EP 219: MINISODE How to Transition from Small to Large Multifamily
Jan 27, 2022Are you looking to scale from that Duplex to something bigger? That 10 Unit to a 100 Unit?
You’re not alone! For those who want to scale, you need to learn how to take the strategic shifts from small to large Multifamily.
This is a massive topic, but I promise you that you’re going to walk away from this episode with some powerful takeaways that you’ll be able to put into action right away!
With that, we’ll start by honing in on the three buckets of Multifamily: small, medium, and large. We’ll define them first and then break down the mindset we need to use within each one and then how your focus needs to change from one to the other.
Jump into the episode and learn how to transition from small to large Multifamily.
Quotes
• “There are things that we think about when we're buying 100 units that we don't think about when we're buying a duplex.” (3:17 - 3:22)
• “You have to make sure from a financial perspective that you're setting yourself up for success… It's really important that things make sense, as is, in my opinion, rather than losing money.” (4:06 - 4:26)
• “If you're starting to get in the realm of like 25 units. Visibility! That is something that that renter is going to want to see or want to know. Is it easy to get to?” (5:30 - 5:38)
• “The last point I want to make here with the middle, the medium, is, are there strong property managers in the area that you're looking to buy?” (6:18 - 6:25)
• “You don't think about competition when you're buying a two-unit, but you do need to think about it very, very, very much so when you're buying larger units… because you are competing against every other building like yours.” (8:20 - 8:31)
• “The value-add play in a larger unit, because there are more units, is going to make a more significant difference on your net operating income.” (9:19 - 9:25)
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