Multifamily Missteps Hosted by Christy Keeton

Raising capital is always a challenge. That’s why you “use other people’s money,” as you commonly hear from real estate folks. In the case of Suzy Sevier and Michael Barnhart, they learned that putting up an investor group was not enough.  They learned that they needed to ask and understand how their investors could raise money for their deals. This may be a hard question to ask, but nevertheless,...

The best general operators in real estate offer amazing customer relationship management (CRM) with their investors. Since CRM is an important part of raising capital to invest in real estate, should operators also learn how to market well or should they hire a marketer instead? Daisy Serrano learned that operating a real estate deal and marketing are two different skill sets. Not all good operato...

Do you think that you cannot invest in real estate because you have a full-time job? Do you think busy professionals like nurses should only focus on their work and wait for their retirement in their 60s? Think again. The truth is that you can be a busy professional and a real estate investor just like The Networth Nurse, Savannah Arroyo. Of course, you will make a couple of missteps along the way...

You can be the most experienced property manager and not be the “right” manager in the eyes of an investor and that’s okay. All real estate investors have their ideal property manager the same way they have their ideal real estate team and ideal property to acquire. What you should aim for is to stand out in the real estate space, and you can do this by identifying first your “avatar.” By fully kn...

If you lose money, you will normally feel bad and think about where you could’ve spent it. When Pancham Gupta lost $15,000 in a deal, he only felt good. Had he not done his due diligence, he would have lost more money than he expected. Pancham’s story shows you that all kinds of investments have inherent risks, and you should be ready to lose some if you want to gain a lot. You should also be read...

How will you react if your property manager calls you and tells you that a few people have broken into your property and have been found naked? This experience of Christy Keeton shows the value of filtering your would-be tenants. A simple Google search will do, but the better step is to set criteria to attract tenants that will maintain a positive reputation for your properties.   [00:01 - 03:23]...

You don’t and would not want to marry a stranger. The same thing applies to real estate. You don’t and would not want to do a deal with someone you don’t know. This is why you need to show the value you can bring to the table to attract people, especially in the real estate space.  John Burg learned some creative ways to attract potential partners, including how to pre-qualify them for him to know...

Looking for off-market deals involves finding the right data to analyze. This involves knowing what data to seek in the first place. Real estate investors start off not knowing everything, and that’s okay. They only surrounded themselves with the right team and agreed on a course of action they would take together. This is one of the main principles of this business that has been proven to work ev...

Underwriting deals is one of the most important skills in real estate investing. Learning it by yourself, though, is not advisable. It’s actually inefficient and ineffective. You don’t know what you don’t know, after all. That is why it’s crucial for beginners to build relationships in this space. Aside from being a wealth-generating vehicle, real estate is a team sport that you play with like-min...

We’ve always seen banks as repositories of money. However, banks offer more than just being a storehouse. They can serve as a vehicle to kick start business endeavors, including real estate deals. The main idea that Johnny Nelson has taken away is that he can leverage other people’s money to fund his investments in real estate. Banks are one option, but there are more creative strategies that John...

You always hear that relationships matter in real estate. After all, this is a team sport and it’s hard to invest in this space alone. However, not everyone will be your partner and should be your partner in real estate What you truly need here are people you can trust, not necessarily people you just like. You need people you can rely on to make money with you, and if you can’t find those people,...

Investing in real estate is possible, wherever you are, whatever you do. One actionable step that you can take right now is knowing your “Why,” which should be strong enough to withstand the “Why not?” Esther Dorzin, MD is a healthcare professional who already has this strong enough “why” that can help her succeed in this industry. She wants to create a generational wealth and legacy for her famil...

You can use other people’s money to invest in real estate. That’s what loans are for. But what would you do if lenders like banks will not let you borrow money? Mo Obotette recalls this experience and does not want to repeat it. Here's what went wrong in this experience and how he can make it right the next time. We will also discuss how this experience is related to one of the key principles...

James Bryant joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to launch this new concept. We learn that these projects don't always go as planned, the four steps of the Myers Methods of multifamily investing, and why they believe there is a need for this type of programming. James believes that how you respond to missteps is more important than having them and we...

Today, I had the pleasure of talking with Danny Randazzo, a full-time multifamily investor at PassiveInvesting.com. His company controls more than 2,000 apartments valued at 225 million assets under management. In 2019, they were able to purchase over 120 million dollars in multifamily real estate. Let's dive into Danny’s story and get expert advice from a real estate pro! [00:01 – 06:26] Ope...

Jumping to real estate while having a mid-senior management job is a scary thought, but not for Jim Parker. Still in his early 40’s, Jim is ready and more than willing to take the leap into space because he wants to have a passive income stream by the time he’s in his late 50’s. He wants to take full control of his own time, where he will work only if he wants to, all the while collecting mailbox...

Doing your due diligence is one of the best ways to succeed in real estate investing. We need to remind ourselves that it takes hard work to win in this industry. Our guest for today definitely learned that the hard way. Kyle Jones, Co-Founder and Key Principal of TruePoint Capital, LLC shares this story of how they lost 50% occupancy in a property, which caught them by surprise. It led him to tak...

A Donahue Baker is a CPA turned full-time real estate investor. He is a real estate developer, author, speaker, and entrepreneur. Donahue now focuses on acquiring value-add apartment complexes and providing people with affordable housing. In this episode, he shares the most challenging deal he ever faced, a 107-unit complex that took a year to close. [00:01 – 13:29] Providing Affordable Housing Do...

Today, I had the pleasure of talking with Brian Hamrick, owner of Hamrick Investment Group. The Group has over 40 investors, more than 32 million dollars in acquisitions, focusing on cash-flowing real estate and real estate developments primarily in multi-family apartments, as well as self-storage, performing and non-performing notes, office, and retail.   Let's jump into Brian’s story and ge...

Today’s guest is a man who hardly needs an introduction if you’ve spent time in the multifamily space. I have with me, Yonah Weiss, business director for Madison Specs, and the host of the Weiss Advice Podcast. Yonah is an expert in saving millions in taxes for property owners using his method of Cost Segregation. Tune in a learn how Yonah helped a client save millions in taxes after first watchin...

I had the pleasure of speaking with Joseph Bramante. He is the co-founder and CEO of TriArc Real Estate Partners, a wholly integrated multifamily investment company. He purchased his first multifamily property in the US in 2011, sight unseen, while working as a business team lead for ExxonMobil in Papua, New Guinea. Today, along with his business partners, he has grown a portfolio of over 1100 uni...

Reid Bennet, CCIM serves as National Council Chair of Multifamily Properties for SVN International and a Senior Vice President for SVN - Chicago Commercial. As a licensed managing broker, he focuses primarily on the sale of apartment communities across the midwest and also teams up with members of his council to serve clients across the country in over 150 markets. Reid prides himself on understan...

What does it take to become a successful property manager? How do we find and hire the right one? And by “right,” I mean how do we find the manager that will be best suited to take care of our needs? Dustin Miles, President of Cowtown Cap, Founder of School of Income, and the Managing Partner of Momentum Multifamily , was caught by surprise when his main connection retired. He was also unable to m...

We always hear that death and taxes are the only things that are certain in this world. Rashmi Nigam would like to add another: trial and error. She learned this the hard way when they were looking for the right property manager to replace the previous manager who suddenly died days before they closed the deal. What she also learned in this experience is the need to separate business matters from...

Joint ventures (JVs) in real estate is one way to participate in large real estate transactions. It has many benefits, including shared resources, additional capital, shared risks and expenses, and added credibility. JVs are commonly done by investors who think they cannot take on a deal by themselves. That’s when they find partners who can help them achieve their goals.  In participating in a JV,...