Multifamily Missteps Hosted by Christy Keeton
Are you tired of the "rainbows and butterflies" approach in multifamily investing, where everything unfolds seamlessly, and everybody wins? You never see “behind the scenes” reality.
If you resonate with our perspective, acknowledging that true insights emerge from navigating mistakes and challenges, then you're in the right place.
Join Christy Keeton, your host, as she dives into the missteps and lessons learned encountered by active apartment operators.
In these episodes, we embark on a journey to dissect and analyze the pitfalls within the multifamily project life cycle, focusing on the crucial stages of Finding, Funding, Fixing, or Flipping a project.
Instead of glossing over setbacks, we shine a spotlight on them, providing a valuable learning experience for our audience. Each episode concludes not only by revealing how the issue at hand was rectified but also by sharing other priceless lessons derived from the experience.
It's an unfiltered exploration of the multifamily investment landscape, revealing the intricate tapestry of challenges and solutions that make the journey worthwhile.
Multifamily Missteps Hosted by Christy Keeton
In 2016 market heated up in Chicago - David Evans
I had the pleasure of speaking with David Evans today. David is a real estate expert and the Founder of the Investment Property Advisors LLC. With his deep passion for real estate, David’s primary focus is advising investors on how to best position themselves when buying and selling investment property to minimize risk while increasing their upside.
[00:01 - 07:39] Opening Segment
- How to get in contact with David
- See links below
- David talks about his career background and journey in real estate
- David talks about how he sources the eight-unit apartment
- Business plan of the property
- David talks about the issue he got with the property manager
[07:40 - 11:44] In 2016, Market Heated Up in Chicago
- David talks about the lessons he got when he manages the property
- More about finding the right property management company
- How to choose the right property management company to move forward
- The importance of the economy of scale
- Require more units
- To mitigate cost, you still need to be involved to a certain extend
- Avoid upcharge
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
[11:45 - 16:17] The Vacant Basement Units
- David talks about taking the platform for his property management agreement from another property management and modify
- Make sure that there are a 30 days notice termination clause on the agreement
- The downfall is we do not exercise the action soon enough in most cases
- David talks about the financial impact of changing property management
- The challenge of running a basement units
[16:18 - 19:12] Closing Segment
- What are your words of wisdom to our listeners?
- “Be very careful about how you choose your partners and make sure there is a clear understanding of role and responsibilities.”
- “ When a relationship is not working with the property management company, don’t be hesitate to terminate the relationship; it will save you so much money later.”
- “Take action swiftly when you do have vacant units because that is lost income.”
- “Reach out and research as many housing programs in your area as possible.”
- Final words from me
Tweetable Quotes:
“Be very careful on how you choose your partners and make sure there is a clear understanding of role and responsibilities.” - David Evans.
“ When a relationship is not working with the property management company, don’t be hesitate to terminate the relationship; it will save you so much money later.” - David Evans.
“Take action swiftly when you do have vacant units because that is lost income.” - David Evans.
You can connect with David on LinkedIn and the phone at 773-678-621 or email him at david@investmentpropertyadvisorgroup.com.
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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.
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