Ever thought of going to a training session on how to invest in multi-family real estate? You may not have the money to go, but you can’t afford not to go! Today, my guest is Bob Bowman, a real estate investor. He attended Ball State University to major in education and become a teacher. Eventually, he realized he wanted to be in business. He learned how to sell and talk to people, as well as create business where there was none. He made a lot of money – for the company he was working for at the time. After several years, he got tired of working for a company and making money for other people. He dreamed about working for himself in real estate.
Bob began buying single-family homes. He would buy, renovate, and lease them – and found it to be a great way to make money. Around 2007-2008, the market changed and Bob realized he needed to start selling these homes. He lost his net worth and income. He needed to reinvent himself and started looking into investing in apartments.
Topics on Today’s Episode:
- How Bob learned how to raise money for real estate deals. After all, you need money to buy real estate.
- Create an elevator pitch as a selling technique. This is your moment to shine!
- Educate yourself, as well as generate discussions and relationships to learn about what you want to do. In Bob’s case, it was apartments.
- Bob learned about how to get deals, how to talk to brokers, and underwriting when it comes to apartments. Also, he got a coach to help educate him.
- Corleone Method: When you are good at raising capital, it gives you power when talking to brokers and others. You can act competent.
- When subscribing for a deal and looking to get a commitment, it should be 2.5X the money you need.
- As you build a database of investors, it gets easier to raise money. You need to build relationships where they know and trust you.
- If you can’t raise money, you will never reach your full potential.
- No matter who you are talking to, you need to be a strong underwriter and know your business and market. Take care of your investors through underwriting, and know your numbers!
- Is it a good deal? Or, a great deal? You need to be confident enough to be able to discuss and decide. You can always say, “No.”
- When spreadsheets are spread around, formulas are changes and not calculated correctly. The results aren’t what you are going to get in your investment.
- Bob created a software product, called Commercial Underwriter – Simple Input, Sophisticated Output, for underwriting apartments and commercial real estate. It is a simple, yet comprehensive tool that shows how an investment will perform.
- One of the enhancements for the product will be the ability to create a professional property package for investors, which will save you a lot of time.
- Bob’s Method of Success: Educate yourself, mastermind and surround yourself with like-minded people, teach others, take action, and become a strong underwriter. If you want to get ahead, help others through a hand-up, not a hand-out.
- Money comes first, and protect your capital. Plus, find a partner who complements what you do and shares the risks.
Links and Resources Mentioned:
- Bob (firstname.lastname@example.org or 321-239-0647); Commercial Underwriter; Diane Bowman
- Carleton Sheets and Russ Whitney
- Dave Lindahl
- Xerox, IBM, Canon, and Linear
- Harvard Club
- Fortune 500
“I learned how to sell, learned how to talk with people and create business where there was none. I made a lot of money….” Bob Bowman
“I decided that if I am going to do real estate, I might as well get myself educated.” Bob Bowman
“Within my first 90 days, I had over a million dollars of signed accredited investor forms.” Bob Bowman
“Once you put me on stage and people knew I knew how to raise money, all of a sudden I became like a rock star. People started bringing me deals.” Bob Bowman
Don’t forget to download my Free Workshop Quickstart Video Series, and if you like what you have heard please leave a review on iTunes.
Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family.
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