Investor Partner Mistakes to Avoid with Jim Pfeifer

Jim Pfeifer is one of the founders of Left Field Investors and the host of the Passive Investing from Left Field podcast. Left Field Investors is a group dedicated to educating and assisting like-minded investors to negotiate the nuances of the passive investing landscape and world of syndications. Jim is a former financial advisor who became frustrated with the one-path-fits-all approach of the standard financial services industry.

Now, he concentrates on investing in real assets that produce cash flow and is committed to sharing his knowledge with others who are interested in learning a different way to grow wealth. Jim not only advises and helps people get started in passive real estate syndications; he also invests alongside them in small groups to allow for diversification among multiple investments and syndication sponsors.

Jim believes the most important factor in successful syndication is finding a sponsor that he knows, likes, and trusts. He has invested in over 45 passive syndications including apartments, mobile homes, self-storage, private lending and notes, ATMs, commercial and industrial triple net leases, assisted living facilities, and international coffee farms and cacao producers.

In this episode, Jim shares stories about mistakes in investing, his experience with troublesome investors, and why those practices should be avoided in the investors’ world.

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What you'll learn in just 17 minutes from today's episode:

Understand why good and constant communication plays a huge role in having deals;
Discover the major turn-offs that usually causes failed partnerships around a deal; and
Find out how you can effectively communicate with your investor partner especially now that we’re all in the midst of a pandemic.

Resources/Links:

Website: http://www.leftfieldinvestors.com/

Topics Covered:

02:30 - Communication as the key towards a smooth and successful partnership
05:10 - Jim’s varying relationship with different investors and his way of testing a new sponsor
07:15 - Things that have turned Jim off of deals
09:47 - Accountability issues along with the excuses he usually hears from sponsors
12:37 - Jim’s deal experiences concerning K-1s this year
14:43 - Why is it important to communicate and do distributions the right way
16:48 - The kind of communication Jim hopes for from a deal maker
18:54 - Jim’s background around investing in smaller types of deals
20:07 - What is Jim’s recommendation for small operators?
22:10 - The story behind the name “Left Field Investors”

Key Takeaways:

“Communication is the key.” – Jim Pfeifer

“I’m okay with bad news. This is a risky business. I understand that everything isn’t going to go exactly to perform on. But if you promise something, you either need to deliver it or you need to explain why you didn’t.” – Jim Pfeifer

“You can’t hide behind something. You just have to be honest. If you’re not going to be honest, and accept responsibility for your mistakes or the deals that aren’t working out as well, then I’m not going to give you credit if a deal goes great. Because if you’re not willing to take responsibility for the bad deals, you don’t get credit for the good ones. That’s all luck. I’m not investing with you.” – Jim Pfeifer

“There’s no other product that you’re sending me other than distributions and communication, and the distribution is communication also. If you don’t get that right, then what are you doing? You’re not gonna get my money a second time.” – Jim Pfeifer

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