Do you want to succeed in real estate investing? You need to build and leverage relationships.
It’s not enough to know a few people in the industry — you need to consistently develop relationships with those who can help you level-up your wealth, and who you can help do the same! Why? Because relationships are the key to getting involved in game-changing deals.
In this episode, Rick Perez, Senior Vice President at loanDepot, joins us to share how he started investing and how he leverages his relationships to access high-level deals. Knowing the right people who can point you in the right direction could open many opportunities in the real estate industry. He discusses the importance of building connections and leveraging them to succeed in your industry.
If you want to know how to build and leverage your relationships, then this episode is for you!
Here are some power takeaways from today’s conversation:
[02:31] Seeing the Growth Potential
He found areas in San Francisco that were not expensive at the time but had growth potential, and so he invested in the Outer Richmond area, among other areas. Although they were relatively unknown at that time, currently, they are the places to be.
[09:09] Hard Money
Hard money is a type of financing that is leveraged out to a client that has the capital to use but does not want to use all their money quickly, and the client is seeking to avoid traditional financing. They also want to get a transaction done quickly.
[10:26] Balancing Investments
During his time in San Francisco, he worked on his business and investments at the same time. Currently, he is working in the mortgage origination side of loanDepot. Two of his specialties were condos in San Francisco and many of the high rises located in San Francisco.
[16:59] Leveraging Relationships
Expanding your network and meeting more people in the target industry is critical. And knowing what people like and are looking for allows you to leverage those relationships for mutual gain.
Build trust and rapport. If you do that, people will see the value and credibility in your work and want to work with you. When you want something, you must fight and do whatever it takes. Sometimes all you need is the right people to point you in the right direction and extend a helping hand.
[13:53] “Everyone’s got a niche. Some people want doctors. Some people just work with investors. I work with condos.”
[17:09] “The more people you reach, the more ability you get to understand what they do.“
[24:20] “You got to do whatever it takes to get that property.”
[27:53] “You really get to know somebody when you sit down with them.”
Rick Perez: LinkedIn
Rick Perez is the Senior VP at loanDepot. He is a mortgage professional that uses his knowledge and experience to help people make confident decisions about real estate financing. In his career, he has helped people navigate the mortgage process with high-quality service. His mission is to give clients the best possible loan experience.