Podcast appearances and mentions of ben leybovich

On this episode of The Horizon, John Chang of Marcus & Millichap and Ben Leybovich discuss how recent economic shifts are creating unique investment opportunities in commercial real estate. They analyze how stock market volatility and new tariff policies are alienating international investors while prompting wealthy Americans to seek alternative investment vehicles. John shares insights from institutional players who are beginning to deploy capital into multifamily properties despite negative leverage, betting on future rent growth rather than immediate interest rate cuts. The conversation highlights why periods of elevated cap rates have historically proven to be excellent entry points for investors, and why commercial real estate remains attractive in uncertain times. Ben also discusses his innovative garage condo development project that's already 60% pre-sold, demonstrating how targeting affluent consumers with specialized real estate products can yield substantial returns even in challenging economic climates. Sponsors: Vintage Capital Capital Gains Tax Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Explore the multifaceted world of real estate investing with Ben Leybovich as he sheds light on the importance of having a growth mindset in the business. Understand the intricacies of using financial tools and the various factors to make informed investment decisions by listening until the end of the episode.Key Takeaways to Listen forWhy real estate investing is not for everyoneImportance of embracing a growth mindset for real estate successIs now a good time to invest?What you need to be asking yourself before investing in today's marketHow to protect your assets against market downturnsResources Mentioned in This EpisodeBiggerPockets Real Estate Podcast | Apple PodcastApartment Syndication Due Diligence Checklist for Passive Investor About Ben LeybovichBen is a principal of both WhiteHaven and WhiteHaven Construction. He oversees new acquisitions, asset management, and investor relations. Since 2006, he has been a principal in full-cycle transactions totaling $250M. Ben attended the University of Cincinnati for both undergraduate and graduate studies. He has been a guest on over a dozen real estate-related podcasts, was featured on the cover of REI Wealth Monthly, is a public speaker at events across the country, and is a published author.Connect with BenWebsite: WhiteHavenBlog: Ben Leybovich | BiggerPocketsFacebook: Ben LeybovichEmail: ben@whitehaven.comTo Connect With UsPlease visit our website: www.bonavestcapital.com, and please click here, to leave a rating and review!SponsorsGrow Your Show, LLCThinking About Creating and Growing Your Own Podcast But Not Sure Where To Start?Visit GrowYourShow.com and Schedule a call with Adam A. Adams

As a principal of both WhiteHaven Capital and WhiteHaven Construction, Ben Leybovich oversees new acquisitions, asset management, and investor relations. Since 2006, he has been a principal in full cycle transactions totaling $250M. Ben attended the University of Cincinnati for both undergraduate and graduate studies. He has been a guest on over a dozen real estate related podcasts, was featured on the cover of REI Wealth Monthly, is a public speaker at events across the country, and is a published author.Main PointsMultifamily is the right vehicle in the current cycleMultifamily is passiveMultifamily provides tremendous value add opportunitiesMultifamily provides huge tax intensivesWhiteHaven is an experienced operatorConnect With: Ben Leybovichben.leybovich@whitehavencapital.comhttps://www.linkedin.com/in/benleybovich/Phone Number: 4193021565http://www.whitehavencapital.com

Join us for an in-depth discussion about the latest trends and developments in the commercial real estate industry. Ben Leybovich will share his insights on the state of the market and the opportunities and challenges facing investors and developers in 2023. Be sure to watch for valuable insights and practical advice on navigating the rapidly changing world of commercial real estate. To learn more about Ben, visit his website at: https://www.whitehaven.comWant to ask Ken a question? Join his Inner Circle: https://kensinnercircle.com• • •Visit Ken's Bookstore: https://kenmcelroy.com/books/•ABOUT KEN:Ken is the author of the bestselling books The ABC's of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC's of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you're a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.Ken's company: https://mccompanies.com/• DISCLAIMERS: Any information or advice available on this channel is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this podcast. Consult a financial advisor or other wealth management professional before you make investments of any kind. Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this podcast are accurate and up-to-date, all information contained on it is provided ‘as is.'Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this podcast. Any links to other websites are provided only as a convenience and KenMcElroy.com, LLC encourages you to read the privacy statements of any third-party websites.All comments will be reviewed by the KenMcElroy.com staff and may be deleted if deemed inappropriate. Comments which are off-topic, offensive or promotional will not be posted. The comments/posts are from members of the public and do not necessarily reflect the views of Ken McElroy and his affiliates. © 2022 KenMcElroy.com, LLC. All Rights Reserved.

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As a principal of both WhiteHaven and WhiteHaven Construction, Ben oversees new acquisitions, asset management, and investor relations. Ben has been a multifamily real estate investor since 2006 and maintains a private portfolio outside of WhiteHaven. Ben is a published author and a prolific blogger on the subject of real estate. He resides outside of Phoenix in Mesa, Arizona with his wife, Patrisha, and their two kids, Aaron and Isabella. In this episode Ben talks about arbitrage, specifically arbitrage to construction in which he buys investments that are about 20 years old in order to arbitrage them. Ben then renovates them to compete with new constructions by offering a similar new construction finished product. Ben shares why he doesn't care about cash flow and just wants the equity growth. He talks about how he and his partner are only investing in large class A properties. Ben shares how they took down a $100M deal and what it was like to raise $45M for that deal. Connect with Ben: Website: www.whitehavencapital.com Email: ben.leybovich@whitehavencapital.com Partner with us: www.pac3capital.com Follow the show on Instagram: @themultifamilytakeoff

Join us as guest Ben Leybovich of WhiteHaven Capital discusses how careful market selection can minimize risk in apartment syndication investments.--Ben LeybovichBen is the principal of WhiteHaven Capital, a boutique real estate private equity firm with a focus on multifamily acquisitions in the Phoenix MSA and proven track record of success. He is also the principal of WhiteHaven Construction. Ben has been a multifamily real estate investor since 2006, and is a published author and a prolific real estate blogger. To learn more about Ben Leybovich:Ben's Story https://justaskbenwhy.com/WhiteHaven Capital's Website https://www.whitehavencapital.com/Ben's Email Address: ben.leybovich@whitehavencapital.comBen's LinkedIn Page: https://www.linkedin.com/in/benleybovich/--Connect with us!Follow Birch Prosper on Instagram (@birch_prosper)Visit our website https://www.birchprosper.com/Interested in investing with Birch Prosper? Let's chat! Schedule a call with us.ARE YOU AN INVESTOR LIVING IN THE DC-MD-VA AREA?Be sure to join our local meetup group!DMV Apartment Investor Community page: https://www.meetup.com/dmv-apartment-investor-community/

As interest rates have climbed, the multifamily market has started to slow down for the first time in years. Cap rates for C class multifamily properties are on the rise so there may be buying opportunities ahead. Institutional buyers are sticking to Class A properties in high growth markets. Ben Leybovich, Principal of White Haven Capital in Phoenix, started with 80's vintage properties but has transitioned to 2000's properties over the last year.

As interest rates have climbed, the multifamily market has started to slow down for the first time in years. Cap rates for C class multifamily properties are on the rise so there may be buying opportunities ahead. Institutional buyers are sticking to Class A properties in high growth markets. Ben Leybovich, Principal of White Haven Capital in Phoenix, started with 80's vintage properties but has transitioned to 2000's properties over the last year.

There are many benefits of strategic partnerships in multifamily syndication. For years now, it has been proven that syndication is a team sport, that's why finding the right partner/s will be an advantage. In this #Highlights episode, we look back at our conversations with business partners Ben Leybovich and Sam Grooms, and Synergetic Investment Group CEO Jeff Greenberg.Ben and Sam attribute their success to one another, agreeing that they could not do the things alone and that their partnership is a blessing. Meantime, Jeff shares some tips on how you can get started with syndication and strategic partnerships by building relationships. Click the play button now and start learning how to build partnerships!

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In this episode we talk about four reasons you should be investing in real estate. We talk about what we have learned from our careers, and from talking with our prior guests like Ben Leybovich and Tony Pennels We are currently offering a free cost segregation benefit analysis. For more info see the episode we did on cost segregations https://youtu.be/nOnYBIAYOC0 Ready to get started with your free cost segregation benefit analysis www.oldfashionedtaxsavings.com For more information about us check out our website http://www.oldfashionedrealestate.com We also have amazing gear available in our online store on that site. For more information about Jeff check out http://www.jeffreyholst.com Millionaire Fast Lane *** FTC LEGAL DISCLAIMER *** Some links found in the description box of our videos may be affiliate links, meaning we will make commission on the sales you make through these links. This is at no extra cost to you to use my links and or codes, it's just one more way to support us and our channel.

Ben Leybovich, s long time Big Pockets writer and Managing Partner of WhiteHaven Capital joins The Flip Lab to discuss how and why he got into Apartment syndications. Ben the past few years has been flipping Multi Millionaire dollar Apartments around Phoenix one of the hottest metros in the entire Country. Ben dives into what it takes to get into this business and how he has found success in such a competitive space.

Ben Leybovich, Co-Founder and Principal at WhiteHaven Capital and WhiteHaven Construction, is a Multifamily investor and syndicator with $100M+ under management. As a principal, Ben oversees new acquisitions, asset management, and investor relations. Ben has been investing in multifamily real estate since 2006. He has been a guest on over a dozen real estate related podcasts, is a public speaker at events across the country, and is a published author. One of the biggest core values that makes Ben tick, is the continuing desire to always grow intellectually and take on new challenges that force him to make pivots that cause forward momentum.[00:01 – 08:01] Been there, Done that, Now What?Let's get to know BenScaling and growing personally and intellectually in the multifamily space [08:02 – 13:41] Exponentiality: The Growth FactorBen's thoughts on personal growth and the importance of challengeA metaphor for the process of growth Make sure every step you take is better than the step you made before[13:42 – 22:13] Risk, Adjustment, ReturnYou're here for a short time, what are you doing with your time?Ben's drive to build a construction agency - risk, adjustment, return [22:14 – 28:27] THE FINAL FOURWhat's the worst job that you ever had?Never had a job - always the entrepreneur What's a book you've read that has given you a paradigm shift?How I Turned $1,000 into a Million in Real Estate - William NickersonWhat is a skill or talent that you would like to learn?Dance skillsWhat does success mean to you?Going back to the idea of growth Connect with Ben. Links available below. Tweetable Quotes:"I was never a linear guy, ever in my life. It's all about learning and pivoting and learning new things, and exponentiality for me.” - Ben Leybovich “The way I look at business, it's all about risk, adjustment, return. There is going to be risk in business with every step you take, the question is, is the return sufficient enough to justify  the risk?” - Ben Leybovich Resources Mentioned:https://justaskbenwhy.com/  You can connect with Ben on LinkedIn or at https://www.whitehavencapital.com/ to learn about investments worth making!LEAVE A 5-STAR REVIEW by clicking this link.WHERE CAN I LEARN MORE?Be sure to follow me on the below platforms:Subscribe to the podcast on Apple, Spotify, Google, or Stitcher.LinkedInSupport the show (https://www.buymeacoffee.com/weissadvice)

Frequent Bigger Pockets guest and Real Estate Superstar, Ben Leybovich, joins the hosts of the Old Fashioned Real Estate Show for an extremely entertaining and not always suitable for children episode.  You will learn why Ben invests in lower cap rate properties in Arizona and why he left the mid west to pursue his strategy.  To Find out more about Ben Check out his website  https://www.whitehavencapital.com/ We are currently offering a free cost segregation benefit analysis. For more info see the episode we did on cost segregations https://youtu.be/nOnYBIAYOC0 Ready to get started with your free cost segregation benefit analysis https://www.thecostsegguy.com/oldfashionedrealestatehome For more information about us check out our website http://www.oldfashionedrealestate.com We also have amazing gear available in our online store on that site. For more information about Jeff check out http://www.jeffreyholst.com *** FTC LEGAL DISCLAIMER *** Some links found in the description box of our  podcast may be affiliate links, meaning we will make commission on the sales you make through these links. This is at no extra cost to you to use my links and or codes, it's just one more way to support us and our channel.

Ben Leybovich, a Principal of both WhiteHaven Capital and WhiteHaven Construction, brings his unique perspectives to the show. He shares his “why” and explains his unanticipated entrance to real estate investing. At WhiteHaven, Ben oversees new acquisitions, asset management, and investor relations. He's been investing in multifamily real estate since 2006 and maintains a private portfolio outside WhiteHaven. He's also a published author and prolific blogger. In this episode, while sipping some bourbon, we discuss personal evolution leading to business growth, why Ben chose real estate investing, chasing a better version of yourself, and much more.  [01:12] – Introducing Ben Leybovich [07:00] – Tasting: WL Weller 12 Year  [10:50] – the impact of an unexpected medical diagnosis [19:04] – real estate: the whole thing made sense  [22:53] – the beginning of a real estate business [26:30] – An Epic Rant from Ben!  [32:40] – growth and plateau – personal and business growth   [40:30] – chasing a better version of ourselves [55:47] – The delta and risk-adjusted return [1:04:52] – wealth: “I can't back down.” Links: https://my.captivate.fm/www.bullsbearsandbourbon.com (www.bullsbearsandbourbon.com) https://my.captivate.fm/www.vermillionprivatewealth.com (www.vermillionprivatewealth.com) https://www.whitehavencapital.com/ (https://www.whitehavencapital.com/) https://justaskbenwhy.com/ (https://justaskbenwhy.com/)   **The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional before making a final decision. Thanks for listening.

For this episode, I welcome Ben Leybovich. Ben is an author, business owner, real estate investor, popular podcast host, and featured writer on the BiggerPockets Blog. He was professionally trained as a classical violinist but a diagnosis of Multiple Sclerosis (MS) in college spelled the end of his dream of becoming a professional musician. Today, he is managing partner of WhiteHaven Capital, a private equity investment firm specializing in the acquisition and repositioning of underperforming multifamily assets in high-growth markets. In the past 7 years, he has managed to assemble a $1.5M personal real estate portfolio with 28 doors, generating over $165K of annual rent revenue with an annual cash flow of around $40K. We start today's episode with Ben's background story. Around 2013, Ben grew his portfolio in Ohio and he got to a place where he realized that he could continue doing what he was doing and be somewhat successful, achieve financial independence, and a passive cash flow. But, he reached what he refers to as an inflection point. He wasn't growing, he wasn't getting smarter or better. He realized that he needed to raise capital, he needed to attract equity, he needed to buy big deals, syndicate big deals. But he didn't want to do that in the Midwest, because he understood the Midwest very well and knew that it wasn't a growth market. So, he decided to move to Phoenix with his family. He bought a house there and rented it out on Airbnb, but his plan was always to syndicate. We then moved on to discussing how Ben got the knowledge he needed to tackle syndication. He shares with us that he was always blessed with people in his life who would, not necessarily give him all the answers, but shine the light on the important stuff to point him in the right direction to figure things out. This was true before he bought his first duplex and this was also true before he bought his first 100 unit community. Ben then goes on to share his strategy for syndicating a building, how to navigate this dynamic area and all the challenges that come with it. His strategy is all about doing more, not less, and he explains how this acts as his safety trigger. If you spend less money and ten other people spend less money when there's a downturn, you are racing everybody to the bottom and you have exactly the same product that everybody else has. There's no daylight between the product you're offering to the marketplace and the product everybody else is offering to the marketplace. So, you are taking on a lot of risks, but you are also reaping a lot of rewards for it. We discuss Ben's strategy for finding potential syndication properties in Phoenix. These types of deals are extraordinarily hard to come by and most of it comes to Ben off-market through brokers. He also shares what are some of the things that he looks for in a deal that a broker brings to him, to determine whether or not it's something he is interested in pursuing and moving to the next step. These include location, vintage, type of mechanical setup, unit mix, and unit size. We then move on to the topic of financing these multimillion-dollar deals. Here, Ben explains that it is all done through private placements and through private networks, without advertisement. Ben has been in the real estate business for some time, and he is a known commodity, and he got there by realizing that the best way to be known is to be helpful. This is the reason why he wrote his book, created his course, and started his podcast; he wanted to create content that is real, actionable, and helpful. Lastly, Ben shares why he doesn't care how the COVID pandemic will affect his business in the next 18-24 months. There are few reasons for this - first, all of his projects are capitalized; second, he is prepared to hold for a decade if he needs to; and third, if times are good, he is selling and making a bunch of money and if times are bad, he is buying at a discount and making a bunch of money. He explains that his business operates on both defense and offense and what that actually means in the real estate world. Don't miss this episode of the Just Start Real Estate Podcast that is filled with honest, real, and actionable content from syndicator, Ben Leybovich! Notable Quotes: “In a man's life, there comes a point, and if you look at successful people this happens several times, let's call them an inflection point, where you look at yourself in the mirror and you realize that the cup that was you yesterday, that's overflowing now. There's nothing more that is going in that cup, and now it's spilling over, And you may not know exactly what you are today but you do know that you're not the same thing you were yesterday.” Ben Leybovich “For me, it was just all about education, it's all about feeling that the intellectual worth is taking the next step and the next step and the next step because the money always follows.” Ben Leybovich “We just sit there and we look at the marketplace, and we look at the asset, and we ask the question: Who can we pair this with, what kind of buyer profile, buyer avatar, will be interested in this. And every month, we go through his exercise.” Ben Leybovich “We underwrite everything presuming we have to stay in for ten years, but we're happy to get out in a year and a half if the right opportunity presents itself.” Ben Leybovich “Most people think it's safer to spend less money because the less you spend, the less you can lose. Yeah, but if you spend less money and ten other people spend less money, then when there's a downturn, you are racing everybody to the bottom and you have exactly the same sh*t that everybody else has.” Ben Leybovich “At every stage in the property cycle, it's a slightly different buyer profile that's interested in it.” Ben Leybovich “You're prepared to stay there for a long time if need be if you can't find an exit. But in order to find the exit, you need to be looking for that and you got to position the property for that and that's what we do. That's my job.” Ben Leybovich “Don't try to be anonymous in this industry. Don't think that you can operate under a rock and never talk about anything.” Mike Simmons “Somewhere down the line, I realized that being helpful is the best way to be known.” Ben Leybovich “If I want to know something, I bet you there's a bunch of people who want to know the same thing, about the same stuff, for the same reasons that I want to know about it.” Ben Leybovich “The whole premise that underlines everything in entrepreneurship is that you are filling a knowledge gap for someone. The more people you fill that knowledge gap for, the more pay off you're going to see in the end.” Ben Leybovich Links: WhiteHaven Capital Just Ask Ben on Facebook Just Ask Ben on Twitter Just Ask Ben on YouTube Just Ask Ben on Instagram Ben on LinkedIn 7 Figure Flipping Return on Investments Just Start Real Estate JSRE on Facebook Mike on Facebook Mike on Instagram Mike on LinkedIn Mike on Twitter Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

For this episode, I welcome Ben Leybovich. Ben is an author, business owner, real estate investor, popular podcast host, and featured writer on the BiggerPockets Blog. He was professionally trained as a classical violinist but a diagnosis of Multiple Sclerosis (MS) in college spelled the end of his dream of becoming a professional musician. Today, he is managing partner of WhiteHaven Capital, a private equity investment firm specializing in the acquisition and repositioning of underperforming multifamily assets in high-growth markets. In the past 7 years, he has managed to assemble a $1.5M personal real estate portfolio with 28 doors, generating over $165K of annual rent revenue with an annual cash flow of around $40K.   We start today’s episode with Ben’s background story. Around 2013, Ben grew his portfolio in Ohio and he got to a place where he realized that he could continue doing what he was doing and be somewhat successful, achieve financial independence, and a passive cash flow. But, he reached what he refers to as an inflection point. He wasn’t growing, he wasn't getting smarter or better. He realized that he needed to raise capital, he needed to attract equity, he needed to buy big deals, syndicate big deals. But he didn't want to do that in the Midwest, because he understood the Midwest very well and knew that it wasn’t a growth market. So, he decided to move to Phoenix with his family. He bought a house there and rented it out on Airbnb, but his plan was always to syndicate.   We then moved on to discussing how Ben got the knowledge he needed to tackle syndication. He shares with us that he was always blessed with people in his life who would, not necessarily give him all the answers, but shine the light on the important stuff to point him in the right direction to figure things out. This was true before he bought his first duplex and this was also true before he bought his first 100 unit community.    Ben then goes on to share his strategy for syndicating a building, how to navigate this dynamic area and all the challenges that come with it. His strategy is all about doing more, not less, and he explains how this acts as his safety trigger. If you spend less money and ten other people spend less money when there's a downturn, you are racing everybody to the bottom and you have exactly the same product that everybody else has. There's no daylight between the product you're offering to the marketplace and the product everybody else is offering to the marketplace. So, you are taking on a lot of risks, but you are also reaping a lot of rewards for it.   We discuss Ben’s strategy for finding potential syndication properties in Phoenix. These types of deals are extraordinarily hard to come by and most of it comes to Ben off-market through brokers. He also shares what are some of the things that he looks for in a deal that a broker brings to him, to determine whether or not it's something he is interested in pursuing and moving to the next step. These include location, vintage, type of mechanical setup, unit mix, and unit size.    We then move on to the topic of financing these multimillion-dollar deals. Here, Ben explains that it is all done through private placements and through private networks, without advertisement. Ben has been in the real estate business for some time, and he is a known commodity, and he got there by realizing that the best way to be known is to be helpful. This is the reason why he wrote his book, created his course, and started his podcast; he wanted to create content that is real, actionable, and helpful.    Lastly, Ben shares why he doesn’t care how the COVID pandemic will affect his business in the next 18-24 months. There are few reasons for this - first, all of his projects are capitalized; second, he is prepared to hold for a decade if he needs to; and third, if times are good, he is selling and making a bunch of money and if times are bad, he is buying at a discount and making a bunch of money. He explains that his business operates on both defense and offense and what that actually means in the real estate world.   Don’t miss this episode of the Just Start Real Estate Podcast that is filled with honest, real, and actionable content from syndicator, Ben Leybovich! Notable Quotes:   “In a man’s life, there comes a point, and if you look at successful people this happens several times, let's call them an inflection point, where you look at yourself in the mirror and you realize that the cup that was you yesterday, that's overflowing now. There's nothing more that is going in that cup, and now it's spilling over, And you may not know exactly what you are today but you do know that you're not the same thing you were yesterday.” Ben Leybovich   “For me, it was just all about education, it's all about feeling that the intellectual worth is taking the next step and the next step and the next step because the money always follows.” Ben Leybovich   “We just sit there and we look at the marketplace, and we look at the asset, and we ask the question: Who can we pair this with, what kind of buyer profile, buyer avatar, will be interested in this. And every month, we go through his exercise.”  Ben Leybovich   “We underwrite everything presuming we have to stay in for ten years, but we're happy to get out in a year and a half if the right opportunity presents itself.” Ben Leybovich   “Most people think it's safer to spend less money because the less you spend, the less you can lose. Yeah, but if you spend less money and ten other people spend less money, then when there's a downturn, you are racing everybody to the bottom and you have exactly the same sh*t that everybody else has.” Ben Leybovich   “At every stage in the property cycle, it's a slightly different buyer profile that's interested in it.” Ben Leybovich   “You're prepared to stay there for a long time if need be if you can't find an exit. But in order to find the exit, you need to be looking for that and you got to position the property for that and that's what we do. That's my job.” Ben Leybovich   “Don't try to be anonymous in this industry. Don't think that you can operate under a rock and never talk about anything.” Mike Simmons   “Somewhere down the line, I realized that being helpful is the best way to be known.” Ben Leybovich   “If I want to know something, I bet you there's a bunch of people who want to know the same thing, about the same stuff, for the same reasons that I want to know about it.” Ben Leybovich   “The whole premise that underlines everything in entrepreneurship is that you are filling a knowledge gap for someone. The more people you fill that knowledge gap for, the more pay off you're going to see in the end.”   Ben Leybovich   Links:   WhiteHaven Capital  Just Ask Ben on Facebook Just Ask Ben on Twitter  Just Ask Ben on YouTube Just Ask Ben on Instagram  Ben on LinkedIn  7 Figure Flipping Return on Investments Just Start Real Estate JSRE on Facebook Mike on Facebook Mike on Instagram Mike on LinkedIn Mike on Twitter Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months  

https://www.biggerpockets.com/blog/cash-flow-wont-make-you-rich

https://www.biggerpockets.com/blog/grant-cardone-wrong-again-and

Ben Leybovich has built a real estate empire for himself. From a small town in Ohio, he is now residing in Phoenix, Arizona. But these two very different markets have given him the ‘reps' to become one of the most well known real estate investors in the digital space. For him, quality of life and quality of product are his largest beliefs when approaching real estate investing. He talks about the importance of perspective and mindset. He urges people to get out of the habit of installing limits, but rather creating value and blossoming. For the full show notes please visit https://fibyrei.com/S3E2 To get a free copy of our House Hacking Guide Start Guide you can visit https://fibyrei.com/hhstart

Before ever starting his career as a professional musician, Ben was diagnosed with multiple sclerosis which made it unrealistic for him to continue on his life-long dream of becoming a professional musician. This devastating news caused Ben to reassess how he would provide for his family. After extensively researching his options, he settled on real estate investing. He quickly realized he needed to buy more units under one roof if he wanted to scale to the point of having the necessary cash flow to provide for his family's needs. He moved into small apartment buildings and grew a portfolio that not only provided for his family, but allowed him to move his family to Pheonix, AZ where they are living the life of their dreams and Ben is now pursuing large apartment complexes. Quote from Bed: “The truth is you need both. You need cash flow to stay in the game, and you need equity to become rich.” Contact our Guest: Website: https://www.JustAskBenWhy.com, Email: ben@justaskbenwhy.com, Bigger Pockets: https://www.biggerpockets.com/users/JustAskBenWhy Connect with Lee: Website: threefoldrei.com, Email: info@threefoldrei.com, Phone: 937-400-3044

In this episode, Jonathan Farber interviews Ben Leybovich on his road from finding his first flip while driving for dollars to running a multi-state operation of over 50 million dollars. Ben is an investor and syndicator operating syndications and large apartment assets from Chandler, Arizona. In this episode, we delve into topics like: how to scale, the best way to add value to large multi-units, driving business during a pandemic, and more! Top Takeaways: What you need to know to scale - 28:08 - 32:42 Remember the lessons that you gain between buying duplexes to 10-unit properties They’ll guide you when jumping from 10-unit to 100-unit properties Experience begets confidence Best value adds for apartments - 37:31 - 44:39 The best time to renovate is in between tenants - in a large building every door will be empty at some point Do whatever is necessary to lift rents Get to a marketable condition first, then add amenities A comparative market analysis helps break down where funds are best used How to drive business in the time of coronavirus - 45:25 - 58:54 Take advantage of the changes being made by lenders and brokers Building safety into your underwriting lets you sleep easy More equity in reserves keeps you out of trouble if rents stop coming in Resources: Book by Ben Leybovich: House Hacking: The Only Real Estate Investing Strategy You Need to Build Wealth, Live for Free (or almost free), and Make Money Through Homeownership Social Links: biggerpockets.com/users/justaskbenwhy https://justaskbenwhy.com/ Connect With The host, Jonathan Farber Here! LinkedIn: https://www.linkedin.com/in/jonathanfarber1/ Instagram: @jonjfarb FaceBook: https://www.facebook.com/jonathan.farber.9 Facebook Group: Real Estate Mentorship Mastermind BiggerPockets: https://www.biggerpockets.com/users/JonathanF29 Schedule a 1 on 1 here: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr

Between his career and a podcasting side hustle, Robert Leonard's a busy guy. So how does he—and how can you—build a small but mighty rental portfolio in your spare time?For Robert, it comes down to 4 major elements:1. Use a series of house hacks to lower expenses and build equity.2. Find an MVP real estate agent.3. Align with a partner.4. Invest out-of-state.In this episode, Robert goes into detail on each of the above and explains how they helped him break through "analysis paralysis" in his early 20s. If you pick just one of these strategies and do it well, you'll be way ahead of the game. When you combine several, you're on your way to financial freedom.Be sure to check out Robert's two podcasts, Millennial Investing and Real Estate Investing over on The Investor's Podcast Network, and subscribe to Real Estate Rookie so you won't miss our next show.Links from the ShowReal Estate Rookie Facebook GroupFelipe's InstagramAshley's InstagramRookie Podcast 11: Using Home Inspections to Spot “Deal Killers” and Negotiate Better Prices with Rose BuckleyBiggerPocketsREI013: Getting Started in Rentals and Flips With J ScottCity DataAxiom BankBiggerPockets BookstoreBiggerPockets PodcastCozyStessaBiggerPockets Podcast 383: Finding Your Perfect Partner and the Top 6 Factors When Choosing a Market with Ben Leybovich & Sam GroomsZillowCheck the full show notes here: http://biggerpockets.com/rookie14

Interested in someday making the leap to bigger investments? Don’t miss this one! Ben Leybovich and Sam Grooms join us for a high-level conversation about how they transitioned from flips and smaller assets to 100-plus-unit, value-add multifamily deals. Since the first part of this show was recorded pre-coronavirus, we brought the guys back on to hear their thoughts on today’s market and get an update on how their business is doing amid the volatility (spoiler: pretty well!). Click here to listen on BiggerPockets.

Interested in someday making the leap to bigger investments? Don't miss this one!Ben Leybovich and Sam Grooms join us for a high-level conversation about how they transitioned from flips and smaller assets to 100-plus-unit, value-add multifamily deals.Since the first part of this show was recorded pre-coronavirus, we brought the guys back on to hear their thoughts on today's market and get an update on how their business is doing amid the volatility (spoiler: pretty well!).In This Episode We Cover:Finding the perfect partner for youThe 6 factors they look at when analyzing a marketWhy Sam & Ben keep such a large reserve fundWhy investors sometimes overvalue cash flowWhy they like the Phoenix marketHow to establish a competitive edge in real estate investingHow they look at multifamily syndication as "a long flip"Why equity protects youBuying insurance against interest rate increasesHiring their own construction teamHow they're adjusting to COVID-19And SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets BookstoreBiggerPockets PodcastBiggerPockets CalculatorsBiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)BiggerPockets Podcast 382.5: Surviving When the BRRRR Hits the Fan with Josiah Smelser (Part 2, Post-Coronavirus)DeloitteBiggerPockets Conference 2020BiggerPockets Podcast 356: 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe AsamoahOpen Door CapitalBiggerPockets Podcast 313: How to Be Happy AND Grow a Massive Business with Entrepreneur Jesse Itzler (and Josh!)Check the full show notes here: http://biggerpockets.com/show383

Episode ResourcesDownload your free audiobook from AudibleCraig Curelop’s book The House Hacking StrategyMichael Blank’s book Financial Freedom with Real Estate InvestingBen Leybovich’s book House HackingThomas Stanley and William Danko’s book The Millionaire Next DoorAll of Robert’s favorite booksDiscover CMC Markets, the ultimate platform for online trading on mobile and desktop.Capital One. This is Banking Reimagined.Connect with Robert on Instagram @therobertleonardRead this episode's transcript and full show notes here: theinvestorspodcast.com/real-estate-investing/

With a recession already underway, we're turning to an investor with 30 years of experience, 3,000-plus multifamily units acquired, and one of the sharpest minds in real estate.Brian Burke is back today, and he sits down with Brandon and David to offer his interpretation of current events and to guide our audience through how to invest passively without violating Warren Buffett's No. 1 rule: "Never Lose Money!"Brian explains how his firm Praxis Capital is navigating COVID-19 and shares a few tips everyday investors can use to fortify their portfolios. We also discuss leverage, how lending practices are changing, and techniques you can use today to safeguard your investments against vacancy and drops in valuation.In the second half of the show, Brian speaks to those interested in becoming "hands-off" investors—whether you want to focus on making money in your day job or just don't want to deal with being a landlord. After all, BiggerPockets has 10-plus books on how to actively get deals done... but none (until now) on how to evaluate passive investment opportunities.We go over how to meet syndicators, what red flags to look for, how to diversify your investments... and the absolute No. 1 quality to look for in a passive investment (hint: it's NOT the deal itself).This episode is packed with deep insights into the current market shift, but it's also a timeless lesson in evaluating syndication opportunities.For more info, check out Brian's new book, The Hands-Off Investor: An Insider's Guide to Investing in Passive Real Estate Syndications, and all the great bonus content, too.In This Episode We Cover:How Brian got his start raising capital from his cop buddies"Bulletproof vests" investors can use to survive right nowBrian's definition of "over-leveraged"Why Brian is currently more focused on operations than acquisitionsHow government stimulus $ may affect the real estate marketHow and where passive investors meet syndicatorsThe #1 quality passive investors should look for in a syndicatorWhy the deal sponsor is more important than the deal itselfDiversifying your passive investment portfolioRed flags to look for when evaluating syndicatorsWhy "alignment of interests" is overratedThe lesson he learned from a friend who lost her life savingsLinks from the ShowBiggerPockets ForumsBiggerPockets WebinarsBiggerPockets Business PodcastReal Estate Rookie PodcastBiggerPockets Money PodcastBiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian BurkeBiggerPockets Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian BurkeBiggerPockets Podcast 152: Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge ShukhatBiggerPockets Podcast 315: How to Read Human Nature to Succeed in Life with Bestselling Author Robert GreeneBiggerPockets BRRRR GuideBiggerPockets BookstoreCheck the full show notes here: http://biggerpockets.com/show378

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.    They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   Contact:  Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.    They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   Contact:  Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.    They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   Contact:  Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.    They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   Contact:  Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.    They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   Contact:  Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Ben Leybovich is a real estate investor, author, speaker and entrepreneur who has discovered the power of House Hacking. — To learn about our investment strategy and business plan If you’re interested in real estate investing, particularly passive real estate investing Dwaine Clarke has the resources you need to achieve financial freedom and wealth. If you are an accredited investor you can partner with Dwaine in a passive investment opportunity, receiving all the benefits of an active owner without being an active owner. http://passiveinvestorsclub.com/invest-with-us/ Thank you and I appreciate you watching this video. Please like, subscribe, and share with others that you may find this valuable. Your comments are useful and help us generate better quality content based on your feedback. — Subscribe to my channel here: https://www.youtube.com/channel/UCb66-jA-WR4-LlJqp8Sn2wg?sub_confirmation=1 — Dwaine Clarke is the Founder and Managing Partner of Jackson Clarke Capital Partners a real estate investment firm focused on the acquisition and re-positioning of Apartment properties in major metropolitan markets. http://jacksonclarkegroup.com In addition to Jackson Clarke Capital, Dwaine is also the Founder and President of GCT Net Lease an investment real estate services firm exclusively focusing on Single and Multi-Tenant Net Lease Properties. The firm provides a full range of brokerage and advisory services nationwide to High Net worth Investors, Developers, REITs and Institutional Investment Funds. http://buynnnproperties.com Dwaine is also the host of Wealth Through Real Estate Investing and Small Business, Big Ideas Podcasts. He is also the author of three best selling real estate investing books. https://www.amazon.com/Dwaine-L-Clarke/e/B005GLEUKO — Follow Me Online Here: Instagram: https://www.instagram.com/dwainelclarke/ Facebook: https://www.facebook.com/DwaineClarkeOfficial LinkedIn: https://www.linkedin.com/in/dwaineclarke/ Website: http://passiveinvestorsclub.com Twitter: http://twitter.com/dwaineclarke Medium: http://medium.com/@dwaineclarke SoundCloud: https://soundcloud.com/dwaineclarke Podcast: https://podcasts.apple.com/us/podcast/wealth-through-real-estate-investing/id1457606006 Spotify: https://open.spotify.com/show/7B2wIQyiMgrcEJoqBUJzRR Subscribe to my weekly Newsletter for upcoming investment opportunities, exclusive content and giveaways here: http://www.jacksonclarkegroup.com/investors/

Click Here To Listen Full Episode of the Podcast   Ben Leybovich has been investing in multifamily residential real estate for over a decade. He has been a guest on numerous real estate related podcasts, including the BiggerPockets Podcast on episodes #14, #61, and #152. Ben was featured on the cover of REI Wealth Monthly and is a public speaker at events across the country. Ben is also the creator of Cash Flow Freedom University and the author of House Hacking.   Learn more about Ben at: www.JustAskBenWhy.com Sam Grooms has invested in hundreds of multifamily units passively, prior to Whitehaven Capital. He began his career at Deloitte, where he assisted public companies with their SEC filings. Same went on to manage the SEC reporting for Amkor, a $3 billion public company. Sam graduated summa cum laude from Arizona State University with a bachelor's and master's degree in Accounting, and is a Certified Public Accountant. Learn more about Sam at: www.WhiteHavenCapital.com   Some topics covered:   -What are Ben and Sam up to and currently working on? -How are Ben and Sam finding deals when everyone else is saying they can't? -Why did nobody else see the opportunity, including the broker, but Ben and Sam did? -The difference in the budgeting they used to create value -Why spending on renovations now, is protecting for the future? -Where Ben thinks deals DON'T exist -Finding value in deal vs. finding value in forced appreciation -What do they leave for the next buyer/cycle? -What is there model/business plan and do they see it changing -What does their buyer pool look like? -The value of having hands on experience -Think about what you can bring to the table -You don't find deals, you MAKE deals! -Ben and Sam's new podcast “Multifamily Syndication Unscripted” -Best way to reach: Sam- www.whitehavencapital.com Ben- www.justaskbenwhy.com   As always we thank you so much for your support. -------------------------- Find Financial Freedom through Investing in Apartment Buildings: https://lnkd.in/gmu8-BR  For Those Who Are Serious About Buying Large Multifamily: https://lnkd.in/g__DBpu  -------------------------- Subscribe To Us On YouTube: http://bit.ly/2ONsX56  Subscribe To Us on Libsyn: http://bit.ly/2JV7Xnc  Rate This on iTunes: https://apple.co/2Xp8cjU  See acast.com/privacy for privacy and opt-out information.

How do you get started in real estate with little money? On today’s show, Ben Leybovich chats about how was a necessity for him to use other people’s money (OPM) when he first started out, how to bring value to the sport of real estate and why he thinks most people shouldn’t get into real estate. Ben immigrated from Russia at a young age where he became passionate with music; the violin specifically. One day in grad school, he lost all motor functions in his hands and later was diagnosed with an illness that would rob him from his one true joy, playing the violin. Being that he couldn’t make a living in music now, Ben searched for new ways to make income. This led him to real estate where over the last 15 years, he’s built up a large portfolio of apartments. Today he lives in Phoenix where he syndicates large apartment communities. Use this episode as a guide to finally get off the sidelines and START chasing your real estate goals! SHOW SPONSOR - BUILDIUM: http://www.chadduval.com/buildium START FM'S INSTAGRAM: https://www.instagram.com/officialstartfm/ START FM'S SHOWNOTES: http://chadduval.com/blog/CHAD DUVAL'S INSTAGRAM: https://www.instagram.com/iamchadduval/ BEN LEYBOVICH’S EMAIL: ben@justaskbenwhy.comBEN LEYBOVICH’S WEBSITE: http://justaskbenwhy.com You can find the transcript of this episode HERE. Transcripts of all episodes can be found HERE.

In this episode Ben Leybovich and I discuss how to breakdown the different aspects of rental income. We cover what you should do to make sure you are predicting your property's income as accurately as possible and why it's so important to do so. How to Reach Ben: Website: http://www.justaskbenwhy.com/ Email: ben@justaskbenwhy.com Bigger Pockets:  https://www.biggerpockets.com/users/justaskbenwhy Thank you for taking the time to listen. If there is something I can do to help you or your business or you would like to introduce yourself, please get in touch: Web: http://longviewacquisitions.com  Email: dave.morgia@longviewacquisitions.com Instagram: https://www.instagram.com/longview_acquisitions/

The Achieve Wealth Podcast Host: James Guest: Ben Label Title : Underwriting Phoenix with Ben Leybovich   James:  Hey, welcome audience to Achieve Wealth Podcast. This is where we look at operators around the countries and learn from them. And I really appreciate you being here just because you have thousand and one things to do somewhere else. But listening to us or listening to me on this podcast gives me great pleasure to be with you all. So today I have a very nice guest and I would say a well-known guest in the bigger pockets and outside of bigger pockets community as well. Today we have Ben Label, which is from Phoenix; hey, Ben, thanks for coming.   Ben: How are you? It's a pleasure to be with you. I do a lot of these podcasts, but I have fun every time.   James: Yeah, that's awesome. Yeah, we want to go a bit more into detail, so I'm sure you've gone into a great line in other podcasts as well, but there are a few things that we look for. I mean, I'm an operator. We would like to go into a lot more details, into the numbers and the strategies and all that just because we want to learn and my audience want to learn and we listen to podcasts to learn, right? Because everybody's spending the time to listen to each one of those podcasts and there are thousands of those out there but I think it's important that we learn from each other. Right? So, Ben has been almost investing in multifamily residential real estate for over a decade and he has been on numerous times featured in Bigger Pockets Podcast. I've been following him since the very early days when I started in single family and I've learned a lot of things from Bigger Pockets.   He has been featured on like three different episodes in Bigger Pockets, he is also the creator of Cashflow of Freedom University and author of House Hacking. He and his partner, Sam Grooms, has been a buying deals in Phoenix market. I think they close on 98 units and recently you close on 130 units, is that right? Ben: 117, it's 117, last week we purchased.   James: 117. Okay. So why don't you tell us about yourself to our audience on aspects that I've missed out about introducing you?   Ben: Well, thank you again for inviting me, I appreciate it; I like doing these things. Who doesn't like to talk about themselves, especially when you were so good-looking like me and I guess most often do, it's fantastic, right? Sam is like, not showing up for this, he knows how it's going to go. I don't know, my story has been very kind of public, through Bigger Pockets and elsewhere. Folks, you know, my website, justaskBenwhy.com, my stories are all over that website.   I basically was informed that I have a medical condition called multiple sclerosis when I was in college. I'm a professional fiddle player, but I wasn't able to do that because it's kind of hard to do that when your hands don't work like they're supposed to. So it was a kind of a long path toward discovering some way of making money that wasn't reliant upon my physiology to the extent that music would have been. And I kind of,  through zigging and zagging through this rationale, I ended up eventually in real estate. I bought a few single families first, figured out that I didn't like it, went onto small multifamily, syndicate larger apartments today, with my partner Sam Grooms in Phoenix. And that's kind of my story.   James: Yeah. Hey, thanks Ben. So I remember you, were in Ohio and you moved to Phoenix, what is the reason for that transition?   Ben: Well, there are many reasons. Like everything in life, I think there are synergies that need to take place in order for things to really work and gel and work properly. For one thing, I'm 43 years old, I was 40 years old at the time we relocated. My mentor, who is no longer with me, once upon a time told me, whatever you're going to do, do it by the age of 40. If you don't do it by the age of 40, you're not going to do it in your life. It's a lot easier to keep the ball rolling that's already going than it is to start the ball rolling at the age of 40, midlife basically.   So that was one kind of driving force is that I felt like Ohio wasn't the place where I want it to be but you know, the driving force for that timing happening the way that it did was really, I was cognizant of my age and I just wanted to offer myself and my family a good opportunity, [05:42inaudible] start in a better world. That's one thing.   The second thing is I wanted better weather, I wanted blue skies, palm trees; I wanted low property taxes, I wanted a good business environment, I wanted a lot of growth. If I never see snow in my life is going to be too soon, I'm completely done with snow. I wanted educational opportunities for my children that I simply wasn't able to attain where we were in Ohio. All of those things, just kind of synergize together and we moved so far, everything's working out absolutely beautifully. My kids are having fabulous educational opportunities and my wife has been a very successful Real estate agent; she makes a lot of money. I am syndicating buildings that it's not something I could do in Ohio just because I wouldn't allow myself when we talk about the underwriting, we can touch on why I wouldn't do it in Ohio or Midwest in general. And then, my job as a function of sitting down by my pool and working my way through some spreadsheets and making some offers and my life is a beautiful thing right now. So that's how and why we ended up in Phoenix.   James: Yeah. Let's talk about markets in a short while. So once you moved to Phoenix, I think you met Sam here and you guys started a partnership, right? So my first question is, why do you want to partner up? And second is, how did you choose the partner or how did you choose Sam and what are the skills that you guys see that was complimenting?   Ben: Sure. Well, first of all, the reason I wanted to be in Phoenix is because I want to be in a growth market. We buy only in Phoenix because it is a very, very serious growth market and I happen to be very bullish on it and see quite a bit of runway still. Now, for instance, we took a look at Texas because Texas, everybody likes Texas, but Texas was a market that started recovering like 12 years ago so it is a very seasoned recovery at this point. There are other places, Phoenix among them that is a younger cycle still. So I feel because of that and a lot of other, be it income growth, rent growth, occupancies, a lot of other metrics are just looking better to me in Phoenix than in a lot of other markets so that's why in Phoenix.   The way we met is I was putting a deal together that didn't materialize, it fell apart, but Sam was going to be one of the investors as a limited partner in that deal. It was also a red D and after the fact, after the thing fell apart. Well, actually before the thing fell apart, he called my attention to the fact that I had a mistake in my underwriting. It wasn't a very serious mistake, but it was an oversight on my part and like nobody finds mistakes in my underwriting. So I'm like, who the hell is this guy and how is it that you know? So I started looking into him and the thing about him was he took the offering memorandum and he milked the spreadsheets to reverse engineer my offering memorandum and he found an inconsistency that I had missed. And I was just like, wow! So we had lunch and when that deal didn't materialize, the two of us just kind of got together.   He's a CPA with SCC reporting background, so he obviously has a lot of strengths that are complementary and scalable, complementary to mine. He didn't have operational experience, but he had a lot of bookkeeping and accounting and paperwork wise, corporate level, institutional level experience. And he's obviously a very strong underwriter because spreadsheets are like his bloodline. So that worked and that's why it worked. And the main reason that works, because I like him a lot and I trust him. I don't have to worry about him stabbing you in the back. I would be amazed that ever happened and I don't believe it, he's just a good person. So that's how that worked and that's why we're in Phoenix, kind of the high level, tips of the trees; we like the market and that's why we're together because we have a very complimentary skill set. James: Good. Good. So let's go down into a little more details into the deals that you guys do. So you have told me why Phoenix. So at a high level, Phoenix did go through a huge upswing and the downswing when on the previous market cycle of market correction in 2008, so aren't you worried about that? [10:41inaudible] I think you froze.   Ben: Yeah, we froze up a little.   James: Okay, go ahead. Yeah, I can edit that out. So did you hear my question?   Ben:  You're freezing up again. Yeah.   James: Okay. So nothing now it's good. So my question is, Phoenix did go through a huge downturn, it was a huge swing in 2008 so aren't you worried about Phoenix going through that again?   Ben: You're freezing up, James. Breaking up real bad.   James:  I'm not sure what's happening. Is it good?   Ben: It's good now.   James: Okay. Let's see.   Ben: No, freezing up again.  Wow!   James: Really?   Ben: Okay, you're back now.  Okay, let's try it again.   James: So let's go into the details of the market. Phoenix went through a huge downturn during the last 2008 crash, the real estate and the economy crashed so aren't you worried about that?   Ben: No because Phoenix today is a different market from Phoenix 10 years ago. So Phoenix 10 years ago was very heavily reliant on construction. A lot of the GDP in the state and Phoenix, in particular, was all about construction. Construction is like 10% of our economy today. We have a very diversified economy, meaning; tech, banking, health-care are the three kinds of big industries, they're very well diversified. So additionally, the population growth that we experienced in Phoenix prior to the last cycle was all driven by a snowbird housing. There was a lot of housing being built for people from the Midwest, from Canada. Well, what happens when the economy crashes is these people lose nothing but just dropping the bag and making themselves scarce so we had a lot of foreclosures because of that. The dynamics are completely different now because of the population growth, while we still have people coming in, snowbirds, but we have a lot more true retirement. So this isn't a second home, it's actually the first home for a lot of people that are relocating here. We also still have snowbirds, but by and large, our population growth is driven by economic growth. We're located in a place where you have California over here, Texas over there and Mexico over here, top 20 economies in the world and we're within a day's drive so it's a good place to be in terms of commerce and trade and all of that. And then there are little things like, listen, 20 years ago the HVAC units couldn't even keep up with 115-degree weather and today it's just really a non-issue at all can so life in Phoenix has become more comfortable.   The infrastructure is very new because the whole place is new. The property taxes are extremely low as compared to the Midwest or Texas. The regulatory environment is very friendly to business and as California experiences what it experiences, we are certainly benefiting with x coming out of California and we are one of the places that they're going, Seattle being another one, Texas being another one, but they're definitely coming here. So the economy is very much more diversified than it was prior to the last crash. So that's kind of the big picture view of why would answer no, I'm not, I mean, I'm always concerned. People ask me, what are you afraid of? I'm afraid of everything but you have to be logical about how you kind of respond to things and look at facts. And the facts are that nationwide, last I read, average apartment rent stands at $1,470 per month; in Phoenix, we're at 1070. Maricopa county, which encompasses all of Phoenix and surrounding MSA is the number one growth county in the entire country.   Phoenix is the number two growth city in the entire country. We now have a population of 5 million so we're number five largest city in the country. And with the proper regulatory environment, the low taxes on property, all of those things, insurance costs are lower because we don't have hurricanes, we don't have fires, we don't have all the nonsense right? We don't have the freezing pipes in the middle of the winter, we don't have any of that stuff so there's a lot of positives. So the question people are asking is, hey, here's this growth market. Our rent growth in 2018 clipped at 8.2 %.   James: Wow! That's huge.   Ben: Well that's because we're 1070 and nationwide, you're at 1470. There's a 25% delta in the highest growth market in the country so you are asking yourself, why? Basically, you're saying, why would an average rent in like Cincinnati, Ohio cost more than it does in Phoenix, which has the good weather, all the growth and all of the income growth and all of the job growth and everything and the population growth? So that's why the investors are asking themselves, can Phoenix organically catch up to the national averages? Like forget surpassing the average, can we catch up to the national?   And if you say yes, it's because you see what's happening economically. If you say yes, then if you deploy your capital at five cap and you just sit on it until that process kind of happens on your basis, you're at six and a half gap three or four years later without having to do any value-ads. So this is why the cap rates are so compressed in Phoenix is because people are just making a play on the fact that Phoenix has undervalued. For the type of economic prowess that is currently taking place in Phoenix, it's just undervalued; rents are undervalued, property is expensive relative to the rents. But if you consider the prospects of rents going up, if you look at Marcus and Millichap, they're predicting this year at 6.2%; if you look at Colliers, they are over 7% so again, depending on who you look at. I think we're going to be closer to 7% just because we have such delta and because of what I am personally experiencing in this environment.   We just have a lot of upside, the ceiling is very high. Juxtapose this against Austin, which is stalling out at this point, it is a very seasoned market. The rent growth is stalling out, the vacancies are taking up, so now it's Texas, so can it continue being Texas for the next five years? For all I know, yes, but given the choice to be in a younger cycle such as Phoenix or to be in a seasoned cycle, but in a very strong location, historically that's proven itself, I don't know, that's where people kind of make their bed, I guess and make their beds. I like Phoenix, I'm bullish on Phoenix and I'm not even looking to any place else because if you can be in Phoenix, why would you look at anything else?   James: Yeah, that's exactly my point as well. I'm in Texas and I'd rather invest in my backyard even though it's competitive over here. But in your backyard, you have a lot of control. You can go and drive by and see it compared to somewhere else. I mean, real estate is so localized, it's important for you to know your own back yard. So coming back to the sub-market, how do you choose the sub-market, is there a specific preferring for sub-market compared to the deals itself?   Ben: I don't really worry about sub-markets because I don't buy buildings, I buy stories. So if there's a good story for a specific building, because all it is is that you are looking for a delta, the money is always in the delta. So if you can purchase the building here, but the story suggests that the building,  the future valuation is going to be recognized here, then that's the delta I am paying for, that's what I'm buying. I'm not actually buying the cash flow, I'm not a cash flow investor when I syndicate these things. Cash-flow is there as a pathway to generating wealth and generating equity but that's it. There are not cash flow investments because you can't drive the IRR on cash flow, it's discounted too much over time and you need the appreciation. The appreciation is in Delta and the delta is in the story.   So we bought a Kenyan 35 and that's half a mile away from a university, a Grand Canyon University that grew from 2000 students to 20,000 students in 10 years. Received public status Accreditation, is investing $1 billion into their campus, gentrifying everything around them, of course, as usually happens with the universities when they grow and they're going to be at 30,000 students within next five years. So I'm buying a building half a mile away, that's my story there. I buy another one over here that is in the middle of a huge redevelopment and rejuvenation by the city. The city is deploying a lot of capital. There's a lot of class A infrastructure coming in, both in terms of retail and office space and everything else. So I buy this class C building, it's surrounded by all this class A stuff. It's uniquely positioned to be able to compete with class A on finishing textures when I'm done remodeling, but at a much lower basis. So my rents don't have to be anywhere near where the class A rents are and so, it's a story, it's always a story.   What is happening economically that is going to give my building desirability that is uncommon at the basis that I will be at. So the sub-market itself doesn't really, I mean, yeah, I guess there are places you wouldn't want to go, but we wouldn't look in those places because nothing is happening in those places. The whole point of where we want to buy buildings is because things, good things are happening in that location, that's why we want to buy a building there, especially in this season cycle.   James: Yeah. So what you're saying is there are places that you wouldn't even look at it, right? It's basically a sniff test. Yeah, this area, I'm not looking at it.   Ben: Well, there's area and there's a building. I mean, I get these emails, 100 a week and the vast majority of them go into the trash before they're even opened. And of those open, vast majority go into the trash and that's got to do with age, quality, construction features because you can put lipstick on a pig, it's still a pig. You can put a gold plated toilette in a pig, it's still a pig. Because of what it is, where it is, it's gonna attract the audience that it's going to attract, there's nothing you can do with it and I don't want those buildings like that.   I want the building, which inherently the bones of it are just something that's not coming through in a recognizable way, shape, and form for the marketplace. But if I put some money and energy into this asset, I can bring back what it already is. I'm not trying to take a pig and make it into a unicorn. I'm trying to make a unicorn that's been completely messed up and it looks like a pig, but it's a unicorn, it's not a pig. I just have to re-sculpt it, redo it, I have to clean it up, improve and then the market will see it for what it is, which is a unicorn. That's what I want and that's a function of both location and the asset itself.   James: Yeah, I mean, so I think what you're describing is what I would describe as building upside. So I look for deals where I know today I can go and just improve on it; either by capital or reducing expenses and just realize that upside that has been hidden inside that building and that's a lot of it in multifamily, right? And it just you're to find that kind of deals. It's hard to find that kind of deal, but that is the real deal, right? Compared to buy [24:23inaudible]    Ben: Right. Then it's a needle in a haystack. In fact, I mean, if you are not doubling, almost practically doubling your NOI in the first three years, you are not buying the right kind of building because that's what it takes in my experience is almost doubling the NOI in three years.   James: Yup. So let's go to underwriting. So where are you getting your deals, are you getting from brokers?   Ben: Brokers; they're off-market but they're brought to me by brokers. James:  So why do they come to you?   Ben: Because I close.   James:  Okay. No, there must be, I mean brokers do a lot of off-market but they look for qualified buyers, right? So especially people who have done deals with them so maybe...   Ben: Right, so that's why, and I mean, even if I didn't do a deal with this broker---I don't know, I don't want to drop names because I don't want to but the national brokers, one of them reached out to me yesterday because even before we closed last week on the last one, somehow everybody already knows that we're going to close on it. And so these guys started coming out of the woodwork. Well, this schmuck emails me, he calls me twice in a row, he says, Oh yeah, I got an off-market property for you. I said, okay, go ahead and email me the nondisclosure agreement, I will sign it and email me the stuff. Well, he emails this property to me; well another broker already showed it to me two months ago, not requiring any kind of nondisclosure.   It was a pig; it was the very thing that we're describing, the 'don't do'. It's the wrong shape, it's the wrong footprint, it's the wrong mechanical layout, it's the wrong age, it's the wrong location; It's the wrong everything. And these guys call you and they say, well, you know, you can get it for 75 per door. While I'm like, I would rather pay a hundred a door but get quality, that's going to be worth 180 when I'm done with it, rather than paying 75 per door because whatever money I put into it, it's still going to be worth 75,000 per door when I'm done because the market has decided this is a pig. It's worth 75 per door, that's it. There's nothing you're going to do to move that hurdle and so you get a lot of that.   But you also get some serious brokers. Like the biggest brokers in Phoenix is not national brokers, they are local, but they're the biggest by volume. They do the most deals in the apartment space and those guys bring me deals, they're deals, and they're not the only ones, other people do as well. We've tried to go after some deals with other brokers, we came really close. We weren't able to, for one reason or another, to execute those deals, somebody else got it or whatever. But sometimes brokers have deals and they're off-market deals. The question of, what's it gonna take to get those deals? I just don't have an answer. It's all about relationships and I'm going to have to convince somebody that you are worth having a conversation with and that you have a good chance of executing. Obviously, it gets easier immediately after the first deal closes, immediately.   James:  Just because of the credibility.  Let's say today a broker sends you an OM, right? So some random broker and he said it's a deal and you know it's not a pick, right? So, you know there's something more I need to do my secondary inspection here or my secondary underwriting here, right? So how would you go about underwriting the deal? Ben: Well, the first and most important thing in the underwriting process is to place after renovated rents because if you mess that up, everything else just doesn't matter. Where most of the money is, is knowing down to the dollar and the cents where those rents are going to be after you are done fixing the community and fixing the unit. So that's the first thing I do is like if it's well located, it's the correct year, it's the correct HVAC, it's the correct roof, it's the correct XYZ, which I can tell just by looking at this thing, it's in the correct sub-market, where I know I would want to be, the next step in the process is just to put it through the underwriting that begins with placing rent, understanding what the rents are going to be.   James: So how do you place rents? I mean, how do you do the rent comps?   Ben: So, for me, if a broker is sending me something like this, what is accompanying it is some kind of Yardi report or metrics or something; some kind of report on the sub-market, which is going to give me the comps. Now those reports aren't correct, they're probably within 20% margin correct. We are looking in the market that's trending seven, 8% per year, obviously, those metrics will be off. First of all, I know what the rents are in Phoenix, MSA for the class of asset I want to buy in, in the kind of location I want to buy in. To validate myself, I then look at that report. Now, the underwriting, for the most part, is an automated process because we kind of know what the OPEX is. There's really very little magic to how much it costs to run these buildings.   There are a lot of reports that study and track by the state, by the locality, by the city, what the operating costs are running and so we underwrite to the averages and we have our own trailing numbers, which we use in the underwriting. So we do massage those for every deal, depending on the size and the complexity of the mechanical and things like that. The R&M is going to vary and certain services are going to be required here they're not required there, contract services, things like that. But by and large, I know that on the operating side, I'm going to be somewhere between $4,200 per door and $4,600 per door. $4,600 per door is on a smaller asset, maybe 100, maybe 95; $4,200 per door is 120, 140 is going to tick up because now I need more payroll. And so you know what those dynamics look like. We can kind of, we're both, Sam and I, are starting with numbers filled in because we know where those ranges are and this is just for the first path, right? First time through. Now, if the first time through, I mean, like it takes me about...   James: Let me quickly interrupt you. So how many percents of operational income is that? [32:06 crosstalk] do you look at percentages as well?   Ben: Yeah, that's the beauty of Phoenix. You're talking about being under 40% on a stabilized basis.   James: Under 40? That's really good.   Ben: Between 35 and 40%. Well, this is the thing about Phoenix. I have to tell you; like I studied the operating costs all over the nation, I will tell you that in Texas it's over $6,000 per door because the property taxes are so high. In Cincinnati, Ohio, it's over $6,000 per door. Over there, it's for a different reason; it's all hilly, the buildings are all older, there are boilers involved, there are flat roofs involved, pipes freeze all the time and building sit at the bottom of where water flows and you just got RNM and contract nightmare.   In Phoenix, because property taxes are so low because the insurance is so low and because frankly a lot of things are easier in Phoenix because of the weather, it never snows, such things, the operating costs, If you look at the national reports that indicate per city, you will see that Phoenix is in the mid $4,000 per door. Now, as a relationship to the rent though, that's very low because even though Phoenix is lower than the national average, still when you're running at $4,500 plus or minus like we just purchased last week. So my underwriting for that asset is right around 45 $4,600 per door on the OPEX. But dude, we're running, let me calculate, we're running, which is 98 units at about $34,000 per month.   James: That's awesome.   Ben: $4,000 per month divided by 98 times 12. Yeah, 4163, under $4,200 per door, that's OPEX. Now obviously you're going to have cap acts that you are exchanging blinds fixed. It's not part of the scope is just part of the turn on each unit. But with my underwriting, 4,600, I really don't think we're going to need it. In fact, we can run a 117 unit on the same payroll that we run 98 unit. So theoretically that OPEX number, it should be closer to 4,000. So in terms of relationship to the top line, you've got very, very pleasant circumstance in Phoenix that you can't achieve in a lot of other places.   James: Yeah, I think your rent is high compared to the Texas market. I mean, forget about Austin, Austin is a different market, right? But if I look at my San Antonio deals, usually my expenses are 4,500 4,600 but my rents are also lower so I end up my expense ratios like almost 50%. But what you're describing to me in Phoenix, looks like mobile home parks expense ratio because I know there are mobile home parks expense ratios like around 35 to 40%. So if you can run at 40% that's a really good market because your income is high and your expenses are low.   Ben: I'm going to look at it right now.   James: Okay. That's really good numbers in terms of percentage relationship.   Ben: Yeah. So in the first year, I'm projecting 49%; second year, 39%; in the third year, 35%; and then it ticks up a little bit because I'm using a little more O&M as my remodel gets seasoned and it gets older, a little more money for turns, a little more money for O&M and those kinds of things. So, but yeah, we're staying underneath 40%.   James: That's very interesting. So is that what you're consistently seeing even on the broker O&Ms? Ben: The broker O&Ms are going to be even lower. The broker O&Ms on deals like this, come with like $3,900 of operating costs; 38, 39, which is unrealistic. If you go to the bank, trying to get financing on that, it's not possible. So for the bankers, you have to show underwriting in the mid four thousand, you just do. But I have to say that in Texas if you are showing 45, $4,600 per door, that's really good. [36:47inaudible] a lot higher than that.   James: Yeah. We have our own operation, we want to be integrated so we are able to run it much leaner.  And the question I have for you on the property taxes, how do you [37:05inaudible] property taxes in Phoenix? I mean do you have the same or do you increase a bait? Because I know in Texas   Ben: In Phoenix, there are regulations in place that were passed about three, four years ago. Whereby the municipality is not allowed to raise property taxes any more than 5% per year, this applies to the assessed value and the actual tax bill so it's regulation on the books. So the tax on the writing and Phoenix is the simplest thing ever because you don't have to guess, you don't have to take a basket of properties, you have to do nothing. You know you're not going to go up any more than 5% so in my underwriting I use 5% a year, which is the worst case scenario done. Now there are caveats if you are going to put another building on the property and trigger reassessment, that triggers all kinds of circus; we don't do that. I won't buy anything that requires me to move exterior walls, to do that kind of stuff.   James: So what are you saying is even though the property has changed, hand the maximum they can do is 5%, wow! It's awesome.   Ben: And this is what I'm telling you about the regulatory environment being conducive to doing business. They don't change the chase sales. And everybody says in Texas, oh, just buy the LLC, they will never know what you pay. They're not stupid, they're going to look at the loan. They're going to apply the LTV in reverse, they're gonna get what you paid and they're going to assess your taxes up to Wazoo. I mean, the glutens up there, it's laughable, it's hilarious. And Texas has always scared me because of that because I can't underwrite taxes. The same is true in the Midwest, the Indianapolis. I remember I'd paid an attorney, we were looking at a deal in Indianapolis. Well listen, it has in place property taxes of about $60,000 but if I were to follow the letter of the law, I was getting three times that much. Which obviously is going to penalize the building and obviously the broker wasn't showing that much increase.   So I paid an attorney to speak to an attorney. Even they can't tell you because yeah, they're not chasing sales, but they are going to take a basket of properties, like properties and like location, they're going to kind of synergize all of that data and they're going to increase everybody by the same amount. But who knows what kind of basket of properties it is, which properties make it into the basket, when were they sold? So the only thing you can do there is looking at trailing billings and back into the probable increases. But it's not scientific, over here, no more than 5%, boom. And so far that's exactly what has been 5% per year. James: That's awesome. I mean in Texas is just so crazy in terms of property taxes. You do not know what to underwrite. So I always underwrite to a hundred percent increase, just to be safe in terms of underwriting but it's also a problem because you can buy a deal, which is like 24 years, not changed hand and now you're at a hundred percent, which can be huge. And it's mismanaged expectations between buyer and seller because the seller is going to say, hey, this is what I'm running and buyer's going to say I've done completely different and it's just hard to do business, but that's very interesting on how they do it in Phoenix. So how do you underwrite like miscellaneous income in terms of after you take over?   Ben:  Well, the next step in the process. So once we put it through the underwriting and it looks good, Sam and I drive out to the property. We'll look at the property, we like it, we go home, we really dial in our underwriting; what do we think the rents are going to be? What do we think the expenses are going to be? If it still looks like it's a deal, the next thing that happens is we send it over to our property management company with 20,000 units under management and obviously all kinds of access to all kinds of trailing data that we don't have. So the ultimate decision on where the rents are going to be, where the OPEX is going to be, all old form of it that ultimately is all approved or okayed by them or adjusted whichever way they see fit.   The rubs, the utility income is a very simple proposition. I mean, I underwrite 90% recovery and sometimes we can do better, but I underwrite 90% recovery. Whether you do it, whatever methodology you use, a third-party or Rubs or whatever, RPM likes to use third party, but because of legal absolve, so to speak, they like to offset the risk in that way. And as of late, past few years, regulatorily, it has become more and more difficult but I shoot for 90% recovery of the properties, utility bills, and other income is just purely specific to the property. What I'll tell you on the other income is that when we're taking, I have to back into that conversation a little bit.   What different about Phoenix than it is about most other places including Texas, value-add means something very different here. Usually, when we do value-add, we're looking for a mismanaged department [quote-unquote]. Well, mismanaged usually manifest itself in vacancy. So a big part of our value-add is to put proper management infrastructure in place and to capitalize on that vacancy and to bring it from 12% 14% to 6% which is, according to the market, that's where you supposed to be, right? So you do what you gotta do to fill those units. The issue with Phoenix is that they can see, pretty well doesn't exist. It's such a high growth market and there's such a lack of demand of 800 to $1,000 units; there's just such a lag because you can't afford to build it. So there's such a lack of that demand that that asset class is basically full. Even like the most poorly run properties are operating at full occupancy.   James: So you're saying lack of supply, not lack of demand.   Ben: Yes, lack of supply, I'm sorry. There's a lack of demand and there's a lack of population growth, but there's a lack of supply. Specifically in that price 800 to 1200, because the basis of building it, will fall at $200-225 a square foot, you got to get higher rents than that. And so, for the huge section of the population that needs those 800 to 1200 rents, there is a lack of supply on that. So what is value-add? Well, value-add is $300 per door in this case. Well, let me walk you backward; we just closed on 117 units. The physical vacancy on an annualized basis in that sub-market is 2.6%. Now, can I underwrite that? No, I have to underwrite 6% plus economic vacancy.   But just speaking about the physical vacancy, I have to underwrite 6%. I am penalizing my underwrite because the seller is operating at 2.4. When we took over, there was zero vacancy. There's one down unit and zero vacancy.   James: What about the economy occupancy, how much do you underwrite that?   Ben:  I underwrite economic occupancy, 9%. Somewhere between nine and 10 but on this deal, I did 9% and so five to six of it is physical vacancy and three to four of it is, the rest of the economic vacancy. But what I'm saying is that if the building is operating at zero vacancy and the sub-market is operating a 2.6% vacancy and I am underwriting 6% vacancy, I am penalizing my underwriting 3.4% so I need the first amount of value-add just to compensate that so I can break even. And then I need a whole bunch more value-add so I can actually create the delta so we can create enough profit margin for the IRR to work. So what this ends up looking like as value-add in Phoenix is $300 per door.   James: How did you come up with $300 a door?   Ben: It's just what it takes, in order for me to back into the IRR to the partners that is going to be attractive for people to invest. What it seems to me, I need, and it seems to be across the board for every deal that we do, what it's requiring is $300 per door value-add. So we're buying these deals that have, talk about a unicorn, $300 per door on value-add; only because we don't have a vacancy.   In most places, like if you have physical vacancy of 10% that you can fill, then maybe you just throw some lipstick on the pig and make another $75 a door, paint the cabinets, do some resurface countertops, do something like that, get another $75 of value-add and you are good; your IRR works because there was vacancy in place that you are able to fill. We don't have any vacancy so we actually have to do the heavy lifting to recapture the loss to lease and to get the renovation bump and cumulatively what it's taking us is $300 per door. Anything less than that and we can't get the margins that we need.   James: So my understanding when you talk about $300 a door, I mean when I underwrite my deals, the $300 a door is basically just the rent but you are saying the $300...?   Ben: No, it's cumulative between LTL so about 175 of it. The reason the occupancies are zero is that obviously, the rents are too low.   James: Okay, got it.   Ben: You should never have zero occupancy. If you are staying with the market and you're pushing your rent, you should never have zero occupancy. So the fact that the occupancy is zero is because the rents are too low so on day one, we're walking in and we're raising rents at 150 to $175 on the renewals and the rest of it is a bump due to the renovation so cumulatively.   James: Okay, got it.   Ben: So you have their stated rent, then you have their actual rent roll, which there's a bunch of loss to lease between the rent roll that they're actually getting and their stated rent. Now we're coming in, we're saying no, no, our classic rent is going to be this right here. So now we're going from their LTL all the way to our classic brand. And then on top of it, we're saying, but after we remodel, there is another piece of it that gets tacked onto the end. Cumulatively, that entire process in Phoenix, MSA in Class C value-add property, in my experience, $300 per door plus or minus is what's required.   James: That's awesome. And what is the total IRR that you look at for?   Ben: I look to deliver to partners, something in the mid 14 to 15 if I hit 14% IRR on a 10 year hold and I always underwrite 10-year hold, I don't want to sit there for 10 years but especially because we're late in the cycle, I underwrite a 10 year hold. So on a five-year hold, it ends up somewhere around 17, 17 plus. And of course, if we can exit sooner, then those numbers get [49:52crosstalk]   James: So let's talk about once you close on the property, right? So yeah, you underwrite everything on the paper and it all looks good so now you close on the property, right? So now you have a task of pushing up that rent. So how do you go about pushing up that rent?   Ben: So I don't do it, my PM does it.   James: But you're going to hold the strategy to it, right? I mean, are you going to tell them how to write it?   Ben: Correct. So we had a meeting on the day after we closed at the property. We had a meeting, the meeting was the property manager that's on site, the regional and Sam and myself. And what we discussed is that because, in the next three months, there are only about three or four leases coming up for renewal each month on 117 unit property. Right now we don't have a classic rent. As leases come up, you can either stay in the unit as is and pay us our renovated pricing, but you're welcome to leave. And then we'll renovate the unit and somebody else will move in and pay the renovated pricing because the business plan calls for rent, so much renovated pricing to be entering to payroll each and every month. So because we don't have enough vacancy coming up, we're basically not renewing leases and we're not putting any in place. I mean, it's unreasonable to ask people to pay the rent as if the apartment has stainless steel and granite but I don't care if they leave, they're entitled to leave and they should leave. The fact of it is, is that they're probably not gonna find anything better to go anyhow. At the end of the day, as long as I'm getting the rent, I don't care if I remodeled it or not because as long as I'm getting my rent projections, I'm in good shape. But I am prepared for a certain number of people to be, I don't want to say forced out, but they're welcome to stay as long as they pay our rent.   James: Yeah. So you're renting is like 300 so there are two components to it. One is just a loss to lease even without renovation. And on top of it, there's a renovated you need so you can do two ways, right? One is you can just not renovate and just go halfway up there. But I think what you're saying is you write a business plan calling it.   Ben: We don't want to do that for one very specific reason. This has been the model over the past five years. The model is $4,500 of renovation buys you painted cabinets, refaced cabinets, resurface countertops, maybe upgraded appliances, not stainless steel, maybe black, some fixtures, some flooring, and some paint. That's what $4,500 buys you. We're spending $7,500 per door and that gets us, granite, it gets us 100 hung sinks, It gets us stainless steel appliances, it gets us nicer flooring, paint all the rest of that. So the reason we're doing that is not so much that we couldn't make our numbers work, it's driven by the cycle. We are late in the cycle and when the cycle changes, I want to have the best product in the sub-market at that price point.   When everybody starts taking on 'loss to lease' when everybody starts taking on concessions when everybody starts the race to the bottom, my thing is I'm paying for my staying power at that point, but I'm paying for it now, I'm doing the Rehab now. So we're accomplishing two things with that; number one obviously we're repositioning the property, we're repositioning the tenant base, we're creating a more manageable situation. And number two, the product that we ended up with three years down the road has a lot more staying power then another kind of product that wasn't as renovated.   James: Especially if you're going to fork out that much of money right now and make the deal work, you can always invest in that product right now as well.   Ben:  So these are syndicated deals so we collect the money up front. There's nothing worse than coming to your partners and saying, hey, we need $1,000 more. So we collect all the money up front and we deploy it right away and we re-positioned the property right away and 18 months down the road, we arrive at a situation where we start having an exit. Now our buyer may look very different 18 months down the road from the buyer three years from the buyer five years from the buyer seven years down the road. But we have a compelling story to tell at that point in time. We start working on that story right away, on day one. But yes, our renovations are good renovations; we replaced the cabinets, they're getting new kitchens, they're getting new bathrooms. These are seriously upgraded units when we're done with them. The pricing is phenomenal; we're getting stuff done for 7,500, $8,000 on the interior that other people are complaining costing them $13,000 to do and they're not wrong. It's one of the benefits of having a PM with 20,000 units on her mat and there's a pricing power that comes with that both in terms of subcontracting and in terms of materials, how they source their materials. We could work our IRR having deployed half the funds, just get lower rents but for less money, we could work it.  Then there's just the other piece of it, which is that three years from now when the market does cycle, potentially, what do I want to own at that point?   James:  You want to one of the best product   Ben: I want to own the best quality that people can buy for that amount of money.   James: Got It. Got It. So what do you do, I mean, we have a few more minutes to go, very quickly; what do you do in terms of asset management? Are there any systems that you put in to manage the assets?   Ben: Yes, we use IMS.   James: The IMS is on the investor side, I'm talking more about the property side. I'm looking at property performance.   Ben: They use Yardi. The PM uses Yardi and then we get reporting weekly from on site in terms of, it'll have things like to date collections, it'll have vacancies, it'll have remodeling information, like how many units were remodeled, how many units of pre-leased, how many units are leased, all that stuff. Vacancy; it'll have delinquency, it'll have a promise to pay all of that stuff. So it's a one-page report that kind of gives us a bird's eye view in the whole thing. And then once a month, at the end of the month, we get a packet this thick. I mean, I've never tried to print it off, but I'm sure it'd be this thick, from the PM and that includes everything; everything, trailing, everything.   James: Yeah. So one question that I ask all of my podcast guests is, what is the most valuable value-add that you see in your experience?   Ben: I think the finishing textures inside of the units. I think that people are willing to forgive you. And you know, we do things like upgrade laundry, little rooms we build out. We don't build a separate building, but like if our laundry room is this big and it only needs to be this big, we're going to put a wall here and make a gym over here and add and the laundry room over here, things like that we do. But people are willing to forgive you so much if you create an interior that looks good and functions well. I mean, I don't care what you do on the exterior, if the inside of the unit is not great, it's just going to be difficult to drive rents. Now, once the inside of the unit is great, there's a bunch of other things you need; you can't have an ugly looking laundry room, you can't have no amenities, you can't have a shitty looking office, it's a complete packaging thing.   But I don't know, I mean, I guess my perspective is different on it. I don't nickel and dime my renovations because I'll never get the rents because of what we talked about. I don't want a hodgepodge unit, like painted cabinets that are 30 years old and resurface countertops. I just don't want to be left standing holding that bag if I have to be in this property for another five or seven years, for example, I don't want to be holding that bag for that long. So I've never really gone through and said, okay, how much is the countertop worth? How much are new cabinets worth? Because we're doing all of it. I have my scope, I know what's included. And at this point is just the easiest thing because we dialed it in, we know where everything is coming from. The PM just orders everything, we know how much it costs. If this kitchen is a little bit bigger, it's got one more extra cabinet, well, pricing goes up by $135. It's not difficult at this point to know what the remodel is going to cost.   James: Yeah. So you primarily focus on all of it inside the interiors?   Ben: Yeah.   James: So a lot of people are trying to start in multifamily nowadays. I mean, multifamily is a buzzword right now, right? I mean, the economy is doing very well, everything is so good. What would you advise to a Newbie who's trying to get started in multifamily? That's a long sigh.   Ben: I don't know because the economy's doing really well, that means the competition is very stiff. The thing is, you really got to know what you're doing it, this isn't a good time for newbies because the economy is doing very well and it'll probably continue doing well at some point and they'll go down and it won't do so well. And the decisions you make today could hurt you tomorrow and if you are just starting out and you are a Newbie and you're looking at, I can't imagine how you do large multifamily and you haven't bought some four-plexes before and some six-plexes, having to internalized all that stuff, you're better off just investing money in somebody else's deal, honestly, I feel at this point, because the stakes are too high. I am buying at four and a half gap, you can't make money at four and a half cap, you can only lose money at four and a half cap, which is why I buy a needle in a haystack; a very specific asset. If you are a Newbie, what the hell do you know to be able to do anything of what I do?   James: Correct. Right. That's so many details in renovation, finding deals, underwriting deals so many skills involved, right? It's not like anybody can jump in and do it right now.   Ben: Which is why we have this conversation, which it should be attractive to more seasoned people, to people like us, people that already have that ball rolling and they're maybe trying to break out to the next level. So if you're talking to me about newbies, this isn't a conversation they should even listen to because half of it they will not understand.   James: They wouldn't understand. You have to do it to really appreciate it. At least you should have flipped one property. [1:02:17 crosstalk]   Ben: Listen, underwriting is expressing with numbers, a behavior of people and the interaction of people and property, that's all it is. If you've never dealt with a tenant once in your life, how do you know what those dynamics even look like?   James:  Correct. I've seen a lot of newbies right now immediately, they're buying 100 units, 200 units. I mean, yeah, the market is so good right now, you're relying on property management, there's a lot of wind on your back. Right? The appreciation itself carries you up, but that's not going to be happening all the time. Everybody is a champion of bull market. So yeah, we started in the single-family, we did so many single families. We learned through the hard way when contractor management, it's a skill by itself, right? The whole timeline management. So that's really good advice, Ben. And is there any other things that you want to share to our audience that you have never shared in any other podcasts?   Ben: Yes, I think I shared everything about me in every other podcast, I want my own podcast to share the rest of it. And I'm not sure what the hell I'm going to talk about on my podcast because I already said everything on everybody else's podcast.   James:  Yeah. We already listened to Ben in something else.   Ben: But it's going to be very, very high level and like, I'm not going to make those excuses. I'm like if you're a Newbie, you probably shouldn't listen to this because we're going to be talking about stuff that you have no idea about. A friend of mine who's no longer with me has always said to me, 'stumbling blocks and stepping stones look a lot alike from a distance'. So if you are a Newbie, what I am telling you is be really sure that you know the difference between a stumbling block and a stepping stone before you step. So many of you guys are stepping first and then figuring out if it was a stumbling block or a stepping stone and that could be a very painful process. So I don't know, education.   James: Education Yeah. Go through the hard work of going with smaller deals first, that's what I would say. Just learn the ropes, learned the whole thing, make sure that you can do it. Syndication, turning around properties is not for everybody, that's how I would say. I mean, there are a lot of people who can do it but start small and grow and learn the skills.   Ben: Yeah. I very much disagree with the gurus who say, hey, it's just as easy to buy a 100 as it is to buy 10. This is true; it is just as easy to buy 100 when you know what you are doing. But the way you get to know what you're doing is by having bought the fourplex and the six-plex and the 10 unit. I disagree; I think it's criminal advice to send people directly into large multifamily. Have this be your goal, be excited about it, be whatever. But you need to internalize the dynamics of the game. People act in ways that are going to shock you and the numbers reflect that, don't be stupid. Don't be going and saying things like, ah, okay, here's the income. Let's just use 10% from property management and 10% for vacancy. Those things,  get a little intelligent about what you're doing.   For instance, the conversation I have with people all the time, listen, in a $500 rental, if you have to replace a furnace, it costs you $2,500; in a $1,200 rental, if you have to replace the furnace, it also costs you $1,200 or a $2,400. As a percentage of the top line, you see how that's a totally different figure. That's because all of the expenses in real estate are dollars, they're not percentages. We back into percentages. So James and I know what our percentages are because we've studied the dollars and we backed into the percentages. So if we ever use a percentage, it represents a dollar. What you guys, newbies, do a lot is you take this rent and then you divvy it up percentage wise to this, this, this, this, this. That's just not how real estate works and that's how you get hurt.   James: Correct.   Ben: Simple things like that that amaze me, that people don't think about and don't know and they jump into this stuff because Marcus and Millichap says on the proforma, this is how much percentage you need to allocate to XYZ, that's just nuts.   James: Absolutely. Absolutely. So Ben, thanks for being here. Do you want to tell our audience how to reach you?   Ben: Yeah. You're not getting my personal phone number. You're not getting that, James can have it, but you can't. But you can email me at Ben@justaskBenwhy.com or you can just go to, justaskBenwhy.com and we'll look over my website. You can email me through the website as well if you'd like. But yeah, I have a couple of different email accounts for like serious people and then people like you, I'm not giving up those.   James: All right, thanks Ben for being..   Ben: To all the people that I offend, you know, I get on a podcast with one goal in mind; offend as many people as you can, Ben because like if this is your brand is what you do, so go for it. I think I offended a few people, didn't I?   James:  No, I think I like the real numbers, the real details because sometimes some gurus out there makes real estate and multifamily so easy. I mean people don't realize it, people are selling education as far right. So it's not that easy, there is a lot of science behind multifamily, there's a lot of hard work behind it. It takes a lot of experience looking at hundreds of underwriting numbers and trying to figure out, and of course, there's also another aspect of, now I already buy it, now I'm going through the whole real asset management stuff and they realize, oh, whatever and the road was completely different from what I'm doing asset management, right? So realizing that it takes a lot of experience as well. So it's a learnable trick, but there's also a lot of hard work involved in growing and doing the real stuff, that's what I see. So that's really good advice, Ben. So thanks for being on the show for my audience. Thanks for being here. As I said, you have a lot of things to do outside of listening to this podcast and I really appreciate you guys being here. We hope we really delivered value to you guys. That's the reason I'm doing this podcast, to give true value to listeners and learn as much as possible before dabbling into real estate and multifamily commercial real estate. Thanks. And I'll talk to you all soon.   Ben: Thank you.  

People say that great things in business are never done by one person, and it is better to do partnerships than doing things separately. Syndicators Ben Leybovich and Sam Grooms have been successfully doing partnership in real estate for a year now, complementing their expertise with the way they process things, trust each other, and […]

Ben is the founder of JustAskBenWhy.com, which features his blog focused on real estate investing, as well as his Cash Flow Freedom University. He is a consultant in the field of multifamily underwriting, and a published author. He has been investing in income property since 2006, and to date has been a principle in acquisitions totaling $10M, $1.5M of which he is the sole equity partner.

Ben is the founder of JustAskBenWhy.com, which features his blog focused on real estate investing, as well as his Cash Flow Freedom University. He is a consultant in the field of multifamily underwriting, and a published author. He has been investing in income property since 2006, and to date has been a principle in acquisitions […]

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com  

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Welcome to Multifamily Syndication Unscripted - A show that teaches investors the truth about multifamily real estate. Your hosts, Ben Leybovich, Sam Grooms, and Scott Hollister have more than 30 years of combined experience in real estate and finance.   They are active multifamily syndicators and operators, providing you with detailed and cycle-appropriate content, with absolutely no fluff!   So - If you want to be smarter about how and where you put your capital to work, listen up! You will learn what works in today’s market conditions.   FaceBook Group: https://www.facebook.com/groups/409103113249804/   Contact: Ben: JustAskBenWhy.com Sam:WhiteHavenCapital.com Scott: DavidWesleyRealEstate.com

Host: Brandon Elliott | Special Guest(s): Ben Leybovich and Sam Grooms  ---------------------------- Upcoming Real Estate Events: May 17 - 19, 2019 | Denver, CO Learn How to Buy an Apartment Building in 90 Days or Less  ---------------------------- Resources for You from Brandon: Learn How to Generate More Leads Learn How to Successfully Negotiate Learn How to Repair Your Credit Your Guide to Take Massive Action   ---------------------------- Connect with Brandon Elliott: Instagram | Facebook | Website | Youtube   ---------------------------- Subscribe for More Episodes: iTunes | Google Play Music | Pocket Casts  Overcast | Podcast Addict | Spotify   ---------------------------- BONUS: Leave a review on iTunes and receive a FREE GIFT from Brandon. ** If you left a review, please click here **  ----------------------------  

Ben Leybovich has been investing in multifamily residential real estate for over a decade. He has been a guest on numerous real estate related podcasts, including the BiggerPockets Podcast on episodes #14, #61, and #152. Ben was featured on the cover of REI Wealth Monthly and is a public speaker at events across the country. Ben is also the creator of Cash Flow Freedom University and the author of House Hacking. Learn more about Ben at: www.JustAskBenWhy.com   Sam Grooms has invested in hundreds of multifamily units passively, prior to Whitehaven Capital. He began his career at Deloitte, where he assisted public companies with their SEC filings. Same went on to manage the SEC reporting for Amkor, a $3 billion public company. Sam graduated summa cum laude from Arizona State University with a bachelor's and master's degree in Accounting, and is a Certified Public Accountant. Learn more about Sam at: www.WhiteHavenCapital.com   Some topics covered: -What are Ben and Sam up to and currently working on? -How are Ben and Sam finding deals when everyone else is saying they can't? -Why did nobody else see the opportunity, including the broker, but Ben and Sam did? -The difference in the budgeting they used to create value -Why spending on renovations now, is protecting for the future? -Where Ben thinks deals DON'T exist -Finding value in deal vs. finding value in forced appreciation -What do they leave for the next buyer/cycle? -What is there model/business plan and do they see it changing -What does their buyer pool look like? -The value of having hands on experience -Think about what you can bring to the table -You don't find deals, you MAKE deals! -Ben and Sam's new podcast “Multifamily Syndication Unscripted” -Best way to reach: Sam- www.whitehavencapital.com Ben- www.justaskbenwhy.com As always we thank you so much for your support. We appreciate you for listening. If you like what you hear it would mean a lot if you can give us a 5 star rating and review on iTunes. https://goo.gl/N4pp6T Google Play - https://goo.gl/RHjVzX Podcast on YouTube: https://youtu.be/T6ndMqgQYK0 Check out our Facebook page at Yarusi Holdings. https://www.facebook.com/YarusiHoldings/ REI Foundation Podcast: https://thereifoundation.libsyn.com/ For our YouTube Channel click here. https://goo.gl/SJiYh A full list of podcasts are available at https://www.yarusiholdings.com/podcast/ And if you have any questions feel free to reach us at info@yarusiholdings.com See acast.com/privacy for privacy and opt-out information.

Ben Leybovich and Sam Grooms with Whitehaven Capital join us today to discuss being consistent, gaining systems and organization and using professionals in you business. They also talk about why it’s important to not be all things to all people and the fact that exponential growth requires others. Ben is a Violin player that changed careers due to MS. He started investing in 2006 and now with his partner invest in value add multi-family. Sam is a CPA turned real estate investor. Sam started flipping and buying single-family homes, along with some passive investing. Sam and Ben formed Whitehaven Capital to focus on building the multi-family investing business. Check out their upcoming syndication event: www.justaskbenwhy.com/phoenix Also, connect with them at whitehavencapital.com or justaskbenwhy.com Books: How I Turned $1000 into $5million In Real Estate in My Spare Time by William Nickerson Complete Guide to Buying and Selling Apartment Buildings by Steve Berges This podcast made possible by our friends at HomeInvest.com. If you’re looking for the best turnkey investing company or want a free investment strategy session visit homeinvest.com/pillars. Connect with Pillars Of Wealth Creation on Facebook: www.facebook.com/PillarsofWealthCreation/ Subscribe to our email list at www.pillarsofwealthcreation.com Subscribe to our YouTube channel: www.youtube.com/channel/UCkg8HggkdPAuBaAQySJSEQQ

#32: Ben Leybovich is a veteran BiggerPockets member, massively successful real estate investor, apartment syndicator, author, speaker, and house-hacker.(Show Notes: https://REtipster.com/32)Sam Grooms is a CPA and is a partner with Ben in syndication deals (taskmaster, organization, etc).Needless to say, these guys know their stuff when it comes to real estate investing.Ben and Sam have been working together on various apartment syndication deals. In this conversation, they share with us why they've chosen this niche of real estate, and we engage in a little healthy REtipster-style debate about apartments vs. other types of real estate.

Happy New Year! Thanks for joining us for another trip around the sun!   To start this year off right, here is our list of actionable steps to get your first (or next) deal done in 2019.   ONE: Figure Out Your Goals Before you do anything else, take a step back and ask yourself "what do I want to get out of real estate?" There can be a lot of answers to this question, but here's an easy place to start: do you want to be active or passive? And do you have cash or not?   There are a million ways to accomplish your goals in real estate, but here are a few types under each goal and episodes that go into detail on each one:   Active Investment Options   Wholesaling:  Kyle Doney - Show 13 Jaren Barnes - Show 22 Steven Pesavento - Show 26   Flipping: Anson Young - Show 5 Nate Boyer - Show 12 Daniel Eisman - Show 18   Buy and Hold Investment Options   House Hacking Diego Corzo - Show 6 Craig Curelop - Show 9 Jason Lewis - Show 30   Brrrr Investing Alex Felice - Show 25   Syndication Eric Bowlen - Show 3 Danny Randazzo - Show 14 Ben Leybovich and Sam Grooms - Show 19   TWO: Get Educated Listen to podcasts, read books, participate in forums, look at deals, network. Do everything you can to gain enough knowledge so that you can speak the lingo and understand what makes a good deal. There are unlimited resources available to a new investor that all you have to do is search and put in the time to learn. A great resource for this is Sam Rust's episode where he lists all the education sources he used to close on a 64 unit property within 8 months of starting.   THREE: Figure Out What You Can Buy This looks different for each type of investing, but figure out what you can afford. If you intend to flip houses, you will need to know how much cash you have access to, which can be through partners, investors, your own cash or hard money loans. If you intend to buy and hold, make sure you have your bank financing mostly in place before you start looking. This doesn't mean you need to have every detail nailed down, but you should know how much you can afford and be sure you can close if you get an offer accepted.   FOUR: Research Your Market This can mean the market you live in, but it doesn't have to. We would recommend looking in your local market first to see if the numbers work, but if they don't work for what you need find another market that does! Here are some basic things you should know about the market you are investing in: how many homes are being listed and sold, the average price for the type of property you want, the average rent amount, the economic drivers and the average income.   FIVE: Look For A Deal This step is most likely going to involve a few different methods and don't give up when you don't get the first deal you like. A few different ideas to find deals are: connect with a local agent (we can help with this, click here!), network with other investors, mail letters to people who are likely to sell, get in touch with a wholesaler and look daily at online listing sites.   SIX: Analyze (a lot!) Start analyzing every deal you can. The more practice, the better. Get online and start running numbers on every potential deal you can find. When the right deal comes through, you will be much more likely to know it.   SEVEN: Make an Offer Congrats, you found a deal that makes sense! Now it's time to make an offer. You need to write your offer with the intention of giving the seller confidence that you are going to close. This might mean including a pre-qualification letter, proof of funds or making your offer clean by only using the contingencies you need.

Download This Awesome Podcast: http://bit.ly/2E6Clca Sam and Ben connected and began underwriting deals and syndicating. Together they just purchased a $15 million dollar 98 unit property putting $1.5 million dollars into it. This deal they got through a broker they have a business relationship with. Success is all about spreading the word, getting your plan out there and having people invest in you and support you! Learning Lessons- Involve professionals as much as you can, let the people who specialize in what you need, do it! Fundraising- RAISE MORE THAN YOU NEED!! if you need 3.5 million, push for 5 ! Having the extra raise, helps you sleep at night. Tell everyone what your doing, spread the word! What's next for Ben & Sam? 1,000 units by 2020! Thank you so much Ben & Sam for all your value! --Thank you for listening and please give us a 5 star rating and review if you like what you hear::  rate our podcast. You are welcome to join our REI Foundation podcast group here. To check out more of our podcasts, click here. See acast.com/privacy for privacy and opt-out information.

What is the best way to get started investing in real estate? The problem with this question is that there are SO many different pieces of advice. That’s why we’re excited to bring you one of the most unique episodes of the BiggerPockets Podcast we’ve ever had. In this episode, Josh Dorkin is back—and he and Brandon deliver a series of interviews with some of the past guests from the BiggerPockets Podcast, including David Greene, Kenyon Meadows, Andrew Cushman, Arianne Lemire, Darren Sager, Ryan Murdock, Tim Shiner, Anson Young, Zeona McIntyre, and Ben Leybovich.In This Episode We Cover:Why live and rent with Tim ShinerDarren Sager on what real estate investing strategy to focus onHow to know if you’re ready with Ben LeybovichHow Zeona McIntyre converts any kind of property into rentalsAnson Young’s thoughts on when to tackle projects with grit and when to quitWhy Kenyon Meadows thinks you should find an in-person mentorDavid Greene’s “one thing”How Arianne Lemire analyzes a deal each dayWhy Andrew Cushman focuses on process rather than outcomeRyan Murdock’s concept of cash reservesHow to live-in flip with Mindy JensenAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets StoreBiggerPockets WebinarBiggerPockets EventsBiggerPockets Money PodcastBooks Mentioned in this ShowHow to Invest in Real Estate by Josh Dorkin and Brandon TurnerInvesting in Real Estate with No or Low Money Down by Brandon TurnerSet for Life by Scott TrenchUltimate Beginner’s Guide to Real Estate Investing by BiggerPocketsRich Dad Poor Dad by Robert T. KiyosakiLong-Distance Real Estate Investing by David GreeneEmerging Real Estate Markets by David LindahlMy Wife Hates Loves Rent Houses by Tim and Crystal ShinerEntrepreneurial Reflections by Jay RodgersHamburger America by George MotzNever Split the Difference by Chris VossExactly What to Say by Phil M. JonesHow I Turned $1,000 into Five Million in Real Estate in My Spare Time by William NickersonWay of the Peaceful Warrior by Dan MillmanFinding and Funding Great Deals by Anson YoungGrit: The Power of Passion and Perseverance by Angela DuckworthHigh Performance Habits by Brendon BurchardAlternative Financial Medicine by Kenyon Meadows M.D.Building Wealth One House at a Time by John SchaubThe ONE Thing by Gary KellerThinking in Bets by Annie DukeLiving with a SEAL by Jesse ItzlerExtreme Ownership by Jocko WillinkSo Good They Can’t Ignore You by Cal NewportMiracle Morning by Hal ElrodThe 4-hour Workweek by Timothy FerrissRichest Man in Babylon by George S. ClasonHow to Sell Your Home by Mindy JensenTweetable Topics:“I really don’t care that much if I’m negative or positive. My bigger thing is appreciation.” —Tim Shiner (Tweet This!)“You can’t do something until you are ready to do it.” —Ben Leybovich (Tweet This!)“Everything that we do has a process.” —Brandon Turner (Tweet This!)“You can go for an online course or YouTube videos, but you cannot replace that in-person mentor.” —Kenyon Meadows (Tweet This!)“Stop thinking that what you need is someone to hold your hand and walk you through this.” —David Greene (Tweet This!)“Daily, consistent action will lead to great results.” —Arianne Lemire (Tweet This!)“Focus on the process and not the outcome.” —Andrew Cushman (Tweet This!)“Failure is not a failure if you learn from it.” —Andrew Cushman (Tweet This!)Connect with the Guests (through BiggerPockets)Tim ShinerDarren SagerBen LeybovichZeona McIntyreAnson YoungKenyon MeadowsDavid GreeneArianne LemireAndrew CushmanRyan MurdockMindy Jensen

What is the best way to get started investing in real estate? The problem with this question is that there are SO many different pieces of advice. That’s why we’re excited to bring you one of the most unique episodes of the BiggerPockets Podcast we’ve ever had. In this episode, Josh Dorkin is back—and he and Brandon deliver a series of interviews with some of the past guests from the BiggerPockets Podcast, including David Greene, Kenyon Meadows, Andrew Cushman, Arianne Lemire, Darren Sager, Ryan Murdock, Tim Shiner, Anson Young, Zeona McIntyre, and Ben Leybovich. Click here to listen on BiggerPockets.

The Real Estate CPA podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax dvice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests. Always consult your own tax, legal, and accounting advisors before engaging in any transaction. -- In this episode, we're joined by Ben Leybovich and Sam Grooms, two successful multifamily real estate investors and syndicators. Listen as we discuss multifamily underwriting, real estate syndication, and how they handle accounting and taxes. To learn more about Ben and Sam's upcoming syndication workshop in Phoenix this January 2019 visit https://justaskbenwhy.com/phoenix And for more real estate accounting and tax resources visit www.therealestatecpa.com/

Ben Leybovich and Sam Grooms joined us for a great conversation on multifamily syndication. Ben has been investing in real estate since 2006 and is a frequent BiggerPockets blog contributor and a three time guest on the BiggerPockets podcast (along with at least a dozen other real estate podcasts). Sam is a CPA who, prior to joining WhiteHaven Capital, managed SEC reporting for a multi-billion dollar company and has invested in over $25 million worth of multifamily deals. Today, both are active multifamily syndicators who have a wealth of knowledge to share. We talk about why they love multifamily real estate, how to find good deals, and why the purchase cap rate doesn't matter (as long as you have a plan!).  

In this episode of the podcast, I interview returning guest Ben Leybovich (of Bogger Pockets fame) and his partner CPA Sam Grooms.  The three of us have noticed a trend of “ambitious” underwriting in the last few years of many multi-family investment opportunities.  I for one, think that sometimes certain syndicators are doing deals purely for the front-loaded fees in the deal, so they can eat.  A bold statement? Yes, however, if you look around, you will find tons of “moral hazard” in many of the deals being pitched in the last year or so. Be careful of situations where the operators get paid up front.  Everyone needs to eat but to suck the equity out of a deal up front, tends to increase the risk of the transaction from that day forward.  Ben, like me, has been very outspoken about investors overpaying for investment properties and with good reason. This is not to say that a sponsor should not be paid for bringing a deal together in the front end, however, some meat on the bone should be left for the middle and back end.  Ben, Sam and I all agree on performance-based compensation which means being rewarded for the exceptional performance of a deal based on the sponsor’s ability to lead the team. Ben and Sam have teamed up to educate those who are in a position to invest their own money into deals on how to understand a proposal.  As a capital partner, you should take the time to educate yourself on the underwriting process in order for you to double check the opportunity that is being provided to you.  In order to accomplish this, Ben and Sam have decided to build a curriculum in order to teach you exactly what you need to do in order to invest safely. To learn more about the upcoming syndication event they will be hosting in Phoenix, please go to: https://justaskbenwhy.com/phoenix

Ben Leybovich is a real estate investor, author, speaker, and Internet entrepreneur. He was professionally trained as a classical violinist but a diagnosis of MS in college spelled the end of his dream of becoming a professional musician. Once Mr. Leybovich realized that his medical condition was potentially prohibitive to holding a job, he began a lifelong study of personal finance, investing, marketing, and business. Through the years, he's been involved in everything including running a non-profit music school, surviving a failed vending machine venture, succeeding in real estate investing, writing books, and selling a course online. Todays Learning Objectives: Understand house hacking and the 3 ways to make money as an investor How to design the life you want with locational freedom justaskbenwhy.com https://www.facebook.com/bookclubinterview/

  Reach Us Here: Doug- @DJDoug Strickland- @NiceGuyonBiz Ben- @JustAskBen   Show Notes by Show Producer: Anna Nygren    In this episode, Doug and Ben discuss: Ben's life challenges and journey Focus Why Ben chose real estate Connections and leverage Key Takeaways and Actionable Tip: Talented and creative individuals are notoriously unfocused It's about trying to figure out what you want to do each day and how to do it We're always selling ourselves Opportunity is not a competition, it's a process of creation    " [Getting MS] is like life punching you in the face and saying, 'Listen dude!' " - Ben Leybovich    Connect with Ben Leybovich:   Twitter: @JustAskBen Facebook: https://twitter.com/justaskben?lang=en Website: https://justaskbenwhy.com/     Nice Guys Sponsor: Interview Valet is the  best podcast booking service. They are the leader in Podcast Interview Marketing to help you easily turn listeners into leads.   Nice Guys Links Support the podcast at www.Patreon.com/NiceGuys   Subscribe to the Podcast   Niceguysonbusiness.com   TurnkeyPodcast.com - You're the expert. Let us help prove it. Podcast Production, Concept to Launch   Book Doug and/or Strick as a speaker at your upcoming event.   Amazon #1 Best selling book Nice Guys Finish First. Doug's Business Building Bootcamp (10 Module Course)   Survey: Take our short survey so The Nice Guys know what you like.     Partner Links: Amazon.com: Click before buying anything. Help support the podcast.   Interview Valet:  Get interviewed on top podcasts and share your message.   Acuity Scheduling: Stop wasting time going back and forth scheduling appointments   Social Quant - Boost your Twitter following the right way. Targeted reach     Promise Statement: To provide an experience that is entertaining and adds value to your life.   Don't underestimate the Power of Nice.

The road to real estate investing is different for everyone. For some, it’s more of a hobby, to generate supplemental income. For others, it’s a financial support system that gives you freedom and control of your future. Sometimes it begins with a life-changing event, like an illness and the need for a long-term source of income. With me today is a man who began a lifelong study of personal finance, investing, marketing, and business after a diagnosis of Multiple Sclerosis. He now owns and manages a portfolio of real estate investments that allow him and his family to “live life on their own terms.” He calls his special formula for success “House Hacking” -- specifically “Luxury House Hacking”. I am thrilled to welcome Ben Leybovich to the show today, to tell us more about his story, I hope you'll also join me live and in person at the luxury Grove Spa and resort in Orlando Florida on November 4th. Our entire Real Wealth team, along with all of the turnkey rental property providers in our network will be there. So you can get to basically visit 13 markets in one day. This is a great event if you have a timeline - like a 1031 exchange - you can find out about properties in Ohio, Michigan, Florida, Georgia, Alabama, Illinois, Indiana, Pennsylvania... and I'll be giving m year end wrap up and 2018 Housing Predictions. We'll have a cocktail hour and dinner - and we've negotiated a discounted rate for the resort. Just $129.  www.RealWealthShow.com

Download This Awesome Podcast: http://bit.ly/2LjYjys Be prepared for laughter and a great conversation with two leading real estate investors and HOUSE HACKING! Ben Leybovich is a father and husband. Real Estate Investor. Teacher. Writer. Consultant. Creator of the Cash Flow Freedom University. And author of Brandon Turner's favorite book, "House Hacking". Ben invests in multifamily residential real estate. Most of what he does is long-term investments. His specialty is creative finance. His preferred mode of acquisition is 100% financing. He is the creator of the Cash Flow Freedom University (CFFU) - an educational program with an emphasis on creative finance of multifamily assets. Darren Sager is Ben's friend. For more information on Darren please go to Episode 29 see link below. ON SURROUNDING YOURSELF WITH THE BEST: These gentlemen have created a "Real-Estate Love Triangle" that includes a three-way text that they all plug into daily. Imagine the awesomeness and the idea flow that comes from the minds of these investors!!! BOOOOOM! ON HOUSE HACKING: Buy the only book written on the subject at: BEST PLACE TO FIND BEN: https://tinyurl.com/y9v6nsyd https://justaskbenwhy.com https://www.biggerpockets.com/users/JustAskBenWhy LOOK FOR DARREN HERE: https://tinyurl.com/yavuxwnh This has been by far the most fun and a great look into the friendship of two great real estate investors. Perhaps one day we can get all three!!! So grateful to Ben and Darren for being on our show! So grateful to YOU for listening! See acast.com/privacy for privacy and opt-out information.

Today I’m joined by Ben Leybovich, a real hands-on investor, owner of “JustAskBenWhy.com”, contributor to Bigger Pockets, and author of “House Hacking”. I’ve been a HUGE fan of Ben’s for years now since I began my real estate investing career (again), and I am beyond excited to have him joining us today. Ben is one of my favorite people because he backs up his knowledge with REAL ACTION. In today’s market saturated by “guru theorists”, that is a rare feat and one that needs to be celebrated and repeated as often as possible. Ben was formally a concert violinist and also suffers from Multiple Sclerosis (MS), which can cause pain daily for sufferers. Despite this diagnosis, Ben made the choice to charge forward in his investing career rather than let the disease bring him down. Ben has also created a system, named by his friend Brandon Turner, “House Hacking”. This concept is meant to create a lifestyle you’ve dreamed of now without the traditional deferred gratification of a 9 to 5 job, trudging toward retirement. He’s changing the traditional mindset of “How can I afford this thing?” to “How can this thing pay for itself?” To learn more about Ben and the House Hacking method and book, visit him online at JustAskBenWhy.com.  Don’t forget to join our Facebook group at CashFlowGuys.com/Group.

Is your investment property sucking cash out of your pockets? Today, we have an incredible show all about house hacking with Ben Leybovich! Ben is the owner and founder of Just Ask Ben Why and has had an incredible journey into real estate investing! Today, Ben is going to share insight on how to generate cash flow by house hacking! Tune in to learn how to turn your property from a liability to an asset. Check it out now!

Is your investment property sucking cash out of your pockets? Today, we have an incredible show all about house hacking with Ben Leybovich! Ben is the owner and founder of Just Ask Ben Why and has had an incredible journey into real estate investing! Today, Ben is going to share insight on how to generate cash flow by house hacking! Tune in to learn how to turn your property from a liability to an asset. Check it out now!

In this episode, Ben Leybovich shares his new insights on house hacking. This is not the typical rent your first duplex strategy. We really think Ben is on to something here and we are super excited about the release of his new book. In this episode you will discover: -Passive income -Finding your nirvana -Growth markets -Tesla stock -RE entrepreneurship -Shortening the learning curve -House Hacking -Cashflow -Assets vs. liabilities -And much much more!   Just Ask Ben Why Sign up HERE and be the first to know when Ben's book is out (and read a huge case-study in the meantime): https://justaskbenwhy.com/house-hack-case-study-download     Check out the podcast for iTunes: iTunes Store Check out the podcast for Android: RSS FEED  

What does it take to buy 17 deals a week? What if we told you it was the exact same process needed to buy just one deal per year? That’s the topic on today’s show, where we sit down with Chris Clothier to talk about how his company is buying up to 17 deals a week following the same process any investor can to get their own deals. Chris also shares keen insight into building up a thriving business, hiring your first or next employee, why he decided to run a 100-mile ultra-marathon, and much more. Whether you are looking to buy one deal a year or one deal a day, this show will have a tremendous impact on your life! In This Episode We Cover:A quick recap on who Chris isHow he started a turnkey company that now boasts 1,800 clientsTips for building the infrastructure of a businessWhy you should hire peopleThe details on his process for offering on dealsHow Chris finds dealsThoughts on buying houses through social mediaA step-by-step guide on how to actually find and close a dealHis ultra-marathon story (and how this relates to real estate)And SO much more!Links from the ShowEmail SetForLife@biggerpockets.comBiggerPockets ForumsBe an AuthorBen Leybovich’s BP ProfileBrian Burke’s BiggerPockets ProfileSerge Shukhat’s BiggerPockets ProfileBuilding a Scalable Real Estate Business and Tenant Management Tips with Chris Clothier (podcast)5 Myths Holding Investors Back From Real Estate Greatness with Chris Clothier (podcast)Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge Shukhat (podcast)Carleton SheetsBooks Mentioned in this ShowSet for Life by Scott Trench (email setforlife@biggerpockets.com)Make It BIG! by Frank McKinneyThe 4-Hour Workweek by Tim FerrissStealing Fire by Steven KotlerBlue Ocean Strategy by W. Chan KimTweetable Topics:“I’m not a businessman; I’m a business man.” (Tweet This!)“There’s no better advice that I can give somebody than to be honest and upfront.” (Tweet This!)“Personal relationships are going to help you earn in your business.” (Tweet This!)“Any investor should be able to find a deal that makes sense in any city during any market, up or down.” (Tweet This!)“A good passive investments allows you to sleep well at night.” (Tweet This!)Connect with ChrisChris’ BiggerPockets ProfileChris’ Turnkey Company

A lot of people want to achieve financial freedom—but many who start the journey never arrive. So what’s the best way to truly set yourself up for success in achieving financial independence and wealth? That’s the topic of today’s show, where we sit down with Scott Trench, author of Set for Life,to discuss some of the simple yet powerful, tactics people can use to increase their income, reduce their expenses, and lead a legendary life. In This Episode We Cover:A little bit on Scott‘s backgroundThe path to early financial freedomHow to house hack your way to a portfolio of propertiesTips for using the BRRRR methodHow to invest despite what the market situation isAn introduction to the book Set for LifeThe three stages of wealth mentioned in the bookWhat you should know about the “financial runway“The bonuses that comes with the bookA discussion on making more moneyThe importance of finding a job you loveHow to get the set of skills you need to succeedScott’s advice to those who are getting their first dealAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Podcast 099: 3 Personal Finance Bloggers & Their First Real Estate Investment with Scott, Lauren, and Philip (podcast)Ben Leybovich’s BP ProfileJered Sturm’s BP ProfileHow to “Hack” Your Housing and Get Paid to Live for Free (blog)BiggerPockets Podcast 217: How to Work Less and Earn More Using the 80/20 Rule with Perry Marshall (podcast)Your First Home Purchase Could Be a Horrendous Financial Decision. Unless… (blog)Investors: Don’t Shoot for 100+ Properties. Aim for Bigger & Better With THIS Strategy. (blog)How I Went From $0 Net Worth to Qualifying for $1M in Real Estate Financing in 2.5 Years (blog)Am I Missing Something, or Is Real Estate Investing Really Not That Hard? (blog)Books Mentioned in this ShowSet for Life by Scott Trench (email setforlife@biggerpockets.com)The Book on Rental Property Investing by Brandon TurnerThe ONE Thing by Gary Keller and Jay PapasanRich Dad Poor Dad by Robert T. KiyosakiTweetable Topics:“It’s not just about being thrifty or cheap; it’s about being smart.” (Tweet This!)“Because we were responsible financially, we were able to take risks.” (Tweet This!)“Understand that what I’m doing today is what I need to get to the next level.” (Tweet This!)Connect with ScottScott’s BiggerPockets Profile

An inspiring story of an investor who says every deal he’s done has been with ZERO dollars down payment. Yes, there are closing costs and costs associated with due diligence but his down payments have been zip, zero, zilch. Learn about his story and how you can apply the same techniques. Ben Leybovich’s real estate background: –Real estate investor based in Lima, Ohio –Personal portfolio of over $1,500,00 in real estate with annual cash flow of $45,000 –Started investing seven years ago and specializes in creative financing techniques –Say hi to him at 

#102: Hardship in your life changes your mindset, goal, timetable, and your investing risk tolerance. It changes how your think about your “Return On Time Invested.” Meet Ben Leybovich. Want more wealth? Visit www.GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Find turnkey real estate investing opportunities. Listen to this week’s show and learn: 03:39  Ben Leybovich Interview begins. 05:30  Ben is diagnosed with Multiple Sclerosis. 07:40  A process of elimination brings Ben to real estate investing. 11:08  Emotional investing. 14:20  Unlike Keith, Ben self-manages his properties. He uses Buildium.com. 16:40  ROI. 30:18  Cash flow rises faster than inflation when you’re leveraged. 32:45  Guesswork - rent escalators, fixed mortgage interest rate duration. 33:43  Real estate environment in 2016. 36:50  Ben likes buying “below market.” Underwrite to fundamentals. 39:26  Regional housing markets. 44:19  Ten years ago, U.S. housing prices were 24% higher than today, adjusted for inflation.   Resources Mentioned: JustAskBenWhy.com Buildium.com NoradaRealEstate.com CorporateDirect.com RidgeLendingGroup.com GetRichEducation.com

Here’s some of what you will learn: The 2 best ways to create passive income Why multi-family real estate investing is the most efficient way to create wealth Why multi-family beats single family Building intellectual capital The factors to use when analyzing a deal Ways to buy a multi-family property with $2000 down Why multi-family investing represents a consistent revenue stream GOI vs. NOI How commercial banks work differently than conventional banks The operating expenses you can and cannot control The #1 way to attract a good tenant base DTI Managing your time commitment to your portfolio The best way to begin multi-family real estate investing Make sure every deal you do is better than the last one before it Always be prospecting Look for assets Look for financiers Building a pipeline instead of carrying buckets   Our Guest You can learn more about Ben Leybovich and Cash Flow Freedom University at: https://justaskbenwhy.com/   Want to build Lifetime Cash Flow from Multifamily Properties? If you’re committed to creating the life you deserve, we've created the best multifamily training and coaching program on the market. I personally coach you on your path to create the life of your dreams. I will help you CRUSH it in this business!  - if you'd like to receive information about our program, text CRUSH to 41411 now.   Recommended Resource Looking to invest in a multi-family real estate project? Want to partner with me personally on a deal? To schedule a time for us to talk click on this link: http://meetme.so/RodKhleif   Review and Subscribe Posted in Podcast Tagged acquisitions, Ben Leybovich, Cash Flow Freedom University, apartment investing, apartments, appreciation, Assisted Living, broker, brokers, business, cash flow, cashflow, commercial, commercial real estate, CRE, CRE investing, Defaulted paper, Donald Trump, entrepreneur, equity, Eviction, expert, experts, Foreclosure, funding, Hedge fund, investing, investing in real estate, investments, Rod Khleif, Rod Khleif Florida, Rod Khleif Real Estate, Riyad Khleif , manager, mergers, millionaire, multi-family, multifamily, Office, passive income, podcast, private lending, private money, property management, raw land investing, real estate, real estate broker, real estate cashflow, real estate coaching, real estate investing, real estate investor. Investing, REIT, Retail, Robert Kiyosaki, sales, Sales Coach, sales expert, Sales Training, Self Storage, Selling, Senior Living, Shopping Center, Short Sale, Suburban Office, syndication, training, value add, Repositioning assets, multi-family expert, multifamily expert, multi family investing, multifamily training

People have a lot of excuses about why they aren’t’ investing in real estate. “I work too much.” “I live in an expensive area.” “I don’t know enough.” But on today’s show, we sit down with a BiggerPockets member who is absolutely crushing it — despite a full-time job, living in Silicon Valley, and being brand-new to real estate. You’ll learn how Kevin Wood has managed to go from zero to twenty-five deals in under a year, largely using networking on BiggerPockets to make it happen. You’ll be inspired, motivated, and educated to get off the bench and jump into the game!In This Episode We Cover:How Kevin went from 0 to 25 units in less than a yearHow to overcome the fear of buying that first dealHow BiggerPockets helped Kevin focus on his investingThe “condo mistake” Kevin almost made for his first dealHow to have a competitive advantageTips for approaching other investorsWhy (and how) Kevin bought five houses at once for his first dealThe logistics of buying five properties at once as a newbieHow to know if you’re buying a good deal or notThe benefits of analyzing 100 dealsInvesting in stocks vs. real estateHow to make a good partnershipTips on working with partners — the good, bad, and uglyHow to introduce yourself on BiggerPocketsHow Kevin got a $200,000 discount on his 6-plexThe 14-unit turnaround — and the drama associated with itHow to work with a designer to get the best look for a unitA discussion on contractors and how to find themHow to manage a multifamily complexThe caveats associated with big fixer-upper dealsTips on going for package dealsThe genius negotiating strategy Kevin uses to get incredible dealsAnd SO much more!Links from the ShowBiggerPockets is hiring!BiggerPockets’ TwitterMail BiggerPockets SupportReal Estate Deal Analysis and Advice Forum CategoryBiggerPockets CalculatorsBiggerPockets ForumsBiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian BurkeBP Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian BurkeBP Podcast 152: Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge ShukhatBiggerPockets WebinarKeyword AlertsRob Regan’s WebsiteBP Podcast 077: Negotiating Your Way to 1000 Wholetail Real Estate Deals with Michael QuarlesSharon Tzib’s ProfileBefore and After ImagesBeforeAfter RehabBooks Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiBrandon Turner’s The Book on Investing in Real Estate with No (and Low) Money DownInvesting in Apartment Buildings by Matthew MartinezThe Millionaire Real Estate Investor by Gary KellerThe 4-Hour Workweek by Timothy FerrissThe One Thing by Gary Keller and Jay PapasanTweetable Topics:“Once you have that first deal, you suddenly become more legitimate.” (Tweet This!)“Once the number makes sense, then we do everything we can to find the yes.” (Tweet This!)“Never compromise in your returns.” (Tweet This!)Connect with KevinKevin’s BiggerPockets Profile

On this episode of #theREI360show, Ben Leybovich joins Jason and Chris to dive into multifamily apartment building investing. Ben is an experienced real estate investor and owner, speaker, and trainer of justaskbenwhy.com, an education and consulting service for real estate entrepreneurs. Ben discusses the market for multifamily apartment building investments, how to evaluate these deals, how to finance these deals, and much more. Check it out!

On this episode of the BiggerPockets Podcast, we sit down with Mark Spidell, an investor from the great state of Colorado, to discuss how he uses real estate to engineer his ideal lifestyle! We talk about partnering with family, investing out-of-state, buying small commercial buildings, owning vacation rentals, and much, much more! Not only will this episode entertain and inform you, it will also help you clarify your own investing plan so you can begin engineering your own perfect lifestyle!In This Episode We Cover:How Mark got started through ADUWhy he went the vacation rental routeWhere he currently investsThe benefits of lifestyle-focused investingTips for people with familiesThe qualitative and quantitative parts of his investingWhat he’s learned from his first investmentsHow he weathered the market crashHow he was able to buy more after the crashTips for investing in commercial dealsHow he financed his commercial propertyA commercial banker’s perspective on applying for loanThe difference between commercial and residential financingHow to minimize risk on commercial propertyThe benefits of investing in commercial real estateWhy you should ask for help from attorneys when drawing up leases for commercial propertyThe ins and outs of being a landlord for commercial real estateHow to successfully mix commercial property and vacation rentals in your portfolioHow to find out what you’re good at and figure out which investing path to takeThe art of lifestyle engineeringAnd SO much more!Links from the ShowBiggerPockets’ Rental Property Portfolio TrackerBP Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian BurkeBiggerPockets WebinarBiggerPockets CalculatorBP Podcast 152: Building Wealth and Passive Income with Rental Properties with Ben Leybovich, Brian Burke, and Serge ShukhatBe a guest on the podcastBooks Mentioned in this ShowRich Dad Poor Dad by Robert T. KiyosakiRich Dad’s CASHFLOW Quadrant by Robert T. KiyosakiSchweser Notes for the 2011 CFA Exam Level 1 Book 3: Financial Reporting and AnalysisTweetable Topics:“Commercial real estate is valued based on the income of the property.” (Tweet This!)“If you want the freedom, real estate could help you, but make sure you are doing it for the right reasons.” (Tweet This!)Connect with MarkMark’s BiggerPockets Profile

How would you like to own ten, fifty, or a thousand rental units? That’s the topic of today’s podcast roundtable with three previous guests of the BiggerPockets Podcast, Ben Leybovich, Brian Burke, and Serge Shukhat. These three investors have three very different business models, and in this fascinating discussion, each shares how they use rental properties to build wealth and passive income. We discuss (and debate) every aspect of the investor’s journey — all in an effort to help you succeed! We also discuss the big dangers rental investors face and how YOU can avoid those problems! Don’t miss this incredibly powerful episode with three fun, smart, and successful rental property investors!In This Episode We Cover:Where is the rental market headed?Is planning for appreciation useless? (Debate!)What mistakes do new investors make?Overcoming challenges to investing in TODAY’S marketIs it too late for newbies to buy rental properties?The best “single tip” from each panelist for newbiesAnd SO much more!Links from the ShowBP Podcast 014 : Cash Flow, Creative Finance, and Life with Ben LeybovichBP Podcast 061:How to Succeed in Multifamily Investing – A Unique Conversation with Josh, Brandon, and BenBiggerPockets Radio Podcast 003: Getting Started in Real Estate and Raising Money with Brian BurkeBP Podcast 076: Growing Your Real Estate Company Into a $30 Million Dollar Business with Brian BurkeBP Podcast 060: From 0 to 68 Rental Units in Just Four Years with Serge ShukhatBP Podcast 131: Investing in Multifamily Properties in a HOT Real Estate Market with Serge ShukhatBooks Mentioned in this ShowThe Book on Rental Property Investing by Brandon TurnerThe Book on Managing Rental Properties by Brandon & Heather TurnerBrandon Turner’s The Book on Investing with No or Low Money DownConnect with The PanelBrian Burke’s BiggerPockets ProfileBrian’s websiteBen Leybovich’s BiggerPockets ProfileBen’s websiteSerge Shukhat’s BiggerPockets Profile

In this episode of the Best Passive Income Model Podcast, Mark chats with Bigger Pocket's Royalty, Ben Leybovich from justaskbenwhy.com. A violinist by trade, Ben was diagnosed with multiple sclerosis and knew he had to find a new way to earn a living. Ben turned to real estate to ensure his financial future and he's on a mission to help others do the same. The irony, Ben Leybovich doesn't even like real estate! He's just a smart guy who recognizes the power of real estate. Thank you for listening to The Best Passive Income Model podcast.  Your support helps me attract great guests who share knowledge that you can use to grow your business.   If you'd like to help out the Land Geek Community, please rate, review, and subscribe to the podcast on iTunes.   Tip of the week:   Ben: The book that started it all for me, How I Turned $1,000 into a Million in Real Estate in My Spare Time by William Nickerson.   Mark: Learn more about Ben Leybovich at justaskbenwhy.com 

On this Best Deal Ever Episode we are joined by Ben Leybovich who is widely known for his presence on Bigger Pockets. Ben has a very intriguing story about how an illness turned him towards creating passive income through Real Estate. Listen in as Ben talks about his approach to real estate and why it often makes more sense to understand "How NOT to invest." 

Can we believe the numbers that the investors on this show have given us?  Is it true that you can buy a rental for $10,000, $20,000 or $30,000 that rents for $650 a month?  Is There A Downside? Today we talk to Investor Ben Leybovich and he gives us his take.

An inspiring story of an investor who says every deal he’s done has been with ZERO dollars down payment. Yes, there are closing costs and costs associated with due diligence but his down payments have been zip, zero, zilch. Learn about his story and how you can apply the same techniques.   Tweetable quote: Only thing worse than being blind is having sight but no vision.     Ben Leybovich’s real estate background: -        Real estate investor based in Lima, Ohio -        Personal portfolio of over $1,500,00 in real estate with annual cash flow of $45,000 -        Started investing seven years ago and specializes in creative financing techniques    Subscribe in    and    so you don't miss an episode! Sponsored by: Twenty Four Sound – visit and mention "bestever" for an exclusive 20% discount on your purchase. 

Creative Financing Strategies for Multifamily Properties

Creative Financing Strategies for Multifamily Properties

In this episode I replay one of my most popular interviews today. It was episode number for where I interview Ben Leybovich. Ben is a phenomenally intelligent and successful real estate investor. He is focused on long-term investing through buy-and-hold properties. This episode ranks among the very top shows that I have done in terms of popularity. Because I did this show so early in the podcast, I think many of you haven't had the opportunity to hear it.

Creativity and real estate go together like peanut butter and jelly – but for many investors, learning how to get creative can be tough. So today, on the 14th episode of the BiggerPockets Podcast, we sit down with real estate investor Ben Leybovich to discuss buying property with 100% financing, the importance of cash flow (and how to get it,) overcoming obstacles that inevitable will rise, plus a whole lot more. Ben’s inspirational story, involving his battle with multiple sclerosis, will teach you the importance of creating passive income through real estate because you never know what the future will hold. Learn how Ben turned this tragic, life-changing news into motivation to create a successful real estate investing business. You’ll definitely want to take notes during this one!In This Show, We Cover:The shocking medical event that completely changed Ben’s lifeThe three kinds of income … and which you needHow Ben chose his real estate investing strategyThe message about “flipping” that seems to escape mostHow to get started with no money at allBen’s top tips for landlordsA reasonable benchmark for cashflow… how much per unit per month.Why 100% of the purchase price isn’t 100% of the leverage/equity.Links from the ShowConsidering a House Flip With 15k Profit? Don’t Do It“It’s Not My Fault They Keep Trashing My Unit” – Actually It Is…The BiggerPockets ForumsThe National MS Society – DonateMultiple Sclerosis Association of America – DonateBooks Mentioned in the Show:How I Turned $1,000 into Five Million in Real Estate in My Spare Time by William NickersonABC’s of Real Estate Investing by Ken McElroy’sTweetable TopicsSuccessful people march toward the blazing guns. (Tweet This!)Find fertile ground where the stampede hasn’t occurred yet. (Tweet This!)I’m in real estate for one reason and one reason only: stable passive income. (Tweet This!)Get good at solving people’s problems – you’ll do well in life.(Tweet This!)Successful people refuse to fail. (Tweet This!)To achieve extraordinary results we have to take extraordinary actions. (Tweet This!)Learn More about BenBen’s Blog – JustAskBenWhy.comBen’s BiggerPockets ProfileBen’s LinkedIn Profile