Category Archives: The Top Blog in Apartment Investment

The One Thing By Gary Keller and Jay Papasan

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The One Thing

I was introduced to the book The One Thing by a fellow entrepreneur who was a guest on our podcast. I am always on the lookout for books that can deliver amazing value while maintaining a level of enjoyment. Since the interview, we have had several other guests point to The One Thing as the book that revolutionized their lives. I thought to myself, how could a book with such a simple and unassuming title, could be responsible for transforming people’s lives?

I quickly realized why the book resonated with so many entrepreneurs. To me, the message was simple. Focus on that one big thing, narrow your concentration to one thing, and when your focus fluctuates, your success will also. As Gary stated in the book, my light went on also.

In our current environment, it is a badge of honor for an entrepreneur to assume multiple tasks and responsibilities throughout the day. They tend to focus on too many tasks, and this loss of focus leads to diminished success. “Going small” in the book refers to ignoring all these tasks and focusing on what you should do. Big success comes when we do a few things well. When you can go as small as possible, Gary states “that you will be staring at one thing. And that’s the point”.

Also read: Millionaire Success Habits

Luckily, for Jake and myself, we stumbled upon this principle early on in investing. We chose to focus on one specific real estate niche, multifamily investing, and even more precise, mom and pop apartments. We elected not to broaden our investment criteria to include wholesaling, fix and flip or single-family homes. We chose to concentrate on multifamily, which allowed us to become very knowledgeable in the space, and focus on only that asset class. We even selected the market and the types of assets to target.

In the book, Gary gives many examples of individuals who harness the one thing. Bill Gates can credit his massive success at Microsoft to his one thing, computer programming. His success did not end with Microsoft. He started a foundation to do “One Thing”, and most of the money that is collected for the foundation is channeled to their Global Health Program.

Gary hammers away at the misconception of multitasking. We buy into the lie that we all need to multitask and accomplish several things at a time. As humans, we can do two things at once, but it is nearly impossible to focus on two things at once. Have you ever gotten that feeling of being in the groove and everything is clicking? I bet that you are highly focused on the task at hand and that you have developed a rhythm.

BOOK REVIEW: Tax-Free Wealth By Tom Wheelwright

I am in total agreement with the authors when they discuss success. They state that success is about doing the right thing, not about doing everything right. The secret to success is to choose the right habit and become disciplined enough to form the habit. The authors point to Michael Phelps, the Olympic swimmer, who was able to create a discipline about training and being in the pool every day of the year. When he formed this discipline to train, it paid off immensely for him.

Let me leave you with this quote from the book. “People do not decide their futures, they decide their habits and their habits decide their futures.” F.M. Alexander

One of the habits that you need to form is to become a voracious reader. Begin your reading habit by picking up a copy of the The One Thing and start to focus on YOUR one thing. The book has allowed me to focus on my one thing, develop powerful habits and achieve a sense of purpose and joy in my life because I am constantly striving for my one thing.

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Discover the operating system we use for our business with Mike Paton, Visionary at EOS Worldwide

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In this episode we are fortunate to have the visionary of EOS Worldwide Mike Paton as our guest.

Our team struggled implementing systems in the early days of our business. We were laser focused on results but sometimes came up short with the roadmap aka the process needed for achieving our goals.

Mike Paton describes his journey and defines why an operating system is so important to the success of any small business.

In this episode you will discover:

• Mike’s definition of a system
• Why every small business needs an operating model
• The difference between systems and bureaucracy
• The cadence of accountability
• Leveraging out the work you do not enjoy
• The EOS model
• What a good operating model can do for your business
• How we use EOS
• And much more!

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A Roadmap For Buying Your Next Apartment

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When I made the jump to multifamily investing, I was unsure of the steps I needed to take to get into my first deal. I was very familiar with buying single-family homes, but fear and doubt was building inside me just at the thought of buying a multifamily property. The objective of this article is to create a roadmap for you to follow on your first multifamily deal. I would like for you to read the 7 Steps To Success In Real Estate. This article focuses on the actions all real estate investors need to take in order to become successful. This article will drill down into multifamily investing and present a framework for you to follow.

Let me outline the steps and then describe each step in more detail:

  • Choose market/begin research
  • Contact brokers
  • Start to build a team
  • Begin analyzing deals
  • 100-10-1. Analyze 100 properties – Bid on 10 – Acquire 1.
  • Write Letter of Intent
  • Negotiate and begin to acquire financing
  • Create purchase and sale agreement (Contract)
  • Perform due diligence
  • Renegotiate – address any needed repairs/issues
  • Close

Podcast: A Roadmap For Buying Your Next Apartment

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Choose a market
The majority of investors who are new to multifamily investing focus on the deal, and pay very little attention to the market. My focus is to first zero in on markets that have job growth, household and population growth and favorable demographics. Read our article on analyzing markets to learn how to invest in an emerging market. I would rather invest my time and money in a market that is exhibiting signs of positive growth. You can reap the gain of appreciation as well as cash flow if you invest in a market that is beginning to emerge.

Contact Brokers
Once you have committed to a market, the next step is to contact real estate brokers. You should have a basic knowledge of the market’s demographics. A broker is a key resource to learn more about the market. Read our article on Bigger Pockets that outlines questions you should ask a broker, along with a script that you can use when engaging a broker. A real estate broker is a key team member, and the majority of our deals have come through networking with them.

Where do you find brokers that specialize in multifamily? We will jump on Loopnet and find out who the brokers are in a specific market. We look for brokers that are listing multiple deals, and we contact these brokers and begin to create a relationship. Don’t expect a broker to throw you an amazing deal in the beginning of the relationship. Try to build rapport, let the broker know what your business plan is, and try to become more knowledgeable about the market. Once the broker becomes comfortable with you and your business plan, he will start to send you deals.

Build a team
If your intention at this point is to continue with this market, your next step is to start building a team. Your real estate broker should be able to help you with this step. Ask the broker if he has any recommendations for an attorney, an accountant, a property management company, a banker and a title company for starters. It is always ideal to have a team in place before you start putting in offers. On our first deal, we only had an attorney on our team. We were ill-equipped to continue along the due diligence phase and almost made a few costly mistakes. The lack of a team definitely slowed us down and could have cost us a lot of money. We were scrambling to find a multifamily property inspector to perform the inspection, and a contractor to give us estimates for the repairs that were needed on the property.

On our next deal, we were confident because in the letter of intent, we were able to convey to the seller what bank we were using for financing and we had a team member to perform the property inspection. The level of stress dropped dramatically, along with the time needed to close the deal. Having a team in place made it a lot easier to close the second deal, and it gave us the credibility with the broker and seller that we could close on the deal.

Begin to analyze deals
Now comes the fun part. You need to set certain parameters for your buying criteria. We look at three criteria when analyzing a deal: Cash on Cash, Cap Rate and Debt Coverage Ratio. We call it the “Buy Right” portion of our framework. We have created a deal underwriting calculator to analyze multifamily properties. Click here to learn more about the software and how to analyze your next deal quickly and accurately. As I mentioned earlier, don’t expect the first few deals to be home-runs. The broker is testing your knowledge of underwriting a deal, and wants to know if you are a serious buyer. If the deal he sends over does not fit your parameters, thank him and let him know why the deal doesn’t work for you. Do not make him wait for a response. Get it over ASAP.

100-10-1
We believe in the 100-10-1 principal, especially for beginners. 100 is the number of properties you’ll have to analyze to find 10 that might be worthwhile, and you’ll only close on 1 of those deals. Now you may be saying to yourself “How am I going to analyze 100 deals?” You will need to analyze the numbers first, and if the deal makes sense, then you dive deeper into your analysis. There is no need for you to jump into your car and look at one hundred deals. What you need is the experience in analyzing numbers, looking for value and spotting a deal.

mom-and-pop-apartments

That takes time when you first begin. Unfortunately, most beginners quit at this early stage because they can’t “find” any deals. They’re out there. You just need to know what and how to look for them. The only way is practice and constant repetition.

This number will drop drastically as you gain experience in the market. As you become more experienced, you will be able to focus on certain areas of a city, certain size of a property, certain value-add characteristics, etc. You will be able to eliminate many deals even before you waste any time analyzing them. And you will have brokers bringing you deals because they will know what type of deals you are looking at. When a “mom and pop” comes on the market, we have brokers contacting us because they know we are the mom and pop kings.

It has become increasingly difficult for investors to find deals. Cap rates have been compressing the past couple of years, and money continues to flow into the multifamily sector. It is vital to create and maintain relationships with brokers in your market.

Letter of intent (LOI):

Once you have located that elusive deal, it is time to write a letter to the broker conveying your intention to purchase the property. Here is a sample letter of intent that we use:

Broker
Address

RE: Letter of Intent to Purchase Apartments

I would like to make an offer to purchase the apartment complex known as Apartments located in __________. Please see the terms below regarding the purchase of the property:

1. Property: Apartments located at ______________________

Buyer: ABC LLC

Price: $ 6,400,000

Earnest Money: $100,000 at Execution of Purchase & Sale Agreement.

Due Diligence: 30 Days

Financing: 30 Days; Interest Rate 4.25%, 25 yr amort, 20% down payment; Financing through bank

Closing: 30 Days following expiration of Due Diligence Period

Other Terms: Seller and Buyer shall each pay for half the cost of the Title Insurance Policy and the Transfer Taxes. Purchase and Sale Agreement shall be negotiated and entered into upon Execution of this Letter of Intent. Property shall be delivered Free and Clear of any existing Liens from Previous Ownership.

Sincerely,
Jake & Gino

A letter of intent outlines the basic terms of a deal between the two parties. The job of the letter is to outline the basic terms before negotiations begin and to offer a roadmap. The letter can be either binding or non-binding. Our letter of intent is non-binding (having no legal or binding force), and we try to include all of the important provisions that are to going to be negotiated in the deal.

Negotiate and begin to acquire financing
Once the seller receives the LOI, he has two options. He can either accept the terms or counter with his own terms. There is usually a back and forth between the two parties before the buyer accepts the terms. When I send an LOI to the buyer, I usually put a deadline for a response. I do not want the buyer to go and shop around my offer. I am looking for a quick response so I can counter and come to terms as quickly as possible.

If you have the luxury of having a banker on your team, now is the time to show him the deal and ask to see if he can finance the deal. I recommend seeking out at least three sources to finance the deal. They include local banks, credit unions, regional banks and mortgage brokers. I prefer to use local banks because they have a better understanding of the local market and are much easier to work with, especially on your first deal.

Create a purchase and sale agreement
The day has finally come. The seller has accepted the terms and it is time to draw up a contract. Send over the LOI to your attorney and have him draw up the contract. I prefer to draw up a contract because I want to control the wording in the contract. The contract should reflect all of the points discussed throughout the negotiation and include all the terms in the LOI.

Perform due diligence
Once the contract is signed, the due diligence clock starts. The buyer has a specified time frame to perform due diligence. Click here to read our Three Step Due Diligence Framework. We try to schedule thirty days for due diligence and an additional thirty days to secure financing. During this crucial step, it is vital to trust but verify everything the seller has told you. Now is the time to uncover any problems and discuss them with the seller.

Renegotiate
If the due diligence has not uncovered any problems, then it’s time to close the deal. On the other hand, if the financials are incorrect or if the inspection uncovered problems with the property, now is the time to handle them. Real estate professionals use the term “re-trade” when a buyer goes back to the seller and asks for a concession. For example, if the buyer has uncovered a roof that needs replacing, now is the time to ask the seller to either replace it himself or provide a credit at closing for the repair.

Only ask for concessions that are reasonable and fair. You don’t want to be branded as a re-trader in your market. Brokers will not take you seriously and will not want to do business with you.

Close
The day has finally arrived. A sense of fear overwhelms you, and feelings of doubt start creeping in. That’s how I felt during our first closing. Jake confessed to me that he lay sleepless the night before our first four deals. All that is left is to sign the contract and take over the property. NOW, the hard work is just beginning.
Good Luck!

Task
Read through the entire framework and the articles that were mentioned throughout. Once you become comfortable with the roadmap, it will become a routine. As in everything else in life, practice makes perfect. Go out there, choose a market, network with brokers and begin your journey into multifamily investing!

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The Millionaire Fastlane By MJ DeMarco

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Have you ever started reading a book that made you feel uncomfortable and pushed you to reassess your business or your life? When I picked up The Millionaire Fastlane, I expected it to be unconventional in its advice and its style, and I am grateful that the author MJ DeMarco allowed his style to be unleashed throughout the book. I am also thankful that I was able to absorb his wealth of knowledge about creating a life of wealth and abundance. Let me dive into why this book is spot on in so many areas of wealth creation, and why most people are broke and leading lives of desperation.

Be prepared for Mr. DeMarco to hammer conventional thought throughout his book. The reader needs to hear his advice over and over for it to sink in because we have been conditioned by the media and the pundits to follow the herd. He starts out by talking about a roadmap, a financial belief system and a person’s preconceived notions about wealth and money.

These are the three roadmaps:

  1. The Sidewalk
  2. The Slow Lane
  3. The Fast Lane

Each roadmap contains a psychology about money. The sidewalk is predisposed to a life of poorness, the slow lane to mediocrity and the fast lane to a life of wealth.

The defining characteristics of the slow lane are:

  1. Pleasure today.
  2. No plan.
  3. Use credit to buy things.
  4. Disregard for the value of time.
  5. Education (no thanks, I’m done with school).
  6. Show off.
  7. Wealth formula: Wealth= Income + Debt.

MJ goes on to list several facts and figures that highlight the life of a sidewalker and how they are doomed if they don’t change their ways.

The Slow Lane exhibits these characteristics:

  1. Debt is no good.
  2. Money is scarce and to be hoarded (This one hit me in the gut a bit)
  3. Job is primary income source.
  4. When it comes to work, work hard, save and invest until you’re 65.
  5. Wealth Equation: Wealth= job + market investments
  6. Five days of servitude (job) for two days of freedom (weekend).

I can sympathize with the Slow Lane roadmap because I was on the slow lane for the majority of my adult life. I owned a small business and traded time for money, and when the “job” became unbearable, I sought the fast lane unconsciously. I would have arrived much sooner if I had read MJ’s book sooner in life.
Now, to the only roadmap for Jake & Gino members: The Fast Lane. Are you on the fast lane?

Use debt to grow my business and systems.
Time is the most valuable asset I have.
You NEVER stop learning.
Money is everywhere. MJ highlights this fact by telling the reader that over $3 trillion change hands in the world currency markets EVERYDAY!! You could spend $1million per day for 8000 years and have money left over. Governments will just keep printing it.
You are responsible for your own life and your actions.
Wealth equation: Wealth= Net Profit + Asset Value.
The goal is to build passive income through businesses or investments.

All throughout the book, MJ gives the reader equations and strategies on how to implement Fast Lane thinking. One of my favorite parts of the book is his Five Fast Lane Commandments and the Law of Effection (to make millions, you need to impact millions)

1. Need:

Don’t start a business because you are passionate about something. Try to solve a need or create value.

2. Entry:

Look for a business with a higher barrier of entry.

3. Control:

You need to control your asset. Some depend on affiliate marketing, but who is really in control of that revenue?

4. Scale:

The ability to expand your business from local to worldwide and affect millions. I was in violation of this commandment with my one restaurant in NY!

5. Time:

The ability to automate and systematize your business and to hire others to help your grow.

Multifamily real estate has created countless millionaires in this country, and MJ’s commandments describe how multifamily real estate is an excellent vehicle to generating wealth and passive income.
If you would like to learn more about the book and its principles, click below to watch our live video about the Millionaire Fast Lane.

Len & Gino FB Live

Some of you may get insulted or taken back by MJ’s candor. I learned an important saying in life coaching school: “What people say is about them. What you hear is about you.” If you want to get rich and you are falling short, buy the book, read it once, begin to apply the principles in the book and continue to read it over and over. Thanks to MJ for not pulling any punches and writing an entertaining and informative book.

Buy here:
The Millionaire Fast Lane

Also read: Wealth Can’t Wait By David Osborn and Paul Morris

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The Miracle Morning For Entrepreneurs By Hal Elrod and Cameron Herold

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I was introduced to the Miracle Morning For Entrepreneurs from a highly successful podcast guest, and I wasted no time in ordering my copy. I am always looking for books that can add value or force me to challenge my limiting beliefs, and the authors delivered on both fronts. I would like to discuss what resonated in my life, the five foundational principles of self-leadership and the Life S.A.V.E.R.S. for entrepreneurs, “the six most powerful, proven personal development practices known to man”.

I was always under the belief that I was not a morning person, until I read the book and began to put its framework to work. Their countless examples of successful entrepreneurs waking up early and focusing on these principles convinced me to give it a try. I have learned that to be successful in life, you need to emulate other successful people, and both authors have incredible personal stories of success and amazing achievements.

Hal has overcome a tragedy early on in his life to become one of the highest rated keynote speakers and best-selling author. His books have transformed thousands of lives. Cameron, simply put, is a natural entrepreneur. His talents include building two $100 million businesses, before he was thirty-five years old. He is also a best-selling author and gifted speaker. Jake called the authors “beasts” in the entrepreneurial space, and their accomplishments merit the compliment.

All throughout the book, the authors preach responsibility and accountability for your own life.

Here are the Five Foundational Principles of Self-Leadership:

    Take 100% responsibility
    Prioritize fitness and make exercise enjoyable
    Aim for financial freedom
    Systematize your world

Commit to your result-producing process

The authors proclaim that once you take 100% responsibility for everything in your life is the same moment that you will have the power to change anything in your life. This may be a tough pill for most to swallow, but the truth usually is. Once I realized that the economy and my business were not the energy blocks that were affecting me, and it was “ME” that was the problem, did I begin a journey of personal development and create a plan to improve my life.

Systemization of your life will dramatically improve the quality of your life. The authors dive into how to systematize your life, as well as what to systematize, such as scheduling, travel and clothing (I like this last one!!)

Do not miss: Wealth Can’t Wait By David Osborn and Paul Morris

When you commit to your result-producing process, the authors stress to “clarify, calculate and commit” to your result producing process, without being emotionally attached to your results. When you focus on these three actions, your results will take care of themselves. Don’t let the bad day throw you off. Stay committed and focused to the objective!

Let’s jump into the Life S.A.V.E.R.S., an easy yet very simple and effective morning routine that can transform your performance and your day! Remove the chaos that the morning normally ushers for most of us and replace it with a peak mental, emotional and physical state.

S

ilence:

Start the day off with silence. I begin my day by praying and being silent for ten minutes.

A

ffirmations:

A mental programming of your subconscious. Become specific with your affirmations.

V

isualization:

Create an amazing future with visualizations.

E

xercise:

Do what you love, but make sure to exercise for your body and your brain.

R

eading:

The average CEO reads 50 books a year, so what are you waiting for?

S

cribing:

Begin to journal your thoughts and ideas to gain awareness and clarity in your life.

I could expand further on the S.A.V.E.R.S. routine, but I want you to go out and purchase the book for yourself. It is filled with countless stories and techniques on how to jump start your day and improve the quality of your life.
Thanks to Hal and Cameron for taking the time to create Miracle Morning and improving my life and the life of my students. Click below to buy your own copy:

The Miracle Morning

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Wealth Can’t Wait By David Osborn and Paul Morris

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David and Paul have teamed up to write the book Wealth Can’t Wait to share their decades of wealth building experience with any entrepreneur or business owner who is willing to take the time to work on themselves. The authors share tips, discuss the seven habits that build wealth, dive into horizontal income (passive) versus vertical income (work), write about creating momentum to build wealth and how to develop a business that builds wealth.
The most important theme throughout the book is their belief in personal responsibility. They share this powerful formula in the book:

Events in our life have the meaning that we designate to them. Let me give you a quick example in my life. When my business began to slow after the great recession, it was a blessing in disguise. Although it was a short-term impediment, that event led to my personal growth and the attainment of my big goals. I could have decided to focus my energy on a business that was radically changing and that I had lost passion for, or I could have chosen a different path. I was the master of my own fate, and I finally decided to focus on horizontal income (multifamily properties) and strive for financial freedom.
With using the above formula, you have the ability to affect the outcome. We are in control of our future, and the events are in the past. We don’t know what the outcome from a certain situation is in our life, but with David and Paul’s formula, you can affect that outcome greatly.

In Part Four of the book, the authors deliver the

Seven Pillars of Business:
Seven Pillars of Business

1.

Control the client, control the business. Focus on acquiring and retaining the clients.

2.

Look for barriers to entry: You want a business to have barriers to entry to make it difficult for competitors to enter and erode your returns.

3.

Magnify your effectiveness and power through leverage: Utilize leverage to scale your business.

4.

Modeling: Look for someone who is already successful and model them.

5.

Invest in your area of core competence: In the words of the authors, don’t chase too many rabbits. Focus on your expertise.

6.

Use the 80/20 rule to drill down to the vital few: Use Pareto’s principal of 80% of results derive 20% of the effort and vice-versa.

7.

Invest in coaches, mentors and masterminds: You need accountability in your life. One of my favorite quotes in the book “If you don’t have a daily agenda, the first person you meet each day will give you theirs”.

Wealth Can’t Wait provides the reader with a framework on how to avoid the trappings of wealth, create a mindset and habits that build wealth, and develop a business through the application of the Seven Pillars of Business. Once you finish reading the book, you will be excited to begin your life audit, a balance sheet of your life right now, and the authors will be your guide!
Most of us focus on wealth in terms of finance, but the authors have done an amazing job to incorporate all aspects of your life into what they define as leading a wealthy life. So don’t wait. Follow the fourth pillar of business and begin to model David and Paul to achieve a “wealthy life”.

Thanks so much for joining us again. Have some feedback you’d like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the top of the post!

Click here to learn more about our multifamily educational platform:

Multifamily Mastery

If you have any questions, please email me at gino@jakeandgino.com

If you would like to partner or invest with Jake & Gino, please fill out this form:
Investor Form

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How to Increase Performance Dramatically with Positive Self-Concept

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Have you ever stopped and wondered why you excel at certain tasks in life and fail miserably at others? Is it luck, experience, a love of that task, or a need to accomplish it? How is it possible to increase performance in those areas?

It may be a combination of all of the above, but one factor eclipses all of those elements: “Self Concept”.

In this article, I am going to define what a self concept is, how it controls our behavior, the three fundamental ingredients that make up the self concept, and how you can drastically improve performance in life by raising your self concept.

In life, our expectations come from our beliefs about ourselves, and the world that we inhabit.

Where do our beliefs come from?

Our beliefs are based on our self-concept, a combination of ideas, thoughts, experiences and things that have happened to us over the course of our lives. We come into the world with no self concept and no negative emotions. Destructive criticism is what leads to a lowering of our self concept. We always perform in a manner that is consistent with this self-concept.

If you have failed at certain tasks in life, your self concept will be lower in that area. When I first began investing in real estate, my first two investments didn’t go as planned (that’s an understatement). My self-concept at that point was very low.

Two events occurred in my life after my self concept took a hit. I enrolled in a real estate coaching program, and I immersed myself in personal development.

Within the next year, my self-concept rose because I felt more confident in my ability to analyze investments and I began to understand the importance of my own thoughts and how they controlled my life.

I was also fortunate to partner with Jake, who also increased my self concept and was a terrific friend who was trying to achieve very similar goals.

We have an overall self concept of our lives, but also various “mini” self concepts in every aspect of our lives.

For instance, how we dress, how much we weigh, what kind of parents we are, what type of investor we are, how good we are in school. Our overall self concept is the average of all of these self concepts that we consider important.

Bottom line:

If you want to increase your performance, you need to increase your self-concept. I want you to study this formula and realize how critical your beliefs are to reaching your goals:

If you have limiting beliefs about a certain topic, you can see how it will affect your ability to achieve the goal.

When I began investing in real estate, I was told countless times “You need money to make money”!

I so desired to invest in multifamily, but I thought you needed $$$ to invest. This one thought held me back for so long.

When I realized that you can use OPM (other peoples’ money), did I begin to change my actions to achieve the ultimate goal of financial freedom.

It would have been impossible to acquire an $11 million asset with no money (seller financing for the down payment) down if I thought that I needed money to make money. I needed someone else’s money, and knowledge and experience more than I needed my money.

I have attached our credibility book for you to study our no money down deal:

Credibility Book

 

Three Fundamentals of Self Concept

Our self concept is comprised of three fundamental ingredients that are the keys to unlocking human performance. Here they are:

  • Self-ideal
  • Self image
  • Self esteem.

Self-ideal:

We all have a picture in our minds and feelings of the most ideal person that we would like to emulate, whether it would be a role model, teacher, parent, or a combination of people.

My picture was my father, and coincidentally, my path followed his in many respects.

I opened my own restaurant, married an amazing woman and am raising a terrific family.

Your self-ideal acts as a direction, so that we change our behaviors and actions to try to be more like that ideal person. I went to college and ventured into the corporate world, only to be drawn back into the restaurant.

The point is to be careful with who you choose to be that role model.

Many children look up to athletes or movie stars, and begin to act and behave accordingly. Once I began to follow Tony Robbins and Zig Ziglar did my self-ideal change drastically and I was able to take actions to lead me to coaching school and now Jake & Gino.

If my self-ideal didn’t change, I can almost guarantee you that I would still be back in the kitchen sweating over a hot stove and not down here in Florida basking in the sunshine.

Self Image:

Our self-image is the picture that we have of ourselves and how we perform. It is the way that we see and think about ourselves, the inner mirror.

Self Esteem:

Self-esteem is how we feel about ourselves and how much we like ourselves. It is the root of self-concept and the most critical element in all of human performance.

I can give you an example in my life. When we had our first child, I did not approve of my parenting skills, or lack thereof.

Once I began to see myself as a better parent, which came with experience, did I finally feel like a better parent. The more you like yourself, the better you will perform.

Remember, you become what you think about. If you think you are a failure, you will begin to exhibit actions and results that mirror that feeling.

I want to conclude this article with a myth that is destroying our happiness and our ability to share success with others.

If you share your success with others, then people may feel that you are bragging. There is a huge difference with vanity and ego and confidence and liking oneself.

It is impossible to love others more than we love ourselves, and people who like and accept themselves generally like and accept others.

Don’t expect someone to like or respect you if you don’t like yourself.

At Jake and Gino, we are always pumped when a student shares his or her success story and how they were able to increase performance in areas of their life and career. It motivates us and the Jake and Gino community, and gives us hope that we can achieve success in our lives. Jump onto our Facebook Page and share your success with us!

If you want to partner or invest with us, please fill out this form:Investor Form

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The Multifamily Syndication Process with John Cohen

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John Cohen is multifamily investor from Queens NY. He is responsible for the day-to-day activities of Toro Real Estate Partners, including strategic direction of the company, formulation of investment strategy, acquisitions, dispositions, asset management, investor relations and the complete multifamily syndication process. Prior to his investing career, John was a real estate broker for Marcus and Millichap

In this episode of the Wheelbarrow Profits Podcast,  you will discover:

  • John’s career as real estate a broker
  • How he transition to real estate and multifamily investing full-time
  • Why John prefers real estate over the stock market
  • Deep dive on tax deeds
  • John’s strategy on auctions
  • Multifamily syndication process
  • His entire multifamily education
  • John’s methods for raising private money
  • How to make real estate offers
  • And of course much more!

Show notes and recommendations

Book recommendation
John Cohen’s Book

Contact John Cohen
http://tororep.com

More articles and podcasts similar to the topic of multifamily syndication process:

Jake & Gino’s Podcaster’s Roadmap to Buying Your First Multifamily
Systematize Your Multifamily Business with Landlordology.com founder Lucas Hall
Creating Wealth with Apartment Syndication, Interview with Joe Fairless

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Three Types of People Every Entrepreneur Needs On His Or Her Team

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I have been blessed the past couple of months to be able to interview some inspiring entrepreneurs on the Wheelbarrow Profits podcast, and I’ve noticed that most successful entrepreneurs exhibit the same qualities. My feelings were confirmed when I sat down to lunch this past week with a self described ADD (Attention Deficit Disorder) entrepreneur named Len Giancola. He is the founder of Success Beach, a company that’s mission is to teach kids how to make money and achieve financial freedom to “get back your time”. Len stated that every entrepreneur needs these three types of people on his or her team to achieve success and produce meaningful results. Let me list them for you and dive into the qualities of each person:

1. Connector

2. Executor

3. Back Bone

I was fortunate to be able to host a live call on Facebook with Len while sitting at his beach club, and we dove into empowering questions and how his journey has led him to become a full-time investor and achieve a perfect life. Click here to watch the video:

Len & Gino Live!!

Connector:

Amazingly, Len and I met through a connector named Pete Kuc. I met Pete back in March when I rented out his vacation home in St. Augustine, and from that fortuitous meeting, I was introduced to Len and several other fantastic people. What are the qualities of a connector? A connector is someone who is constantly networking, or as Len simply stated, someone who is “working the room”. They are extremely likable, gregarious, genuinely interested in others, and willing to talk to anybody. From that one meeting, I was able to grow my network, and it cost me zero. I now had access to all of Pete’s friends and business associates, and vice versa.
During our live Facebook call, one of the viewers made the comment: “Your network is your net worth”. I could not agree more. In our Multifamily Mastery training, we emphasize the value of building an all-star team, and the stronger your team, the more you will be able to accomplish. In real estate, it seems as if all the good deals are sold before they hit the market. Who do you think has access to those deals?
It is not in my nature to be a connector, but I now have a friend who is a connector. I have to admit, I am trying to become more of a connector, pushing myself outside my comfort zone. But until I get there, I will continue to use the Jake & Gino brand as a form of connector!

Executor:

Do you have someone on the team who gets the job done, and closes the deal? While having lunch with Len, it was apparent that this was his forte. He felt less comfortable with working the room, but excelled at analyzing opportunities and being able to execute. An executor is one who does what they say and says what they do. If they need to analyze a deal and make a quick decision, done! They make take a bit of time to come to a decision, but once they have decided, they are full steam ahead.
We can all become executors, but you need to practice at it just like any other skill in life. When I first started analyzing deals, I would come up with countless excuses on why a deal wasn’t penciling out. Only when I realized that multifamily real estate was going to be my future did I develop into an executor (with the help of my partner Jake!).

Back Bone:

The backbone is what keeps the ship on its course, keeps all the systems running efficiently. Len was quick to claim that this was not his strong suit. He does understand how vital this function of the business is, and praised his wife’s skills in this area. What are some of the responsibilities of the backbone?

  • Legal
  • Accounting/bookkeeping
  • Managing employees
  • Running and creating systems for the business

It reminds me of our business and our mission. We are a vertically integrated Real Estate Company , which allows us to control the entire operation, from purchase, to management, to accounting, and to the disposition of the asset. As we have expanded the portfolio, creating a strong backbone has allowed us to assess our performance and focus on our weaknesses. We are in control of the asset, and have the ability to drive the performance. We all know what happens to people with weak backbones. They succumb to everyone’s whims, and ultimately lose control of their lives.
Now here’s the good news. You don’t have to transform into all three of these people, you just need to have them on your team. Let’s start building our business by connecting with more people, executing on deals and strengthening our backbone!

Task:

Decide which three of the qualities you excel at, and become that person. I have used Strengths Finders Book to assess where my strengths and weaknesses lie. Network and recruit the ones that you are weaker in. Consider joining or creating a mastermind to begin to surround yourself with like minded individuals.

If you are interested in partnering or investing with Jake & Gino, click on the link below and fill out our questionnaire:

Investor Form

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5 Great Empowering Questions To Ask When You’re Stuck

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Have you ever been cruising through life, when all of a sudden, you hit a wall? I experienced this feeling of being stuck shortly after the Great Recession of 2008.

My business and life were both in the midst of an upheaval, and I began to question my purpose in life. I decided to take massive action and enroll in Life Coaching School at IPEC (Institute For Professional Excellence In Coaching), and was presented with these five empowering questions during the training:

  • What do you want?
  • What frustrates you about your life/business?
  • What would it take to double your business?
  • What have you tried and not tried?
  • What is the number one thing you are trying to accomplish?

Check-out The Honey Bee on Amazon:

multifamily investing revenue

What do you want?

This may seem like a fairly easy question to answer, but I will guarantee you that if you ask most people what they want, they will quickly proceed to tell you what they DON’T want. Therein lies the enormous problem. Most people’s focus is on what they don’t want, and any successful person learns that what you focus on is what grows in your life. It may appear to be a simple question, but once you can address the question, answers will begin pouring out.

Let me give you a personal example.

During the time I became disgruntled with my business, I kept telling myself that I did not want to continue down the same path. I knew what I didn’t want, to work at the restaurant. What was it that I did want?

I focused on what I really wanted, and my answer was a fulfilling, empowering, exciting career that would bring financial freedom and surprises every day. That led me to multifamily real estate and life coaching, which ultimately led to Jake and Gino.

Begin by focusing on what you want, and the answers to how you get there will soon follow.

I had many struggles and difficulties to achieving financial freedom, and my passion and desire were the two elements that kept me motivated to attain my goals. If the goal is not truly important to you, then the first impediment will throw you off course. Only passion and purpose will help you attain your goal.

Finally, once you realize your why, the way “how” will show up.

What frustrates you about your life/business?

To be able to fix the problem in our lives or business, we have to diagnose the problem first. For me, the restaurant business became a mundane job where I felt like I was always the smartest person in the room. I wanted to be surrounded by smarter people and be challenged daily.

I knew that my environment would not be conducive to this. I realized that I needed to change my surroundings and my profession.

The other thing that frustrated me was working harder and earning less. I had to learn that working in your business was totally different that working on your business. Multifamily real estate allowed me to work on the business and scale the business to where I could generate enough passive income to “retire” from my job.

Once you diagnose your frustration, choose a mentor in your profession that has achieved what you are trying to achieve, and try to learn what your mentor has done to become successful. Success leaves clues, so don’t be afraid to ask other for help. But be prepared to offer any type of assistance in return for help.

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What would it take to double your business?

This seems like a pretty obvious question, but I never asked myself what it would take to double my restaurant business. Looking back, I know it would take a LOT. I would have either had to open another location or focus on private events and opening on Monday. There were a lot of moving parts, but I could have done it.

With real estate, my focus is to acquire more properties and become more efficient at running my current portfolio.

I want you to focus on the tasks you need to perform to double your business. Maybe it’s doubling the amount of phone calls, sending out more letters, or networking with more professionals. Concentrate on those tasks that will create momentum and help increase your business. Being busy is totally different than being productive. The focus should be on tasks that generate revenue.

What have you tried and not tried?

I heard this question from Tony Robbins, and it made me burst out laughing. He was describing me! I had the excuse that I tried everything to get out of the restaurant, when in reality, I probably tried a few things. We all delude ourselves into the thinking that we have exhausted all of our options, but if you have not succeeded, then rest assured, you haven’t tried everything.

Jake likes to call it “Make It Happen”. The difference between success and failure is the tenacity and the ability to not give up that winners exhibit. The key is to be aware of when a strategy is not working.

As Tony says, you can’t be running west and expect to find the sunrise. Start to document your successes and failures, and begin to course correct. In my example, I was trying to invest in real estate in NY and expect to find cash flowing properties.

It wasn’t happening in my market, no matter how many different deals I looked at (sun rising in the west). I had to change my strategy and invest in different markets. I began first in Rochester with a couple of duplexes, but quickly changed my approach and partnered with Jake in Knoxville to acquire properties. That’s when my success began to compound.

What is the number one thing you are trying to accomplish?

This question comes back to focus and how you need to prioritize your goals and what tasks need to be accomplished first. The One Thing, by Gary Keller, describes perfectly the concept on focusing on one thing in your life and then placing all of your effort towards achieving that one thing.

For me, it was financial freedom and my mind was constantly focused on becoming financially free. My focus has now shifted more towards my family and the time that I am able to spend with them. I put all of my effort to relocate to Florida so that I could spend time with them at the beach, biking, fishing, swimming, kayaking and spending time outside.

By focusing on the one thing, I was able to build a plan and execute all of those little tasks to get to the one thing!

If you want to help out friends and family, ask them these questions, and shut your mouth. Listen to them, and let them answer their own questions. We all have our answers buried deep inside us, and fear and limiting beliefs hold us back from listening to those answers.

Realize that you have your own answers, and don’t be afraid to dig deep and pull them out!

If you found this article interesting, then check out my article on how to summon motivation:

A Letter To My 30 Year Old Self
How You Can Summon Motivation When You Need It

Looking for an education platform that focuses solely on multifamily education?
Click below to receive more information on our training and become a Jake and Gino Member today!

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