Bitter Sweet Day Coming Up snif snif

[Tony Castronovo]

Well, last night I lightened up my keychain (felt really weird to not have that weight in my pocket). Packaged up all the keys to my single family houses in preparation for tomorrow's closing. As some of you know, I have sold my entire SFR portfolio and tomorrow I will be "homeless" snif snif.

My journey started in late 2014 but didn't buy my first property until early 2015. I was able to amass 8 SFR rental properties...got distracted with a nightmare flip in late 2015 / early 2016 (I posted about this awhile back)....but rebounded after that setback establishing processes, systems, relationships, and confidence one property at a time. No home runs but I'm quite happy with consistently getting men on base with singles and doubles. While I preferred not to sell, it's the best way for me to focus my time and money on multi-family apartments. We are currently under contract and in the due diligence phase on a 16-unit. While I am sad to part with my single family homes and how I cut my teeth in real estate, tomorrow will be a key inflection point and beginning of a new set of challenges. I am sure I will be reaching out to many of you for continued wisdom. Thankful for the BP community!

[Tony Castronovo]

@Thomas S. and @Mike Malfitani Thank you! 

Not sure if we are at the peak, but there was a lot of demand for my portfolio and I received several very good offers.  (Makes me think I should have asked for more ha ha).

Tips for new investors, Mike....here is what I would say....some of which you hear a lot but so true. 

• Take Action! - You can miss out on a lot of opportunity if you are always swinging for the fences trying to get that home run of a deal.  Recognize "good" deals (they don't have to be "great")....don't change your criteria....but do move quickly once you find something that fits your requirements.
• Realize you will make mistakes and be ok with it. - Use mistakes as learning opportunities to improve.  Perfection can kill you if you are not careful.  Do good work and run your business ethically.  But know that things will go wrong and don't let the fear of that stop you from getting started or pressing forward.
• Seek and nurture relationships not transactions.  - Treat contractors, lenders, agents, title folks, etc with respect and reward good work with referrals and continued business.  I've developed some great relationships and people I feel have my back.  But I have also lost some great contractors because I pushed too hard on pricing.  In hindsight I probably should not have sweat the small stuff in order to maintain the relationship.  It's tough when you are trying to be efficient and drive profits.  But I learned from that and now see things somewhat differently.
• Be a great operator. - If you are in the buy & hold business you need systems, processes, and discipline.  Whether you have 1 property or 100, run it like a business not a hobby.
• Market Yourself. - At every opportunity, tell people you are a real estate investor. Tell them what you do (or want to do). Get involved in networking....virtually but in person also. I have met so many people through places like Bigger Pockets that were local to my area (even met a colleague once from another state who reached out to have coffee when he was traveling into the area). You can't do this alone. REI is a team sport!