Week 2 – Introduction: Building Your Local Teams

Welcome To Week 2

Welcome To Week 2

Week 2 – Day 1: Local Teams (Overview)

Local Power Team Breakdown

Local Power Team Breakdown

Local Power Team Template

Mindset: Scarcity vs Abundance

Take Action: Complete the Property Team Checklist

TAKE ACTION

1.  Complete the Property Team Checklist

2.  Research potential team members 

3.  Have all contact info ready… tomorrow we make phone calls!!

SUBMITSubmit any property team-related questions for our coaches


Week 2 – Day 2: Deal Team (Agents & Attorneys)

Local Deal Team

Local Deal Team
Okay, Lets get into what your local deal team is and what they do for you!


Your local deal team will be people who bring you the deals and help you put the deal together.
These consist of: Real estate brokers, Agents, And Attorneys. 
Though every piece is critical the Commercial Real Estate Broker is the most critical in the beginning. Primarily because they bring us the best deals! We need those!!
Cultivating these relationships will be one of our primary focuses. Because of that we’ve separated them out and we’ll cover that in detail tomorrow.
Today We’ll Focus on Agents & Attorneys.
Agents bring us deals as well btw. Particularly, our title agent and our insurance broker.


Title Agents & Insurance Brokers


They are Involved with other owners who are either getting title work or insurance done.
You’ll see that those people talk! If we’ve built a solid relationship they’ll let us know if someone is slowing down Or selling off their portfolio!
Why would the agents bring these people to us?
Because we’ve spent time to build a relationship.
Have Continually let them know we’re looking for deals. We can’t just assume they’ll know this btw.
And They also know we’ll use them for the transaction if they bring it to us! 
Another reason we’re going to cover Agents first is because We’ll actually reach out to them first.
I like to Ask them for broker referrals and then use them to name drop on our broker calls. This small little step helps to validate us, And will help validate YOU when you reach out to brokers tomorrow. 


INSURANCE BROKER


A good insurance agent should be able to cover you nationwide. So they can really be located anywhere.


What They Will Do:


Obviously, they will be in charge of putting the insurance policy in place! 
They will also communicate with the lender to assure we have the coverage we need.


Provide “sample evidence of insurance” to the Lender for them to review for approval before closing, Includes everything that the “Permanent Evidence” will except for the policy number. This allows the lender to approve the insurance coverage before closing. This will help to avoid any last minute coverage issues that can sometimes occur.


Who Are We Looking For


Find a firm that specializes in apartment building insurance.
Consider working with a broker that represents multiple companies. A broker can give several options on companies/programs that would be best for your property. An exclusive agent will only be able to provide one option.


ATTORNEYS


We will talk about the Title Attorney today but there are 3 different attorneys we will need to have in place.


Title Attorney


They negotiate PSA


Litigator


Tell you right now, you’ll eventually get sued.
Slips and falls, etc. So get liability insurance obviously and it wont be an issue. But you also need a litigator to fight frivolous claims!


SEC Attorney


Security Exchange Commissions
More than 2 people in a deal you’ve created a security. Have to follow their rules. They can be located anywhere.
We Won’t talk about SEC attorney’s here though.  


TITLE ATTORNEY


Your title attorney will act as a sound board during the purchase process.
They will also help to sort through the legal aspects of every transaction!
We engage with our attorney during every stage of the acquisitions process.


LOI & PSA


Assist with reviewing, negotiating, and explaining the LOI and contract process.


Prepare the initial draft of the contract or review/respond to the initial draft if prepared by the seller.
Review commitment of title insurance and copies of encumbrance documents
Easements, deed restrictions, covenants
Survey Review
Compare survey with title commitment
Prepare commitments to the title & survey
Prepare objection letter to send to seller & title company


Entity Set Up


Assist in discussing type of entity for purchaser
Prepare entity documents
They can register the entity as well


Due Diligence


Review Contracts like the laundry lease
Reviews any other due diligence documents as requested by buyer/client. 
The majority of the work at this stage is handled by the buyer, broker, inspector, and property manager. 
This is a good time to save legal fees.


Loan Documents


Reviews loan documents
Those to be assumed (in an assumption)
New documents prepared by a new lender/seller financing deal


Closing


Prepare & review conveyance documents


Deed
Bill of Sale
Assignment and Assumption of Contracts and Leases
Authorizing Resolutions
Legal Opinion Letter
Notice to Tenants of New Owner
Title Company documents
Any other side agreements that may be in place


Review & Discuss settlement statement.


Coordinate execution and delivery of closing documents.


Where Do We Find Them?


Ask for referrals from other team members & others within the network.
You can do a basic google search as well


Advice / Tips


Use the script found in this chapter to help guide the conversation.
Ask the attorney to provide references for you to call as well
It’s really important that you feel comfortable with them, if not, keep looking! 


What Do They Charge


This will depend on the age and experience of the Attorney, As well as the size of the law firm!
Typically $200-300 / hour


Typical Transaction Cost


Approximately $10,000 +. Not including Entity Formation or Filing Fees.
This varies on the size of the deal.


Entity Formation & Filing Fees


$3,000 +
This will also depend on numbers & types of parties involved


Individuals
Entities
Trusts
IRA’s


This can increase fees significantly due to discussions and coordination needed.
1031 exchanges also create additional and significant cost.


Retainer Fee


This is not unusual
Typically ~$5,000
If deal or engagement with attorney is terminated, Before incurring $5,000 in fees, The unused portion is returned.


Reminders


Best practice is to keep them in the loop from beginning to end. If problem arises and attorney hasn’t been involved from beginning they will still have to take the time to go back and review any pertinent details. That isn’t cost effective or efficient.

Attorney Script

Mindset: Insurance

Take Action: Insurance & Attorney

TAKE ACTION

  1. Call and interview Insurance Brokers 
  2. Call and interview Attorney 

SUBMIT 

Submit your insurance broker and attorney scripts/bullet points. Our coaches would love to give you feedback to make sure you’re hitting the right talking points.


Week 2 – Day 3: Deal Team (Brokers – Part 1)

Broker Relationship – Part 1

Broker Relationship - Part 1
Commercial Listing Brokers


Commercial listing brokers are absolutely key relationships that we are continually cultivating!
They will help make you wealthy. But remember you’re going to do the same for them!
Because of that, we can never hitch our wagon to just one broker.
DIVERSIFY by building relationships with as many brokers in the market as possible.


Relationship Based Business


This is a relationship business.
And The key to building relationships is understanding and caring about the needs of the other person.
Let me tell you what brokers care about… closing the deal. Period.
That’s how they get paid and how they build credibility with the seller.
Because of that… Naturally, they’re going to size you up.
They want to know if you are a real buyer or a tire-kicker.
They want to work with a pro, someone who understands their side of the equation, who’ll be easy to work with.
We have to be that way.
Today we’ll talk about how we build that relationship & build their confidence that…WE WILL CLOSE and be an absolute pleasure to work with !!! 


What They Will Want To Know


Where is the capital coming from
Liquidity & Net Worth Coming From (Who’s sponsoring)
What kind of returns you’re targeting & what your model is
Your track record


Let’s talk about all of these in some detail


Where is the capital coming from


These are the types of investors we have:


High net worth individuals


Deals are structured in a syndication model


Raise most of the money from contract to close


They may ask for Proof of Funds on a bigger deal. 
What they’re really doing is testing how you reply.
I rarely get asked that anymore, but it was very common in the beginning.
My typical reply was something like…


“I can show POF for the EMD and a good chunk of the equity if you’d like but we don’t keep all the equity on hand. We syndicate and/or use family office groups for our equity piece.”


Do you have the Liquidity & Net Worth in place?


Essentially, who is sponsoring the deal?
“Oh for sure, Our group can take down a deal of  size based on X liquidity and X net worth.”
You don’t have to tell them that your sponsor isn’t necessarily part of YOUR company. They are your partner on the deal, that’s all that matters. 


What kind of returns you’re targeting & what is your investment model?


MODEL


Joint Venture or Syndicator
Value-add or Core Plus
Value Add: Needs some capital
Core Plus: Cash flow property, doesn’t require capital improvements


Typically focus on syndications with light value-add opportunities.


TARGET RETURNS


IRR Targets
Cash-on-Cash targets
Equity Multiples you’re looking for
Minimum Cap Rates


7 to 10% Cash on Cash with a minimum debt coverage ratio of 1.25.


SIZE & PRICE


Number of units
Purchase price
Typical equity piece needed


50+ units in the 8 to $25 Million dollar range.


With our investor base we feel very confident raising anywhere from 3 to 8 million. Anything higher than 8 million and we would use our family office groups.


PROPERY TYPE


Property & Area grade
Property vintage & Location


We prefer C- to B+ properties located in C- to A areas.


Property Vintage of 1980 or newer
Located in Primary or Secondary markets


Your track record


“How do you gain a track record to buy a deal… if you need a track record to buy a deal??”
You Partner up with other operating partners within the network. Great way to get on the GP side of a deal, learn, add to portfolio.


Passively invest


I have x number of deals in my portfolio
You know the deal
You’ve underwritten the deal
You’ve invested in the deal


That’s experience!
I’ll also give you another workaround called “Status Alignment” in the next section! 


Where Do You Find Them


Google Search
Popular Firms
Cushman & Wakefield
Capstone
JLL
Berkadia
CBRE


CCIM.com
Loopnet.com


Three things I look for with an Internet listing….


1- Residential Brokers:


A lot of them don’t have a buyers list so they immediately put the property on the internet to see if they can sell it!


2- For Sale By Owner:


Most sites require nothing more than a registration for the seller to create a listing.
You can find some great deals from owners who are just looking to move their property!!


3- Active Listing Brokers:


You’ll see that the same broker has multiple listings, that’s an active broker that you should build a relationship with.
That deal might suck, but others wont.


Script


“Hey Stacey, great to meet you. I saw your listing for X deal on loopnet…
That deal doesn’t work for me because I buy properties based on X criteria…..
Was hoping to connect and see if you have any other deals that meet this criteria either on the market or coming on the  market soon?”
She knows the deal doesn’t work because of that reason it’s on there in the first place!
She’ll respect that you know your target!


Referral From other team members


Like I said yesterday… this will immediately validate you as a player!!!


LAST ADVICE


Go have a conversation with a broker that is a couple markets away from your target market.


You’ll Learn a ton from those conversations & their questions
You Won’t be worried about ruining a relationship

The Broker Script

Top 20 Brokerage Companies

Mindset: Focus On The Next Yellow Line

Take Action: Gather the Information

TAKE ACTION

1. Gather the information needed for the call

  • Investment model 
  • Target returns
  • Size & Price 
  • Location and vintage

2. Research Brokers to Call 

  • Use Loopnet to find active brokers 
  • Referral from team member 
  • Research brokers from the “Top 20 Brokerage Companies” PDF
  • Choose 4 brokers in your local market 
  • Choose 2 in a totally different market 

3. Read through & Practice Script! 

  • Read it out loud, edit as needed 

4. Call And Interview 2 Brokers in Other markets 

  • Markets you don’t plan to invest in
  • You’ll learn a ton from these calls!! 
  • Ability to practice without fear of ruining a relationship 

SUBMIT

Submit a summary of how the broker calls went or any questions you have for our coaches.


Week 2 – Day 4: Deal Team (Brokers – Part 2)

5 Steps To A Successful Broker Call

5 Steps To A Successful Broker Call
Good morning you brave sons a b’s!!


Hopefully your watching this video after fearlessly attacking some fear, making some broker calls, and getting to that next yellow line!!!


Speaking of that… how did those broker calls go?
-What did you learn?
-What could you have done better?
-And of course… what did you absolutely kill it at??


Remember to document those things as you go throughout this process! Doing so will allow you to learn & grow!!
Then, celebrate!! Hopefully you celebrated after completing day 10!…. If not, go grab some ice cream & pat yourself on the back!


Alright, lets dive into today!
Today we will get far more in-depth with the “how to’s” behind your broker calls!


Step 1: DEFINE THE TARGET


Before we even pick up the phone we need to: DEFINE THE TARGET!
We have to define what we’re looking for.
Meaning, our investment model, return targets & research about the area!
You should have done your market research in week 1, and yesterday you defined your investment model & target returns.
Which means you’re already ahead of the game!! Look at you already kickin ass!!
When we understand what kind of properties we want and what areas we want them in… it inevitably fuels our confidence.
We don’t go into a call blind, hoping for education. We go in mindful & calculated!


The next step would be too: DEFINE THE BROKER.


-Meaning, who are they?
-What are their wants & needs?
-Is there something we could build commonality on?  


We NEED to do some research before hand to make sure we’re weaponized as we go into our call!


Some examples to look for would be:


-What does their bio say about them?
-What markets and properties do they specialize in?
-What kind of sellers do they target?
-Have they won any awards?
-Also, should we avoid any topics?


For example… Do they HAVE a dog or were they mauled by a dog when they were younger?
If it’s the later… maybe steer clear of using your bulldog as the ice breaker lol.
DON’T ASK HOW I KNOW THAT LOL!


In other words, Weaponize yourself with the ability to connect.
With that being said, you need to understand that every broker is different as well.
Some are very dry and to the point, And some will want to tell you their entire life story!


One of the biggest eye openers for me has been to FLIP THE VIEW POINT!


I learned very early on that everyone has a different perspective… and that taking the time to view things from the perspective of others is powerful.
This relates to FAR MORE than broker relationships btw.
But, for sake of the topic at hand we’ll stick to brokers.
For example… Instead of researching “WHAT I SHOULD BE ASKING” a broker.
I researched “WHAT BROKERS ARE TAUGHT TO LOOK AT IN INVESTORS like me.”
Then I tried to cater my messages to meet that narrative.
In my research I found that 80% of investors are walking around frustrated that…


-They aren’t getting good deals.
-They Can’t find investors.
-And a laundry list of other items.


This is because they don’t know, or don’t focus on, what we in the 20% do!!
Instead, they focus solely on what THEY need & want…. And as a consequence, they never get it!
We need to continually focus on what the brokers need & want!
We need to focus on and then speak about what they need. And then show them how we can help them get it.
This doesn’t mean we’re manipulating them either, this is HOW we put ourselves in a position to provide VALUE.
Value Is defined as “Anything of worth or service that, when provided to another, creates joy for both parties!”
If you learn one thing from this course, learn this… to think in terms of other peoples point of view!!!
This one thing has made me millions and millions of dollars.


The next step would be too : CREATE STATUS ALIGNMENT.


I mentioned this a few times yesterday…. Let me explain in some more detail here.
I recently had to cancel a flight outside of Delta’s typical cancelation policy and found myself on the phone with a very nice very nice agent who was trying to help.
An agent who was super nice… but an agent that didn’t have the power to solve the problem I had.
The minute I realized that, I asked for the manager. Because I knew that person couldn’t help me.
Let’s relate this to brokers.
Even if we see things from their point of view…
If they don’t think we can help solve their problem, they won’t be spending much time with us.
But…. when they view YOU as a player, all of that changes!
Before I get into the details of this, please realize how important it is for US to view OURSELVES as a player!
People will only treat us how we expect to be treated!!
This is why affirmations, visualizations, and all of that tree hugging hippie mindset stuff works!!
So, remember, you are absolutely a player in the space! Don’t ever doubt that…. But when you do doubt that… don’t forget to build yourself back up!!


Alright Here’s How we Create Status Alignment:


First, you need to use industry Lingo.
Then we need to speak of a recent action.
And lastly, we need to mention something important in the industry.


For example, here’s one I used the other day to gain status alignment!


I was speaking with a broker who was trying to see if we’d be able to raise funds even with all the economic uncertainty… in other words…  he was sizing me up!!
My response was…
“Overall vacancy rates are projected to rise by 20 basis points in the coming months but our suburban based assets are actually performing better year over year.
Our investors have seen how those are performing…. They’ve also seen that conventional rates are sub 3% right now….
So… no, we’re not nervous… honestly, it’s just the opposite! Our investors are beyond bullish on the market right now!”
Those 50 something words provided status alignment in a matter of seconds.
They didn’t need to see an SREO at that point… They just wanted to know my buying criteria.


Status alignment works!!!


The last step would be too: CONTROL THE FRAME!


Oren Klaff has a great book called “Pitch Anything” that you should consider reading.
In short, when you control the frame, others react to you.
When we’re continually reacting to the other person… they own the frame.
We ALWAYS want to control the frame.
Let me walk you through the most important elements of this…


The first element would be: Controlling The Time.


-Be pleasant and polite but then get down to business.
-We sometimes feel like we have to have a lot of small talk, Especially in the beginning.
-The reality is that most people don’t feel like they have time for that!
-The broker script will help you set this up perfectly.


2- The next element would be asking the questions.


This is why I’ve provided those questions for you. This allows us to be viewed as the prize.
Especially when they realize that we can solve their problem!
Once again, A key aspect for that to actually work is… we ACTUALLY have to believe that we’re the prize!!
Call me crazy, maybe that mindset training stuff helps with that!


3- The next element is the “Push & Pull” element.


We need to show appreciation, show interest, and see their perspective.
But we don’t always need to try to pull them close.
When we are always pulling someone close, they become anxious & cautious.
They are sizing us up… politely size them up as well!
A very simple way to push is to make sure we are the ones who end the phone call.


My advice…
-Keep the call under 15 minutes & ask the questions!
Do that, and you’ll effectively push, pull, and control the frame!


AND THE MOST IMPORTANT ELEMENT IS…


To Have fun!
Nothing is more attractive than someone who enjoys what they do!


Ending….
Alright, now we’ll dive into the 4 step broker action plan!
From there you’ll dial in the information you need and begin making broker calls!
Let’s go!!

4 Step Broker Action Plan

4 Step Broker Action Plan
Welcome! This is the 4 STEP ACTION PLAN


We need to master this 4 step approach!!


STEP 1 is: MARKET RESEARCH


You should have already done this in week one.
It’s absolutely critical that you know about the area.


STEP 2 is to: TAKE ACTION!


Now this is where the majority of operators fall off… they fail to take action!!
Once again, the greatest differentiator is EXECUTION!!
So… Go grab some coffee, Jump on a zoom call, and get to know them!!


Next is STEP 3: GETTING ON THEIR DEAL FLOW LIST


This is a fairly common step.
“Ok, we’ll put you on our deal list”.
That way you know when a new deal comes to market.


STEP 4 is: GET IN TOUCH AS SOON AS THE DEAL COMES OUT


We try to call as soon as the deal comes into our in-box.
Let’s talk about some rules and some questions in regards to step 4 though!!
Don’t call them about EVERY deal.
If we’re calling on everything ranging from value-add to core and $8MM to $50MM.
They’ll feel like we’re wasting their time. 
Only call on the ones that meet your criteria.


Now, The First Two Follow Up Questions I ask are:


First: What is the guidance?


This Meaning: Price / door, etc.
The price given will be inflated, but it will at least give you guidance.


And the second is When is the CFO? (Call for offers date)


This is because I don’t want to waste their time.
Meaning, if I do a quick underwriting and I’m not close, And the CFO is quick, I’m not going to waste my time.
Also, if I do a quick underwriting and I’m no where near where I need to be once again, I don’t bother.
Now, If it works, or you’re close then we work on an offer.
We don’t offer the price / door from question 1, But something that will move the discussion forward.


Other Questions I ask are:


“What is the cut off for best and final?”
Essentially, What is going to get me into the best and final stage?


CFO: is where everyone who saw the deal submits their offers.
There are typically 20-30 offers.


Best & Final: is the round two or finalists for the deal.
Typically is 5-10 people.
Then they’ll set another date for the best & final.


This is what is considered BAD:


Trying to nit-pick and renegotiate everything!
Being unresponsive at anytime through the process.
Having a short term perspective (one deal).
Showing interest in EVERY deal.
And Trying to be fake.


What is considered GOOD


Having a long term perspective (multiple deals!)


Both the sellers and brokers have access to other deals! So you want to be their go-to contact!


 Showing interest In THEM


Grab some coffee
Schedule a zoom call
Remember their name
Ask questions
THEN ACTUALLY LISTEN


Showing appreciation


Thank them for their help.
If we want to really stand out we could post on LinkedIn about speaking with them and how they are a wealth of knowledge.


Be yourself!


You are your greatest asset!!


Look for ways to do deals


Be specific on our deal criteria!
Do research about the area and what we’re looking for.
Ask them what they are looking for, think of ways YOU can help them!
Our job is to get the broker to work on our behalf.
Say something like…“I need to turn this into a 10% Cash on Cash deal for my investors.”
It’s a subtle use of language, but it might indicate to a broker that we’re aware of the market.
They might even understand our obligation to your investors.
And after all, you’ve just acknowledged to him that we’re aware of his obligation to his seller.

Loopnet Listing Tips

Making Broker Relationships To Make Your Career

Mindset: Choose Gratitude

Take Action: Broker Calls

TAKE ACTION

1. Research the brokers you’ll be calling 

  • Find an area of commonality 
  • What do they want? (Write it out)
  • How can you help them? (Write it out)

2. Have all contact info ready 

  • This way you can call them back to back 

3. Create a status alignment phrase

  • Step 4 in the lesson
  • Don’t overthink this… just have some phrases and/or terminology ready 

4. Call And Interview AT LEAST 2 of the Brokers on your list 

  • Don’t skip or procrastinate this!! 
  • Believe you’re the prize dammit!! 😉 

5. Document pro’s & con’s from the call 

  • What went well
  • What can you improve on? 

Week 2 – Day 5: Property Team (Property Managers)

Property Team Overview

Property Team Overview
What a night!!! 
Here you are, less than 2 weeks in, and if you’ve made a decision to execute daily… you’re starting to gain traction!! 


Hopefully you had some great conversations yesterday with some active commercial listing brokers who you’re about to make wealthy!! 
I’d imagine their full of gratitude after seeing your post on LinkedIn about them as well! 
Or… maybe you totally bombed, practiced some box breathing to calm down, and you’re praying that the broker doesn’t post about the uncomfortable conversation they had with a new investor lol! 
Whatever the case may be… you’re here today… which means we celebrate!! Well done!!! 




Today we’ll begin talking about Your Property Team


Our property teams let us know if we’ve got a good deal, they know how to keep it looking good, and they make sure the deal continues to perform. 
Look at this in two phases, pre-close and post-close. 


Pre-Close
-Inspectors
-Surveyors 
-Contractors 
-Property Managers


Post-Close
-Contractors
-Property Managers 


Our Primary focus today will be property management relationships and this will be taught by JT Toupin!! 


JT started his real estate career in 2008 and transitioned to full time property management by 2010. 
JT started as a leasing consultant and is now a certified apartment manager! He is a brilliant when it comes to operating a Multifamily property and is a an absolute wealth of knowledge! 
He has been one of our regional managers in NC for awhile and as many of you know, is now an investor and coach! 
This video is long, but it is packed full of amazing content! Enjoy!!!! 

Property Manager

Property Manager

Sourcing & Screening Property Managers

Initial Property Management Script

Mindset: Ownership

Take Action: Research and Contact Property Managers

TAKE ACTION

1. Research Property Management Companies in your area 

2. Post on the Multifamily Mindset Network page and ask for referrals 

3. Read through the Initial Interview Script 

4. Call and interview 3 different property managers

  • Ask for a broker referral 
  • Ask for a property inspector referral 

SUBMIT

Submit your own initial interview script for feedback from our coaches.


Week 2 – Day 6: Property Team (Contractors)

Building Your Property Team

Contractors 

-Contractors will also be with you for the entire ownership of a project

  1. Use them to get quotes on the repairs you’ll need to get done
  2. Allows you to properly prepare for and project capital needed 

-Best way to find them is through referrals!

  1. Brokers
  2. Property Managers
  3. Attorneys 

-When you find a good one, you’ll want to keep them and keep them happy! 

  1. Pay them on time! The quicker the better!
  2. Make doing business with you easy. 
  3. The contractor is already chasing a lot of other people for money. 
  4. When you pay him at the time the job is complete, he’s will make your jobs a priority.
  5. Slow pay
  6. Lose them 
  7. Chase them to finish the job 
  8. Will ask for payments before the job is completed 

Property Inspector

-When you find a good one, fly them to other parts of the country to inspect your property! 

  1. They will methodically go through the property 
  2. Let you know if something is wrong 
  3. Give you an estimate of what it will cost to fix
  4. This estimate is in addition to the contractors 

-They will also check 

  1. If property meets ADA requirements (American Disabilities Act)
  2. Zoning of the property
  3. Potential issues down the road 

Maintenance Specialist 

-A good maintenance staff will save you a lot of money and keep your tenants happy because they will get repairs done and will keep your property looking good!

-Part of your on-site crew

  1. Keep the properties looking good
  2. Save you money by fixing problems in house.
  3. We require all maintenance to be done in house
  4. No third party vendors or sub-contractors

-Sometimes they need to hire a new maintenance tech to keep up, that’s ok! 

  1. Their salary will costs less than sub-contractors  

-Potential Red Flags

  1. Biggest expenses and variances were repairs and maintenance. 
  2. Management companies were sub contracting out a lot of repairs.
  3. Sometimes they have a relationship with the contractor
  4. A relationship that sometimes benefits them but not us.

-Should be HVAC Certified 

  1. Great if the have electrical certifications as well 

Surveyors

-The lender will almost always require a new survey, but we want to know where our property lines are as well.

  1. Any rights of ways or restrictions?
  2. Where the buildings sit on the property. 

-A way to save money on this is to get an updated survey done 

  1. You’ll need to request a copy of the current survey from the seller so you know who did the last one. 
  2. This will save you thousands of dollars!

Building Your Property Team

Take Action: Contact Contractors and Property Inspectors

TAKE ACTION

1. Research & Contact a Contractor  

  • Remember to ask for referrals from team members 

2. Research & Contact Property Inspectors  

  • Ask what services the provide
  • Environmental issues?
  • Thermal imaging?
  • What’s their background 
  • Ask them for a sample report 

SUBMIT

Submit your list of talking points for your contractor and property inspector calls.


Week 2 – Day 7: The Day of Rest

Take A Rest & Plan For Week 3

TAKE ACTION

Take A Rest 

  1. Write down a few of the top things you learned last week! 
  2. Write down a few of the things you did to grow your business
  3. Now pat yourself on the back and go celebrate however you feel best!

Plan For The Upcoming Week

  1. Review the weekly planning section if needed.
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