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Preparing To Find Your First Real Estate Partner | Part 3


Check it out partner. What we’re doing
right now is in today’s video, we’re going to be talking about how do we
really prepare yourself for finding these partners. There’s a couple of steps
you do right before and I’m going to break it all down including a business plan.
And it’s time to make this thing rock. So check it out guys. We’re back with our
friends here. Traveled here to be here, get some proximity. Get things rocking and
rolling in the game of real estate. And today, we want to talk about what do you
do before you start partnering. And there are things that you can do in the next
video, when we tell you how to find partners, I want you to actually start
finding partners. But I don’t want you to start inviting them to partner with you.
That’s the mistake that people make, is that the world doesn’t work that way.
People need to be touched 14 times before they can give you a
natural yes. If you get a yes on the first go, that’s like going for the
throat. And that’s just like all-or-nothing, baby. And I’m going to… I’m
going to share with you a much more intelligent way to use your resources
appropriately. But before we do that, we got to get you prepared. So, in the last
video, we talked about one thing that you are aware of. If you want to prepare for
partnering, what do you got to have first? You got to have history, you got to have
a track record. How many of you are on your way with establishing that track
record? We’re all… We got we got deals under contract,
we got deals in the works, we’re making things happen. And so that’s just the
first part. Now, when you’re doing deals and you’re using my team, anytime you
don’t understand something, you should be asking the question. If it’s big picture,
you can ask me. Most your questions are going to be granular and the portfolio
manager is probably quarry for most of you here that you’re working with. I want
you to be able to ask those questions and understand. How does this work? How
does putting something on autopay work? What happens? Why am I getting this mail
from the insurance company from other… Like, what does this mean? And I want
you to understand and develop a comfort level. Because a couple of things are
happening with getting your first 3, 4, 5 homes. 1 is you’re learning
how to do real estate really for the first time this way. And I want you to
really understand how we do it this way because that’s what you’re going to do with
your partners. You’re also getting your confidence built up. So, if you ever have
a concern, if you ever have a problem, then before that passive energy builds
into something monstrous, you just share. “What about this? I’m worried about that.
Tell me about this.” And there’s some mindset training. I cannot emphasize
enough coming to the event and then reviewing the event material and my
other mindset trainings that we make available on demand just over the
internet for you guys. Step into that, leverage
that, utilize that. Because what you’re doing is you want to be turning yourself
into someone that’s excited about this partnering. And if you’ve been to the
event, this will not… This will seem like good application and it won’t
seem strange. Which is every morning when you’re doing your morning ritual and
routine, you want to talk about the number of partners that you have.
Envision the people as if you already have those partnerships. And that’s part
of the manifesting that when you’re doing your morning meditation, you’re
like, “Oh, yeah. I got 5 partners this year. This is so amazing. I’m so
excited about my 5 partners that are attracting and coming into my world.” And
I want you to get excited about what hasn’t happened. Because that is the
biggest secret to how you make it happen. It’s having faith and belief in
something as if it’s already occurred. Does it make sense? So, that’s what you
can control. Do your deals, work on your mindset. Come to another event. If you’re
in a situation with your job where you can come to every event every 3-4 months,
do it. What that says is you’re not there to learn something new. You’re there to
practice mastery. And my events always change. You’ll find that from one event
to the next. But there’s a lot of themes there. So mastery. And when you say I’m
going to establish a partnership then you want to just build that into your brain,
you want to build it into your psyche. And then you want to practice becoming
the kind of person that we talked about in those events with emotional Fitness.
Trust me, at some point, you’re going to have to be the steadfast. When you’re brand
new partner is wobbly and trying to figure out, “I’m kind of scared. The house
isn’t rented yet. Are you sure this is okay?” And now you get to be strong for
them. Does it make sense? Alright. So, that’s the first thing is
just build your track record with me. Do those deals, be aggressive. The sooner, the
better. And then number 2 is we’ve got to put it all together in what I call a
business plan. This is your real estate partnership business plan. It is designed
to be customized by you. All it needs you to do is add your properties that we’ve
bought together. And on the front page, it says, “Put the name of your company.” Put
your name here. And almost the rest of it, it’s already been written just for you
guys. So, I put this together for you. And what I want to do is just kind of I want
to walk through some of the pieces of it. And before I do, let me give you some
context. In the next video, we’re going to talk about how you find partners. I’m
going to be sharing with you 5 methodologies of how someone becomes a
partner. The fifth and final one is this plan. It is the last thing a potential
partner sees before you ask them to partner with you. So, I want you to
understand it right now. But I don’t want you to be thinking, “Great. I’m going to walk
around and start handing this thing out.” It’s not a brochure, it’s not a flier.
This is meat and potatoes. And it’s the last thing that happens after a
partner has really been in multiple times exposed, dripped on, has heard about
you, your properties. Has seen some of my social media on real estate. Maybe gotten
a copy of my book, etc. This is the last play. But it’s good for you to have it at
friend of mine right now. Does it make sense? Alright. So check it out here. If
you guys just turn from first page, on the second page, you’re going to see that
this follows. A lot of people like stress over the idea of creating a business
plan. That’s why I did it for you. Every good business plan starts with an
executive summary. The executive summary basically says, “This is who I am and this
is what I do and this is my expertise. And this is what this entire document is
about.” So, the executive summary will introduce the idea of 20% plus ROI. By
the way, are we going to knock that out of the park? We’re managing expectations.
So by the way, when you talk to partners, if your last deal had a 26% ROI, please don’t put that in their head. 20% is the max you
ever put in their head. When they see the actual deal, they’ll see it’s more but
they’ll… A person will put in their head the biggest number you give them. If you
have 5 properties in one cash flows 150 and one 250 and one
350 and one 450 and one 550. Which number they going to
remember? 550. So, understand that you’re setting expectations and it’s
your job to manage them. Which means we want to err on the side of knowing
what reality is and then being a step conservative. Even in your 26%. There’s 4 more percent we didn’t include in that. 4 to 5. So,
it’s over 30, we don’t tell you that. If you come to the training, you learn
where and how to find that. But you learn that we leave it out of the equation.
Because we’re managing expectations. That make sense? Right. So first page is how is
this whole thing work? It also introduces an idea.
The third paragraph says, “My real-estate Power team is linked to my mentor, Kris
Krohn.” How many of you can see the benefit of helping your partner
understand who I am in your own ecosystem? How can you leverage me to
find a partner? Just throw some ideas out. Why would that be useful? You got a track
record of 6, I have a track record of 4,000. Together, were 4006. They’re going to look at partnering because they know you and have developed
a rapport with you. I am like the backbone, I’m the backup that says, “Alright. You’re powered by something really strong right now.” Does that make sense? So,
we’re going to introduce this idea of me, you’re going to explain that it’s a
50/50 partnership. It’s going to say your job is to put in money, my jobs to do all
the work. If we flip to the next page, you’ll notice that this document talks
about the advantages of real estate. Let’s want to hit some of the bullets
here. Reallocate assets into the most effective real estate markets to match
priorities. Maximum equity growth, maximum monthly cash flow or both. It’s
recession-proof strategies. Number 3 has managed your money with strong
potential tax-free implications. What we’re trying to do is hit that what we
call hot buttons of what your partner might be interested in. Might they be
interested in better investments. Might they be interested in tax strategy. Might
they be interested in risk reduction. We’re going to list out all of those. And
I’m not going to read them all. But I want you understand, this has been very, very
well thought out. And from there, we talked about longevity risk. And we’re
going to help them understand. Most people are putting their money in the stock
market, 401Ks, IRAs. And for the average person or even the above average, will
that be enough to get where they want to go? Yes or no? No. So, I’m going to help them
understand that. We’re also going to talk about building a nest egg and then
spending it down till it’s gone. So, we’re going to help them understand the problem.
Every business plan says after the executive summary, this is the problem
and then this is the solution. Next page, we talk about how we
find the best deals on the market, in the world. We talk about our strategy, page
5. We start talking about equity markets. And look what I got. I got
samples of past markets that I’ve done on page 5. Page 6 I talked about my
cash flow markets. We show track record on hundreds of
deals synthesized. Aggregated. Page 7, we talk about real estate market
research on markets. The next page, we talk about property management summary,
expectations, how long it takes to rent them out. Like for example, top of page
8, target rent. Overall, on 240 properties, we are at 101% percent of target rent. What that means is if we told you we think this
property will run out for 1,350, we are right 101% of the
time which means 101% would mean that it rents out for even
1% higher than we guessed over 240 properties. Is that
granular? Is that accurate? Is that showing a high degree of competency?
Absolutely. So you want to familiarize yourself with this. We talked about cash
flow and out of pocket. We got talking about summary. So we’ve got several pages.
And then I put in some sample properties. Page 11, page 13 has another
property. Page 15 has another property. And after that is where you’re
going to insert your own deals. And all you do is this is a word document that
you guys get to download. So it’s all editable. If you’re like, “Kris, why don’t
you have a paragraph talking about this?” I’ve been talking to partners and I
think that that’s really appealing. Guess what you can do? Are you allowed to do
that? Are you allowed to add to this document? Yes. The only thing you should
never do is subtract anything that would reduce accurate expectation. Okay? So, you..
After page 17, you put your own deals in there. And then at the end, we
say, “What is the exit strategy? How do we make money?” Then we get into the summary,
our track record and then getting started. So, by the way, how awesome is
this? This is… When I sat down with my very first partners, I had a business
plan and it didn’t look like this. All I had was I brought printouts of my
performance and I said, “Here’s this deal, here’s this deal, here…” That’s all I had.
Now, I got this. Now, this can be scary if someone doesn’t know you very well
yet. Which means it’s the last thing. This is only for the most serious of serious.
So, as you go through this, you want to understand everything in print in here.
Does that make sense? Because when you sit down and you’re
like, “Do you want a partner?” You’ve never done it before. You’re going to fumble
for words. Guess what I gave you? The whole conversation outlined professionally. So
you’re like, “Oh, shoot. I’m sitting down. They like me. I’ve been telling him for
6 months about my deals and what I’m doing. They read Kris’s book. They’ve
been watch them on YouTube. And they’re actually next month going to an event
with me and Kris. It’s going to be amazing.” Now, I said hey do you want to sit down
and look at this? And they said, “Yes. What do I do?” All you just read it. All you
just talk about it because it follows a natural sequence of the pain and the
solution and how it all works. Does it make sense? So friends, right now, when you
get started with the unlimited program, we have this as a downloadable document.
There’s very little to customize. And then you just pop in your own properties.
And you are… In my mind, if you can digest this and understand this. And you’ve got
your track record, you are now ready to start finding partners. You guys excited?
Okay, my friends. That’s what we’re going next. This next video is where we really
get to tear it open and be like, ‘Alright. How do you find partners in the
most effective manner?” And I’m super pumped for you, I’m excited for you get
your hands on this. Because this is where it all really starts to shape up. See on
the next video.

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