Financial Freedom with Real Estate Investing MB 228: What’s Working Now to Get Deals Done – With Drew Whitson & the Michael Blank Mentoring Team
Despite the disruption of COVID-19, multifamily investors are still doing deals. The question is, HOW? What’s working right now to get deals done? What isn’t? What are real people doing to find success in today’s market environment?
On this episode of Apartment Building Investing, I’m handing the mic over to Drew Whitson to moderate a discussion with our mentoring team, Todd Dexheimer, Brad Tacia, Phil Capron and Matt Brawner, on what’s working now to get deals done. We explain how our mentoring students are leveraging the COVID pause to build relationships and how the balance of power has shifted among syndicator, buyer and broker in recent months.
We go on to explore the benefit of a strong relationship with your property manager and how underwriting has changed in light of the pandemic. Listen in for insight into what makes multifamily the strongest asset class in real estate and learn the ONE thing our most successful students are doing right now to get deals done.
Key TakeawaysWhat Matt’s most successful students have done in 2020
- Leverage pause in market (Seinfeld time)
- Use time to build relationships with brokers
What Phil’s students are doing to acquire multifamily properties
- Worry about ‘making it to next meal’
- Figure out how to become viable buyer
Todd’s advice on how to talk to investors right now
- Continue to educate and keep investors informed
- Overcommunicate to build relationships
How Brad is coaching his students around underwriting
- Network with mortgage broker re: what’s changed
- Modify SDAs to ensure accurate underwriting
How running a property management firm informs Matt’s underwriting
- Understanding of street rent and how units operate over time
- Haven’t cut back on rents but less aggressive with rent bumps
How underwriting has changed in light of the COVID pandemic
- Build in more time for rent growth
- Consider changes in rental laws by market
What makes multifamily the strongest asset class in real estate
- Performs well through economic disruption
- Lockdown led to desire for nicer apartment
The one thing our most successful students are doing right now
- Willing to make mistakes by doing
- Get out there and build relationships
- Analyze deals (still numbers game)
- Willing to partner to gain experience
- Take consistent action every day
Connect with Drew, Todd, Brad, Phil & Matt Resources
Learn More About Michael’s Mentoring Program
Purchase the Replay of Deal Maker Live