Shane Brooks, the man I am very proud to call my business partner, went from purchasing three properties over an 8 year period, to adding another fourteen units to his name within the space of 10 months! If you’re interested to hear how he did it, you’ve come to the right place. The combination of Shane’s inherent entrepreneurial mentality and his mindblowing underwriting skills drove me to reach out to him the first chance I got, and although he never imagined he would become a syndicator, thankfully he has a very open mind and we’ve been on an increasingly upward trajectory ever since. In this episode, Shane and I discuss some of the highlights (and one or two lowlights) of his real estate journey so far, including how he approached the management of his first multifamily unit, his experience of working with city officials, and the domino effect of a deal that started with a cold call. His words of wisdom on the business side of real estate, as well as the mindset tips he shares will be invaluable as you continue on (or begin) your own real estate journey!
Key Points From This Episode:
- Shane’s background, and what led him to the real estate world.
- The first property that Shane bought, and how he progressed from there.
- A description of Shane’s worst purchase.
- How BiggerPockets impacted Shane’s life.
- Shane’s approach to his first multifamily property.
- Hear about how a cold call ended up in a career-changing deal for Shane.
- Good debt versus bad debt.
- Why Shane decided to buy a rehab centre, and how he transformed it.
- Value of not taking things at face value.
- What Shane has learned from working with the city.
- How Shane became involved in syndication.
- Why patience and practice are key to success.
- Shane explains his underwriting process.
- Tips for getting into a real estate market when you can’t see it in person.
- Our approach to submitting LOIs.
- The importance of good communication when working in the real estate space.
- What Shane’s evening and morning routines consist of.
- Book recommendations from Shane.
- Unofficial mentors who Shane has learned from.
- Why you shouldn’t try to always do everything yourself.
- Keep an open mind!
- Stress-freedom; Shane’s definition of success.
- Qualities that Shane believes have contributed hugely to his success.
Links Mentioned in Today’s Episode: