here with Maureen Miles who a private money boot camp. And everybody’s at lunch right now and these people you see lurking behind thinking how did they get in the shot? They are her children. So first of all why don’t you explain everybody why do you get your children invest in real estate?
Well, we just want to teach them there’s a different way to do things whether entire life, even if they don’t wanna get into real estate right away they would know for even when they’re fourth or fifth year old and if they don’t like the circumstances, there’s just another option out there. Ya because once you have the knowledge it’s always there. You can make as much money, go around the world, come back two years later and go back to real estate because you have the foundational knowledge and there’s a lot you can do there.
So in this episode we are gonna talk about the deal that you just closed, what was that? It was a deal. Tell me, Where are you from by the way? I am from Connecticut! Happy happy! Hubby’s sitting at home, yup sitting at home. Ha ha he is working is at home. Is he? He better be working at home, he better be working. No no no. Alright so, that deal, where’s that deal?
In Atlanta. Alright! Sweet, that’s a good market. It is. How many units? Hundred and seventeen units. Aahh! That’s a good size though.
We broke through hundred units.
That’s your first deal? First big deal?
Ya. Over hundred. Ya.
How much is purchase price?
Just over 3 million, 3 million fifty thousand
Alight and how did you find that deal?
It’s actually one of the partners that I am working with, he has some really good connections with some brokers, so this deal was presented to him for that and now that they know we are closing on this one, the world is open and people are calling us so we are down next week with a bunch of brokers off market deals. It’s awesome.
Once you do you’re your first deal like we see people blossom all time specially your bigger deals which is just crazy, everybody wants to know your name. So you got through a broker contract?
So this is your first deal through that particular broker?
How long did it take? Is it your broker or somebody else’s broker?
Well this is one of my partner’s originally broker, his broker, but it didn’t actually take that long coz we’ve had a relationship build for a while, like say good 6 months or so say we have been talking to him. So it takes time to build relationship. It’s not something that’s gonna happen overnight. Find commonality. You contact them. They send you crappy deals. You say thanks for the crappy deal. But you know you continue. Mostly you talk about something other than real estate that you both passionate about. That’s really important. What’s the acquisition fee in the deal? Just over 90,000. Aaooh! Pretty sweet! What are you gonna do about that? Well I promised the kids, the first big one, Kayle’s about to turn 21 too so we promised them a trip to …. Slurps! Umm not for that reason. She is not gonna drink down there. Why she is not allowed? No. She is 21…..she could drink. Alright that’s fair.
Alright so what did you guys learn by just being..What is your participation? What did u do? What did mom show u? How involved were you?
We run over shoulders, we were watching her, just watch her do the numbers, we learnt how to do it until we can take that with what she shows us and implemented into what we do ..And How she communicates with..Well hold on. Let me talk about that in a second. Let’s talk about the numbers. So was there anything particular about numbers that you learn, like oh crap! You can’t do that; numbers are like red flags or anything. Like she came back and this is not our deal or we didn’t do this to make this deal. What did you learn by the numbers? Umm we learn by the numbers is that especially in certain areas one property looked at was very close to it. Same numbers, same rent, same expenses and everything but somehow the numbers were working realized that people were actually giving…and we were actually learning how to spot that. Aha! So u learnt how people spend cash on the properties. So I don’t understand that. So you talked about relationships? What did u learn about relationships from your mom? And what she taught you? Well my mom, I know that she is diffident. We all know that Maureen is diffident. She is in good relationships with all the people that she works with. Her hand gestures, brokerage and things like that. So we learnt looking over her shoulder, listening to her calls and such that and how does she works with people and how do we work with people as well. So it’s a family affair. It’s a great thing. You brought children into the business. They are learning. You’re 18, right? Yup. So he is 18. And if I learnt all this when I was 18 years old and understand those crazy,…I’d have more than I have now. My mother would be more proud of me and you wouldn’t have those talk moments. First of all it may give your spouses a hard thing for some people they would have to start cashing in some checks, successful, pays start coming in and then get your kids involved. Maybe kids might have something else that they are passionate about. But what better than learning how to grow cash flow so that you can actually have cash coming in regularly and follow your passions. What are you passionate about? I like music that’s why I was interested into this. I want to travel and listen to different music. Do you want to be a roadie? No, not a roadie. I aspire to be a roadie.
What are you passions? I like, like she said travelling..
Alright a quick advice for anybody just starting out with family. How do you get your family involved? They pay attention more than you know. It might not seem like they are picking things up but outside the kids when they go by some property, “Mom, wouldn’t that be great to do this and that”. And they really get it more than what you realize it. So it’s not waste of money or it’s not waste of time. You’re planting a seed; you don’t know if it will grow but yeah it will eventually, it will have an impact on their lives. And they are hearing you talking about it all the time…profit from it. Here’s another thing, you don’t have to worry about kids. I mean parents they grow up
But they will be able to move on and they will be able to support themselves. You know through investing in real estates and follow their passions. Alright this is how Maureen Miles and family does that.