Join Christy in this episode of Multifamily Missteps as she dives deep into the crucial process of due diligence for multifamily properties. Learn how to avoid common financial pitfalls, such as improperly assessing taxes, insurance, and renovation costs, and discover the importance of reviewing leases and existing contracts.

Christy shares real-life experiences, including a case where overlooked lease details led to a short financial strain. She emphasizes the need for thorough physical inspections, covering HVAC, foundation, roofing, electrical, and plumbing systems, and highlights a costly mistake from incomplete plumbing inspections.

Christy also offers valuable tips on ensuring a deal is sound, making comprehensive checklists, and seeking expert reviews. She stresses the importance of anticipating tax and insurance increases and conducting meticulous property walkthroughs with your management team. Tune in for practical advice and real-world insights to help you navigate the complexities of multifamily property investments successfully.

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Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

Steven takes us on the journey of beginner landlord to the most recent lending environment. Join us for the pitfalls of gut instinct and floating-rate loans. Buckle up!

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Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

In this short episode, Christy takes you down the path of her first 2 deals that had the SAME misstep!

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Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

Having the right inspector on-site is crucial. Join Jerome as he shares his journey of acquiring a 20-unit and an 8-unit property from the same owner, both closing on the same day. Discover the critical missteps that could have cost him and his partners dearly. Tune in as he dives into issues with HVAC systems and emphasizes the importance of attention to detail, right down to misplaced commas. You'll appreciate the integrity with which he addresses his errors.

Support the Show.

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

Aiming for a huge target is not at all bad, but the harsh reality should also be considered. In this episode, we feature Matthew Drouin and his story of doing a deal that entails facing problematic neighborhoods and people down on their luck. He talks about his experience of regret looking upon himself as a hero and brings the invaluable lessons he learned from it.

[00:00 - 08:51] When the Harsh Truth Slaps, We Go Back to What Matters

• Back into real estate by accident as a residential agent
• The struggles of being poor in an affluent neighborhood
• Witnessing his parents die young without time to enjoy life

[08:52 - 18:19] From Hero Complex to Midas Syndrome: The Horror Story

• When there is a level of sketchiness in the neighborhood
• Facing the mental stress of pulling off a risky deal
• Realizing the significance of sticking to your principles

[18:20 - 19:16] Closing Segment

• Unexpected things can happen
• Final words

Tweetable Quote:

“ The biggest mistake I made on this whole thing was right in the beginning, I got the hero complex and also the Midas syndrome on this. And I was not doing it based upon logical reasoning in terms of sticking to my guns and all the principles that had made me successful.” - Matthew Drouin

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show https://www.facebook.com/groups/157335752156211/

Support the Show.

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

Holding your money too tightly to invest for inspection would be a big mistake. Michael Sampson notes that it's important to work with a good real estate broker and have professional inspections done on your properties to make sure they're in good condition. He also advises patience when growing a real estate portfolio, as successes can take time to build.

[00:00 - 07:13] Lessons Learned from Multifamily Investing

• Spend money upfront for inspection
• Do your research and work with a good real estate broker
• Have an exit plan in place if things go wrong

[07:14 - 10:37] Multifamily Operator Finds Success with New Framework

• Be wary of residents with no presentable references
• Michael shares his tips for getting started in multifamily real estate
• Get educated and build your network through meet-ups

[10:38 - 13:06] Closing Segment

• Get the education you need
• Final words

Tweetable Quote:

“ You just have to go out and do it. It can be frightening at first, but once you get into it, it's almost just like a single-family home. It's just a bigger asset. And then you have to spend some money upfront on an inspection. That's the cost of doing business.” - Michael Sampson

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show https://www.facebook.com/groups/157335752156211/

Support the Show.

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

How much do we know about the property before we make a deal? In this episode, Tommy Brant addresses the importance of financial due diligence and how knowing the owners is just as essential as knowing the assets. Tommy also shares how taking the lead on the deal helped create value for him and his partners.

[00:01 - 17:18] The Deal that Eluded Me

• Tommy shares how he got his start in real estate
• Forming a team with the broker's contact
• Finding problems during financial due diligence

[17:19 -19:44 ] How to Avoid Mistakes During Financial Due Diligence

• Understand the previous owners and the property
• Educate yourself about the market
• Network with like-minded people

[18:37 - 20:06] Closing Segment

• Look for people to mentor you
• Final words

Tweetable Quote:

“You really need to understand the previous owners. What are the operators like? Did they have a business plan? What did they neglect? Is there a theme that we're seeing in all the units, So whenever people are talking about hard earned money, I wanna know the owners just as much as, I would know, the asset.” - Tommy Brant

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show (https://www.facebook.com/groups/157335752156211/)

Support the Show.

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

Planning to get the deal requires consideration of a strategic exit too. In this episode, Sam Wilson talks about his investment and exit strategies, avoiding mistakes in the future, and how important it is to make sure that there are out clauses in contracts in order to protect oneself. Listen closely as Sam provides listeners with valuable advice on how to make life count by doing the things that don't always count.

[00:01 - 13:36] How to Secure a Contractual Agreement with Sellers

• Have reasons for walking away from a deal, even if it's difficult
• Sam discusses his background in the real estate space
• Slow down and get to know the seller before getting into a contract

[13:37 - 18:36] Simple Contracting Tips to Protect Yourself from Multifamily Missteps

• Have a written contract that outlines the terms of the deal
• Have an exit strategy and ensure to understand the seller's motivation to sell
• Contracts should be simple and easy to read, with no hidden fees or penalties

[18:37 - 20:06] Closing Segment

• Make life count
• Final words

Tweetable Quotes:

“There are unfinanceable deals out there. So, you know, whatever your reasons are, make there’s enough in there that’s broad enough to get out of the deal… Don’t be like me who is afraid to walk away from deals.” - Sam Wilson

“That’s the thing about mistakes. I think that entrepreneurs, in particular, are willing to fail… And we’re going to fail… And when you do that, you just got to be able to learn from that lesson and remember those mistakes.” - Sam Wilson

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the Show.

Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.