Insider Tips

How do you project what the rent and expenses will be on a multifamily property? 📊

The #1 way to protect yourself against market fluctuations is to know what you sign up for when you buy a property. If you buy a property without market research to back up your projections, you’ll be in the red when the market dips and your projections are off.

Have you ever gone into a market blind? What happened?

#psc #cashflow #realestateinvestor

It’s easy to get overwhelmed when you start to invest in real estate, especially if you’re in an expensive market. If you don’t know where to begin, it can be helpful to hear how different investors got their start.

I invested in multifamily properties because I saw the lifestyle of big investors and wanted it for myself. I talked to a few mentors, had some stops and starts, and finally got momentum when I leveraged cash from smaller deals into bigger deals.

As an experienced broker, I can help you develop a plan to build your real estate portfolio. What are your long-term investment goals?

#psc #cashflow #realestateinvestor

When you work with a bank, a loan is just a transaction. When you work with a broker, you get a relationship, guidance, and expertise with your loan.

Banks work on a much larger scale and have very tight guidelines when they lend. Brokers work with you one-on-one and will refer you to other experts in the industry if you need help with anything besides a loan. When you look for a loan, take intangibles into the equation when you calculate cost.

What value will you get from your relationship with your broker?

#psc #cashflow #realestateinvestor

Your mortgage broker isn’t just there to give you a loan. Mortgage brokers are a RESOURCE for you, and they’re part of your team when you start to invest in real estate.

Mortgage brokers are well-connected and have seen a lot of clients work through problems and deals. If you run into an issue when you’re new to multifamily investments, ask your mortgage broker for advice. If they don’t have the answer, they’ll refer you to an expert who does.

Use your broker’s expertise. They’ll answer questions, refer you to an all-star team, and help you save time and money in the long run. Do you utilize your relationship with your broker?

#psc #cashflow #realestateinvestor

When you buy a house, you need to put A LOT of money down. On top of that, your mortgage is never just your mortgage. When you factor in HOA fees, insurance, and repairs, the costs add up.

If your mortgage drains you financially, you can’t create investments or afford any surprises, like car repairs or a job loss. There’s a smarter way to become a property owner AND keep your rent low:

Multifamily properties. 🏘

Build your portfolio, have tenants help you pay down the mortgage, and create cash flow. Have you considered multifamily investments instead of homeownership?

#psc #cashflow #realestateinvestor

Evictions were already complicated, and now they feel hopeless with COVID laws. The rules vary from city to city, and the courts are backed up.

Pre-COVID, it was best practice for landlords to work with an eviction firm since cases can get thrown out on a technicality. With COVID laws, landlords definitely need to seek the help of professionals who know how to do the paperwork right.

Do you work with an eviction firm?

#psc #propertymanagement #realestateinvestor

If you want to start a portfolio of multifamily properties, you NEED to have good credit.

Sometimes, it’s helpful to get a professional involved, especially if you don’t know where to start. Sam is a credit repair professional at My Credit Guy, and they help people all over the US qualify for home and auto loans. He lists the red flags to look out for when you work with a credit repair agency so you don’t waste your time and money.

Do you need to rebuild your credit before you start your investment portfolio?

#psc #sdrealestate #realestateinvestor

As a multifamily investor, it’s a challenge to vet potential tenants since the legal guidelines around what questions you can ask are unclear.

While this seems tricky, Wendy St. John, a partner at Kimball Tirey & St. John, makes it simple. She outlines a black and white method that screens all potential tenants and won’t get you into hot water with the law.

Do you have questions you ask ALL of your applicants?

#psc #sdrealestate #realestateinvestor

When you buy your first multifamily property, a letter of intent seems like the final step. Before you celebrate, you’ll need:

📄Entity documents
🏦Bank statements – no screenshots of your online banking  
💸Federal tax returns
📝Insurance information

Do you have all of this ready? If not, pause the celebration to finalize your deal!

#psc #sdrealestate #realestateinvestor