✴️ Successful Out of State Multi Family Investing with Jon Sidoti ✴️ | Summary and Q&A

TL;DR

Real estate investing, especially in multi-family properties, requires building a team and navigating challenges with brokers, lawyers, property managers, and local government.

Key Insights

• 😤 Real estate investing requires a team approach, collaborating with brokers, lawyers, property managers, and others.
• 😤 Challenges, such as natural disasters, can arise, but building a resilient team and having reserves can help overcome them.
• 👻 Investing in larger commercial properties can allow for increased rental income and valuation based on income.
• 🤗 Being flexible and open to exploring different markets can lead to new investment opportunities.
• 🤝 Networking and building relationships with industry professionals are crucial for finding investment deals.
• 💦 Personal experiences, such as accidents, can serve as powerful motivators for hard work and success.
• 🧑‍🏭 Real estate investors should consider factors such as landlord-friendly laws and market demand when choosing investment locations.

Transcript

everything that I've learned in real  estate is it's a team sport you know with   the multi-families you're you're teaming  up with brokers you're teaming up with   lawyers you're teaming up with you know your  local government you're teaming up with everybody   you know and as much as you want to think  it's just you it's never just you you're on ... Read More

Questions & Answers

Q: How important is building a team in real estate investing?

Building a team is essential in real estate investing, especially in multi-family properties. Collaborating with brokers, lawyers, property managers, and local government ensures all aspects of the investment are managed efficiently.

Q: How did the investor deal with the aftermath of a hurricane that damaged their property?

The investor leveraged their construction management background to facilitate the necessary renovations remotely. They also relied on their network to find a reliable property manager and navigate insurance claims.

Q: What factors influenced the investor's decision to invest in larger commercial properties?

The investor realized that larger properties offer advantages such as a smaller impact when losing tenants, higher potential for increased rental income, and valuation based on income and cap rate.

Q: How did the investor overcome the financial challenges caused by a hurricane and delays in insurance payouts?

The investor had reserves and investor backing, which helped them continue during the period without rental income. Their risk tolerance and liquidity allowed them to withstand the financial challenges.

Summary & Key Takeaways

• Real estate investing is a team sport that involves collaborating with brokers, lawyers, property managers, and local government.

• Building a team is crucial for success in the multi-family property market.

• An investor shares a story of how they overcame challenges, including a hurricane that devastated their property, by leveraging their network and experience in construction management.