This is a how-to video that will teach you how to build and maintain successful relationships with business associates, colleagues, and customers.
Transcript:
Brian, what are your thoughts on your first deal? Yeah,
Brian Alfaro 23:47
I don’t have that same story that that Cody has about a failed first attempt. But you know, our first deal with Cody was mentioned that was successful, that was a part of all three of us over at Blue capital. And it was strictly relationship based, you know, he’s tell people and we’ve all heard this because we’re all in the same industry. You know, it’s it’s who it’s not how, and every every opportunity that we’ve been a part of sentence, even the deals, you know, the deal we want our on our own is strictly been because we had a better relationship than the other person.
Right. So, you know, our first opportunity came early 2021. And it was strictly based off relationship. But I know Cody had started, I believe, before you even met me with the lead sponsor, and just continue to nurture that relationship. And that’s the thing about this business when you’re trying to add value to others. So many people say they want to partner with you. They say they want to add value to you and then they disappear. Right? A lot of people say they want to invest in real estate, and then they don’t know they’re there for one minute and then they’re not there anymore because they realize that it’s really hard it’s especially I think the barrier to entry in commercial real estate the result they don’t want to do the work correct.
And I think the barriers right now because the purchase prices are so high now the debt I mean, they’re arguably still giving out free money even though interest rates are taking a little bit money still relatively easy to get Right now, that’s the deals are hard to find. And people, they come in and they started to hop on the train, and they realize how hard it isn’t just go, oh, nevermind, I’m gonna go find the next shiny object, whatever that is, right. But Cody had been building that relationship and John with the lead sponsor, and we were fortunate enough to be able to prove ourselves, we kept showing up, kept meeting that person kept going to lunch going on property tours with them. And you know, eventually were presented with the opportunity to partner with them, because we had built that trust, build that rapport. And then it was really on us where it was kind of a, you know, Cody’s a term, like crap, or get off the pot kind of moment where you’re being presented with the opportunity to be in your first deal. It’s a pretty big deals, 240 units.
So to go from buying single family houses, which is what we were doing prior a year and a half before to buying a 200 unit apartment complex. That’s a pretty big swing. Yeah. But it was a relationship based thing. And then it was time to either take action or don’t. So we had to decide as a team, like, look, this is the opportunity. And I’m so glad we did. Because that’s the one that sort of catapulted us to where we’re at now, not that we’re rockstars or anything, but we’re building momentum, the Snowball is starting to grow. But you got to take a leap of faith and you got to take action, and you got to set up your foundation and you got to trust in the process. Because you’ve built something you’ve built this machine you’ve built this system, whether it’s acquisitions or raising capital or both or asset management now you got to go out there and let it do its job. And I’ll say work pretty well.
Chris Bounds 26:17 Love it. Love it. Yeah, I think your your progression on that it’s very similar to mine were building relationships and watching observing. Now I take action, so I’m not the one to go out there and and observe and ask questions and disappear. But when finally came after a few different opportunities, reviewing it, finding the right one, and then boom, this is ready, let’s go for it. And going from single family to a 384 unit in Florida was It was exciting. And we got some other exciting news on that one that I get to share in coming weeks.