767: Multifamily Market Update + What a 20 Year Veteran Knows That You Don’t w/Angie Smith

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 18 May 2023

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

The multifamily market is about to buckle. With sellers still riding the highs of 2022, buyers are at a crossroads; keep pursuing deals or wait for the market to go south. And, with mortgage rates rising and short-term financing coming due, many multifamily owners could be forced to sell their properties to the highest bidder. While some of this may sound like speculation, we’ve got a multifamily forecast straight from an expert in the industry, Angie Smith, from Strategic Management Partners. Angie and her company manage 25,000 rental units at a time. Yes, you read that right! For the past decade, Angie has been the go-to manager for top apartment complexes across Georgia, dealing with everything from noisy tenants to in-unit farms and goat grilling operations (seriously). She knows the ins and outs of property management, what makes a good property manager, and why self-managing isn’t always the wisest move. In this episode, Angie gives her take on the 2023 housing market and when she thinks multifamily will start to get shaky, why most investors are wrong about property management, how to choose a property manager, and the questions you should ask ANY management company before you hire them. If you want TRULY passive income through real estate, you DON’T want to manage your rentals alone. In This Episode We Cover 2023 multifamily market updates and when prices could start to fall Lessons learned from managing 25,000 rental units, plus an INSANE story about an in-unit butchery Third-party property management vs. self-management (and who can handle it) Three questions to ask ANY property manager before you hire them “Receivership” and what happens to owners who can’t pay their bills What you should NOT ask a property manager to do on your behalf And So Much More! Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-767 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 767.
0:05.0	The management company knows what they're doing.
0:07.0	They are the professionals. They're the ones with the experience.
0:10.0	When you have a client that's overly involved,
0:13.0	hey, study after case study, the property does not succeed.
0:16.0	When you have clients that are hands off and you have a weekly call with them,
0:20.0	you send your weekly report, your owners report, those properties
0:24.0	time and time again are hugely successful.
0:27.0	Andrew Christman here with our buddy Matt Faircloth.
0:31.0	David Green has left the recording studio vacant once again.
0:36.0	And we thought he might have learned his lesson from the last time.
0:39.0	So we are taking over.
0:42.0	Yeah. Glad to be here with you, Andrew.
0:44.0	And I'm grateful that you get to know the takeover with you.
0:47.0	You've got an exciting conversation coming up today.
0:50.0	And people are like, why are you excited about property management?
0:52.0	It's so boring. Let me tell you guys,
0:54.0	shame on you for thinking property management is boring.
0:57.0	Property management is a, it is what will make or break your profitability on a deal.
1:03.0	A good property manager will take a mediocre deal and make it amazing.
1:09.0	And they'll take a amazing deal and make it complete crap.
1:12.0	And guys, one last thing.
	...

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