Make Sure You Tour the Property at Night - Alex Moore

04/12/22 • 15 min

Multifamily Missteps Hosted by Christy Keeton

When the property turns out to be way too problematic to handle, it is easier to give up on it. So, should we do it? Alex Moore argues otherwise, saying that as long as you have multiple plans in place, it is even harder not to be successful in real estate investing. Also, she leaves a valuable tip for any investor to avoid huge headaches and uncover deeper issues - touring the property at night - and there are good reasons for that.

[00:01 - 04:23] Opening Segment

Alex Moore on being a nurse practitioner for ten years and doing multifamily
Good lessons from small multifamily investing - knowing the location very well

[04:24 - 08:14] Why You Should Opt for a Walkthrough At Night

Why you should go back at night instead of only a day tour
When there are more unpleasant outdoor activities at night
The hard lesson of choosing your tenants

[08:15 - 11:39] Do Your Research and Get Involved

Getting more information when you don’t know who’s paying
Self-management due to smaller margins
Applying the value of reconnaissance to multifamily

[11:40 - 15:28] Closing Segment

Having multiple plans is key
Final words

Tweetable Quotes:

“Go back at night... Nighttime tells you a lot more about what's going on in an area than what's going on while people are either at work, or there are fewer people there.” - Alex Moore

“Asking more questions upfront and seeing if you can get more information is also a good thing too, that we learned that hey, are all the tenants paying on time? And if they're not, what's going on right now? What were the circumstances for that tenant? And are we pursuing any legal action at this point?” - Alex Moore

“I would encourage everybody who's concerned about all the things that can go wrong in real estate, to still get involved, because honestly, you will make it... You can mess up a lot of ways and still recover as long as you have a plan B and Plan C. So have multiple plans to turn an asset around because that is really the key.” - Alex Moore

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

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Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.

[00:01 - 04:23] Opening Segment

Alex Moore on being a nurse practitioner for ten years and doing multifamily
Good lessons from small multifamily investing - knowing the location very well

[04:24 - 08:14] Why You Should Opt for a Walkthrough At Night

Why you should go back at night instead of only a day tour
When there are more unpleasant outdoor activities at night
The hard lesson of choosing your tenants

[08:15 - 11:39] Do Your Research and Get Involved

Getting more information when you don’t know who’s paying
Self-management due to smaller margins
Applying the value of reconnaissance to multifamily

[11:40 - 15:28] Closing Segment

Having multiple plans is key
Final words

Tweetable Quotes:

“Go back at night... Nighttime tells you a lot more about what's going on in an area than what's going on while people are either at work, or there are fewer people there.” - Alex Moore

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show

Previous Episode

Inefficient "Safe" Dollars - Rod Zabriskie and Blake Brogan

Are you putting your opportunity fund in the right places? Although it is common to think that simply putting your money in the bank account is ideal because it is safe and risk-free, clearly, it is not the way to supercharge your investment. As Rod Zabriskie and Blake Brogan stated, we should consider playing around with the idea of compound interest and get the money working for us. Listen as they discuss the ways to be smart with how you store your opportunity fund.

[00:01 - 06:41] Opening Segment

Rod Zabriskie and Blake Brogan on the investment optimizer strategy
A better way to utilize your opportunity fund - leveraging the dollars

[06:42 - 12:40] A Reconsideration of Opportunity Fund Strategy

Mitigating the risks through insurance policies
Taking advantage of the guaranteed growth
How investing in life insurance companies can be safer than the bank

[12:41 - 22:03] The Magic Happens with Strategic Allocation

Working with A-rated companies and how they have the upperhand
Understanding the idea of compound versus simple interest
Having the asset, no loan, acquire the original investment, and repeat

[22:04 - 31:10] Get the Money Working for You

When banks have lazy money sitting around
Why a whole life insurance would be better than term
Considering a source of tax-free income in retirement

[31:11 - 36:05] Closing Segment

Get your dollars working more efficiently
Final words

Tweetable Quotes:

“We're utilizing these [insurance] policies as a way to enhance what our dollars are doing in between deals. So then when it comes time to leverage them or utilize the capital, we have the entire balance continuing to earn and grow... then very literally, you can borrow against it or collateralize, or leverage it to go invest in the things that you are already going to invest in anyways.” - Blake Brogan

“You, of course, could be building it [life insurance] up for one to three years if you're planning on investing in the future. But this isn't something that's going to restrict any of the active investing that you're going to do.” - Blake Brogan

“Sometimes people will say, Okay, well, that's great. I've built all this money in a life insurance policy. And nothing's gonna happen until I die, right? Well, that's not the case. This also becomes a source of tax-free income in retirement for people.” - Rod Zabriskie

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3

Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show

Next Episode

Why are More People Moving Out than Moving In? - Sonya Rocvil

It is perfectly normal for some people to leave you and come into your life. In real estate, however, it should not be. When the people leaving your properties are more than those who come in, you should realize there’s a problem, and you need to pinpoint and address that problem fast. Luckily for Sonya Rocvil, she realized that there’s something wrong with their property and they were able to address it.

[00:01 - 03:07] Opening Segment

I welcome today’s guest, Sonya Rocvil
Connect with Sonya
- Links below

[03:08 - 13:46] More People Moving Out Than Moving In

How she landed in the real estate space
Why their occupancy rates were not going up
- What she learned about this misstep

[13:47 - 23:02 Digging Deep into The Issues

Learn how to leverage bridge loans
The question you should ask in closing a deal
What changed in their process to make sure the misstep will not happen again

[23:03 - 25:54] Closing Segment

Don’t miss these words of wisdom from Sonya!
Final words

Tweetable Quotes:

“You still have to be diligent and you’re screening [potential tenants].” - Sonya Rocvil

“You have to be willing to really dig deep sometimes to find out the issues.” - Sonya Rocvil

You can connect with Sonya by emailing [email protected] or get in touch with her on LinkedIn. Check out Bedrock Real Estate Investors to acquire multifamily properties with potential economic growth and opportunities.

Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC

Support the show