Beginning Your Multifamily Journey (Part 1)

August 12, 2022 melissa Real Estate Comments Off on Beginning Your Multifamily Journey (Part 1)

Beginning Your Multifamily Journey (Part 1)

Our guest for today’s show is none other than Blake Dailey. We’ll be talking about starting your multifamily journey. Blake is an active duty member of the Air Force. From having a negative net worth to generating over a million dollars in real estate within less than a year, Blake will share his strategies to find great deals and build healthy relationships.

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 one.

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

 

Positive Impact with Passive Income

Learn the ropes on how you can get the hardest people in your network to support you, your family, and friends to earn some passive income. We’ll teach you tips and tricks to make this happen so that you can start to have a positive impact on people’s lives.

How to Ask People for Money the Right Way

Don’t ask. Don’t ask people for their money because no one would just willingly give it to you. Instead, show them the opportunities that they are missing and show them how these opportunities have changed your life, and people will be more than willing to hand over their money.

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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