The Best Of Real Estate #MakingBank ##S7E17

The Best Of Real Estate #MakingBank ##S7E17

In this episode of Making Bank, it will be a compilation of previous episodes showcasing the mindset and the success strategies of the top 1% so you can amplify your life and your business today. If you ever thought about Real Estate investing then this episode is just for you. The guests will drop some amazing insights and really give different tips and ways to really move into the Real Estate Market, whether it’s Multi Family or Single Home. 

 

Make sure you check out this episode and listen to Josh and all the other guests discuss The Best Of Real Estate:

 

(1:00) Investing - Key Tips

Josh asks Jake and Gino about the various key tips when it comes to investing in Real Estate to which Gino tells that it is important we know clearly what the goal is and what we hope to accomplish. Jake also talks about selecting the market. Focusing on one market, especially if you're new, because you're gonna really need to create those relationships in business and in real estate.

 

(3:28) Buy Right, Manage Right and Finance Right

Jake talks about the three pillars to sound multi-family investing - Buying right, managing right and financing right. How big of a market you are looking at, population wise. What do you need? What is the median income of that submarket or track that you're purchasing? What is the vintage of the asset that you're comfortable with taking down? The list goes on. This will give you clarity and you can quickly remove deals off your desk when they don't make sense, so you're not wasting time with them.

 

(5:16) Life Cycle of Real Estate

As an entrepreneur we will be looking at different ways to place our money. There's real estate, there's residential and there’s multi-family. Here, Salvatore Buscemi will talk about what most people don't, which is the lifestyle of real estate or the life cycle of real estate.

 

(9:36) Scaling Successfully 

Going from 220 to 225 units in five to seven years Avery Carl gives us her main piece of advice and that is to not live off of your rental income only. Just put that back into more properties. This is where people get in trouble, by living off their rental income so they can never use it to go buy another property.

 

(11:36) Biggest Challenges

Many times, the biggest challenge will be property management. Especially if you are doing third party management then you really have to manage that relationship tightly as an asset manager. It is recommended that everyone gets on with their property managers at least once a week. You're the leader of that, you're dictating the cadence of accountability, what things are supposed to look like, and not just saying that this is just an investment and pushing it off and hoping that they take care of it.

 

(14:21) Property Management

For long terms, whether it's multi or single, property management is the way to go. As for the short term clients, they are mainly taught how to manage their property remotely so that they don't have to use a property manager because in the short term, the average property management split is 20% of your gross. It is so much better to manage on their own than to pay a property manager a huge amount of money just for it. 

 

(18:55) Second Rule of Real Estate

Never stop raising capital. Entrepreneurship is self-improvement in disguise and if you can really understand that, then you're gonna have a lot more fun. 

 

(20:04) Key Takeaways

You can't always live in the best market to invest in for short term rental or long term. You don't have to live in the area that you're investing in a short term rental in order to be able to manage it remotely.You promote what you permit. As a business owner, as a parent, if you allow it to happen, that means you're promoting it. And it's the same thing with a property management company.

 

Links mentioned:

Instagram: jakeandgino salvatorembuscemi  theshorttermshop

Twitter: JakeandGino salvatorembuscemi  theshorttermshop

Facebook: jakeandgino salvatorembuscemi  theshorttermshop