Colin Douthit joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps in his early property management days. We learn why he believes you shouldn't try to cash flow the rehab of your property. Colin also shares the details on why he has decided to use a debt broker instead of going directly to the bank.
Colin believes that the most important thing you can do is know the rules
In this weeks show we learn about:
– why physical vacancy goes up when you institute professional property management
– how deferred maintenance kills profitability
– the challenges associated with refinancing
– why you want to have substitution of collateral in your loan
– what happens when people live in a unit without a lease
– the risk associated with fair housing lawsuits
– why self managing isn't a good strategy for cost savings
– the importance of communication from the property manager to the owner
If you are interested in getting more multifamily investing education go to www.myersmethods.com
