Tribe of Multi Family Mentors Live Q&A w/ Rod Khleif

TL;DR

Rod Khleif shares strategies for success in multi-family real estate.

Transcript

what's up bigger pockets chris lopez here and we are about to do a live q a with i'd say one of the mentors of mentors of people in multi-family as you guys know this is the tribe of multi-family members show at bigger pockets myself my buddy terence doyle get the pleasure of co-hosting it where we can talk to experts around the multi-family indust... Read More

Key Insights

• Rod Khleif emphasizes the importance of mindset and psychology, attributing 80% of success in multi-family investing to these factors, with the remaining 20% being technical knowledge.
• After losing $50 million in 2008, Rod stresses the need to innovate and pivot during challenging times, sharing his experience of starting a new company to help families save their homes.
• Rod encourages focusing on one market rather than multiple to become an expert, suggesting factors like job growth and personal connections when selecting a market.
• He advises first-time buyers to immerse themselves in learning the business, attending meetups, and evaluating deals, emphasizing the importance of gaining competence and confidence.
• Partnerships in multi-family investing are crucial, with Rod recommending detailed upfront discussions and trusting one's intuition when forming partnerships.
• Rod highlights the significance of finding a mentor or joining a mentorship program to accelerate learning and avoid common mistakes in multi-family investing.
• He advises against focusing on gender barriers in the industry, encouraging women to leverage their unique strengths and not view being a woman as a disadvantage.
• Rod underscores the value of adding the most value to succeed, citing examples like Jeff Bezos and Elon Musk, and shares his personal experience of offering free calls to add value to his audience.

Questions & Answers

Q: What mindset did Rod Khleif adopt after losing $50 million in 2008?

Rod Khleif adopted a mindset of resilience and innovation after losing $50 million in 2008. He emphasizes the importance of reassociating with one's goals, maintaining a positive focus, and being willing to innovate and pivot in challenging times. This mindset helped him start a new company to assist families in saving their homes, which eventually became a successful venture.

Q: What factors does Rod Khleif consider when selecting a market for multi-family investment?

Rod Khleif suggests focusing on one market to become an expert rather than spreading across multiple markets. Key factors to consider include job growth, population growth, and income growth. He also recommends choosing a market where you have personal connections, such as family or friends, or a market you enjoy visiting, which can provide valuable insights and local knowledge.

Q: How does Rod Khleif suggest first-time multi-family buyers should start?

Rod Khleif advises first-time multi-family buyers to immerse themselves in learning about the business by evaluating deals, attending meetups, and building relationships with brokers, property managers, and other key players. He stresses the importance of gaining competence, which leads to confidence, and ultimately the ability to influence and succeed in the industry.

Q: What is Rod Khleif's view on partnerships in multi-family investing?

Rod Khleif views partnerships as crucial in multi-family investing, describing it as a team sport. He recommends having detailed upfront discussions about responsibilities and expectations and trusting one's intuition when forming partnerships. He offers a free resource with a list of partnership questions to ensure that all parties are aligned and have addressed potential issues before entering into a partnership.

Q: How important is mentorship in multi-family investing according to Rod Khleif?

Rod Khleif emphasizes the importance of mentorship in accelerating learning and avoiding common mistakes in multi-family investing. He shares that his students have successfully acquired thousands of doors through his mentorship program. Mentorship provides guidance, support, and access to a network of experienced professionals, significantly shortening the learning curve and increasing the chances of success.

Q: What advice does Rod Khleif give to women entering the male-dominated real estate industry?

Rod Khleif advises women entering the real estate industry not to focus on gender barriers but to leverage their unique strengths and view being a woman as a strength rather than a disadvantage. He encourages women to be confident, embrace vulnerability, and not let the male-dominated nature of the industry deter them from pursuing success in multi-family investing.

Q: What is Rod Khleif's perspective on adding value in business?

Rod Khleif believes that adding the most value is key to success in business. He cites examples of successful entrepreneurs like Jeff Bezos and Elon Musk, who have added significant value through their innovations. Rod shares his personal experience of offering free calls to his audience to add value, which contributed to the success of his podcast and mentorship program.

Q: How does Rod Khleif suggest handling setbacks in real estate investing?

Rod Khleif suggests handling setbacks in real estate investing by maintaining a positive focus and looking for silver linings in challenging situations. He emphasizes the importance of resilience, adaptability, and innovation, sharing his experience of starting a new company after a significant financial loss. Rod encourages investors to reassess their goals and remain committed to achieving them despite setbacks.

Summary & Key Takeaways

• Rod Khleif, a seasoned multi-family investor, shares insights on the importance of mindset, innovation, and selecting the right market for investment success. He recounts his experience of losing $50 million in 2008 and how he pivoted to start a new company, emphasizing resilience and adaptability.

• First-time multi-family buyers are advised to immerse themselves in learning the business, evaluate markets, and build relationships with key players. Rod stresses the importance of competence and confidence in influencing others and the value of partnerships in the industry.

• Rod encourages women to see their gender as a strength in the industry and highlights the importance of finding a mentor to accelerate learning. He underscores the value of adding the most value to succeed, sharing personal anecdotes of how he has helped others in the industry.