Multifamily Legacy Podcast in the NY City Podcast Network

046: Multifamily Investing: No Experience Necessary

I ve got some golden nuggets of information for you when it comes to operations – how to do things what to expect and how to make money I became a multimillionaire by doing multifamily homes I have lots of cash flow that shows up every month because of multifamily investments The multifamily gain has been a blessing I get to live a lifestyle that most will never experience Do you want to get out of the rat race I ve made a good living flipping selling and wholesaling single-family homes but I created a lifestyle by doing multifamily apartments Topics on Today s Episode When you buy a multifamily property open 5 bank accounts 1 Operating 2 Capital improvement 3 Security deposits 4 Escrow and 5 Owner distribution Believe in budgeting for profit overdo or outperform your budget to have more money and profitability Move operating money or capex to the side and let your management company know how much money you re setting aside for other projects Dictate what s going on and hold your management company accountable know what s going on and what s important – information and knowledge is power Nugget 2 For student housing get pre-leases early overbook leases just like the airlines to make up for those tenants who leave Believe that 100 capacity is achievable and sustainable start a waiting list and get potential tenants to put a deposit down Recognize and pay staff to develop a positive and motivational culture Sometimes people don t believe you or you may make mistakes don t sweat it always stay positive and learn from others Links and Resources Mentioned Raising Private Money Course Multifamily Legacy Podcast Facebook page Dave Ramsey Quotes Everybody write this down or ingrain it in your mind that you want to budge for your profitability Corey Peterson We believe in budgeting for profit Corey Peterson Just always remember that you dictate what s going to go on and if a management company or someone else doesn t get that then maybe they re not the right one Corey Peterson You can easily see what s going on and that s important Information and knowledge is power Corey Peterson Don t forget to download my Free Workshop Quickstart Video Series and if you like what you have heard please leave a review on iTunes Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family Click here to visit this podcast episode