💯 Lessons Learned on Learning Real Estate DEAL from Uncle G :

  1. Wherever I am, I am always looking for deals

2. I am trying to collect data all over the world because what happens in Singapore , Dubai affects other parts of the world 🌎

3. How do I get the owner to have a conversation with me ?

This is the trickiest.

How do you communicate to a seller ?

4. When we go places , we rent in homes because short term rentals are affecting markets now.

5. Every single market , whether you can find a deal or not , has a deal.

It comes with a lot of problems.

Like a 🐈 cat.

It’s cute and it has fleas.

6. There is one deal. Do one deal at a time. Look at 20 deals to get 1 deal. Look at. 💯 deals to get 1 deal.

7. Look at the underwriting.

8. Look for something that when you see it and you see it the 2nd and 3rd time, I remember that. You may not get it the 1st time.

9. Real estate is not something your going to do a part of your career and your going to be done doing it.

This is something your kids could end up doing, your grandkids could end up doing real estate.

10. There’s deals he look at and put it in a folder and not buy it for 6 years. And come back 6 years from now and buy it.

11. Once you see a deal and it pings you3x, you have to pay attention to it.

2 People telll you , that’s a consensus.

12. You want a broker even when there is no broker.

12. When you call the seller or broker , how do you sound sharp in making the offer ?

A. Set the HOOK 🪝

The most important thing in a real estate deal because it’s hard for broker or seller to call you back

Why ….?

  1. they think the next caller is a look-ie-look

2. Every bottom feeder goes to the area where there is cheap deal. Don’t be a bottom feeder.

You will not get respect.

You don’t want to set the Price in the first call.

B. Be positive.

Be positive about the property even a laundry list of problems

C. Sell yourself

Your job is to sell you when you are a buyer.

This is an important little trick.

You have to sell yourself to them. I know it does not make sense.

You have to sell YOU to them that you are the buyer.

The most important thing in real estate is not the Price.

The most important thing in real estate is Closing the deal.

The most important thing in real estate from the sellers stand point is Who can Close.

The number of units is the most important part in the Formula. However , if you can’t buy the real estate , you don’t have any units.

13. If they TRUST the buyer even when the offer is slightly lower than the highest bidder or

When the buyer has a relationship with the broker and has done deals together before , has relationships with them before , the seller will sell to the buyer LESS than what the other buyer’s offer is .

14. Set the hook :

I am here and I look at your property. I love ❤️ ❤️ love ❤️ the property. It’s perfect for me. This is called : First date phenomenon.

Projecting the future is not lying:

“It’s the perfect size for me

I have the debt ready

I have the team the due diligence can be short

I know the market

I know the rents

I know the place

There’s no if and or buts

I love it love it love it

What do I need to do Sir to buy the deal ? “

You cannnot oversold yourself.

At this point :

You need to know the price

The rent for each unit

$800 rent / unit x number of unit

15. What the seller wants for the property does not matter. The price is all made up.

16. I need to know what the broker thinks to get the deal done. Because what they want and what they will take are light years apart in most cases.

17. The best way to not get involved to what somebody will take is don’t ask them what they want.

18. What is the price expectation ? Or

19. What is the valuation that you as a broker put on it (lose- medium — high expectation )? It’s called BOV Brokers Opinion of Value.

20. What else besides pricing does the seller has his expectation on ?

Is it the term?

Is it the timing ?

Does he want to get out of the deal ?

21. The first sell is to the broker and not to the seller.

22. My Brokers and my lawyers are similar. If you want your broker and your lawyer to sell it to the other side, you cannot tell your broker and your lawyer the full truth.

You can only tell them the truth that they can sell.

Just because they are on my team , does not mean they can handle the truth. (Tom Cruise movie )

23. Sell Ryan to sell Robert because people are honest. Honesty is an asset and also a liability.

Their assets becomes their liability. Because they are so honest, they become manipulated because they are so honest.

24. A persons liability becomes your asset. We are dealing with personalities. We are dealing with negotiation strategies. It’s the awareness of the environment.

If it’s dangerous, you need to know instead of being naive.

25. Never expect anybody to tell you the truth.

26. Pitch to the broker:

You don’t know me and I don’t know you (this is in Cardone U)

Call him with his first name

I’m going to be there Monday And I want to see this property.

I didn’t expect you to pick up the phone today because most agents don’t l.

You have a piece of property and I’m very interested in it.

It’s the perfect size.

I can get the debt.

I can close 60 days or less.

I need to know when you can show it to me.

Hey let me ask you something.

What kind of expectation does the seller has for closing date ?

(Why did Uncle G go with the closing date versus the price because Price is not the most important thing )

If price is not the most important thing, why do we bring up Price all the time

That’s what we all talk about

If you don’t own it , you can’t make money on it.

Quit stealing everything.

27. Your worrying on the least significant part of the deal. The debt matters more than the price.

28. These deals are controlled by market.

The more expensive you get, the less chance you have of getting ripped off.

Why ?

There is too much money involved.

There is too much people involved- appraisers,

Fannie and Fredie Mac

Big banks ,

life insurance are looking at it.

There’s a history on the property.

There’s a foot 🦶 print into the property.

29. You called the broker and say I’m here for you. When can you show me the property ?

Everything is to make the job of the broker easy. The last thing they want to do is to show the property — — again.

30. These are the questions to ask the broker :

A. So I am not surprised ,

What do I need to know about the property

B. How would you rate the location ?

( you want the broker to look professional even though you are an expert. You want to make them present the professional they need)

C. How would you rate the asset?

D. What can you tell me about deferrals ?

E. How much money would you spend there if it was your money to get it in perfect condition?

F. If you have an unlimited budget, what would you spend the money on? What would you fix first here ?

31. Go direct to the listing broker or seller.

Do not have a broker on your side.

32. Your job is to sell, sell, sell.

33. Watch the last dance with Michael Jordan and pretend Michael Jordan is the real estate guy.

One of his coaches told him that : Michael there is no “ I “ in team

Michael said : there is in wIn.

34. Winning is what your doing when you get a deal.

They actually call it : You won the deal.

35. Remember the 3 things :

Set the hook 🪝

Be positive ➕

💲elk Yourself.

36. Question : no history of buying a deal and you want to buy a deal.

Answer:

Don’t worry about the past.

I want you to become a holograph of the future.

“I’m an expert real estate guy.

I haven’t bought in your market yet.

I want to buy a deal in your market.

I have the cash.

I’m ready to go.

I’m willing. I’m ready. I’m able.

When can I see the property ?

I love the property. “

37. Uncle G may ask these same questions to the same guy every time he meets him.

These are the questions to ask the broker :

A. So I am not surprised ,

What do I need to know about the property

B. How would you rate the location ?

( you want the broker to look professional even though you are an expert. You want to make them present the professional they need)

C. How would you rate the asset?

D. What can you tell me about deferrals ?

E. How much money would you spend there if it was your money to get it in perfect condition?

F. If you have an unlimited budget, what would you spend the money on? What would you fix first here ?

G. Is the numbers going to be legit?

H. What do you know that I do not known ?

“If everything lines up, I’m a buyer at $$$”

38. He thinks there is some agents out there that thinks Uncle G has dementia. M

Uncle G asks the broker not because he forgot but because it’s to find out if the broker is honest.

39. The LOI letter of Intent

Uncle G doesn’t really like formal LOI

He does it because the expectation from the broker is something formal.

What he does is he personalized it with something hand written. “ I can shorten the due diligence in 20 days. “

40. The LOI is non binding.

The deal is senior to the contract.

The agent does not collect his money if you all go to court. The owner does not collect his money if you go to court.

The buyer does bot get the property if you go to court.

Nobody wins if you all go to court.

The deal is senior to the contract.

Don’t worry about what the contract says.

41. Another pitch : “ You tell me what the owner wants and I’m going to do everything I can to get there. “

“I’m sorry that the seller didn’t tell you the whole truth.

I was straight with you on the whole deal.

Do you guys want to get into the deal or do you want to get into the law suit ?

42. The deal is senior to the contract.

You got to know that.

43. The most important thing in real estate is to KNOW you have a good piece of real estate.

44. Do we want this deal ?

Can you answer the first question…do we want this deal ?

It’s an outside 🐈 cat and it has fleas. Do I want it in my house 🏡?

Is it worth the trouble ?

45. How do you sell yourself if you are a first time buyer ?

Don’t be a first time buyer.

Project yourself like a veteran expert real estate person into the future.

Don’t tell anybody it’s your first deal.

There is no value in it.

It does not help anybody.

It doesn’t make them feel any better.

46. If you want to get a loan on something , don’t tell them that your credit isn’t good.

You can’t go in not knowing.

You have to go in with confidence.

47. You should be able to provide proof of funds when you go in to the deal.

Owners or Brokers don’t take your call the 2nd time.

48. If you can’t buy the deal 1st time, they are not loses. They are all libraries. They are all information.

You can buy it 2nd time around.

49. Once you know it’s a screamer deal , finding the money will mot be your problem. Because if it’s a steal, you will be able to pitch it as a steal.

That’s what we should be looking for. Steals.

50. There is not A day that goes buy that I don’t look for deals.

51. I need confidence that’s telling the truth. You have to remember that you have a broker that’s selling a deal.

52. Everything that you have done in your life , there is a time in your life that you have never done it before.

53. 🐓 chicken or 🥚 egg? Do you get the deal or the money first ?

Get the deal.

The money follows the deal.

54. Builders build and they sell it. They are called Merchant builders. That’s how they make their 💵 money.

55. You should be underwriting deals that you cannot buy.

56. Have a letter come from the buyer personally and from your broker as well.

Don’t depend on your broker to do everything.

Not all brokers are aggressive.

57. If you know the seller, go meet him personally and drop the letter.

Ask the seller to mentor you, 1 hour a month.

“I want to become who you are”

58. Everybody sells.

59. Everything is for sale. It’s just WHEN.

60. They are going to sell to the person they like.

61. We asks to many negative questions and we can’t buy the deal.

62. The deal is more important than the contract.

63. If you don’t get the deal, you don’t make the money.

64. You need A to Z checklist in advance training

65. You need to have tremendous discipline.

66. If they are not raising rents, they are not taking care of the property.

67. Get it under contract and work the deal.

68. Don’t try to change people on the first date.

69. Don’t point out any shortcomings on the first date. You might not get a 2nd one.

70. There is no shortage of money. You have to get your MinDSeT fixed !

71. Know the rent and the number of units to get the strike price.

60 percent of NOI

Allow 40 percent of expenses

To get Price

Know the numbers.

The NUmbers are the SAME.

The VARiABLE is how you present your self and not the money.

72. I love mobile parks (Marshall Mathers )

How is it similar to real estate ?

Piece of land

Piece of property above it

You get paid

73. Where do you find the deals ?

ARA

Cushman Wakefield’s

CRB

Marcus and Mili chap

New Mark

LoopNet

NMHC.org( National Multifamily Housing)- has top 200 owners in the country

There is also off market listings and drive buys

74. Drive buys is what everybody should do

75. The good stuff never hits the internet

76. The deals he buys has 1 broker. Never 2.

77. Every apartment building is online.

You want to start a business ?

Teach apartment owners how to use social media.

78. Call the broker that didn’t sell the property

79. Income is income.

Some income is not dependable.

80. You need m to be in a real estate where your Mayor , Governor , Senator Protect your right to own.

You need the right to own the real estate and do what you want with it.

If you can’t raise the rents , it’s not yours.

If you can’t evict , it’s not yours.

If you can’t fill people in it, it’s not yours.

It looks like it’s yours but it ain’t.

Be willing to move.

81. Your going to find out :

You have the credit

You have the money

You have the wherewithal

You have the networth but

You don’t have the management experience

82. You may be also with the wrong bank

The bank don’t tell you: “ we can’t do these loans. “

They will tell you that you are not qualified.

83. 50/50 partner and somebody has to be in control

84. What’s the worst with 1 General ?

2 good ones.

85. How do you protect yourself in a partnership ?

Have control.

86. What else are you looking to determine market supply :

Cranes in the air

Facts — population , how many rentals , how many single families

87. Do nothing get overwhelmed. This is a simple game.

88. If you cannot invest time and energy , you are not serious about the game yet.

Because you are going to spend Millionsand Millions in real estate.

89. Start thinking BIG Game. Not 1 deal. Your going to buy 20 deals, 40, 60 deals.

Some will do better than others.

90. You have to go in everything knowing that I’m going to be successful doing this.

It’s a great asset.

They don’t disappear.

No technology will make them go away

91. 30 Years from now, there are more renters in america than there are today.

92. How many believe that to be true ?

How much money do you have now to buy for a house ?

How much can you afford a month?

How dependable is your job ?

When are you even going back to work ?

Do you think there’s even going to be any airline 👩‍✈️ pilot in america buy a house in the next 2 years ?

Do you think any executives in Mandalay Bay hotel buy home? They got laid off.

93. Rental property :

Cashflow

Pays you every month

Depreciation

Appreciation

94. Every brokers got another deal. What else do you have ? Where can I find it ?

95. Who’s influencing. this deal ? Who do you think is the perfect buyer for this property ?

Why would you give me this deal ? Who’s your favorite ? How many buyers do you have ? How many are real ? Where am I ?

96. Uncle G had lost deal to a group that has to raise the money and offered less for it ?

97. Why ? … he didn’t have the relationship.

98. Uncle G lost the deal once because he posted it in Instagram and he got over it. How ?

99. BAD Buy A Deal

💯. Always and forever sell yourself. Without the deal, you can’t make the money.

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