“If we don’t change something, we are headed for a divorce.”
I am sure you would agree that these are very strong (and scary) words to hear your spouse say to you.This was a comment my husband, Matt, said to me back in 2009 during one of our *many* heated arguments about working together in our real estate business.
This is not something you want to hear your partner say to you EVER, but the comment got my attention.
It REALLY got my attention.
After this comment and evaluating everything, we decided it would be best for us to stop working together full time and for me to rejoin the consulting company I was working with previously.
Before I continue, let me take a step back and share a bit of background with you. Matt and I started with nothing, and through attending courses, workshops, and reading a lot of books, we bought our first duplex in 2004 with a loan from my parents (before we were even married). We then started the DeRosa Group in 2006. I was always involved in the business on a part-time basis, even while I was working full-time as a consultant in a completely different type of business.
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These days, it seems like everyone wants to invest in multifamily. But what sized multi should you focus on? There are pros and cons to both, but what are they? Should you invest in a small 15-unit complex or stretch to the 50 or 75-unit deal? Which is a better, more lucrative investment long-term?
In today’s video, I go into detail on the topic and give my definition of small and mid-sized deals and why I break it up that way. I go into the biggest downside of mid-sized multifamily investing and why it exists in today’s marketplace. What’s the biggest cash flow killer on a small multi that is not a real factor on mid-sized deals? Watch the video to find out!
So, this is a way larger conversation than I could get into in a 10 minute video, and I’m hoping we can keep it going in the comments section. I didn’t get into some of the other factors that affect mid-sized deals, such as additional services you have to consider (landscaping and trash removal to name a few). I also didn’t get a chance to talk about how management affects both deal sizes.
You’ve decided to get started in real estate investing and are ready to take action. Learning as much as you can about the industry may give you an advantage when starting out.
Our friends are active real estate investors who have more than 1,000 online shows to help you get started in real estate investing. With hundreds of deals under their belt, they provide first-hand lessons on becoming a real estate investor.
FlipNerd recommends three actionable steps to set up to ensure a solid foundation before you go out on your first appointment.Set up your legal entity.Secure financing.Create a marketing plan.
Setting up these items takes time but can help your real estate investing business potentially flourish. Let’s break each step down.
You’ve heard the saying – when it rains, it pours. This certainly seems to be the case with me and guest podcast appearances lately.
Last week, I told you about a show I did with Joe Fairless of Best Real Estate Investing Advice Ever podcast. And today I am pleased to bring you another show. This one is with Dan Lane of RentalIncome Podcast.
I am excited about this show. If you’ve followed me for a bit, you know two things about me. One – I have opinions, and two – I am not particularly bashful about letting you know what they are…:)
One of the arguments that I’ve become infamous for has to do with $30,000 houses. I’ve written two post on the subject:
Where to buy Investment Real Estate
Why you shouldn’t buy $30,000 houses
Newbies take note: You still shouldn’t buy $30,000 houses
Well, while most every other podcast I’ve done seems to focus on creative financing techniques, in this one we take a look at some of the less obvious and more subjective elements of investing. Indeed, we spoke the whole time about the pros and cons of investing in cheap houses.
After all, while creative finance answers the question of HOW to buy, the question of WHY BOTHER still remains…we tackle it here.
Jason got his first taste of real estate investing after joining a local real estate club. In 2012, he made his first transaction and hasn’t looked back. Jason founded HoustonHouseBuyers in July of 2013, in its’ first year produced $3M of gross revenue, through wholesaling, leasing, and flipping 70 houses. HoustonHouseBuyer’s is expected to buy 100 houses in 2015 and produce nearly $6M in gross revenue.
Jason has more than a decade of experience in risk management in the private and public sector. He managed the risk finance program for The University Of Texas Health Science Center at Houston. During his tenure he managed the workers’ compensation program for 5,000 employees, property conservation program for $2B in insured assets, business continuity and emergency response program. He also managed the Fire and Life Safety program responsible for nearly 5MM gross square feet of laboratory, class room and office space. His program additionally reviewed plans for new biomedical research facilities, one facility built annually during his tenure at $250MM per project.
Jason has a BS in environmental Science from Sam Houston State, Masters in Security Management from The University of Houston and an MBA in finance from Houston Baptist University. He lives in Houston with his wife Sarah and two sons, Cameron and Carson.
This episode is full of great tips on getting funding from when you don’t have any experience real estate investing up until you’ve built relationships with small local banks.
1. Fill Your Emergency FundYour emergency fund is a pool of savings you set aside to pay for emergencies. It’s self insurance for things you can’t insure.
2. Pay Off High Interest DebtNext, or concurrently with the emergency fund, pay off all high interest debt. If you are paying interest on credit card debt, you should be investing in yourself and paying down your debt as quickly as possible before investing.
3. Get “Free Money” From Your EmployerIf you’re working for a company and the company offers a retirement package, make sure you take full advantage of any financial benefits they offer. Many employers that offer 401(k) plans will offer an employer match to your contributions.
4. Build a Financial RoadmapYou need to build a financial road map. This road map will help you understand where the real estate investments fit in your broader financial picture.
5. Be Aware of Common Investment ScamsFinally, study the common real estate investment scams and scandals of the last twenty or thirty years. Be aware of what happened, how they could be avoided, how they could be mitigated, and how you can spot them as they happen.
First, Other People’s TimeYou probably already buy other people’s time, such as accountants and lawyers. This is another form of leverage. Because they save you time – freeing you up to make more money doing the things you do best – they ultimately make you money.
Second, Other People’s WorkThere’s no sense in trying to reinvent the wheel. Instead, use resources such as mentors, books, seminars, blogs, videos and podcasts to learn from other people’s experiences and leverage that knowledge to make smart investments.
4. Other People’s IdeasAs you take those experiences from others, look for proven methods that can be replicated. That’s exactly what my company Cash Flow Savvy offers busy professionals
5. Scalable Production and DistributionAnother type of leverage exists when you can scale production and distribution. With real estate investments you’re not looking to scale distribution, but you can scale production in a sense.
6. Scalable Customer BaseA scalable customer base, isn’t a type of leverage you’d use in real estate investing if you’re focused on rental properties, but you might if you were flipping. That’s not something we discuss much here, but it’s an important consideration.
7. Other People’s MoneyThis is the form of leverage you’re probably the most familiar with. Let’s say you have $80,000 in cash that you’d like to invest in real estate.