Join Duc and Vince as we talk with Adam Adams to share his experiences with real estate, hiring, and other business ventures. Adam is an investor and partner in seven multifamily syndications with roughly 1400 doors. He’s educated many investors through conferences, radio, podcast interviews, coaching programs, and meetups. We go in detail with his different business ventures, hiring a team that fits your standards, and building a VA and podcast production services. They also get into Adam’s mistakes with his first deal, losing over $500K during COVID, how he got his meetup to be one of the best, and maintaining the focus of your business by having an avatar to serve.
About Adam Adams:
Also known in the real estate community as “Triple A”, has educated thousands of investors through real estate conferences, radio & podcast interviews, his coaching program, and his thriving Meetup group. Adam hosts the Creative Real Estate Podcast, a podcast listened to around the world, with hundreds of thousands of downloads. His efforts to educate and inspire other investors has earned him the prestigious title “Master Investor” by Think Realty magazine and he is also a three-time Hall of Fame winner from RE Mentor for his successes in multifamily syndications. Meetup.com recognized him as one of the top 6 MeetUp organizers in the world (2018).
Outline of the Episode:
- Ensuring that passive investors make money even when the going gets tough. One of the partners became the property manager when the previous one passed away!
- Building a team of entrepreneurs that didn’t take any salary initially and going into syndication with no experience with it.
- Conducting due diligence on the sponsors and your teams. Make sure you know your strengths and weaknesses to find the right people to complement you.
- Jumping out from boot camp and learning more lessons on the first deal. They only raised the downpayment and took eight months to close!
- Screwing sheetrock on top of moldy sheetrock and taking too long to fire the property management team.
- Steps before you purchase a property. Raise money, select a market, and select a property management company.
- The portfolio in the current environment. Failing to see how many oil and gas industries there are on one property and winning with the rest!
- Change with acquisition strategies and waiting three more months to purchase.
- A deal under contract during COVID. Losing over $500K by backing out!
- Having the constitution and intestinal fortitude to take heavy hits. Getting carpal tunnel by writing checks to save costs.
- Finding needs and providing value in the market. Knowing how to hire the right people.
- Helping people launch podcasts AND get traction. It doesn’t help to have 20 listeners, with half of them your friends only.
- The importance of being the visionary of your business and making things happen.
- Having the best meetup with ONLY five-star ratings!
- Building an ecosystem to please an avatar that is 42-year old male Indian engineer invested in one multifamily deal but has enough money to continue investing.
- The value that personal parking spaces provide. You’ll be surprised to know how willing people are to pay for that!
- Resources and the superpower of marketing.
- Making as much money now to put into compounding interests.
Resources:
· Adam Adams
· Facebook
· YouTube
· Blue Spruce Holdings
· My VA
· My Podcast
· Best Ever Apartment Syndication Book
Connect with The Cashflow Project!
· Tri-City Equity Group
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