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Back in my broker days I targeted to meet 3 investors a week. Some of those meetings ring in my subconscious from time to time.
Here& #39;s one that came up this week -
1/ A guy I met owns about 300 units in the heart of Miami Beach, prime product. All purchased btwn 2009-2014.
Here& #39;s one that came up this week -
1/ A guy I met owns about 300 units in the heart of Miami Beach, prime product. All purchased btwn 2009-2014.
2/ He bought at an avg price of $90k-$110k per unit.
He explained to me that at that time everyone thought he was crazy bec he was overpaying based on comparable sales.
He said that he didn& #39;t care bec he saw the value and his underwriting made sense.
He explained to me that at that time everyone thought he was crazy bec he was overpaying based on comparable sales.
He said that he didn& #39;t care bec he saw the value and his underwriting made sense.
3/ There was a rental explosion that was brewing that no one saw coming.
But he figured it out. And he went ALL IN.
Fast forward a few years and you cannot buy multifam in Miami Beach under $175k a unit.
But he figured it out. And he went ALL IN.
Fast forward a few years and you cannot buy multifam in Miami Beach under $175k a unit.
4/ Before you decide you are buying real estate, figure out why you are investing in real estate and what you are looking to accomplish.
Without that, you will be a follower last to the game. And you do not want to be a last into a cycle.
Without that, you will be a follower last to the game. And you do not want to be a last into a cycle.
5/ If have a set strategy, and stay true to it, then when you see an opportunity coming, you& #39;ll know it& #39;s your moment.
**That& #39;s the biggest differentiation between a rookie investor and a seasoned investor.**
**That& #39;s the biggest differentiation between a rookie investor and a seasoned investor.**
6/ My thought is that he probably made a 1st entry investment into the market, saw the rentals flying like hot cakes, and continued to build.
So he did have to make that initial dive.
So he did have to make that initial dive.
