Failing to Scale in Multifamily? Jen & Stacy Conkey

Passive Wealth Strategy Show - Real Estate for Busy Pros

How do real estate investors identify potential markets for multifamily investing?

Today, Jen and Stacy Conkey, two experienced real estate investors, discuss strategies for scaling up in real estate investing - especially in multifamily- such as looking at job and population growth to narrow down market searches, having a contingency plan, and going beyond one's local area for greater opportunities. They emphasize that teams can provide expertise and knowledge that an individual investor may lack but urge investors to build relationships with team members for successful investing. They suggest starting small with manageable deals before going deep into it, speaking confidently by using the word “we,” and having the right motivation (not wanting to get rich quick), sufficient time, and support from family or friends. Let's dive in!

[00:01 - 06:48] How to Build Wealth with Real Estate: The Remote Multifamily Investing Academy

• How to build wealth with multifamily real estate

• The Remote Multifamily Investing Academy

• How to select markets and reasons why people fail in multifamily

• What flippers and single-family investors need to know to take real estate to the next level

[06:49 - 13:46] Digging Deeper Into Scaling and Multifamily Real Estate Investing

• Network is vital in real estate investing, no matter the asset class or strategy

• The misconception that people need to touch, see, and feel real estate to invest

• Look at properties from a perspective of what if things hit the fan and have a contingency plan

• In-person market due diligence is essential for boots-on-the-ground experience

[13:47 - 20:09] How to Acquire Your First Multifamily Property

• How to lead teams to identify the best possible team in a market

• Data-driven decisions and use of technology to have eyes on the property

• Build relationships with team members motivated by money and grow wealth together

• Educate yourself and prepare for conversations

[20:10 - 26:26] The Key to Real Estate Success is Growing Your Network

• Use the word 'we' when talking to people and practice in a market you're not planning on investing in

• People fail in real estate due to wrong motivation, wrong expectations, lack of time, and lack of support

• Mastery takes time, and people should not jump into bigger buildings without understanding what they're doing

• The significance of joining networks and growing them

[26:27 - 34:42] Closing Segment

• Best investment: Joining networks and masterminds

• Worst investment: A motel that required staff and an understanding of seasonality

• Most important lesson learned: Due diligence and surrounding yourself with people playing at a higher level

Quotes:

"Anytime you're in a market, you're looking at things, filtering everything through your experience, whether positive or negative. And that might have absolutely nothing to do with how the real estate will perform." - Jen & Stacy Conkey

"We all make decisions based on emotions. That's where we're naturally drawn. But when you pull yourself, and you have that distance, you look at the numbers, if they don't pencil out, you're going to be less inclined to be emotionally attached to the experience you had while you were there." - Jen & Stacy Conkey

Connect with Jen & Stacy:

Facebook: Apartment Investing with Jen & Stacy

Website: rmfiacademy.com

Apply to Invest with Taylor at www.investwithtaylor.com

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