Eric Chadderon shares his story of building a successful real estate investment team with his family. He dives deep into the importance of understanding each person's roles, setting guardrails to protect the family relationship, and having an education platform to propel you in the right direction. He emphasizes that having a solution-oriented mindset, thinking positively, and pushing through tough times are critical factors in succeeding. Eric also shares advice for those considering going into business with their family members and how to draw the line between business and family time. This conversation offers critical insights into the importance of education, building a solid team, and having the right mindset for success in real estate.
[00:01 - 06:40] Building a Team to Invest in Real Estate Together: Eric Chatterton Shares His Process for Successful Family Investing
Eric was inspired to invest in real estate after seeing his parents work long hours and self-manage multiple properties
Eric believes in getting an education and surrounding yourself with people that are actively doing it
His family is now part of his multi-family team, helping with asset management
The biggest mistakes Eric'sEric's parents made were the size of their investments and the market they chose to invest in
[06:41 - 13:27] Building a Team and Overcoming Adversity: How One Real Estate Investor Achieved Success in Multi-Family Investing
How Eric started building a team to become an expert in the real estate space
Family members were brought into the group with different skill sets
The team consists of five members and has acquired seven multi-family buildings together
Underlying factors for success include past performance, belief in oneself, grit, and a solution-oriented mindset
[13:28 - 19:59] Balancing Family and Business: How to Separate the Two in Real Estate Investing
Developing relationships with sponsors to increase the strength of the team
Submitting offers and seeking feedback from brokers
How Eric started with a lack of confidence but grew as they learned from each experience
Underwent a process of underwriting and due diligence before submitting offers
It took seven months to close on the first deal, but ten days for the second due to the new approach
John C. Maxwell'sMaxwell's book "Failing Forward" teaches how to shift your mindset and seek out failure for growth
Finding the balance between family life and business is a constant battle
[19:59 - 25:59] Investing in Your Spouse: How Eric and Savannah Changed Everything with a Bold Stance on Family Time
Eric's wife, Savannah, made a firm stance that family time should be kept separate from business time
Mutual respect and communication are critical to a successful partnership
Everyone should stay in their lane and trust each other
Investment in one's spouse is essential to support their goals and dreams
[26:00 - 33:23] Closing Segment
Best investment: Eric's wife and team
Worst investment: hemp farm
Most important lesson: communication and transparency
Connect with Eric through LinkedIn, Facebook, or visit www.GibbysCapital.com.
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Quotes:
"The ability to push through adversity is probably the number one thing because it's not all sunshine and rainbows. This is a tough business, and you need to make sure that you're fully prepared, and you're educated the right way." -