Avi Kreiner - Relationships - Post 3
Entrepreneur of the Week Avi Krainer
# Post 3 - Relationships
One of the most important things in the business world in general and in the real estate world in particular is creating quality, close and productive relationships. Robert Schmin has a complete online course called "One Million Dollar Relationships" and for good reason. From my experience I can tell you that it all starts and ends in relationships. A wholesaler or broker, with whom I have a good relationship, and found for me a property with a purchase price of $ 70K and a value of $ 100K, generated me a potential income of $ 20K + net. It's that simple.
And speaking of relationships, the most important relationship is of course with ourselves, and I talked about that a bit in posts 1 and 2 in the personal development section. More about that in post 5! ????
Invest in yourself and develop (investing in children is self-evident. Why investing in ourselves is not self-evident ??). Love yourself, pamper yourself and celebrate your successes at every opportunity! It will give you good energy and mental resilience, radiate good vibes and be more successful!
The second most important relationship is with your spouse. This is reflected in two aspects. The first aspect is the consent of the "less real estate" spouse to start "risking" and investing in real estate somewhere overseas. I also had a hard time convincing my wife to make the first deal, and I still remember the bass and helplessness I felt when there was a good deal in the north of England with a short dead line and I saw the deal run out of my hands… but when you probably really want something and you are determined and adjustable to it , The universe helps you. Those who accompanied me in the first transaction are Roni and Adi from Family Exit, and they came to our house to talk to my wife. Roni, a shrewd salesman who conveys reliability and professionalism, did my wife the well-known sales exercise of presenting two options (when the buyer is left to choose between them… ????): "high-risk" real estate in the US with low-class tenants, as opposed to a deal “Solid” real estate in England with Young Professionals tenants, and my wife was left with only a choice… In retrospect, US real estate deals turned out to be much better (and even “solid”), but what does it matter, my wife was convinced and the dam broke. So thank you again Roni and Adi! And an even bigger thank you to my dear wife Michal who has since supported me and allowed me to use the family money for investments, which is really not self-evident! The second aspect of the relationship with the spouse is the industrial quiet to work in real estate, which requires a lot of investment and concentration. So do yourself a favor, do not take your spouse for granted and invest in the relationship. This is important in general so that you and you will be happy, and in particular so that you can free up your mind for real estate, the creativity needed in this work, and to prevent mistakes that can cost a lot of money!
The third most important relationship is with the partner. In my opinion, anyone who wants to succeed in real estate (and any business) needs a good partner. Partnership is a power multiplier. A partner complements us both in abilities and also takes care of continuity in times when we are a little down. A partnership is a relationship for all intents and purposes and is sometimes even more intense than the relationship with the spouse (whoever has a partner knows what I am talking about… ????). Need to find a partner with similar values, similar to money (very important!), Similar mindset, and complement you in places that are less convenient for you (sounds almost impossible to find, I know, but I found in Project X, so probably it is possible ). And of course reliable (at a level you know that if you leave a suitcase with $ 100,000 and come back after a year to pick it up, you will be sure that all the money stays there…). If you have a good partner, fight for this relationship!
The next most important relationship is with the management company of your income-producing assets. The management company has a dramatic impact on the return! (They choose the tenants, they make sure the tenants are good [or not] and they take care of your property). To choose a good (and reliable!) Management company I think it is imperative to travel to the city where you work, meet with a number of management companies - face to face - and feel in your stomach that you have made the right choice. Even if you are not an entrepreneur but "only" an investor, do yourself this favor, invest $ 3,000 and a week of your life and travel and meet. This is a long-term relationship, and it is important that you keep your finger on the pulse at all times, and develop this relationship with small gestures and a good and sympathetic attitude. Even if they are not always right in your eyes. Do not get into confrontations. This is where the trouble begins. If conflicts start, it's probably time to move on…
Another (very) important relationship is with the people who find the assets for you (cannon brokers, wholesalers), or as I call them: "the goose that lays the golden eggs". It is very important to fully understand the interests of these staff members, and constantly strive to help them succeed and earn. Be generous with them (because it will come back to you in a big way). At the beginning of our journey we had an incident with one of the geese laying golden eggs. We were on a contract for two deals when we actually intended to take only one. The broker brought the deals from one of the investors she works with. We paid Earnest Money of $ 500 and decided to withdraw from the deal at the last minute and cancel the inspection. Due to a misunderstanding, the due date passed, and the broker decided to "confiscate" our Earnest Money despite our protests. We did not understand that it was an important investor for her and she told him we were serious and suddenly he was expecting money and the deal was canceled. He was angry at her and she at us and we almost lost a goose that lays golden eggs, but luckily we recovered quickly, made a "sulha" call and moved on .. So like I said, it is important to understand the interests of the people working in front of you and be sensitive to it. In retrospect, the deals we got from her later were worth tens of times more than the $ 500, so never quarrel over such sums. Certainly not with geese! And be careful not to disappoint them!
