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TABLE OF CONTENTS
1. Introduction 3

2. Common Mistakes of New Multifamily Investors 5

3. Correcting Mistakes 7

A. Know the Lingo 7

B. Build the Team 9

C. Documenting the Goal 12

D. Create the Marketing 14

E. Clean Yourself Up 17

F. Work the Introduction 19

4. Bonus Material 21

A. Questions to Ask a Broker 21

B. Five Places to Find Commercial Brokers 23

5. Thoughts on Getting a Coach 24

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 INTRODUCTION

Opportunities don’t happen. You create them.

- Chris Grosser

Are brokers ignoring your calls,
emails, and requests for information?
If so, you are not alone. Many
multifamily investors that are just
getting started often wonder if they
are ever going to get their career up
and running.
If the broker DOES send you a deal, chances are
it’s not a real deal. It will probably be something
overpriced, in a rough area or in need of some
major repairs. The good, fresh, off-market deals
are often given to the buyer that has a relationship
and a team.
So, how do you show as a real estate pro?

Based on my experience, it all comes
down to one thing: Your Approach.
In http://bit.ly/33rCAsn
our live coaching, I often say to my
students: “It’s not ABOUT YOU. It’s
ABOUT THEM.” And ‘THEM’ can be
investors, sellers, vendors or even
brokers.
Simple: You must get educated, network with
your target market, and demonstrate that you can
execute.In this guide, I will explain how to correct
some of the most common mistakes that new
multifamily investors make so that you have a head
start in this incredible journey.

Brokers, for example, want to work

with a buyer that is easy to get along
with and has a high success rate
closing deals. They want to work
with someone that will pay their
commission. :-)

The last thing that a broker wants is to

tell a seller or their coworkers that they
lined up a deal where the buyer couldn’t
close. It’s not only embarrassing to the
broker, but also a waste of time. That
is why brokers usually send deals to
experienced buyers.

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ABOUT ME
My name is Agostino Pintus. I am a real estate
investor and entrepreneur. I run a multifamily
syndication company, Realty Dynamics and a
real estate education company, Bulletproof
Cashflow.

I had my start in single-family and small

multifamily in 2004 and had a good baseline
of real estate. Regardless, after I committed to
multifamily, my first deal took about a year to
get done - and our business grew quickly!

In that year, I made some rookie mistakes,

bumbled phone calls and even screwed up a
few offers on potential deals. When speaking
with other investors I met networking, I found
that many of us new multifamily investors
made the same six mistakes. The good news
is that you won’t need to spend a year learning
about the mistakes I made. Rather, you can
study them here and become a credible
investor in 30 days. You will speak the lingo,
know what questions to ask and what to say to
get a broker to actually call you back.

So, let’s dive in...

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 COMMON MISTAKES OF NEW
MULTIFAMILY INVESTORS

Learn from the mistakes of others.

You can’t live long enough to make them all yourself!
- Oliver Wendell Holmes

It’s easy to see why this quote makes sense: You don’t have to repeat other people’s
mistakes. Learning from them is a great way to save yourself a whole lot of time, money,
and pain.

In my many years as a real estate investor, I have seen just about every mistake that can
be made. Here are the most common ones made by new investors.

New Investors Didn’t:

1 Know the lingo - The language of real estate

2 Build the team - Surround themselves with seasoned Real Estate professionals

3 Document the goals - Understand WHAT they want to buy

4 Create the marketing - Have the business cards, website and social media covered

5 Clean themselves up - Dress & look the part of “investor”

6 Work the introduction - Have a script of what to say when calling a broker

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All these mistakes are avoidable. By taking the time to learn the business and surround
yourself with people who can help you, brokers will take your call and even show you
properties.

Brokers - like everyone else - respond to persuasion. This is the ability of getting them to
do things that are in their best interest that also benefit you. This takes form by how you
present yourself, what you say, and how you say it. Additionally, if you are able to appear
that you have the connections and the team to back you up, brokers will talk to you.

It all starts with a baseline and moving upwards. We will begin by learning the language
of the business (See Section A: “Know the Lingo”). By the time you get to Section F, “Work
the Introduction”, you will be able to extend a welcome to a broker and demonstrate the
confidence you need right off the bat!

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 CORRECTING MISTAKES
A KNOW THE LINGO

Educating the mind without educating the heart

is no education at all.
- Aristotle

Multifamily real estate is a relationship-based business. You want to build relationships

with brokers, sellers, vendors, and other successful people in the real estate game. That’s
where success happens first.

Like many businesses, multifamily real estate has its own vocabulary. Knowing the
terminology is at the heart of every multifamily real estate deal that you will come across.

It is important to understand the language of real estate, so you convey a certain level of
sophistication to the broker. Learning the commonly used terms can help you solidify your
position as a “true investor” and not as a tire-kicker or amateur.

ACTION STEPS
a Download the free http://bit.ly/33sWRhq
Bulletproof Cashflow Book List. Click the links to buy the books in
the “Real Estate” category. Check out Robert Cialdini’s book as well. Read -or listen to-
https://amzn.to/33h6wHT
one book per week. Study the terms and know them before you speak to any broker.

Pro Tip: If you are like me and prefer saving time by listening to audiobooks,
try Audible. It will also save you money. Click the link and you will get 1 free
https://amzn.to/2p73E1g
https://amzn.to/2p73E1g

audiobook and 2 Audible originals.

b Register on the many trade publications that cover commercial and multifamily real
estate. Visit them daily and read about what is happening in the industry. This includes
websites like the National Real Estate Investor, thehttps://www.nar.realtor/multifamily-properties
https://www.nreionline.com/multifamily National Association of REALTORS
and Multifamily Executive.
https://www.multifamilyexecutive.com/

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 c Register with the national brokerage houses to receive/download offering
memorandums on deals. This will include NAI Global, Cushman & Wakefield,
http://www.cushmanwakefield.com/ http://www.naiglobal.com/
http://www.naiglobal.com/

Colliers International, and CBRE

https://www2.colliers.com/ Group. Aside from the national firms, do a search
https://www.cbre.us/

to see if the local brokerage houses have websites where you can download
offering packages. Often, there is a wealth of information not only on what’s
available but also on how the market is trending.

d Subscribe and listen to the https://bulletproofcashflow.libsyn.com/

Bulletproof Cashflow Podcast. Start at Episode #1 and
listen to all of them. Subscribe on http://bit.ly/2B6Txw2
YouTube and click the notification bell for updates.
http://bit.ly/2B6Txw2

You can also find the podcast on iTunes and all popular podcasting platforms. Pay
https://apple.co/2B4AvXphttps://apple.co/2B4AvXp
https://apple.co/2B4AvXphttps://apple.co/2B4AvXp
https://apple.co/2B4AvXphttps://apple.co/2B4AvXp

close attention to the terminology, abbreviations and words used. You will notice
that real estate has its own lexicon. Understanding building classes and what terms
like NOI (Net Operating Income) is will help you in communicating with brokers.

This first step will get you familiar with what to say as you speak with the pros in the space.
With the language of real estate down, you can begin building your multifamily real estate
investing team.

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 B BUILD THE TEAM

Talent wins games, but teamwork and

intelligence win championships.
- Michael Jordan

You need a strong team to back you up. A great team will provide insights to the local
market around trends, neighborhoods you should be investing in, potential legal pitfalls
and introduce you to other players in the market.

It’s easy for a new real estate investor to feel intimidated by the thought of putting a team
together. However, great teams are built by networking with others in your local market.

To start, your initial team should include the following, shown below in order of importance.

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PROPERTY MANAGER

You want to connect with a property manager that is plugged into the local economy and
know most of the active brokers in your target market. This team member is Priority #1
and should be handled first. They can offer intros/insight to the rest of the team.

REAL ESTATE LAWYER

You want an attorney that is experienced with handling commercial and multifamily
transactions. No need to go to the top firm in your area. Sometimes, the best ones are
independent. Avoid lawyers that handle a multitude of cases and do not specialize in RE.

ACCOUNTANT & BOOKKEEPER

You want a good CPA firm (Chartered Professional Accountant) to handle your books. They
will work with your property manager to make sure your financials are in order. This is one
of the most important parts of the deal post-closing.

COMMERCIAL LOAN BROKER

You want to find a commercial loan broker to advise you’re on the best course of action
to get funding, inform you of lending options depending on the deal, and negotiate the
best rates. They will underwrite and size the deal to make sure it fits the lenders’ investing
criteria.

INSPECTOR

You want a group that will uncover the true condition of a property you are considering.
They will inspect all the major systems. This includes plumbing, electrical, HVAC, structure,
and roof. They determine the true condition of the site. From there, you can make an
informed decision as to the best way to proceed.

CONTRACTOR

You want a reliable contractor that will identify what immediate repairs are needed and
what you should expect to pay. You want to know this information for budgetary purposes
ahead of closing the deal.

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ACTION STEPS
a Get warm referrals by networking with local multifamily real estate investors. You
can also find quality people at your local Chamber of Commerce. Speak to the
administrator and gather names of people to speak with.

b Attend http://bit.ly/2VEkikZ https://nationalreia.org/

Meetups and go to local REIA (National Real Estate Investor Association)
http://bit.ly/2VEkikZ

events. Talk to as many people as you can. Explain that you are looking to build a
team. Others there may even offer advice on where you can find more people that
can help.

c From the meetings and referrals, create a list of 3 people in each category and
interview each one. Pick the best ones for the job; throw out the ones you don’t like.
If you throw out all three, start over until you have one of each.

Once your team is in place, you will not feel intimidated by opening a discussion with a broker.
With the team nailed down, you can now work on documenting what you want to buy.

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 C DOCUMENTING THE GOAL

“The first secret of getting what you want

is knowing what you want.”
- Arthur D. Hlavaty

Multifamily real estate spans a wide spectrum of residential properties that technically
includes all buildings containing at least two housing units, such as a duplex. From there,
it can scale to an entire community of buildings. With that said, we want to focus on
apartments with 5 or more units as they are considered ‘commercial’ and are commonly
acquired as an investment.

There are many other considerations you as an investor must define. This list below is a
starting point when opening a dialog with the broker.

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THE “GRADE” OF THE PROPERTY

As you studied in the material from Section A (Know the Lingo), multifamily properties
as Class A, B, C or D which is based on criteria such as age, quality, amenities, rent, and
location among other factors. (Note: If you are unfamiliar with these terms, go back to
Section A and review the Action Steps. Understanding the terminology and language of
multifamily is of paramount importance.)

THE LOCATION OF THE PROPERTY

The location should be a driving factor of where to buy the deal. It is just as important
(if not MORE important) as the property itself. When exploring an area, be aware of the
policies and local government initiatives that will promote (or maybe even hinder) growth
in the region. Take the time to understand the demographic trends and labor force drivers
of the local market as this will become a factor for rents and driving net operating income.

THE PRICE OF THE PROPERTY

The combination of the first two items will drive the overall price. Often times, a Cap Rate
(or Capitalization Rate) will be shared with a potential buyer. This is a simple calculation
that involves cost and income relative to a property. (Knowing WHAT to pay is important
and your team can help you identify if you are paying too much or if you have a deal!)

THE “TYPE” OF PROPERTY

Apartment buildings come in all shapes and sizes. They range from high-rise towers to
sprawling complexes to garden-style apartments. Some may have amenities such as a dog
park, swimming pool, fitness center, and an outdoor patio.

ACTION STEPS
Identify the asset class you want to buy and document what you are looking for. Perhaps you
are looking for a Class B asset in a Class C area. In that case, you need to understand what that
means to your price range. Once you know what you want to target, you can begin outlining
your investment strategy and build your persona in your marketing materials.

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 C CREATE THE MARKETING

Marketing is really just about sharing your passion.

- Michael Hyatt

When you are reaching out to brokers, understand that they will do their homework on
you. Finding information about a potential client using social media and websites is the way
business is done. Today, just about any piece of information about a person or business is
available with a few mouse clicks and a Google search. For someone starting out, it offers
a great opportunity to differentiate between people that are ill-prepared versus someone
(like you) that means business!

Marketing creates a great opportunity for you to build a first good impression. When done
right, creating good marketing with the right informational brochure, social media and
website can build trust and extend your reach to brokers.

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ACTION STEPS
Before you open talks with a broker, you need to:

a Create a Facebook, Instagram, LinkedIn, and Twitter profile. When building your
profile on these various social media platforms, make certain to update your bio,
the name of your real estate venture, focus, and aspirations. You want to use your
phone camera (or have a professional photographer) take a headshot for your
profile photo. Make sure to dress in a suit or other conservative apparel for your
photo. Use the same photo, name, and bio across all platforms to remain consistent.

Note: Even if you are not going to use your personal Facebook account for your real
estate business, clean your page of PUBLIC negative photos, posts, or information
that may cause people to raise eyebrows if they were to see it. If you have a post
and you are not sure of what it would do, go ahead and delete it. This includes
removing anything to do with religion or politics.

b Create a nice, clean and informative website. Having an online presence as a real
estate investor speaks volumes about your legitimacy and how serious you are
about the business. At the minimum, it should have information about yourself
(including a bio), how to contact you, and social media links. Use Fiverr or Upworkhttp://bit.ly/35oH58W
http://bit.ly/35oH58W
https://www.upwork.com/
https://www.upwork.com/

to find a website developer and someone that can design a logo for you to use on
the website and other marketing materials.

Note: Use https://www.godaddy.com/

GoDaddy.com to purchase a domain name. Try to find something that
https://www.godaddy.com/

is easy to pronounce and doesn’t have any crazy spellings. Make sure you also
have at least one email address on that same domain. Avoid using free email sites
(like Yahoo or Gmail) as your business as it appears somewhat unprofessional.
Additionally, consider making a blog part of your website. This information can also
be shared on your social media profiles.

c Create a business card. Business cards are a non-negotiable for real estate investors.
Between local events, meetups, and simply talking to people about what you are
doing, you will need business cards that have your phone number, website, social
media information and email address. Business cards provide an opportunity to show
your personality and stay top-of-mind with brokers. Use Fiverr or Upwork to find an
http://bit.ly/35oH58W
http://bit.ly/35oH58W
https://www.upwork.com/
https://www.upwork.com/

artist that can design the card for you. From there, go to http://bit.ly/2oFDT8l
psprint.com to order them.
http://bit.ly/2oFDT8l

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 d Create a “Multifamily Business Plan”. This is basically a brochure that details your
strategy, current holdings (if any), the market you want to buy in, your plan to
purchase undervalued assets, case studies, and information on your team. It also
describes how you will purchase your properties and the strategies you will use to
create value for your investor-partners. Think of it as your business plan of how you
will use the investors’ money, description of your team, and the benefits of buying in
your defined target area.

Note: Use the information from the last section to describe the assets you will be
looking to purchase. This should be included in your Multifamily Business Plan. It
will make you stand out to the broker, obtain financing on the deal, help you get
organized, and even help you raise money.

By using these marketing tips (both offline and on), you can kick off your career as an investor
to the next level with an optimal marketing strategy. From here, you can now work on how
you take on the “look of an investor”.

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 E CLEAN YOURSELF UP

Elegance is not standing out, but being remembered.

- Giorgio Armani

According to Image Dynamics, 55% of

another person’s perception of you is
based on how you look. So, you need to
dress as you want to be seen asserious,
professional, and ready to talk. People in
real estate are usually very conservative.

A broker will judge your competence

and abilities based on your appearance.
Dressing professionally and appropriately
will elevate your image and give you the
confidence necessary to succeed in your
in-person meetings.

Note: If you do not have the clothes, either

borrow the money or use your credit card
to invest in two or three nice outfits. Your
appearance to the outside world is of
paramount importance.

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ACTION STEPS
a Think professional and conservative. Wearing the right outfit for the right occasion
is an indication of good judgment. Always err on the side of dressing in a more
conservative manner. With that said, clothing that minimizes flaws and emphasizes
strengths shows self-respect. Also, wear conservative shoes that are clean and
polished. Never wear dirty and wrinkled clothes that do not fit properly.

b Beyond the clothing. Trimmed nails, a conservative haircut/hairdo, and a clean shave,
and tasteful jewelry determine how professional you look.

c It’s all in the details. Make sure your hair is clean and conservative in color and style. If
you have any tattoos, be sure to cover them up before you meet the broker. Remove
facial and visible body piercings. Choose accessories that complement your clothing.

d Don’t let them smell you from a mile away. Cologne should never be strong. A
fragrance can cause an allergic reaction or offend others. When in doubt, do not
wear cologne. Your personal hygiene will have a huge impact on whether the broker
will want to work with you. Brush your teeth and your tongue beforehand and put on
deodorant.

Dress professionally! Although dressing and grooming appropriately may not guarantee you
will hit it off with the broker, it will give you a competitive edge and help to make a positive
first impression.

With this out of the way, you can now focus on WHAT you need to say.

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 F WORK THE INTRODUCTION

Anything with your name should leave a lasting impression.

- Marcia Brown

Clothing aside, what you say, your tone of voice, and your conduct all play a part in the
impression that you make on the broker. That first impression will either be positive or
negative. Practice what you will say and always wear a smile - even if you are on the phone.
If everything else is in-line, you will leave a positive impression.

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ACTION STEPS
Thinking about and planning how you will open with the broker will prepare you with what you
will say. If you are calling on a deal you saw posted on a website, you could open with that. In
a confident and sure tone, you could say:

“I am working with Joe over at Acme Property Management in Canton, Ohio. My partners
and I will be buying property in Parma in the next few months. I saw you have a property
in the same area. Do you have an offering memorandum prepared that you can forward?”

The reason you are opening with this statement is that it paints you as a real investor with a
real property management company and partners to boot. You sound confident and prepared.

If you do not have a property in mind, you could use the following script to open with a broker.
Edit the script for the asset class you are seeking. Again, your delivery to the broker must be
confident and measured.

“Hey! My name is Jacob Peterson. I am an investor out of Cleveland. My partners and I are
planning on purchasing apartment buildings in your market. We are looking for Class B
and C properties anywhere from 30 to 200 units. We are usually looking for assets with an
8 cap and a 10% cash on cash return. We are also targeting value-add properties where we
can get in and drive cashflow up. Do you have any current listings like this?”

As you open and deliver your opening statement, remember to consider your audience - the
broker. Put yourself in their shoes. Do you sound like the kind of confident and ready client
they want to bring on? If not, you will need to polish your pitch and practice until your delivery
is on point.

Because brokers are commission-based on the sale of an asset, the motivator is to work
with a competent buyer that can close the deal as quickly and easily as possible without any
drama. Needless to say, brokers want to work with investors that have a proven track record
of closing deals. Since you do not have the investing experience, this will be your number
one challenge. Leaning on your team, your materials, your appearance, and your pitch will
reduce this gap.

While this guide is not exhaustive, it does provide an outline for how you can start. Following
these steps will greatly improve your chances of getting a deal from a broker. Rather than
feeling lost, uncertain or overwhelmed, this guide provides you with an outline for opening
a dialog. It will not be easy, but if you show up and commit everyday, you will get your first
broker that will lead to your first deal.

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 BONUS MATERIAL
A QUESTIONS TO ASK A BROKER

Dreams don’t work unless you do.

- John C. Maxwell

As with any interview or business negotiation, you need to go into the conversation with
the end in mind. In your case, your goal is to build rapport, demonstrate you know what to
ask and assess their ability to present deals to you based on your investment criteria. This
means getting to know the broker as well as the property they are selling, if any. Below are
some sample questions.

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ASSESSING THE BROKER

How many deals have you successfully closed in the past year?
How many listings do you currently have?
Have you always focused on multifamily apartment buildings?
How do you locate deals?
Where do you think the market is going? Why?
Do you specialize in a certain asset class or property type? How long have you sold them?
Do you own any commercial real estate?

ASSESSING THE PROPERTY

Why is the owner selling?

What is the unit mix?
What is the current occupancy?
What did they pay for the property?
When was it purchased?
What is the current rent in the area?
What deferred maintenance items need to be dealt with quickly?
What is the upside on this property?
Are there any offers?
How much is the seller expecting in terms of price?
Can you send me comps of other properties in the area?

While you want a broker that will send you off-market multifamily deals the day after you
speak with them, it probably will not happen as you kick off your relationship. However,
after you demonstrate that you are a serious buyer, you build rapport and are successful
closing a deal, you can escalate to the top of their list as the first person they call when they
have a new off-market deal.

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 B FIVE PLACES TO FIND
COMMERCIAL BROKERS

It is never too late to be what you might have been.

- George Eliot

Loopnet: Primarily known as the website where “deals go to die,” brokers will post deals to
https://www.loopnet.com/
https://www.loopnet.com/

the site tosource new contacts inside and outside their market. Once you are confident in
your script delivery, call these brokers and let them know who you are and the properties
you are looking to purchase.

https://www.irem.org/
Institute of Real Estate Management: The better property management companies will
be members of IREM. Many of the people that work at property management companies
are required by law to have a broker’s license. In many cases, these brokers are actively
working deals and may have some listings to share with you. It is a good place to locate
potential management companies in your market as well!

Your Local Chamber of Commerce: Every city has a Chamber of Commerce. Its primary
objective is to help local business owners’ network and grow. That said, the brokers that list
their services may be happy to hear from you! Search for your local Chamber of Commerce
to contact and reach out to them.

Events: Go to https://nationalreia.org/
Real Estate Investors Association (REIA), http://bit.ly/2VEkikZ
Meetup or Eventbrite venues to
https://www.eventbrite.com/
https://www.eventbrite.com/
http://bit.ly/2VEkikZ

network with other professionals in the real estate industry. Go online and locate the
group that is in your market.

Your Team: Ask the team you put together for a referral. The people on your team interact
with many vendors in their daily business life. Anyone from your attorney to your home
inspector can introduce and recommend brokers in their market.

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 THOUGHTS ON
GETTING A COACH
Like professional athletes, investors sometimes need coaches to venture through the
complicated world of multifamily investing. With that said, you may want to consider
coaching to get into your first deal.

Productivity is always a challenge for many investors. The difficulty lies in the fact that
there is so much information that it’s easy to get overwhelmed. With a coach, you are
guided towards accomplishing your goal - one day at a time. As the days turn into weeks
and months you will achieve the results you are looking for!

After all, you will need all the veteran advice you can get in terms of analyzing deals,
understanding your market, speaking to brokers and other important strategies. Perhaps
you need help putting together some of the strategies described in this guide. A coach can
help you with that.

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While there is no correct way to investing, you can always learn and master skills from
someone that has been in the trenches. If you would like to learn more about our online
http://bit.ly/33rCAsn
and offline programs, check out the Bulletproof http://bit.ly/33rCAsn
Cashflow Multifamily Coaching Program.

Starting anything new is often a triumph of heart over logic. But brick by brick, you will
build an enviable new business - if you put in the work. As with anything worthwhile, what
you are taking on is a bold step towards your dream. The journey you are on has many
opportunities and many risks. However, if you believe in yourself, stay sharp, and build a
solid team around you, nothing can stop you from reaching your goal. Push your limitations
aside and always give your all.

I’m rooting for you!

Be Bulletproof,

Agostino

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