The CRASH is for sure coming....Here's how to protect yourself:1) Only buy good deals below current market value2) Prudently escrow the money it takes to get them into service (in service = making money)3) Don't over-extend on the amount of projects you can do at one time (project = time between purchase and "in service")4) Continually build your skills in getting deals (sales/networking/marketing), building a better depth chart of vendors, project management, and writing strategic scopes of work for the properties you buy. 5) Put money aside after every successful project.

Also some people have no comprehension of the work and skill involved in executing a good value add and the compensation I expect for executing one.Be cautious in dealing with family.  

Partner 1 brings in deals and manages the business Partner 2 brings repair and renovation skills Partner 3 lives out of the area and brings capital What is a fair way to structure/put a value on the partners finding the deals and managing the business.

Do you have the skills to do the work yourself, or would you have to hire someone?

A degree is something not only to fall back on, but also gives you skills.

With that being said, most of the people in my immediate network who are in the construction business say the most valuable skill is just being able to run a team and a job efficiently and if they could start over they would go the GC route.

The wealth of knowledge shared in this community has not just boosted my skills but opened up new pathways for me in the real estate realm.

Even though I have a business degree from a prestigious NYC University my skill set from owning my own business for 25 years did not transfer into my eventual W-2 job or the job market itself.

@Billie Young like I said, the 90% is NOT the norm... some of these owners are skilled marketers, agents, etc.

😁 Your Name: Jeff Davis🧠 What would you consider your area of expertise: inside real estate my area of focus is value-add multifamily, outside of real estate I have expertise in marketing strategy🙌 What are you most looking to get out of BPCON 2024: Improving my deal analysis skills, connecting with more experienced real estate investors to gain insight and wisdom, and building a community of other like-minded people. 🤝 Fill in the blank: If I could make a great connection with someone who is an expert in deal analysis at BPCON2024 then I would leave BPCON happy🗓️ What session are you most looking forward to?