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Multifamily Legacy Podcast

Jul 10, 2018

Today, my guest is my business partner, Cory Boatright. In 2005-2006, Cory became interested in short sales due to the economic crash. He knew that there was an opportunity because people couldn't afford their house, bought too much house, didn’t have enough money, and were going to lose their house. Cory figured out a way to capitalize on the short sale market and built software that, at the time, specialized in short sales.

Then, thyroid cancer changed his perspective and life. Cory decided that he didn't want to do short sales anymore. He closed his loss mitigation company and sold the remaining portion of his software company. Cory started focusing on bigger things, such as life and what’s most important. He spent time with his mom and other people he cared about. Cory started looking at the low-hanging fruit in real estate - wholesaling.

Topics on Today’s Episode:

  • Tax Benefits: Ability to save, different strategies, self-directed IRA
  • It's all based on numbers; reposition the property, make a profit
  • Raising Other People’s Money (OPM) can be difficult; don’t lose faith
  • Not as simple as asking your friends for money; they are in your circle and already doing big things, so they are clobbered with opportunities daily
  • Don’t ask somebody for something, bring them something that they wouldn't have otherwise without your involvement; leverage relationships
  • Rather than thinking about how to do it faster and better, put on your private money hat and have a conversation about something that helps someone
  • People pull out of deals, don't take it personally; feed off energy of your next call
  • When meeting someone in person, get centered to create some space between something that happened and whatever's getting ready to happen
  • When raising private money, real estate people are the wrong avatar; they always want equity, a piece of the deal
  • Best places to find money are with working professionals
  • People cannot stomach the ups and downs of the stock market; go for a smoking deal that gives you a solid return
  • Wholesaler’s challenge is their whole mentality is hot potato; get rid of the potato, slow down, and change your mindset
  • Raising private money is about building a relationship with a solid foundation; the deal will stand on its own
  • Newer investors often become your best advocates; no one ever tells you how much they have available and there's more money than you could imagine
  • Apply your specialized knowledge; raise private money because people giving private money don't typically have that knowledge and don't want to have it
  • Listen and people will tell you what they want
  • Tell a story about why you think it's a good deal
  • Objections for capital include not offering enough return
  • Some things you do naturally, others are psychological things you need to be aware of; what goes on during a conversation is powerful, so protect the capital
  • Only question at the forefront of people’s brain is, “Am I going to lose or what am I going to get out of it?"
  • Believe in yourself and what you're capable of doing; overcome invisible beliefs to step into the realm of what's possible
  • Money is a big reason for stress; if you don’t have to worry about money, then the stress is not there and you get to do what you want
  • Multifamily provides freedom of time and freedom to build a life that you always wanted; paradise is possible
  • As a wholesale, you are transactional, nut you also need to step out and start building relationships; they could be investors in your deals
  • To raise private money, do not assume that you think the person you're talking to is only going to invest X dollars; talk to them as if they have $1 million to invest

Links and Resources Mentioned:


“Wholesaling is the low hanging fruit in real estate.” Cory Boatright

“I'm excited about this journey on apartments.” Cory Boatright

“The reason that these people are in your circle is because they're already doing big things, they're already being clobbered with the opportunity daily.” Cory Boatright

“It is slowing down, it is building the relationships that are driven around people that are interested in doing deals and private money, and building those relationships.” Cory Boatright

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.