I’m going to share some pain stories to stress the importance of structuring deals and having great people surround you.
You can make multi-million-dollar deals, just like me. But I must admit that deals do not always go smoothly. After all, this is real estate, and anything can happen. So, you need to have a great legal team, which can make or break you in this business.
Topics on Today’s Episode:
- Who should be on your legal team? What should they do?
- Don’t be billed by the hour, set up fixed pricing
- Leverage: You have it, or you don’t
- Value of history of closing
- You can’t control how others (i.e. lenders) work and affect your deals; they work at their own speed and don’t care about your contract
- University Crossings Deal: Number of leases required for 90% occupancy not reached for the lender; seller caused harm, extensions/expenses were needed
- Catalina Village Deal: Lenders can mess up deals and delay the loan process
- When things like this happen, cover your bases
- Puppet Master: I’m in my cubby hole, unless a grenade needs to be dropped and crap needs to get done
- I’m extraordinary at finding the right people; my team pulls together to complete deals and make me look good
Quotes:
“Legal teams can make or break you in the business.” Corey Peterson
“In this business – it’s real estate – anything can happen.” Corey Peterson
“When things like this happen, you’ve got to cover your bases.” Corey Peterson
“The only thing that I would say I am extraordinary at is that I know how to find the right people.” Corey Peterson
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