Aug 7, 2018
How can you take relationships
to the next level for them to enhance your money-making
capabilities in life and business? Today, my guests are Matt and
Greg Sneyd, who I have known for about 10 years. They are big-time
investors who taught me about the wholesaling business. Now, I’m
teaching them a few things about apartments.
Matt and Greg got into
rehabbing, wholesaling, high-end remodeling, and acquiring rental
properties. Then, they started to get into new construction. Now,
Matt and Greg are phasing out of construction to take on some
development and land entitlement. They’re converting all their
active money into long-term money and long-term wealth.
Topics on Today’s
Episode:
- You
meet a lot of people, but you click with very few; you need to have
the same mindset and have fun - find good fits to go above and
beyond
- Matt
and Greg make a successful father-and-son duo, but getting into
business with family often turns sour; each has certain
strengths
- Turning your wheels and not getting traction?
Do things the easy way through life hacking and figuring things out
- take what the market’s giving you
- If a
business model isn’t working, figure out what else you can do; talk
to people in your market to see what’s going on to make shifts at
different points
- Add a
zero to your profit; most people in the flip business are trying to
get $30,000 as their profit - what if you add a zero and make
$300,000 on a deal?
- Process of finding a good asset, operating, and
making some cash flow; when you incubate it for five years, you
keep growing
- Multifamily and Relationships: There’s enough
spoils to make you money, to make me money; we all get paid, have a
good time, and share the workload
- OPM:
Finding private money is the real bread and butter in the real
estate/syndication business; also talk to people who believe, like,
and trust you
- Have
integrity and do what you say you’re going to do; always pay back
your private lenders - take care of the money and the money takes
care of you
- Communicate with investors and lenders; offer
full disclosure and documentation
- People think that you have to buy run-down
properties to make money in the multifamily world, that’s really
not true; you’re buying a property that’s occupied
- Power
of Closing and Transacting: Brokers call you up about another deal
from a different seller: “It’s a lot like the deal you just bought.
We want you in the deal.”
- Write
off over $3 million - accelerated appreciation; when you sell, you
pay capital gains tax but end up paying a lot less tax or roll it
over and defer that tax
- Make
money from the day you buy a property, and it can only go up;
tenants expect rents to go up - don’t disappoint them
- It’s
just Monopoly; trade out some houses for some commercial, and then
trade some commercial for some bigger commercial
Links and Resources
Mentioned:
Quotes:
“You go to a lot of seminars, and you meet a lot of people. But
very few of them you actually really click with.” Greg Sneyd
“If you’re not sharing your successes or able to talk to people
about it and they have similar successes, it doesn’t jive all the
time, it kind of feels lonely.” Matt Sneyd
“Everything has got to be in alignment. Our relationship, it was
the right fit. You have to be finding these good fits because the
only way that you are going to really go above and beyond is to do
it with other people that you fit well with.” Greg Sneyd
“I tagged you guys as farther down the road than I was, so I was
like, ‘I’m just going to grab onto their coattails and see what
they know’.” Corey Peterson
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.