Networking for Dummies | Ways for you to build your network!

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Acquiring and operating multifamily assets during COVID-19!

Video Transcription

hey my Monday’s alright we’re back
00:02
you’re back how’s it going everybody
00:04
welcome back to another lovely Monday
00:05
with your your beautiful host Farris and
00:08
his amazing friend Ben so all right well
00:10
then we’ll just call me the smart one
00:11
all right you know that’s Monday so you
00:14
can call yourself whatever you want dude
00:15
so I believe it at that it’s been a busy
00:18
busy Monday to say the least right yeah
00:20
so we’re here for folks that are tuned
00:21
in I’ll stop TV studios right here in
00:24
Houston Texas you know we’re excited to
00:27
kind of do another money now excited so
00:29
for those of you tuning in for the first
00:30
time you know remember this is
00:31
essentially show we’re trying to do
00:32
every Monday we’re trying to figure out
00:34
what we’re gonna do next I know next
00:35
Monday’s Labor Day I haven’t talked to
00:36
Ben about it but we’re gonna figure out
00:37
if we’re gonna do that or maybe push
00:38
that off the Tuesday but really the goal
00:40
is kind of every Monday do a live stream
00:42
where we can hop on talked a little bit
00:44
about what’s going on in the world
00:45
talked about some topics and answer
00:47
questions for people yeah so if you have
00:48
any questions please feel free to kind
00:50
of put them in the the comments below
00:52
Ben’s pointing to the ground but again
00:58
like this no but yeah so what kind of
01:02
run through questions anyone has if we
01:04
don’t get to them on the show please you
01:06
know we’ll kind of make sure someone
01:07
from our team goes through and helps
01:08
answer any questions that are left out
01:09
but or save them for next time
01:11
yeah and so you know we’re still
01:12
figuring all the technical difficulties
01:14
of studios but you know hopefully soon
01:16
and we’ll have it to where you know
01:17
we’re live streaming and people can hop
01:19
on and basically do like a live callin
01:21
yeah we’re building towards that yeah
01:24
building me and Ben just need to kind of
01:26
yeah I figure out what the kinks are and
01:28
hop it we’re close but yeah so what’s
01:30
our topic for today so yeah the other
01:32
thing too is we’re trying to do a
01:32
different topic kind of some sort of
01:34
direction otherwise Ben and I will just
01:36
be up here and mumbling for 10 hours
01:37
straight all sorts of topics but this
01:39
one what’s our top two mumble four nine
01:41
and a half but you know today is all
01:44
about building your network right you
01:45
know I mean as we kind of come off Kovan
01:47
I mean I know there’s still parts of the
01:49
you know the country that are still kind
01:51
of on lockdown or stay at home orders
01:52
but you have to be kind of looking
01:54
towards the future what is the the
01:56
industry gonna look like right I know
01:57
we’ve we’ve all adopted zoom something
01:59
that me and Ferris we’re already doing
02:01
before Kovac kind of came around but
02:03
people are doing that more and more
02:04
doing webinars more and more you know
02:07
doing these online conferences which are
02:08
all great right though but those should
02:10
supplement your face-to-face building of
02:13
relation
02:13
yes right like a lot of people know our
02:15
story we’ve met at a meet-up here in
02:17
Houston and right so I mean this stuff
02:19
works so some of the other places you
02:22
know obviously meetup is probably
02:23
looking before we go down different
02:25
places but so what’s the goal with the
02:26
network right and I think you know
02:27
depends you ask yourself are you looking
02:29
to syndicate are you looking to be
02:30
investor or are you looking for a little
02:31
bit of both
02:32
yep and I’d say for both right now you
02:34
know because even as a passive investor
02:36
say you have no desire to do the stuff
02:39
that me and Paris are doing right
02:41
rolling up your sleeves and getting into
02:42
the weeds every single day right you
02:44
want to be passive or you just want to
02:45
put your money to work right you still
02:47
need to know the people to put your
02:48
money to work with
02:49
they say the phrase your network is your
02:51
net worth right and you know and
02:53
honestly before getting in a real estate
02:54
I didn’t see as much of a value of the
02:56
network right but then kind of once in
02:58
real estate you start to realize I mean
02:59
that’s how everything happens right yeah
03:01
that’s how deals happens that’s how
03:02
partnerships happens that’s how
03:03
investments happen that’s how you grow
03:05
acquisitions M&A anything you’re doing
03:07
it’s all tied to that Network and both
03:09
having a good network that likes knows
03:11
and trusts you and having a document and
03:14
be able to reference so whenever
03:15
something comes up you can not have to
03:17
top your mind try to remember Oh who’s
03:19
gonna be a fit for this but you already
03:20
have a plan to tackle up so definitely
03:22
some things to make sure you you kind of
03:24
think through it and plan around and I’m
03:26
kind of old school I like to break bread
03:27
right you know maybe have a drink with
03:29
somebody you love bread is the best no
03:34
but the best way to get to know somebody
03:36
is just to sit down and have a
03:37
conversation with them right you know I
03:39
mean and sometimes that could be at a
03:40
meetup group but maybe even a dinner or
03:42
a lunch or just go grab coffee right you
03:44
know I mean especially for somebody who
03:46
want to be passive you really need to
03:48
like know and trust that person and
03:49
you’re not gonna be able to do that just
03:50
for a couple phone calls
03:52
yeah you know people are happy they
03:55
usually talk about what they want it’d
03:56
be you know be cognizant of who you’re
03:57
meeting with right how much time you’re
03:58
absorbing from them but if someone
04:00
that’s really busy someone that you know
04:02
maybe it’s not a good pesto but maybe
04:04
you go to their office right make it
04:05
easy for them yeah and so you know we’ve
04:07
done and had the same happiness so we’ve
04:09
had people that’ll come to our office
04:11
we’ve got other people’s office and we
04:13
also will do dinners and lunches and so
04:15
kind of thinking through that but really
04:16
so you know kind of outside of that
04:18
right once you’ve identified what you’re
04:22
trying to do with your network right
04:23
where you’re where do you think your
04:24
path is right because you don’t really
04:25
know where your path is it’s a forest
04:27
and you know you kind of get to a fork
04:29
and there’s always a million other Forks
04:30
after that but as you kind of have a
04:32
vision of where do you think you want to
04:33
go what are the places to to meet people
04:35
so I mentioned you know bigger pockets
04:36
and there’s one of the sights right
04:39
right I mean most people are gonna know
04:41
that when it’s pretty big you know a
04:43
huge forum for real estate both I mean
04:44
me and Ferriss were kind of you know on
04:46
that even before we got into multifamily
04:48
it’s been around for I tell people I
04:50
listened when I first got started I
04:52
listened to the podcast I was on there
04:54
and just banged out a hundred of those
04:55
episodes pretty much learning all I
04:57
could and hopped and figured out the
04:58
rest right
04:59
so that’s a way you know the podcast is
05:01
one thing you’re kind of getting more
05:02
educated on that you know but bigger
05:04
pockets is you can get on and ask
05:05
questions right what about so-and-so’s
05:07
group or what about this or what about
05:09
that and people will chime in right
05:10
they’ll give their opinion right and
05:12
then you could kind of you could
05:13
potentially do it on a sidebar with
05:15
somebody that you kind of see is adding
05:16
a lot of value to the to the group and
05:18
say hey can we set up a call right so
05:20
that’s one way to do it bigger pockets
05:22
you know the biggest one these days
05:24
right is really meetup right now after
05:25
Cove it’d I think that there’s still
05:27
gonna be some ways that we’re gonna have
05:29
to kind of live in the post Kovan world
05:30
right but bottom line networking is
05:33
gonna be key to building up your network
05:35
yeah right you’re not gonna be able to
05:37
do it from your couch or behind your
05:38
computer so you know but that’s not just
05:40
meetup groups right there’s local Ria’s
05:42
and real estate and it’s not I mean the
05:44
other thing too is that we’re talking
05:46
about like media groups that are low
05:47
commitment they’re going to a place
05:49
spending an hour or two or three some
05:51
people are usually free right and if
05:53
you’re looking for a local meetup
05:54
definitely go to multifamily masters
05:56
calm definitely find a good meetup there
05:58
there are a lot of them everywhere but
06:00
really it’s you know find a group go
06:02
talk to them and learn what they’re
06:04
doing right see if it’s a fit and you
06:06
know kind of go into that so absolutely
06:08
but conferences you know we can
06:11
accomplishes the other a big one I want
06:12
to talk with those are much bigger
06:13
commitments but you also find a
06:15
different quality of people right
06:16
someone that is willing to spend the
06:19
time and effort and money to go to a
06:20
conference it’s usually someone that’s
06:22
more serious about it
06:23
Ryan’s not to say there’s you know not
06:24
equality people at meetups but it’s just
06:26
kind of in general if you’re to say to
06:28
the average right it is a higher quality
06:29
higher caliber audiences you brought up
06:31
a good point right you know talk to talk
06:33
about in MHC right you know the biannual
06:36
or semiannual conference that brings
06:39
together a lot of the
06:40
state and mortgage brokers as well as
06:42
lenders and then you know syndicators
06:44
that are trying to grow their business a
06:46
little bit right talk to it so you know
06:48
went there this year right so for us
06:49
right kind of where we are in our career
06:51
and our business is really you know
06:53
we’re looking to continue to know more
06:55
brokers right there’s many of these
06:56
people that we’ve had a lot of phone
06:57
calls with and you know maybe we’ve
06:59
maybe some of them we’ve met in person
07:00
in Atlanta or wherever but going into
07:03
make she’s a whole nother world you meet
07:04
not just that person you meet their team
07:05
you meet you know kind of their bosses
07:07
and there are kind of people that report
07:08
to them and you know they see you there
07:10
as well right so it’s it’s really it’s
07:12
Mutual in terms of they see hey we’re
07:14
serious about it we’re committed we
07:15
spent the time effort and money to get
07:17
out there and made it happen so I mean
07:18
they made she was awesome and then on
07:20
top of that there’s a ton of parties
07:21
there it’s amazing to me how many
07:22
parties are going on in that two-day
07:23
span and we literally say that you got
07:25
like a back in college look for like
07:27
7:30 a.m. although ya know one of the
07:29
days and so if you’re gonna go to
07:30
animate see make sure you have a plan
07:32
yeah make sure you have you know you’ve
07:34
you know who you’re meeting with you
07:35
have it all booked up in advance I got
07:37
lucky it was able to kind of squeeze and
07:38
some things because we you know we we
07:40
kind of wound it a little bit I’d say
07:41
kind of last couple weeks but yeah at
07:43
the men’s point I mean I know one of the
07:44
days I was there from 7:30 I was
07:46
literally at the event from 7:30 till
07:48
about 1:00 o’clock that night because I
07:50
you know meet met with people 7:30 to
07:52
5:00 there six and then the party
07:55
started 6:30 and I’m not gonna leave for
07:56
30 minutes and so stayed there and ate a
07:59
lot hung out a lot met a lot of people
08:01
you know you get to know them socially
08:02
too because you might meet with some of
08:04
these people formally right in a for a
08:06
coffee you’re talking business but then
08:08
you know at their parties at their
08:09
events it’s a lot more low-key it’s a
08:11
really good environment that’s a good
08:13
point man I mean like people kind of you
08:14
have to network with a purpose right is
08:16
what I always came from a sales
08:18
background is just what I did but you
08:20
know at the end of the day right you’re
08:21
not gonna get away from just this house
08:24
the weather type conversation that’s
08:26
very kind of you know it’s not a deep
08:29
dive into the relationship right you got
08:31
to get to the point where you’re talking
08:32
about
08:32
hey how the kids right you know and
08:35
having developing a true friendship with
08:37
pea taking notes of it too you know I
08:39
mean yeah take notes right you know so
08:41
so when you follow up you say hey how
08:43
Sally or you know did did Ron go to
08:46
college this year right or where’d he go
08:48
right where is he major
08:49
me and Ben are still at how’s the
08:50
weather phase soon we might transition
08:52
to the
08:52
the kids face but you know we’re working
08:54
on it but you know it’s Ben’s point it’s
08:56
important to know who you’re talking
08:57
about and what’s going on in their life
08:58
right because it helps you understand
09:00
that and be able to make decisions based
09:02
on that – yeah and you know I mean one
09:04
of the things – that I always tell
09:05
people right when you’re going into a
09:06
networking situation right you know say
09:09
you’re going to Johnny’s networking
09:11
event right and and you want to kind of
09:14
strike up a conversation maybe you’re
09:16
not very good at the gift of gab and you
09:18
know going up and just talking to people
09:19
out of the blue right you know you have
09:21
you find something that you you can kind
09:23
of see as might be a similarity like
09:24
well how do you know Johnny Wright is a
09:27
good icebreaker so I know a lot of
09:28
people get uncomfortable in those
09:29
situations but kind of always knew if
09:32
the host is somebody that you both would
09:34
know well how do you know that person
09:36
all right and that will kind of do the
09:37
icebreaker for you right because trust
09:40
me the person that you’re approaching is
09:41
probably just as nervous as you are
09:43
right so don’t look at it as like oh
09:45
this person is gonna be some super
09:47
networker and they’re gonna make me look
09:48
stupid right you know just go in there
09:50
and be yourself and and once again with
09:52
the goal of genuinely trying to develop
09:54
a friendship and a business relationship
09:56
with that person because you never know
09:58
when you might partner with them when
10:00
you might do a deal with them you might
10:02
buy a deal from them the broker you know
10:04
you know those people are gonna you know
10:07
they’re going to position the good deals
10:09
to the people that they like that’s just
10:11
how the business works right it’s a it
10:13
really is a you know that type of
10:15
business and it’s real estate in general
10:17
people that they like and can perform we
10:19
got a portal back it up yeah they’ll
10:21
talk to talk and walk the walk so
10:23
absolutely that’s that’s really kind of
10:25
um you know one thing that would to
10:27
point out right so after the fact right
10:28
so you maybe you’re going all these
10:29
networking events and you’re getting a
10:31
bunch of business cards and you’re doing
10:32
all that to follow up yeah so what does
10:34
your follow-up been with these cards I’m
10:35
still evolving in my follow-up process
10:38
and I always encourage people to
10:40
continue to evolve and be better at that
10:42
right but it’s all in the follow-up
10:44
right no because even at a networking
10:46
event where you might get maybe even a
10:47
15 20 minute conversation where you
10:49
think you’re digging deep with somebody
10:51
right that’s still not enough right
10:53
that’s not enough that they’re gonna
10:54
give you their money that’s not enough
10:55
for them to partner with you right it’s
10:57
all about the follow-up okay so hey I
10:58
met you at so and so’s event last
11:00
weekend you know I wanted to see if I
11:02
could schedule another 30 maybe an hour
11:04
sync with you just to kind of get to
11:05
know ya
11:06
side of that environment most people are
11:09
surprised when you followup with them
11:10
because most people don’t follow up
11:12
right but you spend all that money you
11:14
know especially if going to a conference
11:15
or one of these groups that you know
11:17
that are out there and going to you know
11:19
a three day or two day you know you’ve
11:22
spent the money to go there maybe you
11:23
you know spent money on a hotel and a
11:25
flight that you know develop those
11:27
relationship to have learn is actually
11:29
have a pen with you and every meet with
11:30
people once you finish drop down the key
11:33
the three words they’re gonna help you
11:34
remember to go to these events I’ll meet
11:36
a hundred people at some of these events
11:37
like II do not I probably I’m sure
11:39
there’s events where I’ve talked to a
11:40
hundred different people and it’s really
11:42
hard to remember the first guy from the
11:44
last guy writing at some point and so
11:46
some people will stand out on their own
11:48
but really in general the person might
11:50
stand out but you the conversation of
11:51
the person probably not gonna stand out
11:52
so you know take notes right oh this
11:54
guy’s in Tampa he you know he has
11:57
thousands there and he’s looking for X
11:59
right yeah whatever it is I tried to and
12:01
I’m not perfect at it but I do try to do
12:03
this and then after the event right
12:04
following weekend he said dad I might
12:06
might ask and kind of go through the
12:08
cards that figure out who to meet with
12:09
who do I need it would sync up with and
12:11
kind of what what the conversation is
12:12
great they see that you’re doing that
12:14
it’s valuable right and so it’s a habit
12:16
that I’ve Lauren I try to keep a pen in
12:17
my pocket so I can kind of whip that out
12:18
and especially some of these people
12:19
you’re like man that was a great
12:21
conversation I need to make sure I don’t
12:22
forget this yeah I do forget it nine
12:23
times out of 10 writing it down you
12:25
don’t especially when you’re when you’re
12:27
when you’re talking with that many
12:28
people right you’re just going even the
12:29
the best of conversations you’re gonna
12:31
forget what that person what they look
12:32
like
12:33
you know what do we exactly did we talk
12:35
about you know all I know is that that
12:37
was a good conversation and then you’re
12:38
going through this big stack of business
12:40
cards and you don’t remember who that
12:41
person was so it’s a great point take
12:43
notes when you can write and you know
12:45
they’ll appreciate that too because
12:47
they’re they’re gonna know hey this
12:48
person’s taking this stuff seriously
12:49
they want to make something happen yeah
12:51
so so again for those that have
12:52
questions please feel free to kind of
12:53
write them up we’ll have to take a look
12:55
and so we do have one question for
12:56
Venice all go ahead and kind of read
12:58
this one out so basically what are the
13:00
kinds of local real estate events that
13:02
you recommend visiting I think it
13:04
depends on your niche right you know
13:06
you’re you’re if you’re in multifamily
13:08
like we are right you know you want to
13:11
find a multi-family meetup or real
13:13
estate you know there’s a lot of Ria’s
13:14
out there Ria’s tend to be you know
13:17
that’s a real estate investing or
13:18
residential
13:19
yeah type group right it’s more
13:21
residential more single-family more
13:23
rentals right and flips right but
13:25
doesn’t say that you can’t have some
13:27
good networking there too but I tend to
13:29
look on Meetup and find an MF M chapter
13:31
you know if you’re in the multifamily
13:33
space and go find that because that’s
13:34
where you want to network with the right
13:36
people right you don’t want to go to an
13:38
event where everybody’s a flipper and
13:39
you’re the only person that wants to do
13:40
multifamily right I mean maybe you
13:42
develop a little bit of a relationship
13:43
with somebody but the value is not gonna
13:45
be there right you want to be at a
13:46
meet-up where the other people are
13:48
trying to do deals and multis exactly
13:50
and so no and then you sometimes you
13:52
want to broaden branch out right you see
13:53
different new ideas and so I do
13:55
recommend going to some of the other
13:56
types of meet us but it figure out what
13:57
your niche is you’re gonna have so much
13:59
bandwidth you can’t go to the mall yeah
14:00
all right some people somehow manage to
14:02
go to a ton of meetups that’s all they
14:04
do
14:04
but really you know they kind of figure
14:06
out what your strength is and kind of
14:07
where you want to focus some of us have
14:10
obligations I’m sure a lot of people do
14:12
we got you know you got jobs you got
14:14
family and so you know maybe you can
14:16
only get to one event a month that’s all
14:19
the more reason to do your research on
14:20
is this the right event that I want to
14:22
spend my Tuesday Wednesday or Thursday
14:24
night yeah cool so scars go on the next
14:26
question so the next question I’ll take
14:27
this one it’s a tech one so basically
14:28
it’s what tools you use to kind of what
14:31
the follow-up so for us I mean we use
14:33
email but we do put people in
14:34
activecampaign right not in your pain
14:36
it’s centrally like a MailChimp it’s an
14:37
email platform and you can use it as a
14:41
CRM yeah right on top of that we do also
14:43
have another freestanding CRM which
14:44
we’re trying to probably rethink and you
14:46
know maybe do it differently what we’ve
14:49
been doing kind of keep that under wraps
14:50
for now but you know but I do recommend
14:52
having a CRM right and so figure out
14:54
what your goal is what you’re trying to
14:55
do but I highly recommend taking notes
14:58
on these people because you are not
14:59
gonna remember whenever you do need
15:00
something whether that deal comes by or
15:02
you’re looking to raise money on
15:05
something or you’re looking to sell it
15:07
you’re not gonna remember who all the
15:08
people you talked to work versus us at
15:10
least we can least cut a filter down
15:11
here with 15 people that meet that
15:13
criteria now let’s kind of spend the
15:15
time on it you can tag them yeah you
15:17
know I think that’s important to tag
15:18
somebody you know and I was just gonna
15:21
say maybe you went to a rod Cleef event
15:23
right you know you may be tagged them
15:25
rod Cleef LA boot camp right you know so
15:28
you can remember the 50 people that you
15:30
uploaded that’s where you met that
15:31
person at right
15:32
that’s one of their tags you know you
15:34
can also tag them abroad Cleef and then
15:35
maybe passive investor you know so being
15:38
smart about that and how you upload that
15:40
for the future and then there are tools
15:41
we don’t use them right now because I do
15:43
want to be able to follow up with those
15:45
some people but there are tools out
15:46
there that’ll scan your business cards
15:47
and digitize them for you right and so
15:50
again that’s just another tool to kind
15:51
of be aware of yep yep yep all right
15:55
anyone else have any more questions
15:56
definitely feel free to ask all right
16:00
here’s a good one Ben when did you lose
16:02
your hair no no one asked that question
16:06
a lot seriously everybody knows who’s I
16:09
had it all the way up until I started
16:10
with disrupt and then it’s all Pharisees
16:12
fault is just after that yeah cool all
16:18
right what’s what’s called a wrap man
16:19
you know people definitely save your
16:21
questions for next time we’ll happy to
16:22
go through them yeah awesome all right
16:25
thank you guys moneymondays see you guys
16:27
next time

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