During today’s episode, host Dan Lesniak speaks with Cooper Stroman, a realtor on the Keri Shull Team, who focuses on working with developers. Listen to learn how to get more investment deals that can bring you massive opportunities for growth.
- Cooper Stroman pursued real estate due to the flexibility and the financial opportunity.
- His first couple of years were difficult. Then the Keri Shull Team reached out to him and he began to thrive in the team environment.
- He's now doing multi-million dollar development deals.
- Cooper looked for investment properties for the first time after meeting Sunil Saxena, co-host of the HyperFast Wealth Show.
- He also invested in his first deal with Sunil. He rolled the commission and got 15% on the return over 12 months.
- If you see something that looks underpriced for the location, you can start doing the math to see if the deal will make sense.
- You need to know the rules and what the zoning is.
- Look for the highest and best use of the property. Consider what may be allowed that isn't being optimized.
- Figure out your builder's cost. Then figure out how much the end product will be worth.
- If you can get directly to a seller, that's key. You can call and doorknock.
- Cooper tells the story of convincing a seller to sell his home to them so they could develop the property.
- Many property owners won't think you're serious when you offer to buy their home.
- If you want to work with investors, you’ll look at hundreds of deals.
- When you're dealing with bigger deals there are bigger hurdles to get the deals to the finish line.
- If you can, create a win-win situation for everyone involved.
- Listening to Dan's HyperFast Wealth podcast with Sunil will help you get started with investing.
- Go to investor meetups.
- Get involved with a reputable developer who knows what they're doing.
- The capital piece is huge. Few can deliver access to capital.
- Cooper's biggest advice to a new agent is to join a team that provides you with training and leads.
- His advice to investors is to listen to the HyperFast Wealth podcast and to attend investor meetups.
- The biggest challenge in Cooper’s career has been self doubt.
- Cooper shares about his hobbies and his five-year plan.
3 Key Points:
1. Working with investors requires research. Find a good property in a good location, know the zoning laws, figure out construction costs, then assess the project’s worth.
2. It’s invaluable to have a mentor starting out. Work with a developer that knows what they’re doing.
3. Know that there are bigger hurdles to closing on investment projects and you will look at many deals.
- “It's a numbers game, but it comes through just...having a conversation with someone.” – Cooper Stroman
- “Having a mentor...helps you kind of learn this entire process.” – Cooper Stroman
- “If you're trying to work for investors or want to be an investor yourself, you've got to look at 50-100 deals, probably, for every one you'll do.” – Dan Lesniak
- “Typically an agent can provide one of three things to a developer. Find them a good deal, bring them capital or access to capital, and getting them a good out sale at the end.” – Dan Lesniak
- “There's unlimited money here in real estate.” – Cooper Stroman