Real estate investing can be a lucrative way to build wealth, but it’s important to approach it with the right mindset and strategies. After listening to a recent podcast episode, I’ve gathered some tips from a real estate investor, David Morgia, that can help you succeed in multi-family real estate investing.
Build Strong Broker Relationships: David emphasizes the importance of maintaining good communication and staying top of mind with brokers, even when not actively pursuing a deal. This can help you get first looks at deals and ultimately lead to successful partnerships.
Focus on Specific Deals: Rather than wasting time on random conversations, focus on dollar productive activities and specific deals that align with your investment goals and priorities.
Mitigate Downside Risk: When evaluating a potential deal, consider factors such as cash flow, value-add plans, debt, and exit strategies to ensure a conservative and profitable investment.
Be Patient: It’s important to wait for good deals rather than forcing a bad one. David stresses the importance of being conscious of deals with a lower cost basis and adjusting underwriting to account for increased expenses due to inflation.
Build Strong Partnerships: Success in real estate investing often comes down to partnerships and relationships. Take the time to go slow, ask the right questions, and make sure that goals and priorities align with potential partners.
Whether you’re just starting out or looking to grow your real estate portfolio, these tips can help guide you towards successful multi-family real estate investing. Remember to be persistent, authentic, and always willing to learn and adapt. Tune in now, this episode of Multi-Family AP 360 !
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