Neil Timmins and Joe LaFleur discuss multifamily real estate investing
The “Passive Real Estate with Mavericks” host Neil Timmins recently interviewed Joe LaFleur on his podcast. Continue reading below to see the interview highlights and takeaways!
Host Neil Timmins
Neil is a commercial real estate syndicator, published author, and podcast host.
Guest Joe LaFleur
Joe is the proud founder and owner of 100Units. His official title is Multifamily Investment Advisor, and as a small business owner, he does anything needed to support the success of his team and clients.
Does the certainty of close exceed the highest price during a multifamily sale?
“This truly depends on the seller’s objectives. Some sellers want to close quickly and with as few complications as possible. Other sellers are seeking that top dollar and are less concerned with complications and deals falling out. This is why it is so important to communicate the seller’s motivation to the buyer.”
What have you learned about brokering deals?
“It’s all about your relationship and ability to relate to the owner, buyer, and lender. To make deals happen, you must understand the motivations of everyone involved. This means understanding what each party wants to accomplish. Only then can you find the common ground between them and execute a mutually beneficial outcome.”
How to start investing in multifamily real estate
How do many multifamily brokers go wrong?
#1. They can’t assist you with raising the funds to buy.
#2. They don’t have an investor pool behind them.
#3. They look for deals that do not align with their investors’ interests.
#4. They fail to execute deals, and that negative reputation precedes them.
How do you become a successful multifamily broker?
#1. Be transparent with your investors. Tell clearly what you expect them to gain from a deal and how you anticipate negotiations to happen.
#2. Be clear with the seller about what you can offer and give specific and accurate price and time frame details.
#3. Be conservative when you share your expectations with the investors and sellers so you always meet and often overdeliver results.
#4. Build a reputation for delivering results.
What are the trends in today’s multifamily market in Florida?
Higher-leverage deals are becoming possible again! The FDIC is strong, and aggressive banks occasionally offer exceptional loan terms on multifamily investments with solid business plans. The most typical lending terms you will see today are five-year deals with favorable interest rates in the mid-sixes.
Our ultimate guide to expertly financing your multifamily property
What are some tips for investors just starting out?
See below a good checklist for assessing potential investments:
#1. Identify the markets that offer favorable investment opportunities.
#2. Before investing in a new market, examine the prevailing laws and their implications.
#3. Vet the sponsor of the agreement.
#4. Thoroughly analyze the debt.
#5. Take into account the potential fluctuations in interest rates throughout the duration of the agreement.
What are your business goals this year?
“In the current market, transaction velocity is down. I decided to increase my marketing investment as I believe this is the opportune moment to pick up market share.
My main objective for this year is to build connections by positioning myself as someone present during the market decline. By doing so, I aim to establish the company as a leader in the market.”
What holds most investors back from hitting their next level of success?
“The ability to execute deals is crucial for establishing a positive standing in the industry and fostering connections. Many investors lack clearly outlined objectives. I believe you need clarity and vision to achieve your goals. Specific targets are the key to achieving greater success in real estate investing.”
Which books do you recommend to real estate investors?
– Buy Back Your Time by Dan Martell
– The Real Estate Game by William J. Poorvu and Jeffrey L. Cruikshank
– The Real Estate Turnaround by Craig Hall
What do you do outside of real estate?
“I have a strong passion for exploring new places, gaining knowledge, and immersing myself in different cultures. Additionally, I find fulfillment in contributing to the Coalition for the Homeless of Central Florida.”
Listen to the full podcast episode:
Today’s Maverick: Investing in Multi-Family Today with Joe LaFleur
Ready to invest in multifamily real estate in Florida?
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