Ep #72: Expert Advice from Multifamily Owner & Property Manager - Mike Sherwood
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.8 • 679 Ratings
🗓️ 1 June 2015
⏱️ 66 minutes
🧾️ Download transcript
Summary
This week we're going to speaking with multifamily investment and property management expert, Mike Sherwood. Mike began his real estate investing career in 2007 like many of us do, which was by purchasing a small multifamily property to get his feet wet. He bought this investment with the intention of living in one side and renting out the other which proved to be a very profitable approach for his first deal. This initial exposure to the world of real estate investing was all Mike needed to know confirm that he had found his calling as a real estate investor
Fast forward a few years and Mike quickly jumped with both feet into the business by starting a full service property management company, fixing and flipping properties, running a local real estate investment club, as well as building his own multifamily real estate portfolio. And get this, this was all while working a full-time job.
Here’s a few things you’ll learn in our interview with Mike today:
- How he built his multifamily portfolio and property management company while working full-time
- The challenges with financing 5+ unit multifamily deals and why starting with a 4 unit or smaller might be easier for the first-time investor
- How he found his first money partner and how this relationship has spawned into a long term business partnership
- The importance of building relationships with local banks and financing institutions
- How he's finding most deals on the MLS
- How he's dealing with a highly competitive marketplace
- What he likes about Buffalo and why he says that it's a great place for investors who like cash flow
- How forming a property management company has helped fund their real estate activities and also provides them access to off market deals
- What the overall infrastructure of his property management company looks like and how he uses technology to help hold it all together
- How he’s been able to grow his business remotely from 700 miles away
- What he would change about his real estate business if he could go back and start all over again.
- And much more
Recommended Resources:
- Download my free success guide, “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide
- Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
- Looking to invest in Mobile Home Parks? Want to JV with me on deals? If so, schedule a call with me and let’s talk. Click here https://www.timetrade.com/book/FGF7S
- Learn more about Mike and his company, please visit www.CandMRental.com
Transcript
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| 0:00.0 | You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it. |
| 0:09.4 | But you're tired of all the so-called gurus who are all talk and no substance. |
| 0:15.2 | Get ready to celebrate because Kevin Bup has spent 14 years successfully making it happen. |
| 0:21.7 | This is the Real Estate Investing for Cash Flow podcast. |
| 0:25.2 | Now, here's Kevin Bup. |
| 0:30.6 | Hey guys, Kevin Bup here with episode number 72 of the Real Estate Investing for Cashflow podcast, |
| 0:36.6 | where our mission is to help you build and maintain massive amounts of cash flow |
| 0:40.0 | through income producing real estate investments. |
| 0:42.6 | This week we're going to be speaking with multifamily and property management expert |
| 0:46.3 | Mike Sherwood. |
| 0:47.8 | And Mike began his real estate investing career way back in 2007. |
| 0:50.9 | Actually, I say way back, but that really wasn't that long ago. |
| 0:53.0 | And he started like many of us do, which was by purchasing a small multifamily property. And in his case, |
| 0:58.9 | it was a duplex in which he lived in one side while renting out the other, which is a great way to |
| 1:03.4 | get started in his business. And this initial exposure with his first acquisition, this was |
| 1:08.4 | his first exposure to the world of real estate investing, and it was all Mike |
| 1:11.5 | needed to know that he had found his calling as a real estate investor. And fast forward a few years, |
| 1:16.3 | and Mike quickly ventured headfirst into this business by starting a full service property |
| 1:20.9 | management company, fixing and flipping properties, running a local real estate investment club, |
| 1:25.9 | as well as building his own multifamily portfolio. |
| 1:29.6 | And get this, this is all while working a full-time job, which he still has to date. |
| 1:35.3 | So he's done all this. He owns a very successful property management company, manages a portfolio, |
... |
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