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Robert Kiyosaki’s Cone of Learning illustrates that while we only remember 10% of what we read after two weeks, we recall a full 90% of what we say and do. And that’s why aspiring investors who work through a simulation of their first deal are so much more confident than those who don’t practice the process beforehand.
But what does it look like to simulate your first multifamily deal? Where can you go to rehearse the steps in the Deal Maker Blueprint and gain the confidence to follow through?
On this episode of Financial Freedom with Real Estate Investing, Nighthawk Equity President Drew Kniffin joins me to discuss our upcoming Deal Maker Bootcamp in Orlando this January and explain how the workshop simulates the process of finding and closing on your first multifamily deal.
We explore the benefits of simulating your first deal and following a proven process, challenging you to master the critical skill of analyzing deals quickly and accurately.
Listen in for insight on the three kinds of people you need in your real estate network (and where to find them) and learn our top strategies for simulating your first apartment deal and building confidence while you practice in a safe environment.Key Takeaways
Robert Kiyosaki’s Cone of Learning
- Remember 10% of what we read
- Remember 50% of what we see and hear
- Remember 90% of what we say and do
The benefits of simulating your first deal
- Builds confidence
- Know what to expect if LOI accepted
How to simulate your first multifamily deal
- Practice in throw away market
- Visit larger properties
- Build sample deal package
The 3 kinds of people you should network with
- Peer group (Deal Maker’s Mastermind)
- Mentors who’ve done what you want
- Partners with complementary skills
Why we recommend following a proven process
- Don’t have figure out next step on own
- Avoid expensive mistakes
The benefit of being able to analyze deals
- Need for negotiating and making offers
- Confidence to talk to brokers/investors