Hello
from Cedar Crest, NM. I am finally home and I have a week or so before
I am off again. I really need to get this travel thing under control…My
wife, Leta, is starting to wonder about me…since my whole intent of
being an entrepreneur in the first place was/is to spend more time with
la familia!
My adventures in this month of March take me to San
Francisco, CA. I will be attending Teen Mania’s Battle Cry
(www.battlecry.com) event. Then I am off to speak at a Mentor
Financials event Ultimate Investors Bootcamp (http://www.resultsnow.com/)
in Denver, CO. I am really looking forward to these events….but I
hate being away from my family….oh the conundrum….embrace the power of
“AND”?
I just had an amazing February…..it was unreal…..It
started off somewhere….I cannot remember where….and ended in an
orphanage in Juarez, Mexico.
Also in February….Grassland had its
inaugural seminar….The Wealth Breakthrough Weekend. It went so well.
This event was a result of a team’s vision…and putting action behind
it. The 360° Freedom Formula was introduced and Grasslands Investments,
in reality, was introduced to the public as well.
I am proud of
my partners….WOW…..But I have to tell you Emily Cressey
(www.emilycressey.com) pulled it off….and NO…SHE IS NOT FOR HIRE for
organizing events…but if you would like for her to speak at your
event….check her out at her website…www.EmilyCressey.com.
Deal Finding…..
Whatever
investing conference I am at…the question that comes up more often than
not is…”How do I find the deal?” Unfortunately there is not a short
answer to this…..because of course…I have ADD (Attention Deficit
Disorder) which leads to tangents and whatnots…and of course…stories…..
When
I first started trying to make the transition from residential
investing to commercial real estate…..I was trying to figure out the
best way to find the deals….or find any deal for that matter. I
remember like it was yesterday when I started looking for apartments
and my “commercial” bandit signs and newspaper ads were not giving me
any leads (chances of finding a large multi-unit with a newspaper ad is
slim..not impossible but slim). So I called the agent who sold me my
house (yes…good move right?…please do not judge me on my
ignorance…obviously you would never do such a thing and you cannot
learn from my experience) ….she said “sure…no problem….I can help.”
Well…the way she helped was by printing off ALL the multi-unit listing
off the MLS and dropping them off at my front door…..NO THANKS! But I
do appreciate the door to door service and the lovely refrigerator
calendar magnet.
Why do you think getting a “print off” from the MLS was not helpful” Well….glad you asked:
1) Quick Analysis
- Bulk MLS listings take a lot of time to go through…the one thing I
did not know how to do was quickly analyze deals and decide if the deal
was a “deal” or “dog.” Being able to quickly analyze deals will save
you tons of time and get you to your deal quicker.
2) Acquisition Criteria
- I did not give the agent my criteria of what I was looking for…so I
got listings on duplexes, triplexes…and a few restaurants as well as a
few hundred unit buildings. If I had been specific about what I
wanted…I may have gotten listings closer to what I was looking for.
3) Avoid the MLS?
In my experience…the MLS for commercial property is like rummaging
through the bargain bin on the last day of the sale. Clearly…the “early
bird gets the worm.” There is a way to get the early listings…and we
will discuss in the next blog. Better yet….how can you position
yourself to receive “pocket listings”?
Well …I need to make one thing clear….there is a big difference between finding the deal and attracting the deal.
I
strongly believe…your success in acquiring commercial property in the
long run is by attracting deals vs. finding deals. In the next few
blogs I will reveal how to find deals when starting off our commercial
investing….but I will also explain you how to start having the deals
find you!
This week’s Wealth Lifelines:
I met amazing people at the Wealth Breakthough Weekend…..(or in the area)
Tracy Markum (http://www.lifeinfusion.tv) The man is built like a Mack truck but has a HUGE heart for changing lives. He is a member of the Impact Team (http://www.team-impact.com/)
and also has a land development company in Oklahoma City with his
partner Jason Klontz (another very amazing guy). The company is called
Markum/Klontz (http://www.markumklontz.com/)
. The only problem with these guys is that they are Oklahoma
Sooners….but…let us all accept them for their hearts. We are all guilty
of making bad decisions in our lives….can I hear an AMEN?
Wes Roberts (http://www.leadershipdesigngroup.org/). I met Wes in Denver….he is the mentor to my leadership mentor (Tom Davis – http://www.cthomasdavis.com/)
. Wow….it is like meeting Luke Skywalker’s mentor…Yoda….but Wes is much
better looking. You can catch up with Wes on his blog (http://wesroberts.typepad.com/wes/). Wes has a peace about him that only God can bestow….God is all over this man….
