When the property turns out to be way too problematic to handle, it is easier to give up on it. So, should we do it? Alex Moore argues otherwise, saying that as long as you have multiple plans in place, it is even harder not to be successful in real estate investing. Also, she leaves a valuable tip for any investor to avoid huge headaches and uncover deeper issues – touring the property at night – and there are good reasons for that.
[00:01 – 04:23] Opening Segment
- Alex Moore on being a nurse practitioner for ten years and doing multifamily
- Good lessons from small multifamily investing – knowing the location very well
[04:24 – 08:14] Why You Should Opt for a Walkthrough At Night
- Why you should go back at night instead of only a day tour
- When there are more unpleasant outdoor activities at night
- The hard lesson of choosing your tenants
[08:15 – 11:39] Do Your Research and Get Involved
- Getting more information when you don’t know who’s paying
- Self-management due to smaller margins
- Applying the value of reconnaissance to multifamily
[11:40 – 15:28] Closing Segment
- Having multiple plans is key
- Final words
Tweetable Quotes:
“Go back at night… Nighttime tells you a lot more about what's going on in an area than what's going on while people are either at work, or there are fewer people there.” – Alex Moore
“Asking more questions upfront and seeing if you can get more information is also a good thing too, that we learned that hey, are all the tenants paying on time? And if they're not, what's going on right now? What were the circumstances for that tenant? And are we pursuing any legal action at this point?” – Alex Moore
“I would encourage everybody who's concerned about all the things that can go wrong in real estate, to still get involved, because honestly, you will make it… You can mess up a lot of ways and still recover as long as you have a plan B and Plan C. So have multiple plans to turn an asset around because that is really the key.” – Alex Moore
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