3 Strategy Tips to Keep Your Real Estate Game Sharp

Keeping yourself nimble is key to thriving in a dynamic market. In this episode, we cover strategy pivots, multifamily turns and consolidating your vendors to same time and energy to make your life easier. --- Transcript   grabbag Thu, 7/8 12:44PM • 26:55 SUMMARY KEYWORDS buy, multifamily, unit, property, lender, pay, rent, michael, bit, turn, deal, months, building, putting, investor, flip, long, strategy, rehab, tenant   Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Tom: Greetings, and welcome to the remote real estate investor. On this fun episode, it's going to be a grab bag of topics, we're going to be talking about strategy pivots, we're going to be talking about turns in multifamily. And we're going to be talking about vendor strategies and getting less vendors and aggregating into single vendors by specific trade. My name is Tom Schneider.   And I am joined with   Emil: Emil Shour,   Michael: And Michael album.   Tom: And let's get into it.   Welcome, Michael, welcome Emil. I love these type of episodes. Because basically, what we did before recording is, you know, we have a list of topics that we plan to get to. And this one is basically we all had three ideas that we liked a lot. And that we're going to we're going to get into so I'm going to let Michael lead the way on this very first topic, and a really relevant topic. As there's economic changes all kinds of stuff. It's the it's around strategy pivots.   So Michael, I'm gonna go ahead and let you start this grab bag, topic number one on the concept of strategy pivots.   Michael: Thanks so much, Tom. Appreciate that.   So I think it's really important in just general real estate investing to have an idea of where what lane you want to go down, because as a lot of investors know, there are so many different ways to, quote unquote, invest in real estate. And that can mean different things to different people.   So there's the buy and hold their short term buy and hold, fix and flip, BRRRR investing, wholesaling, there's so many different avenues to go down. So I think it's really important to pick one or two and really focus there because otherwise, I feel like you could just get spread too thin, especially when you're new, because they're each Avenue is so deep. And so picking one to learn and going deep, I think is really valuable.   So that being said, personal story from my portfolio is I purchased a property about a year and a half ago. And I brought in a cash partner to make the purchase. I was managing the transaction, they provided the cash to the deal on the flip, rather the rehab, and it was supposed to be a buy and hold and the numbers were like outrageously good. We bought it for a song. My agent was then bragging to all his agent buddies about what we paid for the property. And everyone's like, no way, no way. So it became kind of a talk in the town and I had people offer to buy it off me for more than I paid for it day one kind of thing. Because even paying a little bit more, it was still a steal. So I said no, thank you, we're gonna rehab it, we're gonna get it turned.   And basically it was a six unit, we bought it for 90,000, which is like unheard of in this market. It was in Cincinnati, and it had one tenant in place that was paying like 400 bucks a month. And the unit break down the unit mix was really cool. And that there were a couple of three bedrooms, a couple two bedrooms and two one bedrooms. And so you're getting a larger unit count and not having to pay much more in terms of per unit purchase for the for the pur