MB 123: Fostering an Abundance Mentality for Multifamily Success – With Jack Petrick

‘The cost of my self-education was six figures in mistakes and seven [or] eight figures in lost opportunity.’ If you have a poverty mindset, investing money in a mentor or spending more for a qualified contractor seems like a burden. But if you have an abundance mentality, it becomes obvious that spending a little more up front for coaching and devoting your time to the activities that will grow your multifamily business result in higher revenue long-term. Jack Petrick is the owner of Petrick Property Group, a real estate firm that specializes in multifamily acquisitions and improvements. He spent 15 years working as a firefighter in the Cleveland suburb of Strongsville, Ohio, before leaving to pursue real estate full-time.  Jack’s team focuses on on- and off-market multifamily assets, and to date, he has 100-plus rental units in Ohio and Florida. Today, Jack joins me to discuss his initial experience as a self-taught custom home builder. He shares the major shift that took him from a poverty mindset to an abundance mentality and describes how he would use his time differently if he could go back to those early days. Jack explains the importance of mentoring and masterminds, the concept of forced appreciation, and the decision to hire an assistant that doubled his revenue. Listen in to understand what inspired Jack’s shift to multifamily investing and learn how to follow in his footsteps—by way of a laser focus on raising capital, finding deals and improving processes. Key Takeaways Jack’s introduction to real estate Rich Dad Poor Dad changed thinking Self-taught custom home builder Single family rental properties Jack’s major mindset shift Poverty mindset (e.g.: hire cheap contractor) Abundance mentality to save money long-term How Jack would use his time differently Invest in mentoring, masterminds Raise capital, deal flow and operations What stopped Jack from leaving his job sooner Fear, thinking too small Listen to ‘free advice’ How Jack got clear on what’s important Time freedom to focus on family Change lives for investors Jack’s insight around mindset Take action with right guidance Get beyond comfort zone Jack’s transition to multifamily Walk-in medical clinic failed Buy and holds continued to cashflow Focus on pursuit of multifamily as option The concept of forced appreciation Buy value-add property at discount Do renovation, tighten operations Increase occupancy and rent Value not contingent on market Jack’s first multifamily deal Came across on Facebook 27-unit at 50% occupancy Financed through hard money lender Private investor to fund rehab Repair sewer line, renovate units Up to 100% occupancy The value of hiring an assistant Fastest way to double revenue Focus on high-producing activities What’s next for Jack Expand multifamily portfolio (100K units) Develop new multifamily properties Connect with Jack Petrick Property Group Jack on Facebook Resources Financial Freedom with Real Estate...