Getting Back to Basics

[Matt A.]

Actively re-starting about 2 1/ years ago in RE investing we began to consume a lot of material on investing (podcasts, books, etc.), the end result being we took our eyes off the ball to the deals that were right in front of us! We have several smaller multifamily properties, nothing big & sexy, rather GOOD solid money-makers with good tenants that we don't have to (anymore... after one inherited tenant eviction) chase people for rent. To that point we began to look at larger properties in the 50-150 unit range. I still view them as no real difference than the little ones - takes the same skill set (for the most part) and time investment as a SFH or a Duplex... however there are a LOT of folks making noise in that market that haven't even done a single family house deal either.

I get why a broker doesn't want to talk with people... LOTS of "new" syndicators, a lot sound like like seminar junkies from the "back of the room vendors". Anyway - Were still evaluating these and it will happen, just not yet (and Im not looking to syndicate either).

The whole point I'm making, DON'T loose focus on your backyard. Where I'm located the housing stock is predominantly quads and smaller... and its almost all converted SFH that are 100+ years old to boot (translated = rotted sewer lines, knob & tube electric, lead paint, asbestos siding & pipe wrap)... all the things that say OPPORTUNITY... and I've been missing it for over a year!

My wife @Kristan Avila and business partner gave me a solid kick in the butt several weeks ago as we hadn't done a deal in a long time. To that point I'm also looking to rapidly accelerate what we have in our portfolio... not executing on deals isn't the answer. We ultimately spent a week researching LOCAL deals again... and guess what, we closed a duplex last Friday, marketed the vacant unit while under contract and that unit was signed this past Monday as well. Listen to enough @Michael Blank and you'll recognize his theorey that the second, third, etc. deals come in rapid succession as well. Where I'm going is, while this is not large apartment building investing, it is solid, money-making multifamily, and just 6 days after closing and 4 days after filling up that property, my wife and I have yet another duplex under contract that were closing on in 2 weeks (this one smells.... of opportunity! remember the 100+ year old part... its a bit musty, but we can fix that)

My goal is to hang up the corporate gig in 24 months (and yes, I said that 12 months ago)... now getting some more doors in the portfolio will actually allow that plan to unfold. Bigger boxes look very enticing, then again there is some good economies of scale in our market to capture several buildings in a 5-10 block area and create great value there as well. (do need to thank the posdast guys, they have invested a LOT of time in creating the content and sharing the nuggets. BP, M.B - J&G... there are a bunch out there that were all learning from )

Don't step over the dollar to pick up the dime - just keep your eyes open to whats in front of you and it will come into focus all on its own.