Creative Capital Podcast 82: Creating Successful Partnerships with Charles Wessel

Jul 23, 2021

Welcome back to the Creative Capital Podcast with Josh Ferrari! In this episode, I welcome Charles Wessel, founder of Cordell Capital. Charlie has founded and managed several successful companies in the Charleston, SC area. He has been involved in Multifamily / Commercial Real Estate in one aspect or another since 2006. He has been an active investor since 2016 and has set up Cordell Capital to bring private equity to investment opportunities. They provide extensive due diligence on the sponsor, as well as the deals themselves to make sure they are taking the most conservative approach to investing and building wealth alongside their investors.

 

In this episode, Charles talks about the importance of creating successful partnerships in real estate investing. He shares how he finds great partners and how those relationships helped him reach his goals in real estate. Charles also shares his thoughts on mentorship, accountability, and creating generational wealth. Join us and listen in!

[00:01 - 08:37] Introduction  

 

• Welcoming Charles to the show
• Charles shares his background
• • Life in Charleston, SC
  • He talks about Cordell Capital
  • Working in the general contractor space
  • How he got into real estate investing

 

[08:38 - 18:06] How Building Relationships Can Help in Starting Out 

 

• How he got his first multifamily deal
• • Making relationships with people
  • Having the analysis paralysis
  • ‘Killing’ the deals
• How hanging out on the golf course helped him connect with people
• Charles on local meetups and masterminds
• Creating generational wealth through real estate

 

[18:07 - 34:33] Creating Partnerships that Will Help You Be Successful

 

• How Charles decides if someone would be a good partner or not
• • Why it’s a good thing to get accredited investors
• Charles and I talk a little bit about golf
• • The secret to being good at golf
  • He shares the most beautiful golf courses he played at
• How to determine roles and responsibilities in partnerships
• • Making the roles clear from the beginning
  • Accountability
• The advice Charles would give someone who has never made a partnership before
• • Get a mentor
  • Partnerships come from the relationships you build
• How impactful his partnerships have been
• • It’s a team sport

 

[34:34 - 38:33] The Pod Decks Segment  

 

• Tell us four things that we might not know about you
• What will become outdated, dangerous, and removed from all homes 20 years from now?

 

[38:34 - 49:42] The Core Four 

 

• What is your favorite real estate-related book?
• • Raising Capital for Real Estate (link below)
•  What do you think your unique skill is that helped you become successful?
• • Talking/communicating with people
  • Leadership
• Tell me something that's true about real estate that almost nobody agrees with you on
• • Why he likes the B- and C-Class assets
• What one piece of advice would you give the listeners wanting to succeed in real estate investing?
• • Find a mentor
• Connect with Charles!
• A summary of the episode

Key Quotes: 

 

“That's why it's a good thing to get accredited investors, to tell you the truth. Accredited investors know what they're getting into because they've usually done a deal or so or two or 20 in the past, so they know what they expect out of investing in real estate.” - Charles Wessel

 

“In order to find a partner, you've got to find a mentor first.” - Charles Wessel

 

“The partnerships that you build in this business are going to come from relationships that you build from getting out there.” - Charles Wessel

Resources Mentioned:

 

 

• Raising Capital for Real Estate

 

 

Connect with Charles on Facebook and LinkedIn!

 

Check out Cordell Capital on its website and Reddit!

You can reach and connect with me on Facebook, LinkedIn, Instagram, and Youtube 

For more information about Ferrari Capital visit us on our website https://www.ferraricapital.com

 

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