Apr 28 2020 28 mins 1
Ben Wuollet joins Jerome Myers on the Myers Methods Presents Multifamily Missteps Podcast to discuss the missteps with managing property managers when going into "rougher" properties. We learn about the risk associated with Land Use Restricted Projects and high vacancy. Ben shares how the property manager stopped leasing new units while they were 50% vacant. He also shares how they were able to get big discounts by closing in 30 days or less with no financing contingency. Ben believes that its better to have debt than equity. In this weeks show we learn about: - "pump and dump" - difference between 506b and 506c - what happens when your property has low activity - how to get off market deals - importance of underwriting to Year 1 rents - how to buy 5 deals in 7 months - what deals are "bankable" - why he doesn't like cross-collateralization - importance of exiting quickly when you have hard money loans - why you would raise equity to pay down debt If you are interested in getting more multifamily investing education go to www.myersmethods.com Say hi to Jerome Say hi to Ben Support the show (https://www.facebook.com/groups/157335752156211/)
