Goal Setting for 2020 & Multifamily Acquisition 101

We kicked off our first meetup in 2020 focused on making this the year to get deals done! Audie Black – Co-Organizer and Clinical Neuropsychologist – presented on how to set meaningful goals that align with your ultimate vision and purpose. Jack Aduwo – Co-Organizer and owner of Kendu Bay Properties – presented on a 30,000 foot overview of multifamily acquisitions, with a particular focus on large apartment complexes.

Highlights from the presentations include:

Goal Setting Highlights:

• Importance of defining both your Anti-Vision (what you DON’T want to happen in the future) and your Vivid Vision (Cameron Herold’s concept of defining what you DO want to happen in his book “Vivid Vision”)
• How your Core Values define both your Anti-Vision and Vivid Vision and form the underlying WHY behind your dreams
• How to work backward from your Vivid Vision to identify the key milestones of success along your journey. Asking yourself “What are the fewest essential battles I have to win in order to win the war?” (from McChesney et al.’s book “4 Disciplines of Execution”)
• Changing the mindset away from setting ‘goals’ towards making ‘commitments’
• How to define actionable specific goals that are meaningful, specific, and have timelines
• The power of focusing on what actions are most likely to lead to success, rather than the goal itself. McChesney and fellow authors call these “Lead Measures” (which we termed “Levers for Success”).

Multifamily Acquisition 101 Highlights:

• Critical importance of identifying your ultimate strategy
• Multiple methods for investing in multifamily assets: solo investments, joint ventures, syndication (either as General Partner or Limited Partner a.k.a. Passive Investor), Real Estate Investment Trust (REIT)
• How to identify and qualify a target market and submarket
• Building a powerful team to ensure success, including: real estate broker, mortgage broker, real estate attorney, real estate CPA, property manager, subject matter experts (e.g., plumbers, roofers, HVAC)
• Determining desired property class (A, B, C)
• Value-add strategies: forcing appreciation through remodeling and increasing the Net Operating Income (NOI) through better management
• Send a Letter of Intent (LOI) and executing a Purchase & Sales Agreement (PSA)

After the presentations, there was great networking among the attendees and the synergy was palpable!