Wealth Building Masterclass Part 4: The Power of Working with a Team – Episode 864

Welcome back to part 4 of the Wealth Building Masterclass. On this episode, you’re going to discover why working with a team is a powerful component of wealth building. Specifically, we’re going to cover what to look for in a team.

You’ll also hear my personal journey with developing business relationships, both good and bad. I’m sharing more info about the relationship between Morris Invest and SDIRA Wealth, and much more. Click play to learn more about the power of working with a team!

More About This Show

Let’s talk about the value of working with a real estate investment team, and how to find the right fit.

Of course I’d love to welcome you as a client at Morris Invest, but regardless of who you work with, I want you to be sure of your decision. So I made a list of questions you’ll need to ask as you research real estate investment companies.

• Do their values align with yours?
• What is their mission, and does it sound like something that’s going to add value to your goals?
• Is their company nationwide?
• Do they understand markets and how do they know which markets are the best for investing?
• What happens after you close on your property? Does the company continue to support you?
• What financing options do they offer?
• How do they select property management teams?
• How many repeat customers do they have, and can you speak with some of them?
• Do they offer a customized 5-to-10-year action plan and stick with you for the life of that plan and beyond?
• Do they offer cost segregation analyses on some properties?

Everything I just mentioned has built the foundation of our company. I know we’re unique in the industry because of how well we take care of our clients, but I feel like every company should be able to answer these questions to your satisfaction, no matter what.

If you’re wondering why I’m so passionate about the education and support side of what we do, it’s because I know how awful it feels to flounder when you’re just trying to provide a good life for you and your family. If you remember earlier, I mentioned how there was a lot of trial and error in my own path to success. That’s not unheard of when you’re growing a business, but why not mitigate some of the painful experiences for those coming after you, right?

My Story

It all started during a stressful weekend when Natali and I were anxiously waiting to hear back from my employer at the time. My contract had come up for renewal and we were waiting for the call that would tell me if I still had a job or not. Let me tell you… the thought of losing that steady paycheck made me sick to my stomach.

Natali was poring through our finances when she suddenly had an idea…

She said to me, “What if… the next time your contract came up for renewal, we had enough performing assets — like real estate — that we didn’t NEED your job?”

It was like a lightbulb went off. I went to the white board and started playing with numbers. We figured out how much cash flow (from performing assets like rental properties) we needed to replace the income we got from paychecks. It became our Freedom Number, and we made a goal to reach it as soon as we could. We’ll talk more extensively about The Freedom Number in the next video, but for now, just know that finding our Freedom Number kicked off the start of my business. I constantly came across people who were desperate for this type of opportunity and thrilled that they didn’t have to do all of the legwork.

But being able to do this for people came at a price. As I said before, I believe in being transparent and honest about both my successes and my mistakes. I’ve been fortunate enough to learn from other people’s mistakes, so I feel like I’m kind of paying it forward by sharing my own. And some of them have been really painful.

One company we worked with failed to follow through on their responsibilities and made some pretty crummy choices. The difficulties that came from that part of our journey could have ended everything. Especially since it deeply affected every single person I loved. But instead of giving into defeat, I chose to learn from the experience and push through the fear and negativity. I knew we could help people if we stuck with our vision, and I refused to give up. When things get hard for you on your investing journey — and at some point they will — I want you to remember why you started in the first place. Whatever you do, don’t give up.

The first step in our vision to help people is to educate them by developing their financial intelligence. As you know, this channel is dedicated to doing just that, completely free. I like focusing on education and sharing financial intelligence to as many people as possible, but I also want to deliver the absolute best real estate investing experience with exceptional customer service. My strength is in communicating and educating, so I needed a hand delivering the service side of it all.

Thankfully, my developing relationship with SDIRA Wealth provided the perfect solution. They offered everything I was looking for on the client experience side of things, and I was already impressed with how they did business with us. Why not let them serve my own clients, too?

When our partnership began, SDIRA Wealth helped our clients use self-directed retirement accounts to buy cash-flowing real estate. But as our relationship grew, we realized we could expand our services to meet the all the needs of our varied clientele.

As a result, SDIRA Wealth evolved from just providing self-directed retirement help into a more customized, done-for-you service that covers the needs of all types of real estate investors. And in the process, they’ve made buying real estate just as easy as buying stock.

When we started working together, I was impressed by how systemized and streamlined the whole process was. But after serving high-net-worth clients for more than two decades, they’ve figured out how to make investing in real estate a lot simpler.

Another thing I admired was how many quality partnerships they’d developed over the years. They spent years vetting and hand-picking experts in many fields, establishing solid relationships with lenders, managers, and professionals who then became available to our clients, too. SDIRA Wealth has developed new construction properties in more than 42
cities nationwide, and they’re established with banks who have already approved non-recourse financing on many of those properties.

If you’re not familiar with non-recourse financing, it’s basically where the bank issues a loan based on the asset — in this case a rental property — instead of the person asking for the loan. But in order for them to agree to that, the property has to be absolute top notch. Great location, great quality, and with everything pointing to ongoing cash flow. We have a rigorous inspection process for all our homes and know they’re great investments. But when a bank comes out to assess the property in order to protect their own interests, you know you’re getting high quality.

With their extensive connections, SDIRA Wealth has experienced specialists available for every step of the investing process… From market researchers to the best property management companies.

Since they’ve taken care of all those details, Natali and I have been able to focus on what we do best — help people reach financial freedom faster through increased financial intelligence.

Thanks to our partnership with SDIRA Wealth, we’ve been able to fulfill our dream of providing a customized, full-service real estate investing experience. That’s the power of working with a team, and surrounding yourself with people who want to see you succeed, people who have strengths that are different from yours.

As I alluded to earlier, in part 5, we’re diving into the details of The Freedom Number, and how you can find your Freedom Number to help you reach financial freedom. I’ll see you there in the next video.

Episode Resources

Book a Call with Our Team
Part 1: The Key to Wealth
Part 2: Goal Setting Workshop
Part 3: Your Personal Financial Checklist
Download your FREE 90-Day Bootcamp!
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to​ use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.