All Forum Posts by: Steve Chan

During the 2008 collapse, OKC was one of the least impacted markets for real estate. For those of you who are familiar with OKC, how do you think this pandemic will impact multi-family housing and the surrounding sub-markets?

@David Evans Thanks for the feedback. What's the goal your working towards?

@Alina Trigub Thank you!

This year (2020) I attended The Best Ever Conference in Keystone, CO, which is an excellent event that Joe Fairless host's every year. His keynote speech was based around the premise of having a thorn, rather than a dangling carrot, to help motivate you to achieve your goals. Here is a better description: 

https://joefairless.com/top-lessons-from-every-best-ever-conference-2020-day-1-session/

This was one of my biggest takeaways from the conference. The thorn that I created for myself was hiring a professional real estate coach to help me acquire a large multifamily property. Although I am already a partner in hundreds of units in Dallas, I want to execute a plan from start to finish as a key principle. I'm starting to become more active on BiggerPockets so you can follow my journey. In the meantime, what's your thorn?

@William Hochstedler I think The Real Estate Guys would agree with your assessment, pre-pandemic. They were closely tracking the influx of cash that The Fed was creating and also observing central banks throughout the world loading up on gold, which were both major signs that we may be at a peak.

I'm still going to work on my deal flow as this crisis plays out and focus on the Three Immutable Laws of Real Estate, laid out by Joe Fairless:

1) Buy for cash flow

2) Secure long-term, low leveraged debt and

3) Have adequate cash reserves

@Bjorn Ahlblad My big takeaway is to look at the tenant mix of any prospective multifamily purchase in the future and determine what percentage is being impacted. From there, I'll look at the economic drivers in that sub-market as a key indicator. Additionally, I'm going to track population growth as a leading indicator to see where people start migrating for new jobs.

@Cory Carlson thank you. What are some of the better accounting software systems that you’ve seen?

@Joseph McGranaghan

Thanks Joseph! I’ll add those to my list of questions. Much appreciated!

I just watched this insightful video from Ken McElroy. He does a really nice job of benchmarking the economic impacts of this pandemic compared to past recessions/depressions.

https://youtu.be/N-SG-n-C5IE

Does anyone think buying Multifamily in 2020 will be a good strategy for financial growth?

What is the most effective way you’ve found a great property management company? I’ve been using apartments.com and searching apartment communities that meet my investment criteria in my target markets and then compiling my own data base once I determine their PM company. I’ve found this method to be effective, but very time consuming. I’ve also gotten a few referrals from trusted sources. Any other suggested strategies would be greatly appreciated.