This is the podcast for real estate investors because nowhere else will you get a straightforward and honest discussion about real estate investments. I have closed 14 self-storage facility deals in the last six months, which has been stressful to say the least because we had no system in place. But let me tell you, in those 14 closing deals over the last six months, we figured something out, and the last one was easy, streamlined, and stress-free.
If you are going to build a real estate private equity company and become an expert in this market, then closing your deals in a professional manner is a must. With every property we buy, we have 2 sections – before the close and after the close.
It all starts with signing the Letter of Intent (LOI). Once signed, the LOI is put into our system where we’ll then send an introduction email to all parties to help manage expectations and communicate through meetings on how the entire process will work, all the way down to closing time. All of it is organized and set up in an efficient manner. Then, at this point, a closing and percent sale agreement is signed.
We are super organized with whose job it is, and when and how every deal happens. Communication is vital. When talking with attorneys, bankers, sellers, brokers, insurance agents, vendors, contractors, employees, customers, every single person needs to be kept in the loop because what really pisses anyone off is lack of communication. Nobody likes to expect one thing and have a completely different event happen. Everything can and should work like clockwork. Be a professional when navigating and guiding people through the acquisition and selling process.
You can tell when you are working with professionals because they have this kind of streamlined system down. No surprises, no stressed-out meetings, and unforeseen circumstances–that is what a professional gives you. Let me offer some encouragement and urge you to build out your system. It takes time and experience to perfect. Embrace the stress that comes with setting up a professional system, because if you don’t it will be a nightmare. You’ll be knocked out of potential, precious deals if you don’t.
This is one of the number one tips I can give when it comes to real estate investing for beginners. Once you prove yourself as a professional, people will love working with you. Real estate is like a snowball rolling down a hill. The first deal will be hard because you don’t know what you’re doing. You’ll make a lot of mistakes, but get serious. Build a system and become a professional. Once you do, that is when the winning starts!
If you’re looking for help in building a system, check out my online real estate investing courses.
Three Key Takeaways:
- Have a streamlined, easy, stress-free process that you use when closing each and every deal. Be organized!
- Manage expectations and communicate with all parties involved. Nothing is more unprofessional than people expecting one thing and you letting something completely different happen.
- Prove yourself as a professional. It’ll be hard at first establishing your reputation, but once you do, success will start coming at an exponential rate.
The Nick Huber Show is Brought to You By:
- They recently did a capital raising survey, asking 142 senior executives at US based real estate firms, asking them a series of questions to understand the state of commercial real estate investing.
- An insanely valuable report answering key questions within the market of commercial real estate investing and how these key executives are finding investors.
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