Multi-Family Investing Meeting

Here are some of the basic ideas that I picked up around the Multi-Family RE Investor Meeting:

• Be patient.
• Be persistent, persist & learn from failure.
• Don't ever give up, continue to make offers.
• Rehab A & B Type properties to the max.
• Mindset is key, one of the biggest ingredients to success.
• Create systems for yourself & your business & stick to them.
• Network with people who have the experience.
• Don't listen to people who are negative, pessimistic, or have less experience than you.

There seemed to be a consensus around the table stating that if you are going to do anything in multi-family real estate, do 50 units or above for a number of reasons.

To begin with, apparently, the underwriting process is much smoother with bigger deals. The smaller deals (4-49 units) look too much like residential to commercial lenders, and they look too much like commercial to residential lenders. Apparently the "bigger money" (above 5-10 million dollars) is easier to get, and it is much looser.

Also, on another note, it's going to be essentially as easy to hire a great property manager on a 36 unit building as it would to hire one one a 1000 unit property. It is better to overpay a great property manager, than to underpay a bad one.

"If I had eight hours to chop down a tree, I'd spend six sharpening my axe." -Abraham Lincoln

Work on your business, not in it. Meaning spend more times working on the systems and hiring the people who will implement them, than doing the actual work yourself (i.e. hire a competent RE CPA instead of trying to do all the bills and taxes on your own). It's too easy to get sucked into the day to day details of the operation, so learn how to delegate properly (property management, bookkeeping, etc).

"Business and investing are team sports."- Robert Kiyosaki

Since Real Estate Investing is a team sport, surround yourself with the best people in their respective areas...Realtors, engineers, attorneys, tax advisers, lenders, etc... The goal is to be the "dumbest guy" on your team. If you are the smartest guy on your investment team, than something is wrong.

Books that were recommended during this meeting:

Whoops

I choose to hold myself accountable to you, the public audience to ensure that I do everything that I commit to doing in growing wealth and increasing financial freedom:

I didn't really do my wealth education yesterday beyond a few minutes reviewing yahoo finance news articles, seeing the news released to the public.

The only action I took in that regard is by adding an amazon link to the book on Gold & Silver.

Tonight I have a Multi-Family Real Estate Investment networking meeting to attend. I am sure to make some good contacts and learn some valuable information for down the road.

Although financing may be challenging in the current times, I am sure to develop some contacts and/or learn something valuable. I will report it here so that others may make use of it as well.

Wealth Networking Goal 2009

I have come to accept that the people that you consistently hang around will affect who you become more greatly than almost any other factor.

This also applies to your income. I have heard it said if you take the average income of the 5 people you hang around the most, you should have a rough estimate of where your income currently is.

For this reason, my intention is to continually associate with people who are playing at a much higher level than me because I know it will inspire me to reach even greater heights, seek greater possibilities, and hold myself accountable to even greater visions. That's not to mention all the amazing learning, knowledge, and energy osmosis that naturally occurs when hanging around people who live their lives with a positive powerful, loving, wealthy power.

I have set a goal to attend 40 or more wealth networking events throughout 2009. I attended a RE Investment meeting last night, and tonight an Internet Marketers meeting.

I feel good. 2/40 meetings complete.