Make Sure You Understand Your Loan - Rodney Thompson

Multifamily Missteps Hosted by Christy Keeton

Just the view of piles of papers can already be such an eyesore, but Rodney Thompson warns us of the potential repercussions if we don’t go through the documentation. Relying on others may be an option, but we have to remember that not everyone has your best interest in their mind and that at the end of the day, everything will be under your name, not theirs.

[00:01 - 06:02] Opening Segment

• I welcome today’s guest, Rodney Thompson
• Planning to be financially ready for retirement
• Choosing to get up and work on what you can control

[06:03 - 16:03] Not Everyone Has Your Best Interest in Mind

• Breaking barriers to entry in the multifamily space
• Understanding deals through the underwriting process
• When the reserve account was short for execution

[16:04 - 23:30] Understand That It’s Under Your Name, Not Theirs

• Deferred repairs and not having the ideal tenants
• Initiating a capital call with the GPs for transparency
• The virtue of reading the documents and staying vigilant

[23:31 - 25:55] Closing Segment

• Guard your reputation, keep your word, and invest in yourself
• Final words

Tweetable Quotes:

“Everybody talks about how 2020 was a train wreck. And I think that when you're presented with a challenge like that, you can make a choice about what you can do… And I didn't want to sit around and wait for something to happen. And so I looked at the whole situation, I said, ‘What can I change? What do I have control over in my life and in my surroundings that I can work on?’.” - Rodney Thompson

“The best way to understand the deal is through the underwriting. And if you don't understand the underwriting, then you can't properly talk to your investors. So that's really an ethical part of the whole process.” - Rodney Thompson

“When you put together a deal and you present it to investors, of course, you can't promise that everything's going to be rosy, or that the returns are going to be this because you don't know. You know, it's a risk. It's an assumed risk.” - Rodney Thompson

“Read all the documentation and analyze… You really need to be vigilant about who you're working with, talk to other people that have done business with them… Get recommendations, get second opinions, and make sure you read the documentation… It's so easy to rely on somebody else or trust somebody else, and you're signing your name to that, they're not signing their name.” - Rodney Thompson

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.