Raising private capital is the lifeblood of every real estate business. Yet it’s sometimes feared by so many. Corey Peterson shares in this episode that it comes down to one simple thing: relationships. And in this episode, he walks through the step-by-step process to secure and attract private money.
Raising private capital is the lifeblood of every real estate business. Yet it’s sometimes feared by so many. Corey Peterson shares in this episode that it comes down to one simple thing: relationships. And in this episode, he walks through the step-by-step process to secure and attract private money.
Key Takeaways
Resources Mentioned
Rich Dad Poor Dad - Robert Kiyosaki (https://amzn.to/2PNWhsz)
The Richest Man in Babylon - George S. Clason (https://amzn.to/2SzoYIT)
Copy Your Way To Success - Corey Peterson (https://amzn.to/35dGMOI)
About our Guest:
Corey Peterson is the owner of Kahuna Investments, where he strives to provide his investors with stable cash flow returns and long-term capital appreciation through multi-family apartments. Corey has managed and acquired over $95 million in real estate across the country.
Corey is also the author of “Copy Your Way To Success - Standing on the Shoulders of Giants”, and the host of the Multi-Family Legacy Podcast. He speaks around the country on this subject and has spoken at places including Harvard and Nasdaq, plus he is frequently featured on FOX, CBS, ABC, and NBC affiliates.
Corey wants to be able to be a “supplier of fun” and have a positive effect on many lives, plus the ability to choose his own path. His definition of success closely aligns with this purpose.
Steven Pesavento 00:00
Raising private capital is one of the most important things to real estate investors success. And it's one of those things that ends up holding so many of us back. Well in this episode, we're going to get deep into it with Corey Peterson of Kahuna investments who has raised millions and millions of dollars for multifamily deals, we walk through a step by step process that you can apply within your own business. To take yourself from having no private capital available to you to attracting millions and millions of dollars, you're not going to want to miss it. Let's jump into this episode.
Steven Pesavento 00:35
This is the Investor Mindset podcast and I'm StevenPesavento. And for as long as I can remember, I've been obsessed with understanding how we can think better, how we can be better, and how we can do better. And each episode we explore lessons on motivation and mindset for the most successful real estate investors and entrepreneurs in the nation.
Steven Pesavento 00:57
Alright, guys, welcome back to the Investor Mindset podcast. I am very excited to have Corey Peterson the studio How you doing today, Corey?
Corey Peterson 01:04
Man I am doing amazingly well. I got a great cool haircut right now.
Steven Pesavento 01:09
That is what I like to hear a lot of people have cool haircuts, you know, we're in the middle of COVID times. But we're gonna dive deep into a subject that I think all of you guys are going to be excited about raising capital. And as you know, Cory is owner of Kahuna investments where he manages and acquires, has acquired over 95 million in real estate across the country. Of course, he's a best selling author of the book, copy your way to success standing on the shoulders of giants and host of the multifamily legacy podcast, which I highly recommend you guys check out. He speaks around the country on subjects of multifamily and capital, you know, you find them in places like Harvard, NASDAQ, Fox, CNBC, ABC, NBC, across the board, tons of places. So we're gonna dive really deep into one of his specialties raising capital and doing it in a really effective way. Are you ready to get anything scary?
Corey Peterson 01:59
Man, I'm ready, brother.
Steven Pesavento 02:01
That's what I like to hear. So why don't we start out by taking a look back earlier in your life? What events or influences from your childhood shaped who you are today?
Corey Peterson 02:10
Man, you know, I grew up like probably a lot of people listening to this podcast broke and wanting to make money. I was actually a used car salesman, you know, and that kind of used car salesman, but I read this book called Rich Dad, Poor Dad, and it actually changed my life. And so I went on a journey in real estate. And the quick story is I started off as a wholesaler. And the reason was, was because I had no money, no credit, but I was a hustler, I could find deals. So I did that for a while. And then I actually stumbled upon my greatest gift that I now possess, which is my ability to raise private money back in 2008. And 2009, banks weren't lending. So you had to use private money. And I got really good at getting lots of it, and to attract it. And I learned that because I actually graduated from the car dealership, and they told me if I can pass a test, I could be a financial advisor. So I was, I was actually a series seven series 66 license advisor. And when the market crashed, I soon left that business. And so I use those skill sets to help me raise lots of private money. And then when the market changed in 2011, ish, where it was harder and harder to find single family deals, I transitioned to multifamily. And I've never looked back.
Steven Pesavento 03:30
Yeah, what a great time to be transitioning, and what a great time to be able to raise capital. And I think, you know, no matter what kind of market, we're heading into having the skill set, and the ability to raise private capital is one that's going to put you ahead of many other investors, but especially when we're heading into a time of crisis, so I'd love to really dive deep into this subject. And really, if you're willing to opening up the kimono, as they say, and just sharing some of those real strategies that you use, because you're known as one of the people who not only can offer amazing investment deals to your investors, but you happen to raise that money for a very affordable, or a cheap price. You know, and so I, I'd love to really dive into you know, how do you go about doing that? And how does somebody who's just getting started investing need to start reshaping the way they think about raising capital? Well,
Corey Peterson 04:17
just like my book says, copy your way to success. Everything that I'm teaching you now, I've learned from somebody else, okay. But I just put it into practice. So, really, to learn how to raise private money, actually, I fall back on what Edward Jones taught me. I was worked for Edward Jones, the company, and really they taught me all about money. And so let's think about money for just a quick minute. Where do most people invest? Okay, so if there's different ponds to fishing for investors, and different investors have different expectations. There's your smart money, what I call smart money is Wall Street money. Big reads big capital. In other words, the guys that have money and know they have money, okay? That group or that pond is very expensive, yet they can make it rain quickly. So that's a tranche of money that you that you could look to and say, hey, if I got a deal that makes sense. I, on the other hand, said, Man, I don't want to because that money usually comes at a price. And usually it comes with a price of giving up control. See, money makes the rules most of the times, right, the money is like, if you go some get a private, hard money lenders telling you what the rules are. And I'm always I break out of the mold, I hate conformity, I hate playing by the rules of other people, I wanted to create my own rules. And so then I started looking at is there any other ponds of money out there that are not expecting 20% plus rate of returns like that smart money? What I realized, as my look back at my financial advisor career, people that are in the stock market, do not want as much return that they're actually settling for a lot less. As a financial advisor, I was trained to, you know, when I was looking at someone's portfolio, and you know, looking at their whole thing, and I wanted to diversify them, were telling them, if they could get six to 8%, they are winning, that's a solid return. And that's the expectation as a financial advisor, that I'm setting for my client across the table. So six to 8% money, that's pretty cheap, right? That's what most people are getting, that are in mutual funds, stocks, bonds, mutual funds, all that jazz. And because that's their brokers telling them this, now, you got to understand to the the mindset of a broker, as you know, someone selling these investments, why don't they say 12% or more, because it's very hard to hit. And if they don't hit it, the money leaves the house, which is the worst thing that can happen. If your financial advisor is money leaving the house, everybody wants what's called their 12, b1 fees. And so when I look at that pond of people that are expecting six to eight, and what I've taught is in my investments that we usually make, we make our ppm, we do a total return of 12%, we pay them usually a 6%, pref and 6%, on the back end, upon the seller, you know, disposition annualized for the amount of time they've kept the deal. So we call it six and six, which is 12% total return. But if you're at that six and 8%, in mutual funds, 12% is like winning the lottery. Yet, if I was to throw 12%, to the other pond, have smart money, the laugh and say, haha, good luck, right? You can never do that will never take it. And so I just chose to fish in the right pond of people that are in the stock market. And guess what? There's trillions upon trillions, and it just went to half by the way. And last, you know, what was happening there? The market, right, all that money is now divided by two, almost, hopefully it comes back. But people are looking for alternatives to the stock market. And that my friend is really what I've decided to do is through our apartment investing, we provide some solutions that a lot of people are looking for. So the first, the first thing that we provide is income. I always believe it no matter what when you're selling your investment, your ppm for your apartments, what you're selling First, is the first thing I think that most people are looking for in that retirement phase of their lives. Because most of my investors are a little bit older. Right? They've saved up some money, but they're really looking for an income stream. So you want to be selling an income stream to your investors. And so we provide a 6% Prep, that's what our prep means is, before we get any money, we give you a prep, and we pay it quarterly. So now, let's break this down. If you got a 6% profit you got and he gave us $100,000. That's really $1,500 every quarter. Okay, now that doesn't seem like a lot of money. But it does when you put it on the other end to the investor. That was in like when someone's in retirement. Do you think they're looking at six to eight or probably a lot less because most of the time when they when they switch to closer to retirement? Most of their money is not now in the stock market because people are scared their worst fear is running out of what makes money. Yeah, no one wants to run out of money. And so but they need a paycheck. And what the market is really not good at doing is providing consistent paychecks to people. So we solve that by selling income first. And so if you can, when you look at your deal, and you can start providing a consistent paycheck every quarter to your investors that they depend on, see, people can budget on a quarterly payment, you know, especially at 6%. So if I was to ask you, Hey, what investment out there in the stock market? Can you get that pays 6%? And pays every quarter? You know, what, what investment is that? I'm telling you, it is hard, and probably almost damn near impossible to find. And so I sell just that. And really, I sell it hard. And then I say, but guess what, there's more, there's really more, because we're paying you a 6% pref based on the profit of the deal. So, you know, apartments are truly like factories, they take in rent checks each and every month, it goes to their factory goes through the grinding process of paying all the bills, and all the things to upkeep the property, and it spits out profit out the back door. It's that profit that we then give back to the investors. But guess what tenants expect rents to go up. And honestly, we never disappointed. Okay, so we're always raising the rents, even if it's like $10.10, or $15, you know, every year, every lease renewal, we're gonna start raising the rents, as we raise the rents, we create more income, which makes our property more valuable. And when we do this, our value goes up, then we sell it five years down the road. Now we've created another windfall of money to give back to our investors. And that's another that other 6% that that's annualized. And so for them, that's like icing on the cake. Because what they really count on, honestly, is the paycheck, the paychecks what they want the most, anything else in their mind truly is extra, right? So when you can give people a 12% return like that, and you set it up in a way that they can understand. And then you fish in the right pond. Dude, it leads to a lot of success.
Steven Pesavento 12:26
Yeah, that makes so much sense. And it's so different from what we hear a lot of the investors talk about out here in the real estate space, because they're fishing in ponds full of the smart money or full of the the Wall Street people or the other real estate investors or anybody's back. Yeah, the worst place you could ever go is to an apartment convention, or real estate convention, or anything that says real estate. Listen, that's where all the sharks are at came. That's where all that smart money hangs out. Now, listen,
Corey Peterson 12:57
how about going to a dentist convention, or a chiropractic convention and having one of your chiropractic buddies take you along as a guest. And then sit amongst a bunch of chiropractors that are got full fledged businesses, and they're probably a lot of them are invested in the stock market. And a lot of them want to do real estate, but they don't have the time, or the education or the experience to do it. But they can do it vicariously through people like us. And so that's where we provide an alternative to the stock market. And we do it in a product that a lot of people really truly want, which is real estate. And because we're doing ppms, we give them the value of ownership. So they get depreciation. Like that's the creme de creme, like if we can show them how to make income and not have to pay taxes on it, dude, that you just you're hitting home runs now.
Steven Pesavento 13:57
Yeah, huge benefit for a population of people who aren't really aware of it. You know, I've spent a lot of time I've dated a doctor, I spent a lot of time around her friends. And it was amazing to me that some folks within that community really never learned about what it is that is going on out here in real estate or in business or all these tax benefits. And so when you can bring that to somebody, you're bringing an extremely valuable, valuable offer or opportunity. So, okay, we've got a different offer that you're talking about. And that's kind of one piece of this capital raising puzzle. You're talking about a different pond, you're essentially talking about going out and meeting with people outside of these, you know, the real estate space. How else are you recommending people go and fish? And what are some other examples of ponds that people could be fishing in to build those relationships with people who have those different types of expectations?
Corey Peterson 14:46
Yeah, so this all comes down to what do you spend your time? So I believe so as a financial advisor when it's financial advisor My job was to go find capital and go hang out in places where capital is that? That's that's really what What we're talking about is being in the right place. So where are those right places? Okay, so here's, here's where they are, first of all, you want to your chamber of commerce, you should be a member of your local chamber of commerce. If there's a bigger city right next to you go to that Chamber of Commerce to and show up, show up and be a part and just tell your story. Tell that your sizzle of what you do, and tell it over and over and over. And eventually people once you've been there for about a year or so, I know that sounds like a long play. But it is because that's it's the relationship game. Once you get some people to invest with you, and you start showing them their paychecks. Listen, it goes like wildfire. So there's Chamber of Commerce, then I believe in charity, right? Or organizations. So like I'm a I'm a Rotarian. I go to my rotary club. I can't tell you now I don't go to rotary for money. I go to rotary because I love what they stand for, and what they do and their whole model. But because of it. I mean, I've got so many returns and give me money. It's scary. Because they know like, and trust me, I had one guy gave me money. He goes because I only have like one call talk with him. He was a guest at our deal. And we talked about what we did. He's like, Man, I I need to talk to someone like you. We had one more one more meeting. And he gave me $100,000 Right on the spot. He goes because you're Rotarian I know I can trust you. Like, that's crazy. But that's Yeah, I think I got a podcast episode on what he did. His name's Nick Knotts. It was great. But those things happen all the time. I love charities being on like a gala or committee. And when you're in those little types of groups don't just show up on the day, show up and get involved. In other words, if there's a board, you want to be on the board. Right? Why? Because the people that really get things done are on the board. If you're on the board, you're getting way more like so I'll give you an example. Friends of Mercy Hospital has a outreach called Friends of mercy. That's their philanthropy arm. And guess what friends of Mercy has a list of donors that they raise money for. Now, who wants to be on the on that part of calling donors and getting to know and helping the foundation raise money? Cory does, because I just already know, the more and more I give, and I hope and I hope this foundation I'm getting to meet some solid people that donate real money to because of this cause. That's not why I do it. I do it because I love what it does, right. But the effects of what it does is tenfold man. Like it really is it's crazy. But like that's the friends and family way. That's the only way I've ever learned how to do it. And I don't know how to go market and sell and create a whiz bang thing. But I can go out and network like crazy. And locally you can you can create a freakin powerhouse in your local community where the funnel all the deals you have across the country.
Steven Pesavento 18:02
It really sounds like it's all about building really good relationships, finding out where you'd want to spend your time doing amazing things already doing an authentic way. And naturally through those conversations when you're using the right kind of sizzle pitch or, you know, elevator pitch. And you're talking about what you're doing naturally, people are going to be attracted to that, who are going to be the right fit. And eventually they'll invest. Tell me. It sounds like you really have to be patient, because it's going to take some serious time before you're going to get people on board with this kind of process.
Corey Peterson 18:37
Yes and no. Cuz like, listen, I raised a million dollars, like, in a month. So whatever. I mean, it doesn't take time, it just takes work. Right? So you can get out and like if you spent 40 hours a week, getting busy and networking, I'm telling you, and setting appointments when people say, Man, that sounds right, how do you do that? I'll be like, great, John, listen, this ain't the right place to like, give you my whole deal like what we do, but like, Let's go have coffee next week. And I'll schedule the schedule appointment right there. Boom. Now I've got appointments, I'm still networking, and I'm just filling up my calendar with the right people. And if you do that in massive action, within six months, you you'll have lots of lots of money waiting for you to find give them a deal. Like it doesn't take long. And people think that oh, that's a long play. Like it's just part of just doing what you do. And then the benefits of when you start getting them checks when you actually put them in the deal. Here's one of the best things I've ever done is, so we pay our investors every quarter. So guess who usually it's not always me now. But once somebody from my team on payday on that week that we're supposed to pay them. We all call it we call our investors, ask them how things are doing. And then really, who do you know that we should know? Asking for the referral, doing it consistently. Making sure as you're taking care of people in the early process, Hey, John. And I just want to let you know, because you are special in the way we do things, because we're trying to earn your future referral. Like we're saying those words before, they're actually an investor client with us. We're already planting seeds, to let them know that their job is not just to give us their money, but to actively give us all their friends. And so it just helps percolate. And there's the snowball starts off slow, slow, but it gets pretty big pretty quick.
Steven Pesavento 20:38
Yeah, so you have patience at the beginning, you got you do this natural thing, you put the time, effort energy into building those relationships, and then you start to see those results. So talk to me a little bit about some of the messaging that you use. First, if you wouldn't mind sharing, what is that elevator pitch that you usually share yourself? And then what are some of the other kind of little nuggets that you use that you kind of use to kind of set folks up for future conversations as you're going?
Corey Peterson 21:04
So their elevator pitch is really simply like, hey, the first question is, Cory, what do you do when someone says when you meet someone new? And they say, Hey, what do you do? Well, if you say you're in real estate, wrong answer, okay? Because they're gonna look at you and say, so your realtor, and they're gonna look at you kind of weird. And I'm like, are you okay? Right? So we don't want to be realtors. So a better way to say it is Cory, what do you do? You know, I buy apartments across the country that provide my investors with a solid return, and a nice back end. How's the market treating you? Now, the most important part of that whole thing that I just said, is the last question, which was, how's the market treating you? Because as soon as they answer it, what are we doing? We're talking about what? Money, right? And that's the conversation that I want to have. And it doesn't matter what they say, if I say, Hey, how's the market treating you? Or the market screen? Or man, I just got, you know, this whole COVID thing is just taking me out. Really? So what are you investing in? Right, whatever, you know, that's crazy. So you know, a lot of my investors right now are so thankful that they're in my apartment deals. Oh, really? How does that work? Well, listen, you know, you know, here's kind of what you you kind of give little pieces of, you know, we buy apartments all across the country that provide our investors with solid returns. And after they've asked maybe two or three questions of, kind of, because we're actually still regulated by the SEC, you can't just give out all your deals, your returns and things like that. So the next step is to set the appointment. So being able to answer what they do. You can also tell me a story. I love telling stories, because stories are more funner now, but it sounds really weird. First, here's a quote, what do you do, and I help people like Nancy. Okay, Nancy was a retired woman, with her and her husband, and they were doing great. But all of a sudden, her husband passed away in the middle of night. And what's really bad is that he was working and she needed the income. They had some money saved up. But she was in a really hard spot of not only did she have to bury her husband that she'd been married to for 30 something years, but she was worried about money. And but luckily, Nancy knew me. And I was able to show her how I could put her money into these apartment investing, and provide her an income stream that would well outpace what she was doing in the stock market. That's what I do. I buy apartments across the country, that provide my investors with a solid return, and a nice back end. And I truly help people like Nancy, how's the market treating you?
Steven Pesavento 23:37
I mean, I'm ready to dive in right now. And just take advantage of some of that nice back end. I mean, there's so many nice little pieces to that. And I hope all the listeners here, can really see how each piece of the elevator statement really sets up the next piece, right? You've pre paired them to understand what are these different pieces of how this works. And when you explain it, it all starts making a lot more sense.
Corey Peterson 24:03
So as they start making more questions, right, so usually, they're gonna, you're gonna pique their interest because you're gonna throw up on, you're gonna either pique their interest, I'm gonna have a couple more questions. And when they do, that's when you do the Heisman. Okay. You've got to do the Heisman. You cannot vomit on capital. You've got to pull away say, Listen, sounds like you're kind of interested. Let's do this. Can we be intentional? I always asked like that. You might have to be intentional. Let's go ahead. Can we just set an appointment like next week, and do some coffee, and then I would love to share with you in detail kind of what our process looks like what we do. How's that sound? And they all say, yeah, yeah, let's do it. Great. You know, with technology today, you got your phone, go to your app, and you know what part of town you live in and just have some part parts in your channel. You know, you have your little you know, like I use Panera Bread. And I know like, there's different Panera bread's all across A city that I where I know we're gonna go have an appointment, and I'll find out what part of town they live in, then I know what they're ready to use. And we set it up. Um, or I make them come to me, sometimes I make them come to me sometimes, you sometimes just you have to do that. Like, listen, I'm busy and like, you gotta come meet me at my printer. Right? Yeah, meet you at the office. But the right people always do it. And from there, you know, and then what do you bring it that out? So when you go to the appointment, so we went from? What do you do to man, I want to know more to set to set an appointment to now we're going on appointment? Well, what do we bring to the appointment? Okay, you're gonna bring a cred kit, what I call a credibility kit that talks about what you do, who you are. And you know, basically, why apartments and your story about apartments. And it should be like you have a system of how you find deals, how you select deals, how you operate deals, and how you sell. Right, there's like four major components to that. You want to be able to explain that in detail. And at the end of that conversation, the close the close is, would you like to learn more? Because they're gonna ask you, well, what kind of returns? Do you pay? Because I've not said anything about returns or deal. At this point, I'm just selling my sizzle. And our process. At this point, they're gonna say, hey, well, you know, what can return them? Well, listen, the next step is for you to complete. And I make sure I have it, and accredited investor questionnaire. And you need to fill it out. And let's go over and have a discussion about your suitability. And so then I just, I just created my 506 B, you know, substitute substitute relationship. Right, so now I can sell it, I have a pre existing subsidiary, so I can add a new deal that I come up and I can, I can have them be a part of.
Steven Pesavento 26:53
Yeah, and this is so smart, you guys, I hope you can see how how Cory is really separated out, he's not having this conversation, the exact second he meets them, he's planting a seed, and then he's moving from that into setting an appointment. And on the appointment, he's been walking them through the process, educating them on some of the value of what he's offering, but he's still hasn't made the pitch yet, he still hasn't given them the number, and for all of you guys are in single family, when we're going out. And we're wholesaling. And if we give somebody the number on the phone, we might not ever have that appointment, but we have the opportunity to sit down with somebody, get face to face with them, build that rapport, build that understanding, really get to know their situation, then we can really be in a great spot to be able to actually deliver to that person, because they're in the right mental state to believe whatever we have to say. And so it sounds like that's essentially what you're doing. And what happens after that.
Corey Peterson 27:44
Well, once we have we call that, you know, you're an active investor waiting to invest. So once we have that sign, where they listen, John, you know, typically, you know, we do two or three projects a year, you know, in right now, we probably don't have any or maybe we do. And if we do have one, you can't be a part of that one. But you caught it the next one. So you know, I need we're gonna we're gonna communicate with you, within the next 90 days, we'll communicate pretty regularly. But what do we do look to invest, you know, we're gonna ask for his, you know, we're gonna give them the whole next step of here's what we're gonna provide, here's what you're gonna see, here's what you're gonna do, really just trying to keep that lines of communication, and nurture him, why we're still trying to find our next deal.
Steven Pesavento 28:26
That makes sense. So even up until this point, you're not sharing the information of what expected return is until, until what that next deal
Corey Peterson 28:35
comes out are you vested investor, then we probably will then at that same appointment, I once he signed the accredited investor, we're kind of done right, then, you know, I might have a sample packet of a previous deal that's done and closed. Right? I mean, I will have my a deal that's close that that's already done. And say, here's an example of what you're going to get when we have a deal. Right. So it's a it's an old prepaid perspective, base, or a Deal, deal packet pitch deck of a deal, that's no longer that we're no longer raising money that we've already completed. So that you can do that, you can go ahead and talk about the whole steps of that deal. And say, you know, pretty much most of our deals kind of look like this. And it's presented to you in this format. And then usually, my last closing question at that point, is, you know, just so we can have an understanding what you're looking to do, you know, how much money are you? Are you looking to put in one of these types of investments? You know, are you wanting to be like most of our in person investors and put the minimum of 100,000 Or do you think and more so then I get a temperature of what he's really wants to do. So, that's the fifth face to face version of meeting people. But we still have an online version of that same process as well. Because you have to, and so how we normally do that, is you got to have a free giveaway. So We create either a book, like I've got books, or but you can create a free report, or someone opts in to your free report. And then you provide value value value. And then you transition into getting to our deal room, or the ideal room for us isn't a deal room. Right? They click that, and they click a button, it comes up with five questions, five questions, and they answer those questions, and then goes to schedule you a one on one via zoom, where we're having this is like having an appointment of that first appointment. And then we get to know that person, we're having them have questions, they've, they've already received a bunch of emails from us, right, I can show that we have a relationship, forming a building. And then when we have that first, that real interaction on a zoom call, and then that gets recorded and timestamp into their contact record. And then from that conversation, we say, Great, then I say we're gonna send them an accredited investor via Docusign. Right, we use DocuSign through our CRM, so we use Infusionsoft or confusion soft, however you want to want to say, but it has an integrates, there's a an app called Parsi. You can use Parsi to hook up to DocuSign. Now this is way cool, because it will take that contract, right, we just hit a button and hit Save. And then it automatically takes it sends all the information a Parsi, Parsi gets that contact record, and then populates it DocuSign they have their name and all the stuff that needs to be prefilled out, sends it to them. And then we know what when they opened it, when they viewed it, when they complete it, once it gets completed, they fully sign it then gets saved. Excuse me into Infusionsoft, there's a little box called file box. And it timestamps it. So then we can say, hey, here's when we sent it. Here, they filled it out. Now it's saved in our contact record again. So we're, we're always looking to make sure that we are raising money the correct way. And if we ever get audited by the SEC, we want to be able to show that we have spent time making a pre existing steps to relationship. And that really is the game.
Steven Pesavento 32:13
What an awesome process, you guys can see how when you just take this from beginning to end and you commit yourself, you can really build a heck of a business because what Cory sharing is not that complex. It's not that complicated. It's simple. But it's not necessarily easy, but it's something that you guys can definitely do. So as we close out the conversation right here on raising capital, Cory? Is there anything else you want to share with the audience? Man,
Corey Peterson 32:37
I'll just tell you that out of all the things I could have done and and when I look at investors that have started at the same time that I did, and the reason I have a lot more zeros, in my net worth is because I took the time to master one thing, when that's raising private money. raising private money has allowed me to live a life that I could have never dreamed of. And the you know, with apartments, getting cash flow a month, it shows up time and time again, for work that I did one time is the most awesome thing in the world. And it's sexy, for lack of a better term. And it's changed my life. And I think it'll be changers.
Steven Pesavento 33:15
That's amazing. Well, I've got a couple questions left Corey, and then we'll wrap up this episode here. So tell us how would you define success and what is success to you?
Corey Peterson 33:23
Success in my terms is having time and money. Right? And really more so of the time. And in my in my in my humble opinion. Like, listen, once you get to a point where you're making enough money, money is no longer an objective, right? It's no longer important. But a term that I use, I call it supplier, a fun, supplier fun is my new objective. I want to be able to enrich as many people as possible. And to me, that's what success looks like.
Steven Pesavento 33:53
That's beautiful. And I know you're doing that for so many people. So what are some of your Keystone Habits, the things you do on a daily or weekly basis that have led to some of the success
Corey Peterson 34:02
date my wife, my wife, listen to her a lot. Um, you know, and be there for my kids believe it or not. So being a better father, being a better husband. All those things leads me to be a better businessman, because I've always put my family first. And then I got to put my business in the cracks. That's the only way it's worked for me. And so when you do those things, you always know that the right thing is being the right thing. And listen, there's times where it wasn't for me. And so now that that is my biggest if there's something I do well, I think it's been a dead
Steven Pesavento 34:41
I love that. That's awesome. Yeah, everything just falls the way it should. And we've made it to the growth rapid fire round where the questions are quick, but the answers don't need to be. Cory tell us what's a book that's impact your life the most one you're excited about right now.
Corey Peterson 34:54
Richest Man in Babylon. A 10th of everything I make his mind to keep I love that. I love that. book, it's really about how to become a master of money.
Steven Pesavento 35:04
Well, that's great from inspiration. What impacts have mentors made in your life? And how do you recommend others go and find great mentors?
Corey Peterson 35:12
Mentors are the key. That's my books called copy your way to success for reason. I've never been the guy that's been able to figure stuff out, I've always been able to copy well, really well. In fact, I copy so good, that it's crazy. But like, that's the key is not to try to change the sauce until you've mastered it did it like 10,000 times, then you can change the recipe a little bit? And how do you go find find mentors, is you've got to ask for help. And don't ever be afraid to ask for help. And then when you ask for help, they'll be willing to give whoever you're asking everything, right, make add value to them, and you'll get the help you need most of times.
Steven Pesavento 35:54
I love that and finishing on this purpose, what drives you to live your best life every day.
Corey Peterson 36:01
Um, what drives me now is different. When I drive when I first started with, when I first started, I was just what drove me was trying to pay my bills, right and get get an income stream going to like, cover everything and have somebody leftover. That was a real drive. And for a lot of people that that is the drive. But once that changes, and you got your kind of monthly done, you've got to find a new vision. And for me, I told you earlier supplier of fun, it is being able to live a life where I have a big what I call Fe meter. Right? Which means like, No, I don't want to do it appears you know, I don't have to go do this. I don't have to do that. I think having the ability to say no, a lot equals success.
Steven Pesavento 36:50
I love that. Well, this has been an awesome interview. And thank you for sharing some of those strategies with us, you know, and really just opening up about some of these things that have made you so successful. So where can other people find out more about you or get in touch?
Corey Peterson 37:04
Yeah, two places. First multifamily legacy podcast. That's where we teach about apartment investing. It's a great podcast, we really tell the truth, and the good, bad and the ugly. And then truly cool wealth builders is our education platform. And the last thing is, if you're looking for a really good book to read, it's on Audible audio books, or you can get it in just a regular book, but copy your way to success. That book we just did. I just recorded on audio, and I'm so proud of it. It'll make you laugh. It'll make you crying. And I think it'll inspire you to be the best you could ever be.
Steven Pesavento 37:39
I love that. And I'll leave you guys as I always do, to live a life worth inspiring others and you can do so today by applying some of what Corey taught us in your life and in your business. Thanks. It'll see you guys next time.
Steven Pesavento 37:52
Thank you for listening to the Investor Mindset podcast. If you liked what you heard, make sure to rate reviews, subscribe and share with a friend. Head over to the investormindset.com to join the insider club where we share tools and strategies from the top investors and entrepreneurs and how to take it to the next level.