MB 250: The Best of 2020 on Apartment Building Investing
We’ve always said that multifamily is recession-proof, and 2020 gave us a chance to prove it. While the stock market and other asset classes suffered in the pandemic, apartment buildings continue to provide steady cashflow and a safe place to keep our money growing for the long term. So, what can syndicators do to get this message to more people and build a successful real estate investing business?
On this episode, I’m sharing the Best of 2020 on the Apartment Building Investing Podcast, beginning with last year’s biggest news—the Coronavirus pandemic. We revisit Drew Kniffin’s thoughts on the risk COVID poses for passive investors, Drew Whitson’s take on why multifamily is still the strongest asset class in real estate, and Russell Gray’s insight on how to protect your wealth in a crisis.
We look back at my conversations with Pat Flynn and Amy Porterfield on marketing to investors online and my interview with Gino Wickman around what it takes to be a successful entrepreneur. Listen in for master deal maker Garrett Lynch’s insight on choosing the right market and get inspired by BiggerPockets VP Brandon Turner’s approach to achieving BIG things with tiny action.
Key Takeaways
How COVID is likely to impact passive investors in multifamily- Unless already run poorly, virus won’t bankrupt property
- Much better option than stock market (30% paper loss)
- Performs well through economic disruption
- Office buildings, retail and medical suffered in COVID
- Fits criteria of being both REAL and ESSENTIAL
- Governments support housing, energy and healthcare
- Resources available to operate and steady dealflow
- Population, job and overall economic growth
- EVERYONE can build personal brand online
- Place to announce, connect and prove authority
- Algorithms change, you don’t own social platforms
- Email list = YOUR asset for growing relationships
- IRRESISTIBLE piece of free content (trade for email addy)
- What avatar needs to believe to do business with you
- Not having vision
- Hiring wrong people
- Not spending time with your people
- Not knowing who customer is
- Not charging enough
- Not staying true to your core (shiny object syndrome)
- Not knowing your numbers
- Not crystalizing roles and responsibilities
- Clarify vision
- Decide if you’re ‘partner person’
- Bigger problem = more success
- Get feedback early and often
- First plan will not be final plan
- Work hard (really hard)
- Take criticism with grain of salt
- See it every night
- Equal partners
- Give equity but maintain controlling interest
- Know where you want to be and take next tiny step
- Ask what’s cool and write as if you’re already there
