Overcoming Objections from Investors and Lenders with Rodney Thompson
Rodney has been investing in multifamily real estate for two and half years. He started investing in single-family housing in 1996. Looking to expand, Rodney learned how to syndicate real estate and moved into multifamily. Currently, Rodney has over $50MM of multifamily assets under management consisting of 765 units. Rodney and his wife Pattie live in Southeast Minnesota. Solaris Equity Partners is looking to add an additional 1000 units to its portfolio in 2022.
Let’s dive in to learn more about how to scale and the importance of teams and partnerships. LISTEN HERE:
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[00:01 – 07:55] Opening Segment
Rodney talks about his background.
How he got into multifamily investing.
How he took a different approach than everybody else when Covid hit.
[07:55 – 18:46] Hiring a Coach and Getting Started
Rodney’s logic behind hiring a coach
Why research is important before hiring a coach.
What to look for when joining a coaching group.
Rodney talks about how he got his first big multifamily deal and gives some insights from that property.
Why understanding the underwriting is so important to understand the deal.
The most important things when approaching a deal.
[18:46 – 37:05] Overcoming Setbacks with Lenders
Rodney talks about his marathon deal and how they approached it to overcome the obstacles.
Why Rodney had to paint a story about how the area was developing to the lender.
How to qualify your property for a loan.
How Rodney scaled his business in such a short period.
[37:05 – 44:23] Round of Insights
Relying on somebody else to read documents.
Most Recommended Book:
#1 Insight for Multifamily Investing:
Working on the people you associate with.
Best Place to Grab a Bite in Minnesota
“You get what you put into it. If you’re just going to sit back and cry about how things have changed and not in your favor anymore - that’s where it’s going to be.” - Rodney Thompson
“It’s just perseverance - You’ve got to stay with it because that’s when the game starts playing, it’s after you put the time in and get the word out to people. ” - Rodney Thompson
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