Investing in real estate in actually starting, managing, and marketing a company. 

5unit is probably manageable.  20 unit is work I would think. 

We don’t use the 70% rule for anything except to decide if we’re going to look at the deal… and even then we just want to see if it’s close before we spend time running numbers.

Keep systems in place for managing documents and contracts.6.

@Alison EvansI could not imagine managing 48 doors!

It’s the simplest way to get a feel of what it is like to be a landlord without going through the hassle of managing rehab projects.

Newer buildings now have state-of-the-art amenity packages with pools, gyms, co-working spaces, high-speed internet, and community gathering spaces where savvy property management groups will have apartment building events to encourage this sense of community, all being a level of convenience and neighborhood community people cannot get anywhere else.

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

The more deals you’re part of, the more you learn about:✅ Structuring deals✅ Managing risk✅ Negotiating with partners✅ Handling financingTaking part of a good deal helps you build real-world experience that will pay off big in the future when you do bigger and better deals.3.

I've managed a number of successful rehabs and put a lot of sweat into them as well.