Holding your money too tightly to invest for inspection would be a big mistake. Michael Sampson notes that it's important to work with a good real estate broker and have professional inspections done on your properties to make sure they're in good condition. He also advises patience when growing a real estate portfolio, as successes can take time to build.
[00:00 – 07:13] Lessons Learned from Multifamily Investing
- Spend money upfront for inspection
- Do your research and work with a good real estate broker
- Have an exit plan in place if things go wrong
[07:14 – 10:37] Multifamily Operator Finds Success with New Framework
- Be wary of residents with no presentable references
- Michael shares his tips for getting started in multifamily real estate
- Get educated and build your network through meet-ups
[10:38 – 13:06] Closing Segment
- Get the education you need
- Final words
Tweetable Quote:
“ You just have to go out and do it. It can be frightening at first, but once you get into it, it's almost just like a single-family home. It's just a bigger asset. And then you have to spend some money upfront on an inspection. That's the cost of doing business.” – Michael Sampson
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