In this Podcast episode, I talk about my story of how I started my apartment building investing career by buying a 12-unit building with a handful of investors. It took 5 months to close and then the fun started. People warned me about investing in Washington DC, but what happened next was even worse than the warnings! I eventually overcame the challenges, and as they say, it made me stronger and more confident. There are many lessons learned along the way. Enjoy!
Aside from listening to the Podcast, you can also read about it here.
Hey Michael, I’m pretty stoked I found your podcasts on TuneIn Radio. I have a lot of time to listen to things at my job so i just dove in. I’m in the process of buying my 2nd apt building. I’ve been flipping and renting single family homes since 2010. Cash only, sole proprietor. My biggest question/lack of expertise is on the permitting process. I’ve slipped through the cracks thus far as my projects have been in good enough shape that they weren’t necessary. If my next deal goes through (I think it will) I will need to fully permit everything as the building is currently condemned. What resources would you recommend to bring me up to speed?
Hi Calvin … your best resource will be your General Contractor. Make sure he’s licensed etc and is familiar with projects like yours. He should handle the permitting for you. Another good idea is for you to go to the permitting office and familiarize yourself with the process. This is so that you can call B.S. on your contractor if necessary. Hope that helps!
I like this episode Michael, its not often you hear about things that go wrong and how they were handled. Gurus are inclined to gloss over the negative and make it all sound so easy. I would have been like you and thought it was super stressful. Thanks for Sharing.
Thanks Hugh!