#realestate #investing #realestateinvesting There's an important balancing act you have with your property managers when you're looking at a new property to purchase. An alignment of interest is so important because if one party doesn't believe something is achievable, as soon as some bumps come up in the road, there's going to be strong disagreements on what is actually achievable.
That deal in Daytona, we had one management group tell us they thought the NOI could only be achieve like 30% below what I had thought, but they were spending like $5k per unit in CapEx versus our budgeted $25-30k per unit. As much as I really thought that project would be successful, I knew without that alignment, it would be very difficult to feel confident in our vision being achieved.
So we passed on the deal, despite us thinking it's a great project, and moved onto the next.
Oh, and by the way, the buyer spent about half what we were thinking and was getting higher rents a year later, but that doesn't matter. Just because they may have been able to do it, doesn't mean we would've been able to if our foundation was shaky going into it.
But it is nice to know you can spot a good opportunity even if you can't do it yourself at that point in time :)
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The Real Estate Investing Experience was born from the desire for us to start a podcast around Real Estate Investing. The are numerous amounts of podcasts out there, but we have had countless people ask when we were going to start our own.
We started doing the meetup events in Westbury, NY back in 2016 at bar with just a few people getting together to network and talk, and it quickly formed into a regular gathering at a hotel because we were starting to outgrow the space.
We started to shift into a really great position where our experience in investing was facilitating the ability to answer questions for other people as they were getting started. Over the years this has expanded into the regular meetups where we have spoken on a wide array of topics and brought in experts in different fields around Real Estate Investing like IRA's, taxes, insurance, etc.
So, we decided to continue to give back and help others along, as we were helped, but to expand it to a broader audience through the use of podcasting, social media, conferences, and so many other online mediums, all while bringing it under one banner and one experience.
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