Having success in the real estate business requires a lot of attention, time, and effort. You need to learn how to do things on your own first, really bootstrap it and do things you probably wish you never had to, but this is the best way you can identify what matters, what doesn’t, and what you need to begin your multifamily journey.

The points below are from the 34th episode of The Real Estate JAM, where we talked about how you can begin your multifamily journey! This is part two.

Tune in to the full episode on YouTube, Spotify, or Apple Podcasts.

People Remember How You Make Them Feel

In this industry, you can’t always be the best, but you can be one of the nicest, kindest, and most accommodating. Sometimes, this is the extra mile needed to close a deal or to be chosen by a customer. It’s not what you say. It’s not the data that you spew or the information that you are sharing. It’s how you made someone feel that they will remember most and at times, it’s what gets you the contract that you want.

The Value of Learning the Ropes

It’s important to be intentional with your time to find open hours for your real estate adventure. Real estate is not something that you can just fake till you make it. There’s value in learning to do things by yourself so that you know what works, what doesn’t, and what you need your team to avoid in the future.

Want to learn more? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.

Outline of the Episode:

• [00:47] Today’s guest is Blake Dailey, whom you might know from his multifamily journey podcast. He’s also a key principle in growth view properties.
• [03:14] Who started out with a great mentor on the field? Find someone who can help you and guide you while you’re still learning the ropes of real estate management. It’ll be one of the best things that can happen to you.
• [07:34] Finding properties and sorting them out can be easy when you already have a process that works. However, finding the right team in different places to do it for you can be a challenge.
• [09:21] The best way to ask for money is not to ask for it. Instead, present someone with an opportunity and make them see that they need to grab it before it’s gone. Learn to extend the opportunity of real estate to other people and show them what passive income can do for them.
• [12:00] Having a goal aside from financial compensation matters when you do business. For Blake and company, they set aside 10% of the company profits and put it at an endowment fund, which goes towards homeless veterans and like undergrad or operation Underground Railroad, which is combating human trafficking and different charities. What other motivation do you have for getting into real estate?
• [14:04] Find a group of investors who have the same long-term wealth goals and long-term life goals. When you find a group like this, it’s easier to find properties that will work for you because everyone is on the same page.
• [16:56] Having a different mindset can change how you do things. When asking for money, realize that you are actually providing value. You are not asking for money. You are sharing an opportunity for them to start having passive income. Share your knowledge.
• [19:15] If you have good deals on hand, the money will just come. You just need to learn to do a shift in mindset and show people that you are genuine and tell them what you can do for them when it comes to growing their money.
• [20:26] Sometimes, the reason a customer chooses you over someone else is not that you were the better choice but because of the way you treated them and made them feel. Customer relationship building really matters.
• [21:41] For people who think they don’t have the time to make things happen or that this will affect their family life, or they’re just too strapped for time, remember that we all have the same 24 hours in a day and that the universal truth is that we will always make time for the things that matter to us. Time blocking is also something that you can use to make things happen.
• [26:39] Have you read “Crushing It in Apartments and Commercial Real Estate” by Brian Murray? If you are into commercial real estate apartments, this is a book that you need to get into.
• [27:39] Aside from books, listening to real estate podcasts (like Multifamily Journey Podcasts, BiggerPockets Podcasts, and many others) is also another great resource. Even when you have a pretty good understanding and grasp of the real estate fundamentals, you need to continuously learn to build the business, build the brand, and really grow and scale things.
• [28:54] It seems that almost everyone who got into real estate has read “Rich Dad, Poor Dad” written by Robert T. Kiyosaki and Sharon Lechter. It’s a great resource material. Another is “The Book on Rental Property Investing” by Brandon Turner.
• [31:11] Learn to focus on things that generate revenue and source out the tasks that you don’t like doing or don’t have the full capacity to understand. You need to focus on the things that you are good at and allow others to work with you on things that they are good at that would benefit your work.
• [37:42] Networking is so important. If you don’t have a network in this business, it becomes harder for you to process deals and look for them.

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