The Professionalist Real Estate Investing Podcast
The Professionalist Real Estate Investing Podcast will help individuals get into investing in real estate and provide you with the knowledge and skills to accomplish your goals. We will be discussing all different aspects of investing, such as tools and tips to guide you through the steps. We will be having experts in the real estate field, syndicators and people with an abundance of knowledge who have succeeded in investing. Be sure to subscribe so you never miss an episode.
The Professionalist Real Estate Investing Podcast
Essential Strategies for Multifamily Investment Success
Ready to transform your investment game? Unlock the secrets of multifamily real estate with Marcus Harvey as we unveil strategic insights and practical tips essential for getting started. Learn how to educate yourself effectively through podcasts, seminars, and online courses, and discover why multifamily properties offer unique underwriting advantages over single-family homes. We'll guide you through identifying the hottest markets like Texas, Tennessee, the Carolinas, and parts of Florida, where job growth and rental demand make multifamily investments especially lucrative.
Navigating the complexities of multifamily real estate requires thorough due diligence and a solid professional network. Our conversation covers essential inspections, from plumbing to roofing, and the financial distinctions between conventional and commercial loans. Marcus shares invaluable knowledge on maximizing your investment's benefits, from leveraging tax advantages to the merits of employing professional property management. Understand how maintaining well-kept properties can attract responsible tenants and why delegating management tasks can free you to focus on expanding your portfolio. Tune in for actionable insights that will elevate your multifamily investing prowess.
Podcast Intro
Welcome to the Professor's Real Estate Investing Podcast with my guy who you know, property Relief.
Speaker 2:It's Marcus Harvey in the house. Mr Marcus, how you doing today, bro? Oh man, I can't call it. I'm just trying to win, trying to win, just trying to win, to win yeah, it's been a minute since we've been on together.
Speaker 1:I was like, oh, we gotta do. We gotta do one because everybody was loving the one that he was on with the uh, the section eight, oh yeah, yeah, that was a really good one that was a good topic we did yeah, so today's um topic is going to be about the multifamily.
Speaker 1:Reason why multifamily? I was thinking that it was going to be good. I just had you pick between the two. But I'm loving the multifamily because that's my thing right there, because I went to a convention last Thursday and it was in Fairfield and my God, it was so good. Yeah, I was really hoping.
Speaker 2:I could attend that.
Speaker 1:I had some other endeavors to attend to, so, yeah, I missed out well, we got it next year because I got the information so definitely I'm definitely going to be part of part of that family that does the multi-family, because I mean the more doors the better it is. I remember you always told me I said would you rather have a whole bunch of doors under one roof or would you just have one door under one roof? I said many doors sounds great. Right, right, exactly, all right. So this is how to start in multifamily, which is it can be a quiet endeavor, how to do it, but you really want to team up with somebody that knows how to go about doing it, because you don't want to weigh yourself down with all the responsibilities and everything, because there's a lot of pieces to the puzzle that work with this.
Speaker 2:Yeah, yeah, it's a lot to to take in, especially if you're just starting and learning about multi-family. You got to start from the beginning. You know you educating yourself is number one. Just reading, learning, online podcast seminars, online courses. Most of our family is such a different avenue than just single family real estate, so the way you do underwriting is different than everything. So, yeah, number one is just educate yourself, definitely educate.
Speaker 1:Yeah, there's. There's some podcasts that deal with it's exclusively just with multifamily, and they have people who come out and they talk about their experiences being in syndications and, like some of the seminars, I get actually a lot of invites for that. So that's why I had to take up the one last Thursday, because it was just rewarding, fulfilling. I knew exactly everything that the gentleman was talking about. He was there. He would have knew the same thing because the verbiage and the way he was talking to the attendants yeah, it was. It was just on point. I knew everything. So it wasn't a part where I didn't feel uncomfortable because I already knew about it, because I studied a lot of it myself. Right, with key terms, exactly, yes, and the whole vocabulary, how it's used. Yeah so yeah, educate yourself.
Speaker 1:The next one to help you out is analyze the market, so research markets for a good growth potential, looking for locations with job growth, population increase, high demand for rental properties. This is definitely included with the seminar I was at also. So they were talking about hot spots for multifamily. Off the top of my head it was Texas, tennessee, the Carolinas. The Carolinas are a hotbed right now for multifamily. Yes, sir, yeah, and Miami, well, florida, the Miami, the Tallahassee, all the big areas that are really good for multifamily.
Speaker 2:Did they say Georgia too? Or they didn't say Georgia? I mean, I know it's the South and there's some good deals out there, it's cheap.
Speaker 1:But yes, they actually. Yeah, they did say Georgia. Yeah, you're, they said Georgia. The one that they do not at all touch is Illinois.
Speaker 2:Yeah, I've been hearing things about Illinois that the laws and stuff are changing just for like even just whole, you know for wholesaling and stuff like that. But I can dig it like multifamily. I bet you. There's a bunch of stuff changing in Illinois, so I see why.
Speaker 1:And it's a lot of the place also too, with the laws, the laws and the rent control and the rental of properties. A lot of it plays with the states of that going on with those different areas too.
Speaker 2:Okay, yeah, yeah, I could see that yeah.
Speaker 1:Yeah, so basically the Midwest, the South, those are hotbeds right now. They really don't mess with California that much, because California needs help. Yeah, south and north, exactly right. And then Oregon. Basically, like I said, you have to push further to the Midwest, to the south, and those are the good hot spots for when it comes to multifamily.
Speaker 2:Right.
Speaker 1:Yeah, so how would you get your funding for multifamily so secure financing? So there's different ways. You got the conventional loans. Those are usually two to four properties. So the conventional loans, that's basically like the loan, like if you get a house, but then when you get five or more, that's when you deal with the commercial real estate side. That's the part where with the conventional loan they ask for your tax return, but with the commercial loans they want to know how much money can you produce out these properties.
Speaker 2:Right, right, exactly Because they just go off of a different factor Single family rentals. They can be lucrative, but it's just not the same as multifamily. And then the way they calculate multifamily is just totally different than two to four units. So because they consider two to four units still residential, you're going to still get a residential loan, home loan, instead of a commercial loan for more than five units.
Speaker 1:Yes, yes. And then you have the FHA. That's FHA loans. It can help with multifamily properties if you live in one of the units, and usually with living in a unit, I think the minimum is it was a one year.
Speaker 2:Yeah, I don't know if they've changed it, but you have to think, be at least be there at least one year. Yeah, I don't know if they've changed it, but you have to think, be at least there at least one year. I know I remember it being like two years for single family, residential or something like that, I think it was two years but I think they might have changed it for that also, if I'm not mistaken.
Speaker 2:I think I know some people that barely stay even six months. They try to slide by it if they've changed the law, but I think it might be still a year If I'm not correct or mistaken.
Speaker 1:If you want security, that's how you go about doing it. But this next one this is where it gets a little bit better situation, because a person, like I said, if you start off with multifamily, a person starts out with multifamily. You have no experience, like I said. I mean you got the weight of the world on your shoulders. You're like all right, how do I go about doing this? Right? The next one is partner up with others, and that's where I just use the word syndication a little bit ago. A syndication basically means that there's a group of investors with you and a whole bunch of people that you'll help get the funding that's left needed to get the multifamily Exactly.
Speaker 2:Yeah, that's what it is right there Just partnering up with others, doing syndication deals on larger deals, just because you probably can't either get the financing all yourself or you're just not experienced enough to do it by yourself. So you might want to have a couple of partners or a partner who's just more experienced to partner up with you.
Speaker 1:And I was thinking also too. It can get overwhelming too when you deal with those dollar numbers. Oh yeah, because I mean a person sees $5 million for a multifamily, you know they'll get a little bit freaked out Like hold on a second $5 million. What do you mean?
Speaker 2:Yeah, how am I going to come up with this? You know, so you might need to partner up with someone to help you with that financing situation. You know Exactly, and Situation you know exactly so.
Speaker 1:And then the next. The next pointer is a start, small yes I give you, if you're multifamily investing, consider you know, start with the duplex, triplex, fourplex, yeah, and then just graduate yourself up further, yeah, because the easy, the easy, the easy the steps is, and then just keep on graduating yourself up Right, right, and then you'll hear online a bunch of people's opinions hey no, you don't have to start small.
Speaker 2:And then other people will say start small. But it's just like really up to you. And if you're really a beginner, I mean the good advice would be to me is to start small, scale up to bigger deals and eventually get those five or more door type of deals, big units and big complexes and so forth.
Speaker 1:Yeah, because you'll be more comfortable with what you're doing from when you started to where you're going. Right, it's a gap.
Speaker 2:Yeah, yeah. If you've had some experience already, then I mean in some form or fashion. Then I mean, hey, go for it if you're ready for it. But if not I mean in some form or fashion then I mean, hey, go for it if you're ready for it. But if not, I mean I agree, start small at first. Get that experience, get that proper training and management under your belt, that way you can scale it up to the next level.
Speaker 1:Yes, Now, who's going to run these places? That's the next one. You definitely me, and you talked about this for a while ago. You definitely need a credible property management, you don't? You just don't want to have anybody like. This is your investment, so you want to make sure your investment is properly taken care of. Just right.
Speaker 2:Absolutely, absolutely. Trying to choose the right property manager or property management company whichever one you prefer is like, really crucial to this whole process, because if you're not going to do the management and the day-to-day stuff. You've got to have someone who's on the same page as you, that is able and willing to do that stuff for your property. Everything that needs to be done on a day-to-day, yes indeed.
Speaker 1:So yeah, and then conduct through thorough due diligence. Yeah, you want to make sure everything is properly done, right when you come to this transaction. Helping with this transaction a multifamily says all always impact. Always inspect the property and review financials carefully before purchasing. Hire a professional inspector is key key.
Speaker 1:This goes with anything in investing. You want to make sure that everything's inspected just right. You want to make sure you've talked about this before. My main thing, you want to make sure to check out that plumbing Plumbing underground can be very, very tricky when it comes to things I don't need to cut you off.
Speaker 2:I don't even remember what we were talking about that day, but we had touched on all these factors.
Speaker 1:Yes, we did the plumbing and roofing. Yes, those are huge things. I can't forget this other one because, just a little bit off topic, I took a client to go see a house. I think I told you before what was going on. It was one of the things in the remarks was electricity. Yeah, so you want to make sure the electricity?
Speaker 2:is even good.
Speaker 1:Like you want those. Those ones are very, very important, expensive, yeah, when you come to the electric, when you come to the roofing, when you come to the plumbing, and it definitely the plumbing. The reason why I'm pretty adamant with the plumbing is because we can't see it, yeah, and we don't know what's, what's around it, especially if you have trees that grow in sideways, left to right, right to left.
Speaker 2:Yeah, the outside plumbing on on on how everything is set up and then inside interior plumbing. You don't know what's behind those walls, you don't know what's underneath. There's a basement. You don't know what's been like. You know switched around and taken out, and you just don't know Exactly.
Speaker 1:And that's just it's so hard and I was thinking too, like even the other house that we was at, like I know that, the trees. I remember a gentleman. We had a gentleman come and fix the sprinkler and everything he told me about the history of the trees that were in the front yard. He says you're moving out at a good time because these trees are going to be a headache. He says actually, these trees in the neighborhood, they're in every house. Because these trees are going to be a headache. He says actually, these trees in the neighborhood, they're in every house.
Speaker 1:So what they were doing was they were pushing up the driveway and then one of my neighbors it was so bad that the roots, the roots are wrapping around the pipes. Yeah, yeah. So you got to think that's going to be thousands, beyond thousands of dollars, yeah, and I was like, yeah, it's time to sell.
Speaker 2:That actually happened to my parents' house that they're still in today, where one of the trees because we had two trees that like right in front of the house, one of them got so big they started their roots and stuff started lifting up the concrete and then wrapping itself around like the main sewage line and stuff like that.
Speaker 2:My dad had to call the city out there to, you know, start digging and try to figure it out, like, is it on my parents side of the line or is it the city side? Oh, ok, ok. So yeah, they had to deal with that back in the day it was. It was kind of frustrating. Wow, yeah, yeah.
Speaker 1:Yeah. So you want to make sure you conduct your thorough due diligence when you're any property that you want to get a hold of.
Speaker 1:Yes, sir, and the next one you want to do too, which is what we love doing is you got to build a network. Build a network of people of like minded heart, of people that want to be into this. It hard to people that want to be into this. You don't want to talk to anybody that wants to. You know nothing wrong if they want to do mobile homes or if they want to do something else, but if they're concentrated on doing multifamily or diversifying their portfolio to this, go ahead and network. I mean, like I said, they said your network is your network.
Speaker 1:Yes, yep, and that's the best way of putting it right there.
Speaker 2:Yeah, just to add to that, I feel like if you're going to be in real estate investing, then you want to build the largest network of people that you can as far as, like you know, brokers, lenders, property managers, contractors, landscapers, just other investors, tapers, just other investors. You just want to be able to have like a good, solid network of people all the way around that will be able to help you build what you're building.
Speaker 1:Yes, indeed, so and then. So the second part is that was how to start a multifamily investing. You know, educate yourself, analyze the market, secure financing, partner with others, start off small and then just gradually graduate up in time.
Speaker 2:Scale up.
Speaker 1:And then property management conduct thorough due diligence and build a network. The part I like is the advantages of multifamily investing. Oh yeah, the first one would be the economic scale. It says the economic scale with it would be with the multifamily would be expenses such as maintenance Management can be spread across multiple units, lowering per unit costs.
Speaker 2:Yes, yeah, that is just like one main factor.
Speaker 2:Like one main factor, if not one of the main factors with multi-family is just you know you can spread out those, the the maintenance stuff and the management and and just having more doors to be able to um go off of, because just going off of one door you're only gonna get so much. But if you, you know, spread, spread out the work and spread out, like by having more doors, then that's more cashflow in the end that you can be able to produce, you know, cause you have more units to be able to fill up and to go off of. So that's the, that's the beauty of it Just being able to scale. That you know yeah.
Speaker 1:Like you said that. The next one about that higher cash flow. Would you rather want one door under one roof or would you want several doors under one roof?
Speaker 2:Right, exactly, exactly. And then it goes to the part of like tax purposes too. Do you want one tax payment per year on a building or do you want multiple tax payments on multiple properties, single family properties, exactly Every year depending on. Hopefully they're all in the same area, but if they're all spread out, all those single families are spread out and you got different tax bills every year.
Speaker 1:Yes, you do. And then easier financing, it says. Lenders often view multifamily properties as less risky because of the potential for multiple streams of income and making it easier to secure financing. And, like I said, the difference between single family is they go by taxes. When it comes to commercial real estate, five units or more, they're going by. How much money can you produce off these units? Right, right.
Speaker 2:They want to go off of NOI and that cash flow. How much cash flow are you bringing in? But yeah, they don't even. There's no calculation of NOI in two to four properties. They just say, hey, the rent is this, this, this, and the expenses are this, this and this, and that's it you know there's no calculation real calculation of net operating income like it is in a commercial state?
Speaker 1:Exactly, yes. And then portfolio growth. Well, as I was mentioning about, diversify your portfolio, broaden it out, cause that's what a lot of people want to do. They don't want to stick their money in one thing, they want to send different streams of income. Right, yeah, I'm trying to remember who it was, but I remember they told me this. They told me never forget this. They said that one stream of income is one stream of income too close to being in poverty. And I was like, yes, especially nowadays, the way our economy is and everything that's going on, you need to have multiple streams. If you have a nine-to-five job, make sure that's not the only way you're getting money.
Speaker 2:Yeah, yeah, you have the only way you're getting money. Yeah, yeah, you have to. If you work in full-time, congratulations, because that's awesome. You know, keep doing your thing. But nowadays it's sometimes it's not enough for families. People have to uber, drive and lift and do delivery, drive-in or some kind of side hustle, and that's also great too, because you're bringing in more money. But you know, make sure you're, when you're bringing in that money, that it's going to be for the purpose that you want, which is if you want to get into multifamily. You know, use that your full time job and your side hustle to leverage into your first multifamily investment. You know is that.
Speaker 1:So yeah, and what you were talking about? I remember the statistic. I was listening to Carlton, yeah, yeah, carlton, and he was talking about taxes and everything, and he said that right now, it's like about 30% of people have some type of side hustle or another job to help.
Speaker 2:Yeah yeah, you're either in a roommate situation or you've got multiple, multiple family members helping you or you know in your household or whatever helping out with bills and whatnot, or just you're by yourself and even with a girlfriend, boyfriend, husband or wife, you know you still going to need a side hustle, second job to make it, because just stuff is just going up rent and everything else, food and everything else, so like it's so much harder by yourself to do that.
Speaker 2:But uh, you know it can be done it can be done you just have to buckle down and really work and then whatever you're making, you have to like. I leverage off of that if you're trying to do a multifamily investment property. And then once that gets going, then you have that as another strength once it gets going and, as Fat Joe said, yesterday's prices are not today's prices, which is so true.
Speaker 1:Everything's going, everything's going up. You don't see nothing coming down.
Speaker 2:Yeah, Like when they performed at the Superbowl this last time or whatever. Whoever it was, I forgot, but the price for that went up the next day for shows because you know they just performed at the Superbowl. So you know shows that artist shows are going to be more worth more money now.
Speaker 1:Yes, it is more before. So. And the next one, when it comes to the advantages, is the appreciation. So multi, multi-family properties can appreciate faster due to the ability to generate cash flow. Improvements you make can increase the overall value in rental income. Another word that the gentleman used at the seminar I was at last Thursday he used force appreciation. Yes, so you got to think of it like this. So, for illustration, they bought a multifamily in Morrisville, north Carolina, and they said that it was over a million dollars. That was a purchase price. Yeah, it was a little bit over a million dollars, and I think it's a 40 plex, okay. And what they did is they looked for the occupation was like between the 60 and 90 percent. The reason why you don't want really 100 percent is because there's places where you can actually start doing updates on everything and then you can keep on going about doing each apartment.
Speaker 2:Yeah, because even though you lose a little bit of rent on vacancy, you still are able to force appreciation on taking care of the property, making improvements and stuff like that. Of course you want close to 100% occupancy but at that point, if you're trying to buy, it's really hard to try to force appreciation on the units themselves if everything's already occupied. Like trying to force appreciation on the units themselves if everything's already occupied, you might be able to do some exterior stuff and landscaping and making the property look better outside in the meantime, but you got to get inside those doors.
Speaker 2:You got to get inside the units to upgrade the units, the flooring, the, everything, the kitchens and bathrooms and everything you know.
Speaker 1:So, yeah, and so when they they talked about the force, the force appreciation, and that was a, that was a huge step, because that force appreciation, that's what they use when they found the property. Like, how can we go about making you know, getting more using our money? What we have at using more is leverage and get into these doors and boosting it up. Because when it comes to multi-family, also, when you deal with these, uh, the syndication and um, go about, say, if you have to deal with yourself, yeah, you, you want to know what's your exit plan, because a lot of, absolutely because a lot of the exit plans that they do have, they go between anywhere between three to five years. They'll have actually a portfolio of like, here we, this is how much everything's going to cost this is what we're looking at, and this is our exit plan to go about, so they already have an exit plan.
Speaker 2:Yeah, these are our projections of where we're going to be when this date comes Exactly.
Speaker 1:So, yeah, so that's how they go about it, but that appreciation it's huge when it comes to multifamily.
Speaker 2:You don't get it.
Speaker 1:You don't get it really much in single family, but it's a beautiful thing with us multifamily.
Speaker 2:Yeah, and just appreciation in general, like over time as properties appreciate, just because time passes and stuff. That's good. But there's nothing like forced appreciation where you can be able to force appreciate a property, improve it, increase the rents make the necessary changes that you need to do to get the full potential and benefits off the property.
Speaker 1:Yes. And then the next one, which I always love the T-A-X word tax benefits. Yes, it says you can take advantage of various tax deductions, such as depreciation, mortgage interest, mortgage interest and maintenance expenses. Cost segregation, such as can further optimize tax benefits. Yeah, yeah, the cost segregation, the depreciation, like that is huge. That's, that is huge. That is definitely like when it comes to multifamily. Those two right there are huge.
Speaker 2:Yeah, yeah, you can't really even evaluate a deal properly without having to even bring those topics up. Because you know, because you know, cost segregation is is what you can use to really evaluate your property and you can use that as a tool to be able to prove why the numbers are the way they are. Sure, yes, through cost segregation, you know that's, that's one way.
Speaker 1:And then another one after the tax benefits is how, like to we were talking about this low risk of vacancy?
Speaker 2:Yeah, yeah, after improvements and stuff, yes, yeah, and get done that forced depreciation.
Speaker 1:I mean, I tell you, you take care of the property and you take care of it. I'm going to tell you your tenants they're definitely going to take care of it because they can see everything that you're doing for them. You want good tenants. Yes, you don't want those tenants that are just busting down walls and making holes everywhere. As long as you I mean I tell people like it goes both ways. If you want good people in there, yeah, hey, clean it up yeah, you have to look nice, presentable.
Speaker 2:People want newer features and amenities and exactly we're looking for a certain just a way certain stuff looks now, because you know you look at a rental or whatever online or a unit online and see someone else's building and then they've got you know everything looking nice and clean and airy. They got the flooring right, all the colors are together, the fixtures are up-to-date. People gonna want to move in that building. You know they don't want to move in those units because it's just more appealing.
Speaker 1:Yeah, the vibe, the aura, yeah, just living there, yeah, and then you take care of it. They take care of it. You have a tenant for a long time. Yeah, yeah, you don't have to worry about anyone leaving, right.
Speaker 2:Right, yeah, exactly.
Speaker 1:I agree. And then, the last but not least, professional management. So large properties can afford to hire professional management companies, reducing the burden of self-management. Yeah, yeah, you don't need that headache, but you always want to find a professional management. Yeah, you want to do your due diligence on that. You just don't want to go with anybody. You want to go with people that are credible, that other people are working with. Word of mouth goes a long ways.
Speaker 2:Oh, yeah, yeah for sure. And for me to add to this topic for professional management, I want to say that the large properties they can afford, obviously property management companies, large properties they can afford, obviously managed property management companies. Um, even if you're like some, you know, have a couple of two to four uh units of like, like maybe you have a couple of different ones or whatever different properties, um, you it's it's hard to like self even manage those sometimes because you know you have to take the time to tend to the tenants and everything and you've got to have that time there to be able to do it and you know it's almost like having a full-time job. Yes, it is Basically so. My recommendation is like, I guess, if you're starting out, kind of like, get familiar with property management and kind of know it, but if you want to save yourself some time, man, hire a company.
Speaker 2:Yes, right, exactly, I mean the bigger the properties from what I'm hearing, multifamily the bigger the properties I mean, the less you can kind of give them every month if they're managing multiple properties for you. So if you're like 300, 500 doors, you rent Cardone and he's probably giving companies two, 3% every month. But if you're just got one building and you know you got a bunch of doors in that one building. Then what is it like? 10% yeah, like 10% at least to to manage the building and all the units and do the trash outs and the vacancies and you know dealing with all that and you know the day-to-day stuff. That's a full-time job right there. So you know just my opinion like you might want to be familiar with property management, especially if you're at the two to four unit stage, but then once you get to that bigger property, you're going to have to just delegate that because I mean, unless that's something you like to do manage properties, then that's fine, but you know.
Speaker 2:And you have your own property management company, that's fine, you know, but still you don't want to be doing this stuff day to day like a normal job man. You want to delegate that to someone who will take care of your property just as good as you would if you were managing it.
Speaker 1:And I was going to say this too you got a property management.
Speaker 2:That's a tax deduction right there, yeah, yeah, yeah and find a really good property management company that's not going to have it with you on every little thing that's going on with the property.
Speaker 1:You know, just find oh, you can nitpick all day. Yeah, any, anything especially. Yeah, you can nitpick all you want yeah.
Speaker 2:So, like you don't want them emailing you, calling you, the company's supposed to do everything for you, but you don't want them emailing you and calling you about every little thing, about what happened with this tenant or this problem, or you know you just want them to be able to take care of it. You know you make, you make the big decisions as a property owner, but you let them know I need you to do your job and manage this thing.
Speaker 1:That's right, yeah. So yeah, when it comes to proper, uh, multifamily, start off, start small. Yeah, start off small, or see, because, like with my situation, I'm just going to, I'm going to dive in.
Speaker 1:I'm going to dive into a syndication because, because you know, you and I we've studied a lot about this and everything. That's why everything Thursday was so familiar with me. With the verbiage, the vocabulary he was using, the illustrations that he was using, I was like like I was right there, I knew exactly what he was doing. Yeah, so I'm basically getting myself ready for syndication because I know exactly how it goes about it. Right, but then that's where. But the thing about it is you got to learn about syndication Also, if you're in a big pool syndication, that you're going to know exactly everything that's basically going on.
Speaker 2:Yeah, yeah, you're going gonna know all the details about the deal. You're gonna know who's involved. You're gonna know how much money you got to put up what I'm sure what everybody else is putting up to to make it. You know fair for for the group. And yes, indications could be could be lovely, because you really don't have to do anything yourself but put in your money Investments.
Speaker 1:So that the money worked for you exactly. Yeah, so this is how to start multifamily investing. It can get complicated, but whatever you do, start off and you know baby steps are all small.
Speaker 2:Start off with, you know, the duplex, the triplex, the fourplex if you feel like you can step up with the big boys to the bigger complexes and the bigger multifamily properties.
Speaker 2:Hey, go for it. But for the most part, if you're just getting started in multifamily, you might want to try a two to four, see how it works out, kind of get the property management skills under your belt so you kind of know what's going on. Even when you hire a company you'll know what they're doing, because you've already educated yourself kind of in a way on being a property manager.
Speaker 1:Yeah, and then, like the number one out of everything, educate yourself.
Speaker 1:That's basically what I've done, I've educated myself as to going about with a multifamily. Whatever niche you want to do, you definitely want to do your education, do your due diligence and, if you don't know, talk to someone who's in that field. Learn everything you can. Learn everything you can. You can that feel and learn everything you can. Learn everything you can and then, like, if I have any questions, like I'll google it or sometimes you know what I'll, I'll even go in as far as I'll go to a. You know I can't go wrong with bigger pockets. They're the, the biggest real estate investing platform that we have. So I I go there and I, before I answer, ask a. I go and see if that question has already been asked and it has an answer to it.
Speaker 2:Right now, I can't Not to cut you off. I have to learn from right now. Grant Cardone oh yeah, Grant's been here. And then there's other people out there besides him that are very successful in multifamily commercial real estate, residential real estate, you know, besides him. But you know he gets a lot of you know notoriety right now nowadays and stuff like that.
Speaker 2:He's kind of popping right now as far as multifamily commercial real estate investing. But there's other guys. Oh yeah, just, I just been following him a lot, especially, especially with the, the kind of deals he's doing, cause eventually we're going to get to that day where we'll be able to underwrite those big deals that he's doing Exactly.
Speaker 1:And then I deal with it. Oh, definitely grant. And then I deal with a rock leaf rock leaf yeah, with Rod Khalif.
Speaker 2:Rod Khalif, yeah, another multifamily yeah, he loves some multifamily too.
Speaker 1:I've been one of his workshops also. But yeah that was it for the how to Start a Multifamily. So Brad and Nat. Anything else you want to say?
Speaker 2:Not really. It's been a good episode. I'm glad we covered this topic. We're going to have another few topics coming and more episodes coming. This is, like you said it's been a while since we did one because we've both been kind of just busy and stuff trying to connect our schedules. But we're coming more with more topics, more episodes. You know, get in on multifamily any way you can, whether you think you want to just go ahead and run with the big dogs or, if you want to just start, small two to four units.
Speaker 2:Get familiarized with the process, all the the ins and outs of trying to manage a property or running a property and making sure those numbers are right at the end of the month, all right.
Speaker 1:Well, that's it. Everyone, Everybody maintain have a great weekend or a great day, or whatever day it is to you. What is it Friday?
Speaker 2:It's Friday here. It's Friday, so have a great weekend. We'll see you guys soon. All right then.