#01: The Seven Rules of Multifamily Real Estate with Bob Damigella
May 06, 2019
In the world of multifamily investing, there are certain rules that you should follow. These rules are tried and tested. In today's episode, I speak with Bob Damigella on the seven rules of multifamily investing.
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The Seven Rules of Multifamily Real Estate
- Rule 1: The biggest lie in multifamily is the asking price
- Rule 2: Life's too short to buy "C" class properties
- Rule 3: Owning multifamily property changes your life
- Rule 4: You can fix anything on a multi-family property except overpaying for it - NEVER OVERPAY
- Rule 5: You can find deals in your own backyard
- Rule 6: Always remain in control of the deal
- Rule 7: If you’re not making offers then this nothing more than a very expensive hobby
In the episode we also cover:
- Why you need to have a deal that's bankable
- How the lender's viewpoint is different from the investor
- Debt-Coverage-Ratio
- Why you have to think about having an exit strategy
- Why must think through how you're going to get the property financed
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Links mentioned in the show:
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