#07: Nice Guys Finish First in Multifamily Round 1 with Mike Butler
Jun 12, 2019
Another member of the nice guy hall of fame is MFIA Owner Forum member, Mike Butler. As one of the charter members of the Owner Forum, Mike has been with me from the start. He's a Physicians Assistant and when I spoke to him, he was still in his scrubs at the hospital. Listen to the story of his most recent deal and how he got it done THE RIGHT WAY!
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Nice Guys Finish First in Multifamily Round 1 with Mike Butler
Mike is a doctor from the Philly area. Mike had done around 20-25 single family rentals and flips. But he knew that he needed other forms of cash flow to come in. Mike's a doctor, so I'd consider him smart. And as a smart person, he understands that real estate is not a quick rich business, but he was going to figure out how to bring in more cash flow.
When Mike first got started in multifamily investing, he learned that cap rates are greater with multifamily investments versus a single family house. Despite this fact, Mike bought his first multifamily property. When Mike was looking to purchase his multifamily property, he focused on pro-owner states such as The Carolinas, Georgia, and Tennessee.
Mike had thought his first multifamily property was going to be a success from the start. He quickly learned that to be successful he was going to have some white knuckle nights. The property had gone under contract in Mid-June 2018 and he did not get a commitment letter from the bank until September. On top of that, he inherited a tenant he had to evict within 30 days and wasn't able to evict the tenant for 90 days!
Mike had his hands full with his first multifamily property, but you'll have to hear the rest of the interview to learn how he's become a successful real estate investor!
In this episode we also cover:
- Why you need to figure out the story behind every property
- Why a management system is one of the best things you can have
- How to find an excellent property manager
- How to raise capital
- Why you're in a sales and marketing business
- Why you should pay it forward
Connect with Mike:
Email Mike: [email protected]
Links mentioned in the show:
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