All Forum Posts by: Shautong Song
Shautong Song has started 0 posts and replied 1 times.
Post: Peter Fortunato is coming to HOUSTON
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Quote from @Cody L.:
Quote from @James Haney:
Peter Fortunato is a pretty big deal. He is the Godfather of creative real estate dealmaking. He is the "guru's guru". I don't know how else to explain. Peter is one of those guys that if he comes to your town, you do your damnedest to make the event. People even fly across the country to see him. My mentor, Ray Sasser, who has been investing for 40 years looks up to Peter as his mentor. Ray normally goes to see Peter speak once a year, but this year, he is going TWICE.....
Fair enough. I started right after 2008. Where being creative was the only way to get a deal done. So necessity being the mother of all inventions, I found ways to be creative. All my deals were done via wraps, assumptions, etc. Today, with people throwing money at anyone that says they have an RE deal, I assumed the need to be creative has died. I went from begging banks to do 50% LTV loans, to having more in RE debt than my actual total purchase prices ($104m of RE debt vs. $102m of total purchase prices)
Fair enough. Other ppl's success can inspire you and trigger your creativity. But you can't simply copy their success. Being creative is the only way to make your business successful.