Multifamily Legacy Podcast 055: Go for Bigger Deals to Meet Your Goals and Live the Life You Want
What’s your story? Does it communicate a vision and inspire others toward greatness? Most successful investors follow the same path. They get to a point where they’re ready to commit to something different. Take a risky leap, to reap the rewards!
In this episode, I talk with Tamar Mar, who shares an incredible and unique story about how she started in multifamily investing. She enjoyed helping others grow their businesses, but knew she could start her own business. So, Tamar left the corporate world and now uses the tagline: I was really keen on becoming the CEO of my own dreams.
Topics on Today’s Episode:
- Commit to starting and planning a multifamily syndication business - not a hobby; share your goals, but don’t let others bring you down
- Start small and build up confidence; don’t necessarily need to land a big deal to grow at a reasonable rate and build off successes
- Trend in marketplace where multifamily, cash flow, and apartments is the new ‘sexy’; this is both good to attract attention, but bad due to a lack of experience
- Don’t spend money on advertising or waste time on marketing; get the most bang for your buck by building relationships and friendships - treat them well, be loyal
- No downtime or time for disappointment; only time to get back in the saddle, look at other deals, and put in a lot of effort - persevere despite exhaustion
- Underwriting has changed slightly to prepare for shifts in the industry due to rising interest rates and not being able to refinance
- Raise capital by talking to people and using under promise, over deliver concept
- Difficulty to raise rents, but not lose tenants; be flexible and transparent
- Communicate and learn from mistakes to know what to do differently in the future
- Hard to find property manager who cares about your property as much as you do; ask “tell me about a time…” when interviewing potential property managers
- Transitioning from single to multifamily to reach goals sooner and do what you want in life
Links and Resources Mentioned:
Quotes:
“There’s a trend in the marketplace right now where multifamily and cash flow and apartments is the new ‘sexy’.” Corey Peterson
“I was really keen on becoming the CEO of my own dreams.” Tamar Mar
“I’ve having a blast with what I’m doing. It’s super fun.” Tamar Mar
“When they’re successful, I’m successful. When I’m successful, they are. So, we just all help each other out.” Tamar Mar
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