51: Small Multifamily Properties, Working a Full Time Job, and Training Tenants with Mike Sherwood

On today’s episode of the BiggerPockets Podcast, we cover a huge range of really important topics with real estate investor Mike Sherwood, including investing while holding a full time job, working with a partner to grow quickly, getting started with a small multifamily property, and a lot more.

Mike has invested in the Buffalo, NY for several years now, doing both rentals and is getting into fix and flip, so he has a ton of insight for both those just getting started and for those with a lot of experience already.

This show has so much good information and helpful tips for any real estate investor, this is going to be one you’ll want to listen to over and over just to make sure you get all the great nuggets out of it.

Read the transcript for episode 51 with Mike Sherwood here.

In This Show, We Cover:

• Buying a small multifamily to live for free
• The secret to living next door to your tenants
• Training your tenants
• When is an emergency an emergency?
• Managing your own properties vs. hiring a property manager
• Tips for working a full time job AND investing on the side
• Finding good deals on the MLS
• How Michael found a partner to invest with
• Legally structuring a partnership for real estate
• Ways to systematize your business
• The key to finding partners on BiggerPockets
• Flipping houses while working a full time job

Links from the Show

• Tenants: Customers or Scum? (Training Your Tenants) by Peter Giardini
• The Real Estate Agent’s Ultimate Guide to Working with Investors
• Rentecdirect.com
• Online Property Management Software list from BiggerPockets
• BiggerPockets Keyword Alert System
• BiggerPockets.com/meet
• The BiggerPockets Rental Property Calculator
• Tenant Screening: The Ultimate Guide

Books Mentioned in the Show

• The eMyth Revisited by Michael Gerber
• Landlording on AutoPilot by Mike Butler
• Four Hour Workweek by Timothy Ferriss
• Start Small, Profit Big in Real Estate: Fixer Jay’s 2-Year Plan for Building Wealth by Jay DeCima
• Building Wealth One House at a Time by John Schaub

Tweetable Topics

• “Establish guidelines upfront with your tenants to save yourself a lot of trouble.” (Tweet This!)
• “I wish there were more agents who understood what investors want.” (Tweet This!)
• “You can make any real estate deal look good with 80% down.” (Tweet This!)
• “The most important thing in a partnership is being able to constructively handle differences.” (Tweet This!)

Connect with Mike

• Mike’s BiggerPockets Profile
• Mike’s Website: www.CandMRental.com

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