Tue, 31 July 2018
The vast majority of us get into multifamily investing because we are hungry for time freedom. We want the flexibility to spend time with our families or travel or go to the gym in the middle of the day if we so choose. But many of us lose sight of that original goal in the pursuit of financial freedom. Our focus on earning money translates to doing ALL of the work ourselves, and before long, we are caught in an unsustainable cycle—doing tasks like bookkeeping and writing investor reports that undervalue our time and pull us away from the work only we can do: finding deals and raising money. So, how do we calculate the value of our time and make informed decisions about what to delegate? How do we hit the reset button and return our focus to the time wealth that inspired us to pursue apartment building investing in the first place?
Mark Dolfini is the founder of Landlord Coach, a mentoring program and business course for landlords and property managers. He is also the author of The Time-Wealthy Investor, Your Real Estate Roadmap to Owning More, Working Less, and Creating the Life You Want. Mark is on a mission to help multifamily investors realize the value of their time and design an intentional business that affords them both financial freedom and time wealth.
Today, Mark joins me to discuss his early interest in the idea of owning real estate and his gradual accumulation of 92 rental properties. He shares the mistakes he made in trying to do all the work himself that led to his Jerry Maguire moment in 2008 when he lost $4.5M overnight and ended up in the hospital with double pneumonia. Mark describes the mindset shift that helped him transition from self-employed to business owner and the VIP System he designed to create a sustainable real estate venture. Listen in for Mark’s insight on the concepts of life output and time wealth—and learn how to determine what your time is worth and delegate accordingly!
Marks’s early interest in real estate
How Mark accumulated 92 rental properties
Mark’s Jerry Maguire moment in 2008
How Mark transitioned from self-employed to business owner
Mark’s VIP system
The concept of life output
How to determine the value of your time
Connect with Mark
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building
Direct download: MB_122_-_Becoming_a_Time-Wealthy_Multifamily_Investor__With_Mark_Dolfini.mp3
Category:Commercial Real Estate -- posted at: 5:47pm EST
Tue, 31 July 2018
There are five key phases in the multifamily investing process, and the property manager you hire plays a key role in nearly every stage. So, what should you look for in a property management company? And what KPIs can you use to assess the property manager’s performance?
Bryan Chavis is a thought-leader in the realm of multifamily property management and the bestselling author of Buy It, Rent It, Profit and The Landlord Entrepreneur. He is also the founder of The Landlord Property Management Academy, an online platform for real estate professionals and property management certification. Bryan was named one of the top 40 up-and-coming entrepreneurs under 40 by the Gulf Coast Business Review, and he is a sought-after speaker and consultant for some of the largest housing authorities in the US.
Today, Bryan sits down with me to share his journey, discussing the obstacles he has overcome and his unique approach to ‘embracing adversity.’ He walks us through the five phases of multifamily investment, discussing the current challenges around the acquisitions process and the fundamentals of the implementation stage. Bryan explains what to look for in a property management company and the Key Performance Indicators he reviews on a monthly basis. Listen in for Bryan’s insight on finding a property manager who is proactive and learn to relish the journey as a multifamily investor!
Bryan’s introduction to real estate
Bryan’s key takeaways as a property manager
What inspired Bryan to branch out on his own
The adversity Bryan had to overcome
Bryan’s approach to ‘embracing adversity’
Bryan’s 5 phases of a multifamily investment
The current challenges around acquisitions
Bryan’s view of the implementation phase
How to avoid mistakes during the acquisitions process
What to look for in a property management company
The difference between a proactive and reactive property manager
Bryan’s approach to overseeing a property manager
Bryan’s Key Performance Indicators (KPIs)
Bryan’s current mission
Connect with Bryan
Direct download: MB_121_-_Proactive_Property_Management_in_the_5_Phases_of_Multifamily__With_Bryan_Chavis.mp3
Category:Commercial Real Estate -- posted at: 5:37pm EST
Fri, 13 July 2018
You don’t necessarily need an enormous multifamily portfolio to achieve financial freedom. It is possible to start small and replace your income with modest holdings of just 20 units!
Aaron Howell is a small multifamily investor with Black Lick Holdings, a real estate firm based in Crozet, Virginia. With a portfolio of 22 rental units, Aaron has replaced his income as a pharmacist and now works part-time because he WANTS to, not because he HAS to.
Today, Aaron joins me to share his accidental introduction to real estate and when he was finally inspired to develop a strategic plan. He describes the light bulb moment when he realized the income potential of a duplex versus a single-family property and how he fostered the confidence to pursue multifamily despite a lack of experience. Aaron walks us through his first several deals, explaining how he financed the most recent 6-unit through a partnership. Listen in for Aaron’s insight around building in daily habits to stay motivated and learn how he achieved financial freedom with a small portfolio!
Aaron’s introduction to real estate
Aaron’s start in single family
What inspired Aaron to develop a strategic plan
Why Aaron was confident in small multifamily investments
How Aaron financed his first multifamily deals
Aaron’s take on partnerships vs. syndication
Aaron’s transition to working part-time
Aaron’s real estate plans for the future
Aaron’s insight around financial freedom
Aaron’s advice for aspiring multifamily investors
How Aaron stays motivated
Connect with Aaron
Direct download: MB_120_-_20_Units_to_Financial_Freedom_with_Multifamily__With_Aaron_Howell.mp3
Category:Commercial Real Estate -- posted at: 12:23pm EST
Mon, 9 July 2018
Whether you are looking to become a multifamily syndicator or money raiser, it is difficult to get your foot in the door if you’ve never been involved in a deal. So, how do you build a resume without any experience or capital to speak of? The answer lies in partnerships with someone who’s done it before!
Danny Woodford is a Managing Partner at Mission Bay Investments, a multifamily investment firm with properties in the Mid-Atlantic, Southeast and Texas markets. Mission Bay is focused on value-add opportunities of 100-plus units, and the firm has closed on five deals of nearly 1K units to date. Prior to real estate, Danny served in the military, working to develop the space capabilities of the United States. He holds a master’s in real estate development from George Mason University.
Today, Danny joins me to explain what inspired him to retire from the military and pursue real estate. He walks us through his initial single family business model and the AHA moment that motivated his transition to multifamily. Danny offers the details of his first two multifamily deals in Richmond, Virginia, sharing the reasons why he continues to source deals despite the challenging market. Listen in for Danny’s insight around bringing a deal to a potential partner and learn how to build your multifamily resume by teaming up with someone who’s been there!
What inspired Danny’s shift from the military to real estate
How Danny found the time to get educated in real estate
Danny’s initial business model
Why Danny made the transition to multifamily
Danny’s first multifamily deal
Danny’s second multifamily deal
Why Danny is finding deals despite a challenging market
The value of partnering as a money raiser
Danny’s advice for aspiring multifamily investors
How to bring a deal to a potential partner
What Danny is looking for in money-raising partners
Connect with Danny
Call (661) 816-0335
Direct download: MB_119_-_Building_Your_Multifamily_Resume_Through_Partnerships__With_Danny_Woodford.mp3
Category:Commercial Real Estate -- posted at: 2:19pm EST
Mon, 2 July 2018
The attitude toward cannabis has shifted: 64% of Americans support the legalization of marijuana, 93% support medical consumption, and the drug is legal in nine states plus Washington, DC. By 2028, the cannabis space is projected to be a $60B industry. So, what does that mean for us as real estate investors? How can we take advantage of the need for property to grow, manufacture and sell cannabis products?
Leslie Plettner is the director of BaseCanna, a team of cannabis, legal, finance and real estate experts who provide the funding, infrastructure and property for cannabis entrepreneurs. Leslie is a long-time entrepreneur with extensive experience in real estate. She has developed and managed more than 500 units, including a mix of warehouse, multifamily and retail properties. Three years ago, Leslie anticipated the emergence of the cannabis industry and recognized its need for cannabis-friendly landlords, and the idea for BaseCanna was born.
Today, Leslie joins me to describe BaseCanna’s work in developing an ecosystem of cannabis operators and the market opportunity in the space for real estate developers. She shares the risks of cannabis real estate, both perceived and real, and explains how BaseCanna makes decisions around who to work with. Listen in for Leslie’s insight on the appreciation of a property once it’s licensed for cannabis and learn why now is the right time to get into cannabis real estate!
The mission of BaseCanna
Leslie’s background as an entrepreneur
BaseCanna’s current work
The market opportunity in cannabis real estate
The myths around owning cannabis real estate
The real risks around owning cannabis real estate
How BaseCanna makes decisions around who to work with
The appreciation on a property once it’s licensed for cannabis
The permitting process for cannabis real estate
Leslie’s advice on having an exit strategy
Leslie’s insight on getting in the cannabis game now
Connect with Leslie
Direct download: MB_118_-_Investing_in_the_Growing_Cannabis_Industry_Through_Real_Estate__With_Leslie_Plettner.mp3
Category:Commercial Real Estate -- posted at: 1:12pm EST
Mon, 2 July 2018
Anna Simpson’s philosophy is that you don’t make money in your comfort zone. Once she has achieved a goal, Anna finds a way to push her limits and look forward to the next. And when things start to get difficult, that’s when Ana knows she needs to keep digging: She’s getting closer to the gold.
Anna is a full-time accredited multifamily investor and deal sponsor with experience in property valuation, acquisition, rehabilitation, leasing and asset management. She got her start investing in single family buy and holds before making the decision to transition to multifamily as a passive investor. Anna personally invested in 1,300 multifamily units as an equity partner and key principal before she was ready for the next challenge of becoming a managing partner. Today, Anna has completed two multifamily deals: a 70-unit syndication and a 76-unit 1031 exchange.
Today, Anna sits down with me to share her decision to work ON the business rather than IN it by making the shift to multifamily. She explains how she leveraged her role as a passive investor to learn the fundamentals of syndication and the key challenge she faced in landing her first deal as managing partner. Anna offers insight around the value of persistence and breaking big goals down into smaller chunks. Listen in for Anna’s advice on pushing beyond your perceived limits and learn why she believes that while knowledge is important, true power lies in consistent ACTION.
How Anna got involved with real estate
Anna’s initial investment strategy
Anna’s shift to multifamily
What Ana learned as a passive investor
Anna’s first multifamily deal
Anna’s approach to goal-setting
Anna’s key challenge in landing her first multifamily deal
How the Law of the First Deal impacted Anna
Anna’s insight on the value of persistence
What Anna would do differently given the opportunity
Anna’s advice for aspiring real estate investors
How Anna navigates the down days
Connect with Anna
Direct download: MB_117_-_Pushing_Your_Limits_to_Strike_Multifamily_Gold__With_Anna_Simpson.mp3
Category:Commercial Real Estate -- posted at: 1:12pm EST