
07:35
obviously honest his computer is
07:36
monitoring this stuff you know shannon
07:37
can help
07:38
out as well so go ahead and dump your
07:40
questions in we’ll get around to them
07:41
it’s actually just hanging out chatting
07:42
with people you weren’t doing it i mean
07:44
ben do all the talking he loves doing
07:45
that uh so let’s really quickly so amir
07:47
says watch the language
07:48
yes sorry it’s a g-rated audience so you
07:51
know ben’s board
07:53
ronnie says what’s up guys and uh he
07:56
says arnold underwrote two deals a day
07:57
he writes
07:58
sorry he underwrites two deals today
08:00
that’s good that’s good
08:01
and ronnie knows i mean he knows that he
08:03
knows the game the numbers game
08:04
unfortunately it really is
08:06
well i mean fortunately right at least i
08:08
like i like that it is a numbers game
08:10
because then
08:11
for me that’s more quantifiable right
08:13
you know it’s not this
08:15
you know thumb in the air how many deals
08:16
should i look at this month right
08:18
you know it’s it you really can back
08:20
into how much you get activities
08:21
ronnie says he likes the navy blue
08:23
disrupt polo disappoint he doesn’t
08:25
didn’t like my plaid shirt you know
08:27
he went with something new he showed up
08:28
this morning i was like whoa whoa where
08:30
are you getting the new shirt from man i
08:31
thought we were trying to
08:32
you know match every single time right
08:34
unfortunately we don’t really we don’t
08:36
really do that
08:37
you people always think they were like
08:38
calling each other on a monday morning
08:39
what are you wearing
08:40
but we don’t answer more shoes you’re
08:42
wearing uh let’s keep going
08:44
so uh attainable all right
08:47
so i always the the example that i give
08:49
for this right
08:51
is you know if you’re a doctor and i’m
08:53
not picking on doctors i have a lot of
08:55
respect for doctors right if your doctor
08:57
and you work 80 hours a week
08:59
i don’t think actually looking at 100
09:02
deals a month
09:03
is probably going to be attainable right
09:05
because you just physically don’t have
09:06
enough time
09:07
to go and talk to a broker to then go
09:10
under ideals and do property tours it’s
09:12
just not
09:12
similarly if you’re making legislative
09:14
numbers you’re making five thousand
09:15
dollars a month and you’re like i want
09:17
to make you know 100 000
09:18
a month in real estate in the next year
09:20
that’s probably not attainable right
09:22
there needs to be a pathway to get there
09:23
maybe it can right there’s always
09:25
exceptions but
09:26
you know build something out where you
09:28
have some you know you can see a pathway
09:30
through the forest to get to that goal
09:32
yeah absolutely and that doesn’t mean
09:33
that like hey you can’t go from that
09:34
five to 100 thousand
09:36
but maybe it’s gonna take you five years
09:37
right you know i mean just
09:39
be maybe you can see the pathway from
09:40
five to fifteen yeah and then from
09:42
fifteen to fifty and then fifty to a
09:44
hundred right you can maybe see that but
09:45
you gotta get to the next
09:46
the next hill before you can see the
09:48
next one after so you have to give
09:49
yourself enough time and resources to
09:51
complete the goal right you can’t just
09:52
you know oh i’m just going to go in and
09:54
make it 100 000 a month or
09:55
i’m going to be able even though i have
09:57
no time during the day i’m going to look
09:58
at 100 deals a month right
09:59
be realistic folks because otherwise
10:01
your goal
10:03
even though you’re trying to go and be
10:04
ambitious and have your hairy goals up
10:06
there right
10:07
you’re never going to be able to get
10:08
close to them because they’re never
10:09
going to be attainable yeah and maybe we
10:11
have one more comment from amir so this
10:12
is relevant i guess i’ll go ahead and
10:13
read it but basically has your
10:14
definition of real estate goals changed
10:16
due to covid temporarily or have you
10:18
stuck to the same goals asked because
10:19
his capital raised been tough during
10:21
covet people holding back liquidity et
10:23
cetera
10:24
right you know i’d say at the beginning
10:25
people were holding back absolutely no
10:26
no
10:27
march april people were scared nobody
10:30
knew what was going on
10:31
no no i mean the markets were tanking
10:32
oil was tanking i mean there was a lot
10:34
of things that were happening in march
10:35
and april that
10:36
that have since kind of died down a
10:38
little bit but there’s still a lot of
10:39
uncertainty in the market i think
10:41
you know for us our our goal is always
10:43
to buy certain amounts of deals right
10:45
but that that
10:46
obviously got goals to always find as
10:48
many performing deals as we can
10:49
i mean we’ve had to shift goals because
10:51
while maybe the issue is not
10:53
capital and raising money right our
10:55
issue right now i don’t think is equity
10:57
our issue is actually finding deals that
10:58
make sense yeah right it’s gotten even
11:00
more competitive right because interest
11:01
rates fell
11:02
right valuations have gone up even
11:04
further right people are willing to pay
11:05
a little bit more a little bit more a
11:07
little bit more because the rate is
11:08
smaller lower
11:09
and the other thing too is you know
11:10
people have gotten whacked in
11:12
hospitality office and retail
11:14
and you know some of those are still
11:15
good in certain areas right
11:17
but there’s been a lot of capital that
11:19
has that has divested from there and
11:21
then
11:21
found their way into multi-family and
11:23
some of these other asset classes that
11:24
have kind of weathered the storm a
11:25
little bit better and multi-family is no
11:27
different so
11:28
there’s a ton of competition stuff
11:29
absolutely no no so
11:31
relevant right is your goal relevant to
11:34
you know what you’re trying to
11:36
accomplish right you know i mean
11:38
you know is it you know within the goal
11:40
time frame is that is that even possible
11:41
right you know can you
11:43
you can you do something in you know one
11:45
month when it really realistically is
11:47
probably going to take you like 12
11:48
months right you know relative relevant
11:50
realistic is kind of the the they’re
11:52
just like just like people giving weight
11:54
loss goals right
11:55
yeah i’m going to lose 50 pounds
11:57
achievable if you’re saying in a year
11:58
but you’re not i’m not going to lose 50
11:59
pounds next week right yeah so
12:01
you know that’s not really realistic or
12:03
relevant right not attainable no
12:04
relevance
12:05
yeah so you just have to you have to be
12:06
you have to be you know
12:08
make sure that all your goals you know
12:10
kind of fall in line with that right
12:12
and i think one of the biggest ones is
12:13
time bound right i think the the biggest
12:15
problem that we do see is we have people
12:16
that
12:17
they come off these boot camps come off
12:19
these guru groups right and they
12:20
oh i’m going to buy 10 deals next month
12:22
right because they’re all hyped
12:24
up they’re all amped up they maybe even
12:25
have some money to maybe even pull
12:26
something like that off but
12:28
they don’t have all the pieces together
12:29
so you know your goal of buying 10 deals
12:31
right after a three day boot camp
12:33
is just not that’s not realistic right
12:35
you know so
12:36
you need to have not only does it need
12:37
to be time-bound just because so it
12:39
makes it an actual goal it can’t be
12:41
oh i’m going to buy real estate in my
12:42
lifetime but it also has to be a
12:44
realistic
12:45
time-bound you know goal as well right
12:48
you know
12:48
you can’t flip it on its head and say oh
12:50
i’m going to do everything in the next
12:51
six months and i’m going to be a
12:52
millionaire
12:53
right and you know i mean i give you
12:55
know examples you know
12:56
you’re not going to be able to retire
12:58
from this stuff in three to five years
13:00
like some people like to say
13:01
right you know you have to be you have
13:03
to realize that this is a marathon not a
13:05
sprint right you don’t get well you do
13:06
get wealthy
13:07
but it’s not it’s not it’s not a
13:09
get-rich-quick scheme it’s not what real
13:10
estate’s all about
13:11
right not at all yeah now so that’s a
13:14
smart those are smart goals right
13:15
right so again it’s just you know and
13:17
again goals can change right so they’re
13:18
not
13:19
permanent right just like again our goal
13:20
changed and i think you know uh
13:22
kind of going through the comments right
13:23
clayton basically says you know if
13:25
anything i would have thought the
13:26
opposite
13:27
deal flow dipped during the summer of
13:28
corona resulting in more capital velma
13:30
for deployment exactly
13:31
deal flow dipped rates fell people want
13:33
to shift from other asset class to
13:34
multi-family so
13:35
prices have gone up deals are harder to
13:37
come by i mean there’s a lot of
13:39
liquidity out there i didn’t even tell
13:40
you this there’s a ton there’s uh i
13:41
didn’t tell that
13:42
you guys can hear this first i had a guy
13:43
today call me i’ll tell you who a little
13:45
bit later
13:45
literally said i just finally sold the
13:47
deal i’ll have nine million dollars i
13:48
put into a deal do you guys have a deal
13:49
right now don’t tell me that
13:50
only so there’s a lot of capital out
13:52
there about finding the right
13:53
deal no no and on top of that this
13:55
person is doing the 1031 exchange
13:57
we have 20 days to find so if we can but
13:59
that’s a different thing all right well
14:00
god bless that gentleman um
14:02
you know we’ll maybe maybe at some point
14:05
all the the stars
14:06
there’s a lot of liquidity out there
14:07
there’s a lot of opportunities about
14:09
that
14:09
you know and we’ve had a lot of those
14:11
types of conversations lately i mean
14:12
there’s a ton of people that that have a
14:14
a lot of money that and a lot of people
14:16
that are trying to
14:17
deploy money before the end of the year
14:18
right not knowing what’s going to happen
14:20
in bonus depreciation or just wanting to
14:22
get that bonus depreciation before the
14:23
end of the year
14:24
right and so um we had a lot of people
14:26
hitting us up the last three or four
14:27
months you closed anything and closed
14:28
anything before the end of the year
14:30
right and unfortunately we weren’t able
14:31
to get something across the finish line
14:32
but we’re trying
14:34
trying right you know because we’re
14:35
never going we’re not gonna
14:37
get off what our underwriting model is
14:39
just to buy a deal folks
14:40
you know that’s a big that’s a big goal
14:42
for us so um
14:44
all right so we’ve got a little bit of
14:45
an example here
14:47
you know and shannon was kind enough to
14:49
kind of put this together right you’re
14:50
looking to go part-time in the next five
14:52
years
14:52
maybe you’re looking to retire you’re
14:54
looking for passive income to come cover
14:56
your overhead
14:57
right you know and this is there’s a lot
14:59
of things i always tell people when
15:00
you’re first getting into real estate
15:01
get your own house in order right what
15:04
is what’s your personal financial
15:05
statement look like right how much
15:06
liquidity and net worth do you have
15:08
how much do you are you spending each
15:10
month right and then you know i mean how
15:12
much is maybe
15:13
how much are you making plus benefits
15:15
you need to understand
15:16
all of these things to understand if
15:17
you’re ever going to be able to retire
15:19
yeah
15:19
let’s show this on the screen so people
15:20
kind of see it as well right yeah so
15:23
you know kind of it’s really sitting
15:24
down and working through this right and
15:26
kind of defining all this and put
15:27
together a plan
15:28
yeah so then you know new year’s comes
15:30
along and you actually sit down and try
15:31
to make steps towards your plan and this
15:32
is where having it measurable is
15:33
important
15:34
because you can constantly measure are
15:35
you making steps and you’re making the
15:36
right steps
15:37
yep so all right so this in this example
15:39
right yeah a lot of your current
15:40
resources streams of income right how
15:42
much do you have to invest
15:44
outline the monthly income that you
15:45
would cover that would cover your
15:46
family’s monthly expenses right this is
15:48
your overhead
15:49
um and this example is 2500 it’s pretty
15:52
light but hey
15:53
you know um if you invested 350k at a
15:56
nine percent return right
15:58
you would receive 31.5 a year this would
16:01
allow you to look for investment
16:02
opportunities that offer you cash flow
16:04
at nine
16:04
nine percent plus right so you’d be
16:07
covering your overhead
16:08
right so now i wouldn’t say you go out
16:10
and quit your job
16:12
immediately in fact i’d probably say no
16:14
um
16:15
but you at least are now backing into
16:17
the box that you’re looking for right if
16:19
that is your ultimate goal is
16:21
i i still want to work but i want to
16:23
cover out all my overhead
16:24
right and in this example if you found a
16:27
couple deals that were cash flowing
16:28
nine percent plus a year right you’d be
16:31
able to do that
16:32
you know just imagine the freedom that
16:33
that gives you right when you’re going
16:34
to work because you like to go to work
16:36
and never not everybody’s going to say
16:38
that right but say
16:39
say in this example you love what you do
16:41
right maybe you’re a doctor and you love
16:43
helping people
16:44
right you could go to work and you could
16:46
do that without the stress of having to
16:48
bring home that income to cover your
16:49
overhead right because your investment’s
16:50
already doing that
16:51
so we always kind of tell people you
16:53
know really get your house in order
16:55
first
16:55
understand what you need to make on a
16:57
monthly basis and then you can go out
16:59
and start making these investment goals
17:01
and defining what your box is because
17:03
it’s backed up by
17:05
real world numbers right and i think
17:07
that that’s important a lot of people
17:08
don’t just kind of hop into it i got a
17:10
50 grand or i got 100 grand and
17:11
you know blah blah blah blah blah and
17:13
i’m going to retire from my my job in
17:14
the next six months
17:15
it doesn’t really work like that a lot
17:16
of this stuff in our business you make a
17:19
lot
17:19
more of your money when you go to sell
17:21
and that usually takes three to five
17:22
years
17:23
depending on the play we’ve done a lot
17:24
of value ad plays right we have
17:26
right but typically typically it’s three
17:28
to five years right so you figure
17:30
you know you figure you’re buying for a
17:32
year or two you’re riding it out three
17:33
to five years
17:34
maybe you make a fortune at the back end
17:36
right but
17:37
that’s still five to seven years that
17:39
you’re holding on to those deals
17:40
you know and so um or from the from the
17:43
start of the process until you start
17:44
exiting some deals and so you just need
17:46
to take that into consideration that
17:47
you might be you know burn the candle at
17:50
both ends and that’s the other thing too
17:51
right is
17:52
you define how much time you have right
17:55
to
17:55
achieve your goal and i think that goes
17:57
back to my the earlier slide right which
17:59
is
17:59
is this even attainable right you know
18:01
if you’re working 60 70 hours a week
18:03
which
18:04
and some people that’s an actual real
18:06
world example you know you might say hey
18:08
i got some money but this person’s got
18:09
some time
18:10
so maybe i partner up with that person
18:12
this person does all the work i’ll
18:13
provide the money
18:14
now you’ve got the the starting of a
18:15
partnership
18:17
right and so you just you also need to
18:19
to understand that just so you can
18:20
define more of your goal
18:22
so for those tuning in monday mondays
18:24
every monday 3 30 central
18:25
yep right we’re going over how to define
18:27
your real estate investing goals
18:29
right basically we’ll do you know 15 20
18:31
minutes presentation 10 minutes q a
18:33
so people have questions comments feel
18:34
free to leave them we’re happy to
18:36
you know walk through any of those
18:38
questions we’re pretty open guys candid
18:40
guys so yeah absolutely um really
18:42
quickly let’s see what do we got
18:44
dave uh iggy says what’s up here you
18:46
going again come on buddy
18:48
ronnie says spac can make you a
18:49
billionaire pretty quickly ben
18:51
what’s up spac
18:54
ronnie what are you talking about buddy
18:56
i don’t know either spac can make you
18:58
now i’m going to search it online let’s
18:59
see really quick sp oh no
19:00
focus see what that says focus special
19:03
purpose acquisition company come on
19:05
especially
19:06
as a blank check shell corporation
19:07
designed to take companies public
19:08
without going through the traditional
19:10
ipo process
19:12
you learn something new every day ronnie
19:14
um commercial real estate is a long game
19:17
long term game and then what’s else 20
19:18
21 goals okay
19:20
those are secret we’re going to do a
19:21
whole show where we were talking about
19:23
those right
19:24
so we’ll kind of announce those in
19:25
another are we i didn’t really yeah you
19:27
don’t know about that we’re doing the
19:28
show i think february 15th where we’re
19:30
talking about a 2020 um
19:32
we’ll do another show where we kind of
19:33
wow
19:35
i will tell people what our goal was
19:36
this year right and that we did not
19:38
achieve it and i’ll tell you why
19:40
we were supposed to buy 2000 units this
19:42
year and i think we had the team we had
19:44
the resources we had the deal flow to do
19:46
it
19:46
um and unfortunately covet hit right
19:49
things changed
19:50
right so we haven’t bought any deals
19:51
this year but i would say that our goal
19:54
is at least that if not more for 2021
19:57
you know because our capacity has now
19:59
grown quite a bit
20:01
assuming yeah the world stays the same
20:02
we will probably go buy
20:04
a lot more next year and some of you
20:05
would say two or three things it’s
20:06
forcing us to even expand our
20:08
acquisition pipeline and really
20:09
do it make it i think what we had is
20:10
actually really good compared to most
20:12
people now we’re going to make it even
20:12
better yeah we’re going to make it more
20:14
really just get back more deals once
20:16
again folks it’s all about
20:17
you have to back into this you have to
20:19
look at a certain amount of deals to
20:20
make a certain amount of
20:22
offers to get a certain amount of deals
20:24
under contract right and even then right
20:25
sometimes they fall out for whatever
20:27
reason
20:28
so you know that’s what we’re going to
20:29
try we’re beefing that up right now
20:31
getting ramped up getting all of our
20:32
goals set for 2021 across all of our
20:35
business units
20:36
right not just that’s just disrupt
20:37
equity and we still have some other
20:40
crazy goals for that too
20:41
so this is the time to be thinking about
20:43
this folks and you know i really
20:44
encourage you to jot this down write it
20:46
down
20:46
it makes it it makes it more real
20:49
than just saying it out loud right jot
20:51
it down put it up on your whiteboard put
20:53
it in front of you in your office right
20:54
or
20:55
we don’t most people don’t go to office
20:56
these days but put in front of your home
20:59
because if you’re looking at that you
21:00
wake up and you look at that every
21:01
single day
21:03
and and i always like i like the saying
21:05
where if you’re one percent
21:06
better every day that’s 365 percent
21:10
better in the course of a year right you
21:12
know and so
21:13
don’t look at it as oh my gosh that’s
21:15
not the way the math works
21:17
incrementally if you’re one percent more
21:18
than the previous one it’s
21:21
you get what i mean though right
21:22
compound interest but you get what i
21:24
mean though right
21:25
so you know i mean i always i always say
21:27
look at your goal then break it down
21:28
right into what do i do
21:30
today what do i do this week what do i
21:32
do this month what do i do this quarter
21:33
to get that yearly goal
21:34
folks so don’t think of it like is this
21:36
daunting thing i always tell people to
21:38
shoot for the stars and you’ll actually
21:40
be surprised how close you get
21:41
right yeah aim for the moon and fall
21:43
amongst the stars there you go i like
21:45
that
21:45
but uh let’s keep going if anyone has
21:47
any more comments questions let us know
21:48
but really quickly right
21:49
yep so we did you know for those of you
21:51
that have that know us yeah right you
21:53
guys know that we have a big conference
21:54
that we put on multi-family investor
21:55
network
21:56
mfin right so we do uh we tried to do
21:58
three of these a year corona kind of
22:00
messed that up last year right but we
22:01
did do our last one last february yep
22:03
right and here in houston how many
22:05
people do we have been like 450 man 400
22:08
450 people and you know maybe uh
22:11
yeah we had the mayor of houston came
22:12
out who else should we have kind of come
22:13
speak
22:14
yeah rob please you know really good mix
22:17
of people and ultimately
22:19
and it’s not even about the the speakers
22:20
folks that’s one part of it but it’s
22:22
really about the
22:23
audience right and it’s really called
22:24
the multi-family investor network we’re
22:26
trying to build that network because
22:27
real estate is a team sport it is
22:29
and so we’re really trying to put on a
22:30
different event where we’re it’s all
22:31
about networking
22:33
you know for us it’s a loss leader i’d
22:34
like to say right we don’t make any
22:36
money on this thing it’s really about
22:37
actually getting good quality people
22:39
putting on a good quality event right
22:40
one day action-packed event and so yeah
22:42
you know our next one is coming up
22:44
february 27th right we decided we will
22:46
we will do one and we’re going to be
22:49
socially distancing we’ll have match
22:50
back here
22:51
in houston right yep february 27th so if
22:54
people are interested right use coupon
22:55
code earlybird
22:56
right to get 100 off your ticket right
23:00
www.mfinvestornetwork.com
23:02
and how long we’re doing this through i
23:03
think the end of this this coming um
23:05
weekend correct yes i think so three
23:07
minutes our black friday early bird sale
23:10
yeah so i mean you know check it out
23:12
folks we always have good speakers but
23:13
like fair said
23:14
the more important thing is is the
23:15
networking right you know the
23:17
relationships that you’re building this
23:18
really is a relationship
23:19
business it’s a numbers business but
23:21
it’s a relationship come out and hang
23:22
out with me and ben come on people all
23:23
right maybe we’ll do something at the
23:24
office for kind of people that know us
23:25
as well maybe
23:26
thursday friday we should yeah i think
23:28
we should you know we’re probably gonna
23:29
be shooting some
23:30
some video here too right so you know we
23:32
love to see our folks we haven’t seen a
23:34
whole lot of people other than our
23:35
mainly our texas peeps
23:37
and some of that it’s hard to see in ben
23:38
guys i want to see someone else come on
23:40
people
23:40
no but we’ll do it safe and uh we’re
23:42
excited about having it you know once
23:44
again we’re trying to get a good
23:45
good lineup of speakers so you’ll learn
23:47
some stuff you’ll meet some great people
23:49
you know and the one thing that we that
23:50
we always kind of point out too we’re
23:51
not there to sell you anything we’re not
23:53
there to
23:54
you know try to upsell you no sales
23:55
pitch so it’s a no sales pitch event
23:57
and anybody that’s been there can can
23:59
can back that up i would sell that if i
24:01
could but
24:01
i don’t know if i can find buyer so
24:05
www.mfinvestornetwork.com
24:06
sell me for the suit i’m wearing uh-huh
24:08
yeah keep all kinds of polo
24:10
it’s a nice polo no it’s the only time
24:13
folks so you’re gonna catch
24:14
catch me and ferris in a suit so you
24:16
know you gotta come out at least check
24:17
that out right we’ll we’ll
24:18
we’ll be dressed up that day but any
24:21
questions man i was surprised
24:22
we got one more from tyler tyler tyler i
24:25
remember our emails
24:25
he’s got 985 units for you to hit that 2
24:27
000 unit goal
24:30
no you took a look already tyler you got
24:31
to get that price down significantly i
24:33
think was it uh
24:34
it’s funny i was talking to someone else
24:35
about that same deal uh you know
24:38
oh this is actually not far from our
24:39
office it’s probably what oh it’s
24:41
the deal it’s probably 10 minutes from
24:42
our office the problem is you know and
24:44
no offense tyler right you know i mean
24:46
uh i haven’t looked at the numbers so
24:47
just take this with a grain of salt
24:49
right i’m sure that’s a great deal for
24:50
somebody
24:51
but for us we always look at who’s who
24:53
could we potentially sell that to
24:54
right and it always it always is
24:56
challenging to sell something that big
24:58
because there’s only so many people that
24:59
they can bite off that big of a deal
25:01
right um
25:02
you know but we’ll still look at it the
25:03
number four i’m guessing your 985 unit
25:05
numbers across
25:06
yeah two deals i thought one of them
25:07
wasn’t 900 it’s uh but yeah tyler my
25:10
feedback to you is
25:11
that deal was too expensive but if you
25:12
have any other deal that you think is
25:13
attractive and you need someone to move
25:15
quick let us know we’ll get you an
25:16
answer
25:16
within a day yeah so something you know
25:18
but you gotta you gotta step up and let
25:20
us know
25:20
it’s gotta be a deal yeah no no
25:23
something nice right in a nice area
25:25
we’re willing to look at that look at it
25:26
right you know i think
25:28
we’re trying to be more not only
25:29
conservative in the way that we’re
25:30
underwriting deals but also just more
25:32
conservative in the type of asset that
25:33
we’re buying
25:34
right i think we’re trying to look for
25:35
something a little bit newer a little
25:36
bit nicer we’ll still do the
25:38
class c 70s deal right but we really
25:41
would like it to be 80s 90s and above
25:43
um you know because really cap rates
25:45
they’ve compressed they’re just
25:46
there’s just not a lot of delta between
25:48
a b and a c and an a
25:49
these days and i’d much rather step up
25:51
pay a few you know um
25:53
you know more basis points you know on a
25:56
cap rate
25:57
um you know then then you know go for a
26:00
class c
26:00
that’s just going to give you a bunch of
26:01
headache but um yeah but we’ll buy a b’s
26:04
and c’s just got to be
26:05
risky that’s gonna be the right the
26:06
right it’s gonna be the right deal right
26:09
all right so what else we got man all
26:10
right anyone else have any more comments
26:12
let us know otherwise we’re going to
26:14
call it rap so money mondays do this
26:16
every monday 3 30 central
26:18
tyler i’m going to wait on you to send
26:19
me a a
26:21
a good deal to kind of go pursue and
26:22
we’re happy to get a deal closed with
26:23
you sometime soon yeah let’s do it but
26:25
if anyone else has any more comments
26:26
questions go ahead and leave them
26:27
otherwise we’ll see you guys
26:29
next monday 3 30 yeah not a holiday so
26:31
we’ll be on in seven days so yeah happy
26:33
thanksgiving everybody be so
26:34
what are we talking about next week oh
26:37
how do you do how or how do real estate
26:39
syndicators make money
26:41
oh whoa whoa well let’s make money in
26:42
this business do we make money
26:44
yeah so we’re gonna talk about how real
26:45
estate’s indicators make money right
26:46
what do deal structures look like
26:48
what are the things and maybe what are
26:50
for those of you that are passive
26:51
investors right what are
26:53
norms right in terms of you know what is
26:55
common for certain things and what is
26:57
not common
26:57
yep and there’s some people that think
27:00
that everything’s common
27:01
you know yeah we’ll show you those types
27:03
of deals
27:04
um but yeah no that should be exciting
27:05
yeah because i don’t think a lot of
27:06
people understand how it works and how
27:08
we structure it
27:08
so that’s gonna be a good one everybody
27:10
should tune into that one but uh
27:12
cool well i think that’s it man then
27:15
thank you all very much we’ll see you
27:16
guys next monday

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