Dec 24, 2020
The real estate investing game is all about relationships. We need to have relationships with our community, the sellers, our private lenders and bankers.
Those relationships are impacted by one thing, credibility.
People often focus only on the idea that a good deal is enough to persuade a private lender. The truth is, if we don’t have a reputation of competence and integrity, even the best deal would be dead in the water.
Not only does credibility make us more attractive to lenders now, it will compound and create a solid track record in the future.
How do we make sure we’re always upholding our integrity, even when deals go south? What are some of the ways investors destroy their reputations?
In this episode, I’m joined by real estate entrepreneur, coach, speaker, and host of the podcast, Latinos in Real Estate Investing, Martin Perdomo. We talk about an important but often overlooked aspect of being an investor.
Three Things You’ll Learn In This Episode
The power of multi-family investing
In multi-family, you control the value of the asset based on how good of a business person you are. The better we are at managing the asset and increasing its value, the better the investment becomes, and the more credibility we have in our markets.
Why credibility matters in this business
Investors don’t just look at how good the deal is to determine if they want to get involved, they are also looking at us as people. Our credibility and reputation is important, because that determines whether we can not only give them a return on their investment, but a return of the money they invested with us in the first place.
How to put our private lenders first in everything we
Things don’t always go well with our investments, and if we’re using other people’s money, our first priority should be making the investor whole again. It’s better for us to lose our own money than to lose the investors money, and destroy our reputation in the process. As an investor, you have to be committed to doing the right thing even when it hurts.
Martin Perdomo “The Elite Strategist” is a real estate entrepreneur and investor, coach, speaker, mentor and host of Latinos in Real estate Investing. He’s the founder of Elite Sales Consulting Group. Martin has been investing since 2007, specializing in the BRRRR strategy. He is also the founder and host of the Stroudsburg Real Estate Investors club.
With his leadership, the group has grown to over three hundred members in less than two years. His real estate investing firm operates over five million dollars in assets and Martin helps investors get above average returns by investing passively in multifamily real estate.
To learn more about Martin and his coaching programs visit https://stroudsburgrei.com and follow @elitestrategist on Instagram