Week 4 – Commercial Cornerstones.

Week 4 – Introduction: Commercial Cornerstones

Welcome to Week 4

Welcome to Week 4

Week 4 – Day 1: Operating Partners

How to Find & Cultivate Partnerships

How to Find & Cultivate Partnerships
How to Find & Cultivate Partnerships!


This topic is beyond important and can spring you in to many deals! You can obtain a post graduate-level understanding of real estate by dedicating yourself to education. But the reality is, you won’t get very far without strong, trust-based relationships.
Relationships are funny though, right? 
Let’s be honest, we are all judgmental. In the midst of trying to build relationships, you will naturally classify people… for better or for worse.
Go to a networking event and just watch… watch how the same person will greet one person with sincerity, energy, and with their full attention. 
Yet, minutes later they will greet someone else with Far Less enthusiasm and attention. 
Whether this is fair or not, it’s simply a reality… some people command loyalty and admiration while others simply do not. 
We can either be frustrated by that… or we can learn to benefit from it. Trust me from experience, only one of those choices is beneficial. 
So, the question becomes, how are we being perceived and how do we change it? The answer might not be what you expect.
The far majority of the time, those commanding the most respect, are also the most successful. 
But what you’ll realize, the size of their bank account has nothing to do with why they are treated differently….
For example, at a networking event, maybe that success is known… maybe it’s not. But go to a store, restaurant, or hotel… really anywhere else where that success is unknown… and you’ll notice that same person being treated differently. 
The question is, why? Right! 
I’ll tell you exactly why… are you ready…. It’s because of HOW successful people think. Period. 
Other people see in us what we see in ourselves.
Regardless of what someones qualifications might be… if they think they are inferior, they are.
To make matters worse, to compensate, that person might talk down to people… like a hotel or restaurant worker… to make themselves “appear” supreme. 
On the flip side, those who are truly successful, know they are successful. They don’t have to make someone feel worse for them to feel better… just the opposite. 
Those who command the most amount of confidence and respect, are those who GIVE the most respect and confidence. Those who are truly successful, make everyone around them better… because of how they THINK! 
This is Critical to remember as you start this business, as you look to cultivate relationships, and as you grow as a person. 
How we are being perceived has far less to do with other people, and far more to do with how we view ourselves. 
Now, for the skeptic out there… YES! There are times, no matter how confident you are… that people, for one reason or another…. Don’t like you. 
Who. Cares. For Real. 
I want to be very clear… the same logic applies. If we are comfortable with ourselves, we don’t worry about what others think. If someone doesn’t like me, and I know this might be shocking… but there are plenty who don’t…. 
I know, I can’t wrap my head around it either… but that’s just the point. I don’t need to. Either do you. 
Especially when we are talking about cultivating partnerships… because I sure as shit don’t want to partner with anyone who doesn’t like me. Right? 
Now, with that out of the way… let’s talk about HOW WE THINK IN TERMS OF SUCCESS? 
Because how we think determines how we act… and how we act will determine how others react to us. 


THE MAGIC OF THINKING BIGGER


Alright, I’m going to give you some advice from one of my favorite books, “The Magic of Thinking Bigger.”


1- Believe That You Deserve Respect 


I was teaching a class in San Fran and I remember a girl in her early 20’s coming up to me and saying… “I’m really nervous that people won’t take me seriously because of my age.” 
I thought that comment multiple times actually because it was the opposite of what my first thought was and It would never cross my mind to think of her as ‘young and inexperienced.’ 
In fact… The first thought that crossed my mind when she mentioned her age the first day was, ‘what an ass kicker!!!’ 
That was magnified even more when I heard about all of her athletic accomplishments. One of which was being an olympic medalist. She had literally done nothing but succeed her whole life… and I’m confident that everyone who knew her, respected her… 
Yet there she was… lacking feeling inferior… all because she was starting something new. 
The email I wrote her said this… 
“Get those worries as far from your mind as you possibly can. I sincerely feel like one of the biggest, if not the biggest, key to success is thinking positively about yourself! The only real basis people have for judging your abilities is your actions… and your actions are controlled by your thoughts! In other words, you are what you think you are! Find someone that you respect, view as experienced, and aspire to be like. Dress like them, talk like them, and inevitably you’ll start viewing yourself in the same light as them. It works!”
That brings me to step 2… 


2- Find A Mentor To Emulate


The first seminar I ever went to was taught by a guy named Jim Anderson. He dressed sharp, was funny as can be, and treated everyone like gold!! I always dreamed of speaking at events, which made me immediately want to emulate everything that guy said and did! 
I started to dress like him, but more importantly I started to act like him. I had this notion in my head that successful people were pompous, because they could be. Right? Jim was anything but pompous, in fact I’d say it was just the opposite. He would strike up sincere conversations with the taxi driver, give sincere compliments at any opportunity, and truly made everyone around him feel more confident. 
I have tried to emulate that behavior as much as possible, and though I’m no Jim Anderson, a few years later I found myself speaking at my first event. 
The same thing happened when I started this business. I found people to emulate, one of which was Dave Lindahl. I listened to how he spoke to people, words he used, and how he approached challenges. I’d think it’s safe to say that has worked in my favor! 


3- Look Important- It helps you Think Important 


Look good, feel good
Feel good, play good
Play good, get paid good


I am a huge advocate for dressing the part. You better believe, that if I’m going to any sporting event, I’ll have a jersey on. Rodeo, I’ll have wranglers on. Golf, I’ll look like I belong on the tour… but golf is an anomaly because I still can’t golf worth shit, I feel more like a golfer though.  


4- Know Your Work Is Important 


There’s a story often told about the job attitudes of three bricklayers. It’s a classic, so let’s go over it again. 
When asked, “What are you doing?” the first bricklayer replied, “Laying brick.” The second answered, “Making $9.30 an hour.” And the third said, “Me? Why, I’m building the world’s greatest cathedral.”
I’ll tell you right now, there’s zero chance that I partner with anyone who doesn’t think that what we do they do is important. The person who takes pride in what they do, will go the extra mile in all they do. They are also WAY more fun to work with… because they are happy. 
“A person who thinks their job is important,  receives mental signals on how to do their job better. Doing a Better job brings more opportunities, more opportunities bring more money, and more money brings more happiness… even if poor people say it doesn’t” 
Lastly… 


5- Give yourself a pep talk!! 


Far too often, before we pursue something new, we flood our mind with all the ways we’re going to fuck it up and then act surprised when we do do exactly that!
All of us use mantras & affirmations, whether we’re aware of it or not. Those who are aware of it, create positive affirmations… while those who aren’t repeat negative ones. 
We all have a voice in our head. According to Christine Porath of the Harvard business review, that voice is anywhere from 800 – 1400 words per minute. At subconscious level, always talking to ourselves, and many times judging ourselves. 
Other people can certainly influence our thoughts, which is why we have to be so aware of who we let advertise to us. But as powerful as outside advertising is, inside advertising is 10x more powerful. 
Here’s the kicker though, if it’s negative, it’s literally 10x more powerful. 
Bill Buckner was an amazing 1st baseman for the Boston Red Sox… yet he is known for one of the most memorable bloopers in MLB history. In the 10th inning of the 1986 World Series, Bill let a routine ground ball roll between his legs, which allowed New York Met Ray Knight to score the game winning run from 2nd base. That forced a game 7, a game that the Mets would also win. 
You have probably heard about this play, maybe you even watched it happen, but did you know that Buckner predicted the fateful play just a few weeks before?  
On October 6, 1986, Buckner was interviewed by WBZ-TV’s Don Shane about the pressures of postseason play. In a quote that later appeared in ESPN’s Steve Bartman documentary Catching Hell, Buckner eerily explains his worst case scenario:


“The dreams are that you’re gonna have a great series and win. The nightmares are that you’re gonna let the winning run score on a ground ball through your legs. Those things happen, you know.”


Yes those things happen… but by speaking those things out loud, according to Ms. Porath, Buckner multiplied his chances of effing up by 70 times. 
Ouch!! 
So, do yourself a favor and give yourself a pep talk… and make sure it’s a positive one!! 

Ways To Find Partnerships

Mindset: Don’t Judge The Moment

Mindset: Don't Judge The Moment
Here’s the question…. 
Have you ever been in a position, that was shitty, and then you looked back afterwards and thought… my word, that was actually a blessing? 


Now, take a second and think WHY it turned out to be a blessing! What did YOU do to turn the situation around? What were those actionable steps? 


I know a lot of you that I know are spiritual, and I DO believe that God has a hand in all things, certainly has a plan, and Obviously knows a lot more than we do


But I also believe that very few Negative situations turn to positive situations…. without us do something! 


All too often we react emotionally when presented with a less than ideal situation, and lose our perspective. Which turns bad things into really bad things.


But then there are other times where we use the fear from a less than ideal situation to motivate us to become better! 


In other words, when things are tough, or if they are tough right this second…. and that is causing some fear in regards to the future….


Don’t run from it or don’t get emotional about it. Embrace it, Work through it, and use it to make you and the situation better.


We can’t judge the moment because of the fear, instead, we have to make our fear productive!! 


Just like you’ve done before! 🙌🏼

Take Action: Dial In On Your Strengths

TAKE ACTION

1. Dial In On Your Strengths 

2. Write at least one paragraph about something you excel at! 

3. Give 5 Sincere Compliments to other people today

  • How did that make you feel? 

4. Find at least one way to provide value to someone.

  • Posting / Commenting on The Multifamily Mindsetters FB page 
  • Engaging on LinkedIn
  • Etc.

SUBMIT

Submit your paragraph about your strengths.

Week 4 – Day 2: Partnership Structures

The Basics of Multifamily Partnership Structures

The Basics of Multifamily Partnership Structures

Mindset: Why A Positive Mind Doesn’t Work

Take Action: Identify Potential Operating Partners

TAKE ACTION

1. Determine what “Seats” best fit your strengths

2. Identify potential operating partners that could fill the other seats needed

  • Ask your mentor for guidance
  • Post on Multifamily Mindsetters FB Group
  • Look through your rolodex of contacts
  • Call us for help if needed! 

SUBMIT

Submit a document outlining which operating partners you need to find and the roles you’d like them to fill. 

Week 4 – Day 3: Dealing With Sponsors

How To Present A Deal To A Sponsor

How To Present A Deal To A Sponsor

How To Present A Deal To A Sponsor

Take Action: How To Present a Deal to a Sponsor

TAKE ACTION

1. Write out your talking points and plan for your conversation with a potential sponsor

SUBMIT

Submit your sponsor talking points.


Week 4 – Day 4: Ultimate Underwriting Series

Underwriting Template

Please click the link below to access your underwriting template and follow the instructions on the instructions tab. 

UNDERWRITING TEMPLATE

#1: What Is Needed to Underwrite a Deal?

#1: What Is Needed to Underwrite a Deal?

#2: Offering Memorandum

#2: Offering Memorandum

#3: T12 Statement

#3: T12 Statement

#4: Rent Roll

#4: Rent Roll

#5: Underwriting Template Walkthrough

#5: Underwriting Template Walkthrough

#6: Underwriting Input

#6: Underwriting Input

Week 4 – Day 5: Ultimate Underwriting Series (Part 2)

Full Underwriting Template

Please click the link below to access your underwriting template and follow the instructions on the instructions tab. 

UNDERWRITING TEMPLATE

If you are having any sort of difficulty or challenges with the underwriting template, please reach out to Zach Rucker at coaching@themultifamilymindset.com and he’ll be able to assist. 


#7 – Rent Unit – Mix

#7 - Rent Unit - Mix

#8: Value – Add

#8: Value - Add


#9: How To Make a Deal Work?

#9: How To Make a Deal Work?

#10 Underwriting Data

#10 Underwriting Data

#11 Yearly Projections

#11 Yearly Projections

#12 Returns

#12 Returns

Week 4 – Day 6: Networking 101

Networking 101

Networking Questions

How To Win Friends & Influence People

Take Action: Networking 101

TAKE ACTION

  1. Identify at least 3 networking events you can attend in the near future. 
  2. Think of other ways you can network and make connections with other investors and real estate professionals.

SUBMIT

Submit any networking questions you might have for any of our coaches. 

Week 4 – Day 7: Reflection

The Foundational Review & Reflect

The Foundational Review & Reflect
Before I even start this, please block X Minutes to watch this entire video.

And To all my anxious over-achievers, you know…. The ones who ONLY want to check things off of their list…. Trust me…. Sit back for a second and watch this whole video. Reflect on the monumental steps you’ve just taken…. And then feel free to check that off your list.

What an eventful & productive 4 weeks! There is still A LOT of work to do… but you have officially laid your foundation. Maybe you have more traction that you thought you’d have, maybe you have less, and maybe you just skipped to the end to see if you could somehow cheat the system… if that’s the case…. Get your ass back to week one lol!

For the rest of you, regardless of how you feel at this point, let’s talk about the foundation you’ve just set.

Of course the main purpose of a foundation is to supporting the building, or in this case… support your business!!

However, the foundation… of a building or a business… plays a far more important role than just a standing stone. A good foundation, properly laid and installed, also helps to prevent issues which could potentially undermine the integrity of the structure.

Think of the building blocks you’ve just put in place…

Your Definite Purpose: One of, if not the, most important building blocks you have… is your definite purpose. Your aim. In Kelly McGonigal’s book, “The upside of Stress” she says that we can better handle discomfort when we can associate it with a goal, a purpose, or a person we care about.

Before I had ever read a book about “mindset,” “The power of positivity,” or a Definite Purpose, I watched my mom use all of those things to absolutely transform our lives. Thankfully, I had a front row seat as I watched that play out.
While speaking to my mom recently about when her and my dad got divorced, she told me… that in the beginning, when they first split and my dad moved to Western Samoa…. just pulling herself out of bed in the morning felt daunting.
She said, “I found that if I dwelt too far into the future of ‘how will we ever get through this or that occasion’ I would feel such fear that it would debilitate me. I soon learned that if I just took little steps at a time, somehow we got through even the most daunting occasions and events in life.”
What a monumental statement. First, I can’t imagine how mentally & physically exhausted she had to have been at times, but if she was, I never knew it. She didn’t just put one foot in front of the other, she did it with a smile. In the darkest, loneliest, and most difficult time of her life… she found a way to HAPPILY put one foot in front of the other… and when she couldn’t do it for herself, she did it for her kids…. Which was HER Definite Purpose.
The significance of what I just laid out for you, and what my mom laid out for me, is monumental. Having a front row seat to learn from that, turned what could have been one of my biggest disadvantages, into my greatest advantages!
She taught me how to work hard.
She taught me that in order to change your situation you have to be disciplined, determined, happy, positive, and hopeful!
She taught me to find the humor in anything and everything, because humor breads happiness, happiness breads positivity, and positivity breads success.
She taught me that a current situation doesn’t define you, but HOW YOU DECIDE TO BETTER THAT SITUATION WILL.
She also taught me one of the most important success principles in existence…
That is, when your current perspective is causing debilitating fear… or anything like it… we have to change our perspective to something that does the opposite, to something that makes us smile, something that motivates us, something that’s greater than ourself…. We have to remember our Definite Purpose… and then we have to put one foot in front of the other!
Most importantly, she taught me that by doing so, you will not only survive, but you’ll come out stronger, better, happier, and more fulfilled than you ever were before!
By deciding to do those things in the darkest, loneliest, and most difficult times of her life, my mom not only bettered her situation, but she bettered the situations of everyone around her. That betterment caused her to be blessed with a youthful energy that is absolutely contagious in the best way possible!! That’s a big reason why everyone around her can’t help but “FIND JOY!”
Because of how she decided to better the situation, which was fueled by the Definite Purpose she defined…. she will forever be defined as: MY HERO.
How different would my life be if she had done nothing?

Now you know why I felt it was so important to start with that building block.

Planning: You’ve also learned to plan your quarter, week, and days with maximum efficiency! Another critical building block.

Local Teams: Next was the building block of local team members & understanding how to leverage those relationships!

Raising Money: And who can forget last week…. When you got out of your comfort zones and started building relationships with private money investors by perfecting your elevator pitch, creating content, and sending out your first email to potential investors! This building block is one that can never get too big or too strong!!

Operating Partners: Then you wrapped it up this week with the momentum creating building block of leveraging operating partners & dialing in your networking skills!!!

Hot Dammit that’s a hell of a foundation!!! But Don’t think for a second I forget about the most important building block within this foundational series… your mindset.

Building a business is no easy task and it requires humongous effort. The meticulously conceived and well executed approach you just completed, can certainly HELP to set you on your path to success.
Having a plan is important. Having a vision is important. Having the right infrastructure in place is important. But strong foundations are more than the big-picture strategies.
Strong foundations are about a mindset. 
Your mindset has been, and will continue to be, the most important foundational piece to your success. With the proper mindset, your foundation will be able to weather the up’s & downs and twists and turns that will inevitably present themselves….
In other words, the strength of your foundation will never be based upon the building blocks mentioned above… yes, those are obviously Very Important…. But for your foundation to be UNSHAKABLE… you’ll need a solid mindset!
For those of you who have already started the Mindset coaching program with Dallas Pruitt… you’re starting to understand exactly why I pay that dude to coach me. Mindset is absolutely the X factor… and growth doesn’t happen by luck, it’s strategic!
So, Whether you feel that you have more traction than you thought you would or you feel like you have less… the mindset is still the same… FORWARD!! 

With that in mind, I want to leave you with another word, Kaizen!! And Though Kaizen might not be a Hawaiian word… it’s still extremely powerful!!

Kaizen is a Japanese term meaning “change for the better” or “Continuous and never ending improvement!!”

Kaizen is built on the philosophy that everything can be improved! Everything. 

Just understand, that the higher the skyscraper you want to build, the stronger the foundations you need. Or in other words, the more ambitious the goal… the more you will need to continually change for the better!! Without Kaizen, without that strong mental foundation…. the skyscraper, or business, will eventually collapse.
Also, If you want to lay down strong foundations…. you have to dig first. You have to dig deep and while doing it, clean out all the shit…. I’m talking about that mental cognitive shit!! Fears, limiting beliefs, negativity, bad habits, etc.
Dallas helps me continually CLEAN THAT OUT…. So that I can continually improve!  
But just remember, even after we set an amazingly strong foundation, there will always be new challenges, new setbacks, new obstacles, new ways of doing things etc., that require us to learn and grow! Kaizen is about embracing that journey and finding JOY in every step along the way!
We have to continuously improve ourselves, and when we struggle or find ourselves dwelling too much on the future, wondering how X, Y, or Z will ever happen… just remember to take a breath… remember your Definite Purpose… And focus on taking that next step.

Aloha nui loa (All my love)

Conclusion: Congratulations!

Next Steps

You made it all the way through the 4 Week Foundational Course! That is a huge accomplishment. The material you’ve covered and the steps you’ve taken have covered many of the different aspects of tackling your first multifamily deal. You should feel a hundred times more prepared for this business than when you started.

The material in this course was meant to give you a solid foundation going forward. You should feel confident in your abilities and equipped with a base level of knowledge.

This course isn’t meant to be exhaustive, though. There is still much, much more to learn! In fact, there will always be more to learn no matter how far you progress in your multifamily career.

If you haven’t already, start going through some of the other courses and material available on the PATH. For reference, here are some of the other resources available:

ADVANCED UNDERWRITING

In the Advanced Underwriting series, Zach Rucker walks you through exactly what to look for in the underwriting process and shows you how to use the underwriting template.

MINDSETTER MONDAY

In the Mindsetter Monday series, Dallas Pruitt teaches you all about how to have the correct mindset to accomplish your goals.

ADVANCED SALES TRAINING

The Advanced Sales Training is a series of webinars with Tyler Deveraux, in which he teaches you the various sales techniques he uses to be successful in the Multifamily business.

GROUP COACHING CALLS

Access all of the weekly group coaching calls, covering topics like Commercial Lending Criteria, SEC laws, Goal Setting, Due Diligence, and more.


Along with the resources available on the PATH, continue to engage in the Multifamily Mindset network. In fact, that is the most important part! The relationships you’ll build in the network are the one of most valuable aspects of your business. To help you build these relationships, please keep utilizing these resources:

THE MULTIFAMILY MINDSET FACEBOOK GROUP

Keep posting and networking on the FB page. If you provide value, there is no question that you’ll see progress.

THE MFM COACHES

The MFM coaches are here to help you, so reach out to them! They would love to answer any questions you have, help you underwrite deals, and be there as a resource to support you on your journey.

TYLER, RYAN, AND THE REST OF THE MFM & MFCP FAMILY

Tyler, Ryan, Melissa, Jackson, and the rest of the MFCP & MFM team are here to help you as well. Never hesitate to reach out to any of us. Remember, this is a relationship business!

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