Welcome to Day 1 of our Commercial Real Estate Investor Training In Dallas – Notes From The Field series. We’re posting these up after spending three days in Dallas last week Investing in Multi-Family Properties with our Inner Circle!
It’s great to be in my home town of Dallas, Texas hosting the Real Estate Profit Coach gang and buying multi-family properties either to flip, or to keep in our real estate portfolio. We’re here for the first of three annual Jayme Kahla’s Commercial Inner Circle 3-day meetings with our students, and boy, has it been quite an event!
The first day is the hot seat day which included seven of our commercial inner circle members, along with real estate trainer, Bob Leonetti, and mentors Scott Carson, Jason Schubert and me, Lorena Gerlach. We put each of our members in the hot seat and discuss the things that they’re doing in their business that currently work…and the things that they feel need changing!
And even though we meet as a group twice a month via teleconference to review commercial deals, the time we spent in Dallas buying, analyzing, and funding multifamily properties was our first “face-to-face” get together.
The Commercial Inner Circle consists of both brand new and experienced real estate investors, and regardless of their skill level, all benefit from the advice and experience of everyone in the room. It’s really a great thing! What’s even better is that we will be buying commercial multi family apartments together as a group and sharing the proceeds!
Now with all of the testosterone in the room (Jayme Kahla and I were the only females), we knew that the time had come to define the rules! In the men’s parlance, “It’s important to make sure everyone has the same play book!” And so, we established:
- All deals presented to the group were for the entire group to consider, and not just to validate an individual’s deal.
- The decision to move forward on a deal would be through a majority-rule vote (yes, my Robert’s Rules of Order training is coming in handy).
- The individual that brought the deal to the group had the first right of refusal moving forward if the group voted against pursuing the deal.
- Our buying criteria, which were:
- Multi-family or income producing real estate in the Dallas, TX area
- Deals in the Greater metropolitan areas
- The ability to deal with the owner directly.
- The multi-family property had to meet cap-rate expectations for the area, as defined by the market.
- Well defined and credible exit strategy.
Our goal for three days? Find and analyze a multi-unit property in the Dallas/Fort Worth Metroplex, and make an offer that is acceptable to all parties.
Oh, and we had to find the money, too, but we’ll save that for the next installment.
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