Today’s episode is a case study that provides a detailed blow-by-blow of a multifamily deal by Founder and CEO of Sterling Rhino Capital LLC, Chris Roberts. Chris has been a full-time entrepreneur and investor since 2007. He owns and operates a sales and marketing company that, when acquired, had annual sales of 7.2 million in 2007. By 2019, Chris and his team grew that business to 24.5 million. Chris holds investments or shares in over 2,100 units across the country and recently closed on 112 unit in Georgia and 104 unit property in Virginia. In this episode, Chris shares the details from the 112 unit deal in Georgia, from how he came across the property to what stood out about it and why he describes it as a diamond in the rough. He addressed the challenges and the lessons he learned along the way, namely the importance of building rapport, putting in the hours, doing the hard work, and following the numbers! Chris also shares some of his favorite tools and what others can learn from his biggest mistake, so make sure to tune in today!
Key Points From This Episode:
- Chris shares a bit more about himself and his business.
- This specific 112 unit deal and how Chris stumbled upon it via a different group.
- What stood out about the property, and why Chris describes it as a diamond in the rough.
- The biggest challenge in closing this deal were the people between Chris and the seller.
- Chris explains how he went about closing the deal, given the owner had no digital records.
- The importance of establishing relationships with owners and helping them with the process.
- Working with the brokers on the deal is important, but this was a unique circumstance.
- Negotiating a lower price – Chris explains why he asked for the discount in the first place.
- Going about negotiation the right way: Chris says it’s about understanding the other side.
- Chris explains what his ultimate business plan for this property and what they are testing now.
- While Chris shops everything, he is always on the lookout for off market deals.
- Why Chris believes that brokers are a valuable resource for finding deals.
- Put in the hours, do the hard work, and follow the data, your deals should pay off.
- The real estate investing tool Chris can’t do without is the team he has built.
- Chris says his biggest mistake was not taking action and building a vision plan sooner.
- To grow his life to the next level, Chris says he needs to work on work-life balance.
Links Mentioned in Today’s Episode: