Hello and welcome. My name is Gino Barbero, one of the co-founders of Jake and Gino. And in this how-to

video, we are going to be discussing the three biggest challenges facing multifamily real estate today.

Well, actually, I lied a little bit. Not three. I'm going to add an extra two to make it five big

challenges. And this may sound sort of depressing to you listening to this going,

oh, wow, challenges. Are there any opportunities? Well, as we look at these challenges,

let's look at the opportunities that these challenges present. Because if you just peel that

onion back a little bit, there's a lot of problems we have in life. But if you dive deep into these problems, opportunities will abound. So let's get to the

first one. And the first one to me is if you're operating multifamily or any business,

for that matter, coming out of COVID, it's been really challenging, trying to staff,

trying to get property managers,

trying to get maintenance techs, trying to get people to work.

It's very difficult.

Higher costs, the costs of insurance, the costs of taxes, the costs of operations.

That's been really challenging for those of us who have been in real estate and multifamily, I think in any niche of real estate, but even the overall economy. Now, I think it was

worse a couple of years ago when, I mean, it was the gig economy. People were staying home.

They were getting checks. It was very hard to get people to come to work actually, but now that things have

started to stabilize, there's still a challenge out there. And you really need to understand

when you're underwriting for payroll and for insurance and for expenses, don't go light.

Make sure that you understand what the expenses are in your specific market.

That's challenge number one. Now, challenge number two, which to me has been a real challenge

for us, at least since the pandemic and 2021 and 2022, we're challenging for us. There was for us

less real deal flow. Now, 2023 for us, the floodgates opened.

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