You'll need a reliable network of local professionals (plumbers, electricians, handymen) you can trust.Hiring a Property Manager:Peace of Mind: They handle day-to-day operations, tenant communications, and legal compliance.Local Expertise: They understand the local market trends and rental laws in Colorado Springs.Cost: While there’s a fee, many find it worth the reduction in stress and time commitment.Lessons Learned from ExperienceBuild a Strong Local Team: Even if you manage the property yourself, having a dependable local handyman and a real estate attorney can save you headaches.Leverage Technology: Utilize property management software for rent collection, maintenance requests, and tenant screening.

I'm looking for savvy friends and I'm sure I can also give you tips about stuff in my domain of expertise.

Your expertise can make a big difference!

Some investors opt for larger homes with more bedrooms, while others convert existing residential properties to fit more people comfortably, ensuring they meet safety and accessibility standards.One thing to consider—smaller operations like RAL often rely on word of mouth and local reputation to fill rooms, so community engagement and relationships with local health care providers are key to success.PS: Fun fact—by 2030, it’s projected that more than 20% of the U.S. population will be over the age of 65, which makes senior housing a high-demand sector for decades to come. 

Sean, I have some deep domain expertise here.For starters, I own 12-doors in Detroit (from California).

Indicators are showing that price drops in the MF sector may be near bottom, and activity is picking up in the coming year. 

The new wholesaler, while well-intentioned, caused all of this by trying to broker a deal on the internet with no experience, by not vetting the title company to make sure they were real, by not knowing what they were doing, and by tying up that seller's property with no plan or expertise to get it sold.

What are some common pitfalls to avoid as a new real estate investor, especially in the multifamily sector?

Single-family rental (SFR) and build-to-rent (BTR) properties have seen a surge in demand over the past five years, but the sector is now confronting a slowdown.

What a person calls oneself does not directly reflect on their level of expertise or how great their advice is.