Hearing stories of how other syndicators close deals is a very helpful learning exercise. It gives you insights into their thought process and some of the strategies that they use to get over the finish line. Today, Sam Rust, Whitney’s partner at Life Bridge, joins us to discuss a deal that they recently closed and the importance of sticking to your guns. In this episode, Sam walks us through the details of the property and what stood out to them.
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Through a previous deal, Whitney and Sam had established a good relationship with the broker who brought them the Stratus project. We learn about why, despite a great deal of work, Sam and Whitney chose not to submit their LOI at the initial bidding. While this was not an easy decision, they trusted their underwriting and felt if they changed it, they would not be acting with discipline. Sam remained professional throughout, and his integrity is what ultimately brought the broker back after the other operator’s bid fell through. Sam shares the biggest lesson he learned from this deal, some of the conservative underwriting strategies they used, and why paying a bit more than you want to can put you in the driver’s seat. Sam and Whitney learned a lot from this deal and they can’t wait to share it with you, so tune in today!
Key Points From This Episode:
- Learn more about Sam’s background and how he got started in syndication.
- Find out how Sam and Whitney found Stratus and some aspects that stood out to them.
- Why Sam and Whitney chose to walk away from not present an LOI.
- Having the patience to stick to your underwriting decisions is testing but very important.
- How Sam and Whitney’s pre-existing relationship with the broker helped them in the end.
- Sam’s big take away from the deal about negotiation and applying pressure at the right time.
- Some of the ways that Sam and Whitney were conservative on this deal.
- Learn more about Sam and Whitney’s relationship with their property management team.
- The portal system that Sam and Whitney implemented during this deal.
[bctt tweet=”Being on the front-end of our real estate careers, I think that need for discipline, it’s harder. It’s harder to be disciplined when you’re on the front side but it’s all the more necessary because there are so many unknowns that can trip you up. — Sam Rust” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Sam Rust
Sam Rust grew up in Idaho on a farm as the oldest of 8, where he learned the value of hard work stacking over 200 tons of hay per summer. He also learned the value of education, graduating from college at 17. He started investing in real estate in 2017, quickly moved to syndication, and is now a managing partner for 65 units. In 2012, Sam married his wife Bekah, and together, they have four daughters.
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