Multifamily real estate investors almost always raise money for their deals, right? Some would call it almost impossible to try and build a huge real estate portfolio without borrowing money or partnering up to take down bigger properties. Sofia Castro, along with her husband, not only built a multifamily portfolio using their own money, but did so starting with a severe disadvantage.
Both Sofia and her husband were high school dropouts, living without much money, and practically no experience. A local entrepreneur took Sofia and her husband under his wing, teaching them both how to become leasing brokers. From there, they started building their entrepreneurial endeavor, eventually selling their business a couple of decades later for a whopping billion dollars.
With cash in hand and real estate experience under their belt, they began buying apartment complexes to flip them as condos. Once the recession hit, Sofia knew this was the wrong business to be in, so she pivoted heavily towards multifamily rental investing, specifically investing in “core deals”. Now, she has a streamlined process for finding deals, buying deals, and screening tenants. She gives some out-of-the-box, but highly useful tips on tenant screening, property management, and why “value-add” real estate isn’t all it’s chopped up to be.
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Episode 623
Show notes at:
00:00 Intro
03:10 Quick Tip
05:16 2,500 Units and Giving Up on Value-Add
13:15 Cap Rates Explained
20:31 Selling Her Business to Buy Multifamily
24:59 Borderline Bankruptcy to Multifamily Millionaire
30:57 Tenant Screening Tips from a Pro
39:20 The Right Way to Do Property Management
50:07 Buying in The Right Area
56:49 Famous Four
Recommended Reading >> bit.ly/32kRpzw
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