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The Art of Capital Raising: Communicating with High-Net-Worth Investors · The Academy Presents podcast

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Did you know that 90 % of the world's millionaires
0:05
invest in real estate? Well, I'm Angel with the
0:09
Academy Presents Real Estate Investing Rocks,
0:11
and I'm here to help you if you want to go for
0:15
your piece of that pie. Are you new? Are you
0:19
new to this and you just don't know where to
0:20
start? It's okay. Are you someone that has invested
0:25
but you feel stuck, you feel like you've lost
0:27
momentum, you don't know where to really head
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from here? Are you a seasoned real estate investor
0:33
who is doing great, but maybe you just want to
0:35
hone a few skills here and there? This is the
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place for you. The Academy Presents Real Estate
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Investing Rocks podcast will connect you with
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industry experts so that you can save time, avoid
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costly mistakes, and begin living the life you've
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dreamed of all through real estate investing.
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You're already taking the first step. just by
1:00
joining us here today. Hey guys thank you so
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much for being here today and spending time with
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us and you know we've had a lot of amazing speakers
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and we've got another amazing speaker coming
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up you know Ed has been he's helped me um and
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when I say he helped me like Jason and I raised
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a pretty incredible amount of um money from investors
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on our first raise and I used a lot of the tricks
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and maybe not even tricks but like I used a lot
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of the methods he talked about because it's really
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more just it's you know like systematizing and
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getting in the right head space and then just
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going at it like methodically and so long as
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you can really hammer that down like if you follow
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what he coaches it can really make it a lot more
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manageable so and I'm going to let you kind of
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take over and maybe intro yourself a little bit
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because your background is wild and amazing.
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So yeah it's a pleasure to be here and for those
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that don't know me I've got about 20 years experience
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in real estate investing. I started out in a
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private equity firm that did a lot of proprietary
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real estate in the Dallas Fort Worth area and
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I ended up becoming a senior partner of that
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firm. I was managing about a 70 million dollar
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book of business and our firm, I would say it
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was about a half a billion of assets under admin.
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The top third of that firm was a family office,
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a multi -family family office, so a lot of wealthy
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families that we manage money for. After that,
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I was also a licensed stock broker at the time.
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And I had a life license, so I did a lot of estate
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planning for clients, a lot of intergenerational
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wealth. I recently left the industry, so I don't
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have any licenses anymore. And all I do is I
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manage our family well. and I teach people or
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I coach people a lot of the stuff that I've learned
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over that time period. So I was really headed
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towards branch management, which I ended up not
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doing. I didn't want to do. And the big part
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of what I liked about branch management was mentoring
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and training new advisors, which I had been mentoring
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people for many years, or junior advisors. And
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that's what I do now. So I just help people that
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are getting into the industry. If you don't know
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how to raise capital or how to go and find investors,
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that's kind of what I provide for people, the
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best practices of what you would see in Wall
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Street and Bay Street here in Canada. You know,
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because if any of you ask them, you know, what
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are the deal breaker questions, they're going
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to spell out the parameters for you right there.
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Good. So you can come back like going back to
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there's many ways that you can sort of approach
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this. But the person is like, hey, can I make
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a $25 ,000 investment this month and another
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$25 ,000 investment next month? And you say,
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well, why is that important to you? That's one.
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And then the next is, is that if I can't, it's
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like, you know what, I'm pretty sure we can do
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it. However, if I can't do that, would it be
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a deal breaker for you? Well, you know, it's
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not that big of a deal. Like I'll do 25 ,000
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now. And if you can't get the other 25 ,000,
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I'd probably just find another deal somewhere
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else. It's like, okay, that's our worst case
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scenario, but I'm pretty sure I'd be able to
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get the two. Let me get back to you. But in the
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meantime, here's the sub form and here's the
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OM or the PPM. Why don't you take a look at that
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and get that $25 ,000 ready. And, you know, by
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tomorrow, I'll give you a call back tomorrow.
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I'll let you know about the other 25 next month.
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No, and you're like just the speed and ease that
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you're able to respond to those I mean I know
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that that's just repetition and time and experience
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and That makes me actually feel better So the
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more it just gives me hope and knowledge that
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the more that we do it and The more we see the
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better we will get at it. It makes me think about
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like so I was talking to Travis Hill and he was
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saying, you know Part of getting better and not
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feeling as stressed out about things that happen
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Especially when the military is concerned is
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they train for everything So they've already
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seen it once probably and you've probably got
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some of that experience too. I mean you just
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you train for all possible scenarios What a lot
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of people don't realize in military training
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so when you do military orders you start off
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with, and I gave orders, so for those that don't
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know, I spent 10 years in the military as well,
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right? So 10 years in the army. And when you
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go out on patrol, you have to brief your section
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or your squad. And when you brief them, you talk
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about what's the big picture, what's going on,
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and then you go about your mission. This is the
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mission that we're gonna achieve. So that's very
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quick. You get to it immediately. Then like...
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Half to two thirds of the time is what we call
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actions on, which is what are all the bad things
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that can happen? And when those bad things happen,
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this is what we're going to do. So when I entered
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into financial services sales, it's the same
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thing. When I looked at my sales meeting, this
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is my objective. This is what I'm hoping to get.
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And these are all the other half or two thirds
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of my visualization is these are all the potential
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objections this person is going to say. And this
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is how I'm going to respond to them. It might
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not, I just, but it makes it, it makes it easier,
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not easier. It gives you a different level of
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confidence and security when you've had the ability
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to go like through it, even if it's not real.
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I guess it would probably make sense to do some
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role play to basically experience some of those
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possibilities. so that you've got some level
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of training so that when you do face that question
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or you face that discomfort, you can bounce back
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and recover from it more quickly. But I'm not
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sure how. I don't know how you get all that done.
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Role play is a very big part of sales training.
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And how I taught it to myself or how I learned
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it and how I teach it, I also borrow from the
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military. So in the military, they have pretty
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much everything that's taught in the military
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is done through something called EDI. So it's
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explain, demonstrate, imitate, and then some
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people call it P. So EDI, P is just practice
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over and over again. So explain, demonstrate,
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imitate is a little bit what you and I have done
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on this presentation, which is you showed me,
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like a lot of explanation, this is how the concept
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of what we're doing. tell me some of those objections.
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So you told me the objections and I demonstrated
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how I would answer it. And then you saw how quickly
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I do it. But of course I've done it for 20 years.
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So it's like, wow, that's so fast. And then now
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the next phase after that would be imitate. So
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now that I showed you how I would handle it,
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let's hit that same objection and now you do
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it. So it's the same thing that we would teach
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like whatever you're teaching in the military
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and say like, okay, this is what we got to do.
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So I explain how it works. And then I show you,
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and then I just do it like super fast. And everyone
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was like, holy smokes, you make it look so easy.
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I was like, great, now you do it. And then they
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just completely fumble it. And it's like, well,
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of course it's the first time you've done it.
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And I've got lots and lots of practice. And that's
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why I can do it so much faster. But at least
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I show you what you're aiming for, right? So
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one of the things to go through is that to make
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it easy is for me, it's get off script. Don't
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try to write down what Ed just said and try to
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answer that objection with a specific word for
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word script. It's not about the script. It's
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about the motivation. What are you trying to
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ask? Which is when somebody has an objection
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and you don't know the answer, then at least
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try to understand why that's an important question
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to them. Because when somebody asks you a question,
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a lot of the times what people are saying is
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not the real reason of why they want to know
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that. So I'll give you a quick example. It's
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called subtext. So if I'm talking to somebody,
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and somebody starts asking me a lot of questions
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about my experience and my background. So if
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I start telling them, hey, this is a great real
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estate deal. It can save you so much in tax.
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It sends this and cash and cash, all this type
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of stuff. And they say, Ed, how long have you
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been doing this? What level of experience do
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you have? All these types of questions. What
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they're really asking is, I like what I hear
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about this, but I don't necessarily trust you.
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I don't believe that you know what you're doing.
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Are you just reading this off the side of the
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cereal box? Because it doesn't sound like you're
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confident and it doesn't sound like you know
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what you're talking about. Because if I did,
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and this is later on in my career, I was talking
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about a lot of these things and it switched from
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how long you've been doing this to how long have
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you been a CA? How long have you been an accountant?
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I'm like, I'm not an accountant. I was like,
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well, holy crap, you sound more knowledgeable
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than my accountant. I would just assumed you're
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an accountant. And I started getting mad. It's
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like, man, I got that down pat. So you know that
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that's, I don't have to worry about that part
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anymore. So wherever people are asking questions
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and objections, there's a deeper meaning behind
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that. And after you have your sales calls, go
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in and try to deconstruct what that is. When
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they ask these objections, what were really their
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concerns? And that takes me back to that conversation
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we were having a bit ago about when I was talking
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to that guy, he was like, you know, I paid a
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million dollars in taxes last year. I was like,
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well, he basically was telling me that I couldn't
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help him at his level. And. And, you know, like
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one of the things you were saying is like, I
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wasn't. It wasn't that I couldn't help him, it
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was that I wasn't talking the way the people
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that he basically respects in the field talk.
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So there's some positives and learning points
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of what he said. So once again, if I was your
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branch manager or your mentor, this is what I
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would tell you. When somebody says that, what
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they're doing is that they're testing you. If
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they think in your mind that you're a complete
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moron, they won't even say that to you, right?
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So if you're like a panhandler, he's not gonna
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tell a panhandler, hey, I have a million dollar
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problem, can you help me solve it? The fact that
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he mentioned it to you means that you got somewhere.
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where they're testing you and saying I have this
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problem can you do this and based on what you
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answered then they said you know what I don't
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believe that you can solve that so what they
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said was I thought I think that you might be
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able to help me now prove to me that you can
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right so you got you got a couple of steps in
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the door right and then what how you answered
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you basically said you know what you don't sound
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like the rest of my advisors right so you did
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get somewhere but it's just now you recognize
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you know what I know what I know where I need
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to go I know what I don't know, which is I need
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to improve to make myself sound like somebody
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to be able to fight in that weight class. Wow.
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Well, it was such a big number. I won't even
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lie. I was like, how does anybody even owe a
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million dollars in taxes? And I like to believe
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I have a good poker face, but anybody that has
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been around me any amount of time, yeah, I don't.
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And so I can really only imagine what my face
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looked like when he said, I owe a million. I
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paid a million dollars in taxes. I probably was
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like, and you lose a lot of credibility when
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you make those faces. Yeah. Having a poker face
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kind of helps. I want to believe I didn't react
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that way, but my eyebrows probably went up a
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little bit or I I'm sure I reacted somehow. And
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because the next, the next thing he said was
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I just, I think that basically this is too big
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of a problem for you to handle. Well, part of
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it, too, is like when you're starting to get
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into deeper waters than you're used to, one of
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the great things to pivot is start asking open
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-ended questions. So when you ask open -ended
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questions, it starts taking the spotlight off
12:26
of you and putting it on them. So give me an
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example. I just paid a million dollars in taxes.
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It's like, I got to ask you, Mr. Jones, out of
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the entire society, all the people across America,
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how many people do you think in America have
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the same problem that you have? And then when
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they're answering, you're thinking about, holy
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crap, what am I going to say next? It's like,
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you know, I never thought of that. It's like,
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I would, I would say we're probably the 1%. So
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based on the 1%, you would imagine that you would
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need a solution that is not offered to the general
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public. Would that be fair? Well, yeah, that
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would make sense. Like I have a million dollar
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loan, only 1%. I'm like the top one or maybe
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in the top half a percent of American society
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that pays a $1 million tax bill. It's like, great.
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So When I present this deal, have you ever heard
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of anything like this before? No. Well, that's
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because it's four and a half percent. If it was
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an answer or if it was a solution, that's why
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I'm not talking about mutual funds. That's for
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the other 99 .5%. Everybody else gets into mutual
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funds. That's why I'm not talking to you about
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mutual funds. That's why I specialize in these
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types of deals that people have never heard of
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because people have never heard of a million
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dollars in taxable. Do I have your attention?
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So that also answers why, oh, how come I've never
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heard of you? Well, I've never heard of me because
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my solutions are people that have unheard of
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tax problems. Yeah. No, this is, these are the
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kinds of conversations that it, it just takes
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practice. It does. And I'll give you some other
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avenues you could potentially go down. Okay.
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So I was like, sir, you got a million dollar
13:55
tax problem, a million dollar tax payable, which
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suggests to me that you've done something incredibly
14:00
corrupt. your life so congratulations first off
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congratulations confetti should be falling from
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the sky as soon as you mentioned that now second
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my question is this the people that are advising
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you on your on your table how come they haven't
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come up with an answer for that yet what are
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they doing because if you have a million dollar
14:17
tax problem that means you've had a huge amount
14:19
of success somewhere else which means that you
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should probably have some high caliber people
14:23
at your table what are the solutions that they've
14:25
given you so far So before I can go and tell
14:28
you what I would do with it, I need to know what
14:30
they've already tried and what you've already
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dismissed. So why don't you tell me what that
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is? And then you get him talking. And the whole
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time he's talking, A, you're learning, and second
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is you're thinking about, holy crap, what the
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heck am I gonna say? So switch it from you being
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interviewed by him to you interviewing him. Turn
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the table around. What are you doing then? Like,
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why are you waiting? So why are you waiting till
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October to try to solve this problem? Didn't
15:02
your team or you realize that you would have
15:04
this problem back, you know, back in like maybe,
15:07
you know, February, March, April? When did this
15:10
problem arise? And why has your team, your current
15:13
team, why haven't they come up with an answer
15:15
for that yet? Somebody with your means should
15:18
probably have that already. Yeah, because that
15:22
guy was just kind of a conversation that we were
15:24
just having. And when I think about actually
15:27
oddly enough I had that exact same conversation
15:29
with somebody else but that conversation was
15:34
had over the summer and it was it was you know
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I would love to invest with you are you gonna
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have a deal this year it's looking like I'm gonna
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I think at the time he said I'm gonna owe about
15:45
$750 ,000 and it was in the summer and we didn't
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even have our deal under contract or anything
15:51
and he was like do you do you think you're going
15:53
to have a deal this year And so he was already
15:57
thinking about it. Cause that would have been
16:00
like May, June. And it was more, he was reaching
16:03
out to me because he was planning on just, I
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guess he planned on trying to get into like 10
16:08
or 15 deals by the end of the year and try and
16:12
save as much as he could. I have no clue. But
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now looking back on it, he was, he was knowledgeable
16:21
and being proactive. whereas the other guy had
16:24
probably never heard of what I had to offer.
16:28
And it was going to be a much harder, it was
16:31
going to be much harder for me to convince him
16:32
than the person that reached out to me. Right.
16:35
So it goes back into consultive sales. So in
16:37
that other example, when somebody says, Hey,
16:40
I have a $750 ,000 tax problem. It's the summer,
16:43
right? It's a great, you know what? You're coming
16:45
at me at the right time. We have a little bit
16:46
of lead time. So if you're trying to get uh like
16:50
how much are you trying to drive that 750 ,000
16:53
down by because you need to know right where's
16:56
your threshold so it gets back into consulting
16:58
so back to the doctor before i can prescribe
17:00
a solution i need to know what you want to happen
17:03
so if your pain is at 750 ,000 what do you want
17:06
that pain to go down to do you do you want to
17:08
go down to zero because that's probably unrealistic
17:11
if you want it to go down to half a million what
17:14
is that number if it got down if i could get
17:15
it down to half a million would that be success
17:18
And that's what you got to figure out. So let
17:19
me qualify that a little bit. And then he says,
17:21
okay, I'd be happy if you can give me a $250
17:24
,000 and drive it down by 250 ,000. It's like,
17:27
great, $250 ,000 sounds realistic, sounds doable,
17:30
depending upon how much liquid cash do you have
17:33
to drive that return? That I need to know too,
17:36
because I need to know what kind of tax write
17:38
-off you need. If you said, Hey, I have $250
17:41
,000 to invest and I'm expecting a $250 ,000
17:43
write -off. That's probably unrealistic now.
17:45
But if the person said, Hey, I can dedicate 10
17:48
million to get a $250 ,000 write -off. That's
17:51
probably pretty, very easy to do. Wow. Right.
17:54
So go back into the doctor position, which is
17:56
tell me more, tell me more to qualify that a
17:59
little bit more. Let me ask open ended questions,
18:02
put the spotlight on them. And it gives you time
18:04
to think. And then you can come back as like,
18:06
okay, great now that I have these details Let
18:08
me go run off and see what I can find and then
18:10
report back to you I'm gonna say wow again I
18:15
probably said that 200 times during this entire
18:17
thing Um, and you know, I just want to number
18:19
one. I want to thank you for your time um, and
18:23
I also want to just like thank you for giving
18:25
us these methods and I call them methods because
18:29
You know over the past probably year. I was saying
18:31
like tips and tricks that they're not tips and
18:35
tricks it's not magic it's it's tried and true
18:39
methodologies that work that you've learned from
18:42
experience and so I'm working on some of the
18:45
semantics there because I just want I want people
18:47
to understand that it's not a magic show these
18:52
these aren't little tricks that just work for
18:54
everybody magically it's it's a methodical kind
18:57
of taking it on you know Right, and I'm glad
19:02
that you've made that distinction when you first
19:04
brought that up because words are important.
19:08
In sales, words are very, very important. And
19:11
when you say tips and tricks, it suggests that
19:14
you're trying to trick people to get into your
19:16
investment. And that's completely not what we're
19:18
doing. What you're doing is it's going out and
19:21
I'm trying to teach people how to be great financial
19:24
doctors. So a trick would be, how do I trick
19:27
this patient to take this drug? that I'm gonna
19:30
make a lot of money on, right? That's a trick.
19:33
A really good doctor is, how can I solve your
19:36
problems? You're here to see me for a reason,
19:38
and I can make your life better. But in order
19:40
for me to be able to make your life better, I
19:43
need to know where you are and where you wanna
19:45
go, where does it hurt? And how can I make that
19:48
easier on you? And what's the best path to get
19:50
there? That's a method. That's a process of helping
19:53
and improving other people's lives. That's really
19:56
great prospecting. And that's really great investor
19:59
relations. That's how you get clients. And that's
20:02
how you keep clients. Wow. Yeah. Now it's, um,
20:09
I will say one of the, one of the good things
20:12
about having a meetup and having events is that
20:15
you get to see how the words you say fall out.
20:20
And there are things I've said in my meetups
20:24
just to see how it falls. I've talked about some
20:29
of the beliefs I have on the asset management
20:32
side. If you get into a deal, I feel like you
20:36
should be riding on both the OP and the GP side,
20:39
because I don't feel like you should be just
20:43
consumed with getting your asset management fee.
20:46
Because your fiduciary responsibility is to your
20:49
investors first and So I'll talk a little bit
20:53
about just to see how it falls Because I want
20:57
to know what other investors I want to know what
21:01
investors are thinking and if that if saying
21:04
something like that helps them to understand
21:07
that I care about my investors or if saying something
21:12
like that it It doesn't seem to matter if that
21:16
makes sense. Not that they don't understand it,
21:18
but that as long as they're getting their prep,
21:20
they don't care. And so that's one of the pluses
21:24
of having that having a platform is that I can
21:27
kind of try things out. But I wonder if it wouldn't
21:31
be a way to not to like. I don't want to like
21:35
having fake conversations, but to try out different
21:37
pieces of what you're talking about, like. If
21:41
you could try those out at a meetup or try them
21:43
out at a conference or an event and just not
21:46
that you're trying to sell anybody, but you're
21:49
just trying to learn their reactions. Yeah, absolutely.
21:54
Okay, for sure. So how How I would do this is
21:57
a couple of different layers. The first layer
21:59
is role play with a mentor with a coach that's
22:01
experienced and back and forth that type. That's
22:03
one layer. Then the next layer is going out in
22:05
the general public. So I've gone out to networking
22:08
events where immediately I see, like I've dedicated
22:10
the evening to be at that event. And I show up
22:12
and immediately I realize, you know what, there
22:13
isn't a single accredited investor here. So the
22:17
night's a wash, but I don't cut and run. I stay
22:19
there because Can I go and start asking people
22:22
and try to ask in such a way and practice learning
22:25
what their life goal is? Try to get there and
22:28
try to understand what they're trying to achieve.
22:31
It's like, you're here for a reason. You're out
22:32
networking. You're here to achieve something
22:35
and you have a goal. Why don't you tell me what
22:37
that is? What's your value? And then when they
22:38
say, oh, I want to become a lawyer. And then
22:40
I would go into the next thing, which is like,
22:42
why is that important to you? And then just practice
22:44
that because when you practice that and if you
22:47
stumble and you screw it up, no big deal. That
22:48
person wasn't accredited. That person wasn't
22:50
really a prospect anyway, but it gives you practice
22:52
to go into when it does come and you are in front
22:55
of a credit investor, you do find out and somebody
22:57
says, hey, I have $10 million, but I want to
22:59
talk to you to get cashflow. Why is cashflow
23:01
important to you? And then they can say, well,
23:03
because I have grandkids and kids and I want
23:04
to create a foundation and I want to do all these
23:06
things. And you're better practiced at it instead
23:09
of trying to do it for the first time. Right?
23:12
So it's practicing things like we were talking
23:14
about before. Can you go and uncover what somebody's
23:18
life goal is and then being able to be genuine
23:21
and validate that person? Or if you practiced
23:24
it and it landed on flattery and that person
23:27
scoffs at you, it's like, oh, no big deal. That
23:29
person was not accredited, but I tried and you
23:31
know what? I wasn't sincere enough. And they
23:33
didn't think I was sincere enough. That's your
23:35
practice. That's your practice area. Because
23:37
if somebody says, hey, I'm practicing trying
23:39
to validate somebody, and they say, hey, are
23:41
you trying to butter me up? What do you sell?
23:42
Use cars? And it's like, you know what? I didn't
23:44
come off as authentic enough. That was great
23:46
feedback. And thank goodness that person wasn't
23:49
a $10 million prospect. Yeah, man, that's such
23:53
great advice. And again, I just want to thank
23:57
you for being here and for sharing. And I'm sorry
24:01
if I was like. My mind was just listening to
24:04
you and I'm just like, wow. Wow. I try to be
24:10
like, think of questions and think of ways to
24:13
interact, but I was just blown away. Because
24:16
at the outset, it seemed so intuitive. But just
24:21
having been in the midst of it, you lose all
24:24
intuition. It's just gone. It evaporates. So
24:31
just thank you for being here, and thank you
24:34
for just the amazingness that you've shared.
24:36
And guys, those of you that are out there, you
24:39
should join us on the live side. The live's gonna
24:41
be amazing. It is amazing, it has been amazing,
24:44
and you need to be over there on the live side,
24:46
but there is plenty to learn from in this side
24:50
as well. So until we see you again, and Edmund,
24:54
again, thank you for being here. Yeah, it's my
24:56
pleasure. I always enjoy these. Thank you so
24:59
much.