Friday Fast Facts — Real Estate Lightning Round Q&A
Best Ever Book – The 7 Habits of Highly Effective People
Best Ever Personal Growth Experience and What Bob Learned From It – From both his real estate investing and professional athletics career, Bob understood the power of putting yourself in the position where there are no limits on what you can do. While this may seem “pie in the sky,” if you are growing everyday and continuously learning new things, you not only become a better business person, but a better person overall as well
Best Ever Deal Bob’s Done – Bob’s best deal ever is a mobile home community in northern Cincinnati that he purchased with his father-in-law. They purchased the deal for $2 million and recently received an offer for $7 million! However, they turned down the offer because Bob’s investors wanted to hang on to the property. The plan is to eventually sell the community and do a 1031 exchange to purchase a similarly valued real estate asset.
Best Ever Way Bob Likes to Give Back – Bob, being the owner of multiple mobile home communities, likes to give back by providing services (tutors, meals, etc.) to the families that live in his properties. There are many people that have the stigma that individuals living in mobile parks are the stereotypical low-income person. Even though they may be low-income economically, they are great people who need help. Therefore, Bob does everything he can to help them from both a financial and service standpoint.
Biggest Mistake Bob Has Made So Far In Real Estate – Bob’s biggest mistake was giving up his real estate license. He was too impatient and got rid of it back in 1983 before going into a non-real estate related business. While he eventually made it back the real estate industry, he regrets giving up on being an agent too soon.
Vinney Chopra from JF805: His SECRET to Finding and Closing 24 OFF-MARKET Multi Million Dollar SYNDICATIONS After Only Having $7 in His Pocket
Best Ever Book – Think And Grow Rich
Best Ever Personal Growth Experience and What Vinney Learned From It – Vinney’s biggest real estate learning was the importance of proper due diligence. You have to hire the right inspectors and the right people do conduct due diligence on multifamily, and really anything, like the books, leases, etc. If not, it can result in purchasing bad deals.
Best Ever Deal Vinney’s Done – 22 months ago, Vinney purchased a multifamily property for $8.7 million. The deal was brought to him by a Fannie Mae lender who provided a supplemental loan on the property as well. After increasing the rents, due to improving the parking lot and conducting extensive digital marketing, the property is 100% occupied with a waiting list and is worth $11.5 million. This valuation was Vinney’s 4-year projection, so he reached it in half the time!
Best Ever Way Vinney Likes to Give Back – Vinney is technically retired, but is working more than ever to help as many investors as possible. He accomplishes this by writing books, recording lectures, and providing anyone who asks with all of the information and documents he has accumulated during his real estate career.
Biggest Mistake Vinney Has Made So Far In Real Estate – Vinney’s biggest mistake was having too many partners, 7, for one of his earlier companies. However, he realized that that was way too many people. Him and his partner were doing the majority of the work, while the other 5 partners were just watching and not being very productive – there wasn’t enough for them to do.
Now, Vinney is the CEO of two companies and they both have very lean, yet powerful staffs. Besides having an in-house management and accounting time, the majority of his employees are virtual assistants located all over the globe.
Best Ever Book – The Richest Man in Babylon
Best Ever Personal Growth Experience and What David Learned From It – David was totally taken advantage of by his first tenant. He learned that he needed to hire people that are better property managers than him and to pay them to do the job.
Best Ever Deal David’s Done – David’s best deal is a 4-plex that makes him $1800 a month in cash flow, with a total investment of $30,000. A real estate agent, who is like a second mom to him, purchased the property at a foreclosure for $130,000. When they went to the property, the owner’s dog attacked the agent! David drove her to the hospital and stayed with her while she received treatment. The agent was so grateful that she sold him the property for $40,000 less than market value. David purchased the property for $250,000 and was able to raise the rents from $800 a unit per month to $950 a unit.
Best Ever Way David Likes to Give Back – The first way David gives back is by speaking at a conference called “One Life Fully Lived,” where he teaches people how to dream, plan, and live their ideal life, as opposed to taking what life gives them and assuming that is all they are ever going to get.
He also belongs to a group called “GoBundance,” which is a national wealth building fraternity. David spends a lot of time mentoring members of this group, who consist of inspiring millionaires.
Biggest Mistake David Has Made So Far In Real Estate – David’s biggest mistake was being way too conservative during the early stages of his investment career. At the time, he didn’t have a family or other bills to worry about, so he wished he had leveraged more and picked up more deals. If he had, David would have a net worth of $1.5-$2 million higher.
His biggest mistake was doubting himself, doubting the numbers, and focusing on what could go wrong, rather than focusing on what could go right.
Cody Hofhine from JF807: How to Make $250,000 PROFIT in Your First Year of Wholesaling
Best Ever Book – The Compound Effect
Best Ever Personal Growth Experience and What Cody Learned From It – Cody always wanted to be an entrepreneur, and his first endeavor was starting an insurance company. He only made $19,000 in the first year, so in everyone’s mind, including his own, it was a failure. However, looking back, Cody realizes that it was the best period of his life. During that year, he and his family’s relationships was fortified and made stronger. Instead of going on extravagant dates with his wife, they would hold hands and walk in the park or buy $1 ice cream at a local art event. This made him realize that it wasn’t about money, rather, it was about really enjoying each other’s company.
Best Ever Deal Cody’s Done – Cody’s best ever deal was obtained through a Facebook advertisement. He put it under contract, and since it was already in great shape, he wholetailed it. Cody hire a staging company come to put in some basic furniture, put it back on the MLS, and about 55 days later, it was closed and resulted in a $73,135.35 profit.
Best Ever Way Cody Likes to Give Back – Cody’s loves to give back by hiring younger members of his Utah community to perform miscellaneous tasks (help with marketing, mow his lawn, etc.) and in return, he pays them handsomely so that they can afford to go on boy scout trips, high school prom, mission trips, etc.
Biggest Mistake Cody Has Made So Far In Real Estate – When Cody first started investing, he was focusing on selling himself to sellers and trying to convince them why they should work with him over anyone else. He didn’t listen and try adding value to their lives, which resulted in him losing a deal to someone who actually listened to the seller’s needs. Later down the road, Cody talked to this wholesaler and learned that that deal resulted in a $35,000 profit. Since Cody focused on “me me me” and not “them them them,” he missed out on an opportunity that could have paid him $35,000. Moving forward, he always approaches sellers with a “help others first” mentality.