Talk about amazing results.
Since it’s release 11-days ago the new Avengers Infinity War movie sold about $1.16 billion at the box office.
That’s without China – the 2nd largest movie market – as it releases there on May 11.
And it’s on track to break $2 billion..
It already set a new world record it’s first weekend. It could end up being Disney’s biggest movie yet – even bigger than Star Wars..
I’ve been so busy that I haven’t been able to watch the movie yet, but have you seen the trailer?
It’s pretty awesome and I can’t wait to see it.
It’s a story that was 10 years in the making and it’s epic.
Now, here’s where I started to see a connection with our business and I want to share it with you..
I’m sure you’ve heard this before.. If you want to go fast go alone. If you want to go far, go together.. right?
If you want to achieve great results in life or business, you have to have an amazing team around you.
As good as Captain America is..
As good as Ironman is..
As good as Spiderman is..
As good as Thor, Black Panther, Spider-man, Black Widow are..
Because they wanted to help more people and had bigger challenges to overcome, they had to come together as a team.
See, this is the lesson of the story..
And if you think about it, this is so true in our lives and businesses too.
As multifamily operators, we do the heavy lifting of finding and assembling an amazing team to achieve amazing results. By doing so, we can offer our investors the best opportunities in the market while taking a passive role, receive cash flow, tax benefits, and participate in profit.
For starters, here are the key members of the team we will assemble:
Brokers: the Multifamily space is definitely about relationships. By networking and consistently analyzing deals (often times hundreds before we find the right one), we’re able to see the best opportunities available.
Property Manager: I can’t stress the importance of this role – a property manager can literally make or break a deal. There are hundreds of companies to choose from – so how do we know who to hire? We always start with referrals, then interview 2-3 of the best, and ask questions to make sure their proforma numbers and execution plan are realistic.
Lenders: As we analyze hundreds of deals, the financing can differ per property, asset class, market, etc. And as interest rates and lending guidelines are always changing, we need have a good pulse on the lending market is crucial to our ability to pursue great investment opportunities. This ensures a smooth closing, and the most competitive rates/terms. This is why we’ve built relationships with the best lenders in the industry.
Real Estate Attorney: It’s important to have an attorney who knows real estate contracts and syndication to review contracts and handle the closing. We have key relationships with the best in the business.
SEC Attorney: The SEC has strict guidelines and they should not be taking lightly. A subscription agreement, operating agreement, and a Private Placement Memorandum (PPM) should be provided when making an offering available to Limited Partners (Passive Investors). The SEC attorney should have a strong track record working with syndicated multifamily deals. An SEC attorney can draft and file all necessary legal documents. By filing the PPM, everyone can rest assured that this deal has met securities laws when syndicating.
Due Diligence Team: Once a property is under contract, the right due diligence needs to be performed. Between physically inspecting the property and auditing lease agreements and books, one of the members of the operating team can do this. BUT, I would not recommend it. We hire professional inspectors and auditors to be sure we do not miss a thing.
Insurance Agent: Being property insured is obviously important. We’ve built relationships with insurance agents that know multifamily very well and in each market we invest in.
Sean C. Na