Manage episode 280926624 series 1526602
Merry Christmas and Happy Holidays to all. I wanted to do something different for you for today’s episode and wanted to really focus on why we spend a lot of time highlighting marketing and raising capital on this show. I realized many of you may not know my story, so I’m highlighting an interview I did with Steven Pesavento on his show, the Investor Mindset Podcast.
We talked about my background, growing up in a scarcity environment, making it to corporate America, and ultimately becoming a real estate investor. Much of our discussion focused on raising capital for real estate deals and overcoming the issues that many investors face.
I discuss the 6 C’s of Raising Capital and why developing a marketing plan is critical if you are serious about growing your real estate business.
Key Insights on Raising Capital
- How my past shaped my financial future
- Starting out as an executive at GM
I was side-hustling as a kid, selling plastic gloves to beauty salons, which taught me that there is great value to putting the right product/service in front of the right audience at the right time.
- How a heartbreaking moment at GM during a bankruptcy changed my trajectory
- The Rich Dad, Poor Dad connection
- Multifamily Investing as an adult side-hustle
- Taking the equity in my first 2-unit property to create a six-figure line of credit to buy an 8-unit property.
- How to get started in raising capital
- Before you can raise money, you have to understand your goals as well as your limiting beliefs
Raising capital concerns fall into one of three buckets:
- I don’t have the network to raise money
- I don’t want to ask friends or family for money,
- I don’t have the education or knowledge to feel comfortable raising capital
- How to change your focus (mindset) away from your limiting beliefs
- Understanding the 6 C’s of Raising Capital
- Confidence (knowledge is power)
- Credibility (leverage the people around you)
- Connections (family and friends are not your ideal investor)
- Channel (What platform you use to communicate your message)
- Communications (What’s your message?)
- Consistency (demonstrating your commitment level)
A good salesman is not trying to sell you, they are trying to educate you
- How to structure your message if you’re starting out in real estate investing
- Understanding the different channels to use to build your network and get your message out
- How to structure your messaging
- Creating different tiers of messaging
Educate and inform and position yourself as a subject matter expert.
- How to create an avatar (customer profile) of your ideal investor
- How understanding your customer profile is a vital piece to your investing career
Developing a marketing strategy is paramount to the success of your business
What Success Looks Like to Me:
Freedom and independence
Daily Success Habits:
Journaling and having one hour to myself every morning
The Book I’m Loving Right Now:
Relentless: From Good to Unstoppable (Tim S. Grover)
When I first started out, I was concerned I was going to mess up someone else's money, so I owed it to myself and my investors to invest in a mentor. Looking back, I wish I would have doubled-down on mentoring.
What Drives Me Everyday:
My legacy and making an impact.