Aug. 24, 2020

MB 228: What’s Working Now to Get Deals Done – With Drew Whitson & the Michael Blank Mentoring Team

MB 228: What’s Working Now to Get Deals Done – With Drew Whitson & the Michael Blank Mentoring Team

Despite the disruption of COVID-19, multifamily investors are still doing deals. The question is, HOW? What’s working right now to get deals done? What isn’t? What are real people doing to find success in today’s market environment? On this...

Despite the disruption of COVID-19, multifamily investors are still doing deals. The question is, HOW? What’s working right now to get deals done? What isn’t? What are real people doing to find success in today’s market environment?

On this episode of Apartment Building Investing, I’m handing the mic over to Drew Whitson to moderate a discussion with our mentoring team, Todd Dexheimer, Brad Tacia, Phil Capron and Matt Brawner, on what’s working now to get deals done. We explain how our mentoring students are leveraging the COVID pause to build relationships and how the balance of power has shifted among syndicator, buyer and broker in recent months.

We go on to explore the benefit of a strong relationship with your property manager and how underwriting has changed in light of the pandemic. Listen in for insight into what makes multifamily the strongest asset class in real estate and learn the ONE thing our most successful students are doing right now to get deals done.

Key Takeaways

What Matt’s most successful students have done in 2020

  • Leverage pause in market (Seinfeld time)
  • Use time to build relationships with brokers

What Phil’s students are doing to acquire multifamily properties

  • Worry about ‘making it to next meal’
  • Figure out how to become viable buyer

Todd’s advice on how to talk to investors right now

  • Continue to educate and keep investors informed
  • Overcommunicate to build relationships

How Brad is coaching his students around underwriting

  • Network with mortgage broker re: what’s changed
  • Modify SDAs to ensure accurate underwriting

How running a property management firm informs Matt’s underwriting

  • Understanding of street rent and how units operate over time
  • Haven’t cut back on rents but less aggressive with rent bumps

How underwriting has changed in light of the COVID pandemic

  • Build in more time for rent growth
  • Consider changes in rental laws by market

What makes multifamily the strongest asset class in real estate

  • Performs well through economic disruption
  • Lockdown led to desire for nicer apartment

The one thing our most successful students are doing right now

  • Willing to make mistakes by doing
  • Get out there and build relationships
  • Analyze deals (still numbers game)
  • Willing to partner to gain experience
  • Take consistent action every day

Connect with Drew, Todd, Brad, Phil & Matt

Drew Whitson

Todd Dexheimer

Brad Tacia

Phil Capron

Matt Brawner

Resources

Learn More About Michael’s Mentoring Program

Purchase the Replay of Deal Maker Live

Pillars of Wealth Creation Podcast

Garrett Lynch

CoStar

Rentometer

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group