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  • Writer's pictureMack Benson

Education + Massive Action = Results

MIH Mastermind Social Media Workout Challenge #4

Education + Massive Action = Results

Gary Vee says that you should document your journey and not worry about creating perfect content. He says, "document, don't create."

My intention is to document my journey rather than create content that has already been told in countless places. I've written blogs and I've read blogs talking about cap rates and NOI but only I can tell my story. Maybe there's a chance that my story can inspire someone else.

All too often we hear from people after they have become successful and they can recall the trials and tribulations they endured to get to where they are but it could also be helpful to hear from someone who is in the middle of their story.

Last time I wrote about the shiny objects I chased and that ended when I joined the Jake & Gino mentorship program but the story can't end there.

When I joined I knew I had a lot of work to do. I needed to educate myself but, more importantly, I needed to start building my network. It may be cliché but I find truth in saying that "Your network is your net worth." I was lacking in both areas and knew that the education part would come easy but I would struggle with the networking part.

Honestly, the networking part is still a struggle but I keep taking steps to improve.

The education part was easy, I consumed all of the content I could and actually took notes so I would remember better. I learned ways to increase a properties net operating income by increasing the income and decreasing the expenses. I learned about what to look for in a value-add property. I learned about debt and equity and various ways to find both.

It took a few months but I felt I had enough basic knowledge to start looking at properties. The next question was where to look. I analyzed various markets and initially excluded the Minneapolis/St. Paul metro for various reasons that turned out to be a bit off target. When I completed my analysis I ended up with Orlando, FL. I may have wanted that to be true going in and that likely clouded my perception but nonetheless, that was my first target.

I started signing up for every broker's list I could and analyzed everything that came across my desk. I scheduled a couple calls with my deal coach to go over what I underwrote and talk about the deals.

My next step was to start directly reaching out the brokers and try and build a relationship. At this point I got stuck. I let me limiting belief that nobody would take me seriously because I was new get into my head and this was a hard stop. I didn't know what to do so I reached out to my new network and they really kicked me in the ass which motivated me to just start calling. One of the best pieces of advice I got in those calls was that I should just pick a broker in a market I would never look to practice.

In the end, the brokers in Orlando and Tampa ended up being my practice because after the Multifamily Mastery 3 event in Orlando it was obvious that I could not have a physical presence in the market like I needed because I needed to be closer to home. I didn't know what to do, the market I had spent months trying to build relationships in was out of reach and I still wasn't looking close to home.

That was until a new member from my home market joined the program and I met up with him for drinks after work. He told me about a couple deals he had recently closed on and it was exactly what I was looking for. I then realized that the deals could be found here, I just wasn't looking in the right places.

The timing could have been better because the real estate market in Minnesota basically freezes, like the rest of the state, in December and doesn't come out of hibernation until March but that would give me time to start calling the local brokers which I did.

In February 2020 a great looking portfolio of 4 properties came across my desk and I walked them as soon as I was able. I made a connection with the broker and ended up submitting my offer. Much to my surprise I was called back for the best and final round on my very first offer! The BFO round came due the day before the state shut down for covid and the broker decided to table all of their active deals because of the uncertainty of the debt market. This deal came back live in the summer and I didn't get past the BFO but it was proof of concept. My underwriting was solid, I had the confidence, and I was comfortable making offers on multi-million dollar properties.

The year was a challenge but I knew that I had the tools in my tool belt to make this happen.

The journey continues on Saturday…

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