Thoughts on Building a Network in Real Estate

In this mini-episode of the Gould Mine - I give my thoughts on Building a Network in Real Estate.  I take some time to reflect how building strong connections and seeking the right guidance can transform a budding interest in real estate investing into a thriving investment portfolio. From deal flow to capital raising, I am experiencing first hand how powerful a stellar network can be on this crazy Hotel and Real Estate Investing Journey.... Welcome to The Gould Mine everybody...

Follow Me:
LinkedIn: https://bit.ly/3L2sTc7
Instagram: https://bit.ly/3soYxtW

Transcript

•  What's up golders in today's episode. I'm all by myself. I'm all by myself want to be. I was reminded today of just how important the power of a network and networking in real estate investing can be and so I had some experiences that have happened to me over the last couple of weeks that have continually rein Force this idea and so I thought what a better platform than to just share with my my listeners how building a network and networking have impacted my hotel investing journey and hopefully you can take away. Some of these cool nuggets that I'm about to share with you and Implement them into your own personal real estate investing Journey so earlier today I was filming a podcast with my friend Vanessa alado and we were talking about mentorship and we're talking about networking and the power of the network and coaching and training and and I'm a massive proponent massive proponent of finding the right coach of finding the right mentor and being open to and receptive to coaching and mentoring because the truth is is that ego is the only thing getting in the way of your success or in many times. It is one of the only things getting in the way of your success and there are so many of us when we get into a certain field or whatever that might think either out of of arrogance or out of fear that we don't need a mentor that we don't need a coach and I would argue that anyone that's getting into any field. It's like when you go to school. Why do you go to school. You go to school to learn from someone that knows a lot more about a subject than you do. And in The Game of Life. You find a mentor you find a coach that can help guide you through and help you avoid certain mistakes that they made and you get to essentially learn through education or you get to learn through your own mistakes and there are a couple of of recent things that have happened to me and as Vanessa and I were talking about this.
•  I was like hey I got to shoot this mini episode right now to just share with you how I have recently been reexposed to just how powerful networking and how powerful building a network can be. Let's start with the power of networking so early on in my hotel investing career and by the way this is way before I did anything remotely important in the hotel world. This was a while ago now I had a conversation with a friend of mine. Alana and I knew that she was in multif family uh syndication space and I knew that that was where I wanted to go. I knew that I had to learn about fundraising I knew that I had to learn about putting deals together and I knew that I had to really get exposed to that side of the real estate world and so I pulled her aside one night at a party that we were at. It was a friend Mutual friend's birthday party. I said hey look I know that you're in multif family syndication. You know that I have aspirations to be in hotels and I'm just wondering if you might know of anyone that uh is syndicating. Hotel deals right now because I would love I would absolutely love to get connected with them and she said you know what I actually know just a guy for you and I was like whoa I wasn't expecting that you know I was she like immediately knew who to introduce me to and so she introduced me to uh my buddy. Daniel and uh Daniel actually lives here locally in the Bay area as well. So she connected us right away. We got lunch and we hit it off.
•  It was a great conversation and he pointed me in the direction of a couple people during that time that really really uh have had a massive impact on my investing Journey after the lunch and everything we we obviously kept in touch. He's been checking in on me every once in a while I brought him a couple deals that we were raising money for and you know as an investor I was like hey do you want to cuz. He does invest in deals and stuff like that as well and so we just kept in touch right well. Recently Daniel reached out to me and he said hey bud. I'm just I'm wondering. Here you know I have a a friend of mine who's trying to sell a hotel in Ohio and I said oh okay well um that's interesting and he gave me the specs he told me. The flag was what the brand was you know rooms and and all that good stuff and and in in that moment I was like hold on a second like that sounds like something like me and my team should bu like hold on a second like Daniel. Like you're saying it's this this this this this he was like yes and I was like hold on text. My partners I was like that's we needed like care about to steal immediately and so that deal now is uh. We're we're actively pursuing that deal. So I can't get way too much information. But I will like eventually once we close on it.
•  I will absolutely give you guys more details or if we decide if we at some point in the new diligence phase like actually like we don't go through with it or whatever I can share more details but right now all I can say is that it is an amazing deal and that deal never would have come into into existence. Had I not number one talked to my friend Alana at a party and made you know put myself in a vulnerable position by asking her for help. And I think a lot of people are just afraid to do that nowadays which is weird and I'm certainly not you know. I'm not very shy when it comes to that I put myself out there. Let people know what my goals and my dreams are and I think that's one of the reasons why I've been able to achieve the level of success that I've achieved any and all businesses that I've been involved with and had I not had lunch with Daniel and kind of like continued to to follow up with him and just kind of like nurture. That relationship stayed in front of him top of mind and not in like a weird or aggressive or like annoying way. Just like in a and u casually checking in how's it going and obviously the the power of Facebook and Linkedin by the way is is amazing because all you have to do is friend someone and stay connected with them on those sites and then they could just continually see your post and success and and and he knew what was going on you know. He wasn't oblivious to the fact that I was continuing on that path and uh both through my personal efforts and reaching out to him and both and in my passive efforts just making those posts and staying in front of them and so I think it's.
•  It's important to remember that you can really uh nurture a relationship from a variety of different angles and and that manifests it in a very uh fruitful relationship and and by the way like relationships in any industry should not be transactional and so I am in no way shape or form saying like oh you should absolutely seek out relationships to juice them for all that you can get out of that relationship. That's not it right like. I go into every relationship and every conversation expecting nothing because like that's the way that those are my basic principles I expect nothing but also understand that in life even though you don't expect anything you expect that work that you put in day in and day out and you believe in the tactics and the way that you live your life and the values that you embody are going to bring things to fruition for you. And so I genuinely believe that like by networking and by putting myself out there and and and being vulnerable and and and making relationships and staying top of mind that that is going to bear fruit for me in some way shape or form. I don't know who I don't know when I just believe deep down in my court that it is going to happen and so that's one example and a second example is tangential in nature. When I was first getting started again in the hotel world. I was aggressively looking for anyone that I could find online that looked like they knew what they were talking about when it comes to Hotel investment because let me tell you something. It is hard to find a person who is in the hotel world that is open to sharing their experiences and is giving away information online for free and so I came across a couple of guys number.
•  One was Mike elely great guy talk about him all the time and the second guy was a guy who's much younger than Mike no offense. Mike Mike's still a young guy but suj is like my age. This suj guy on Instagram if you guys have been watching the show for a long time you'll know. Suj was actually one of my first guests but it was interesting he was talking about hotels and I was like dude. This guy's Vibe like this guy passes the vibe check you know uh. He was absolutely passing the vibe check and I was like okay how do I get connected with this guy and then I I see on on Instagram. I was like oh. I have one mutual connection with him and it was my buddy veral who I um I used to sell real estate with at in terot and so I immediately hit verel up and I said hey bud who is this suj guy and how do you know him and through a Ser like he was like coincidentally was very close to uh. Ver was very close to suj and so he made the introduction right away so forever grateful to to veral suj and I met up the first conversation was just kind of like getting to know you and we got connected on on social media and 6 months went by and I just kep kept checking in with him. He was on my podcast.
•  We did a couple of things and then I had a deal that we ended up passing on but I brought it to him and I said hey man I'm thinking about doing this deal and we we actually worked on it together and then through that just started to form a more and more like impactful relationship. And now we're Partners on a hotel fund together and it wouldn't have happened if I hadn't put myself out there and it wouldn't have happened. If I didn't purposefully and intently try to build my network and so you can find mentorship. You can find coaching outside of a paid relationship. You know obviously like that's all the craze these days and by no means am I knocking it. I think that it's absolutely important. Like there is a value trade there for experience and information but don't discount the power and the value of your network CJ and I Linked UP never once did we ever exchange like money right rechange value in other ways and so that would not have happened had it not been for my network and had it not been for me reaching out. And so I think to just wrap up this Min episode. If you are new or you're experienced by the way if you're experienced why are you listening to this right. Now no. I'm just joking like I thank you for listening. But I'm really just I I was compelled. I felt compelled just to say to sheep this podcast episode for you because there are so many reasons why you shouldn't do it in your head. There's all these limiting beliefs. There's these voices I'm too busy. I'm too tired.
•  I'm not experienced enough. I don't have enough value. I don't bring enough value. I don't make enough money. I don't have any money to pay them blah blah blah blah blah blah blah and at the end of the day the only keeping you from getting. What you want is you so go out. There be resourceful and build your network if you haven't built it already and if you have built it. Network remember keep pouring back into those guys because eventually it will bear fruit. You don't know who it's going to be come from. You don't know when it's going to come but just rest assured that one day it will come this day of gold. Everyone thank you so much for tuning in and I will catch all of you in the next episode. He.