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.
Episode Highlights:
- 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.
Tweetable Quotes:
- “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
Resources Mentioned:
