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DreamNation Real Estate Podcast Episode 74 – Edna Keep: Build Wealth Through Multifamily Properties

Ever since the pandemic started, almost every business slowed down that even the real estate market got hit. But unlike every other real estate niche, multifamily real estate could be considered as one of the least affected in the market as people will always need a place to live.

For today’s episode, find out with our real estate investing guest, Edna Keep, who and what you need to grow, scale, and maintain your net worth through investing in multifamily properties.

Edna was a former financial advisor who sold her practice after getting into real estate. She is known to be an expert in raising capital and other people’s money. She now shares her proven process with others through coaching.

Here’s What You Missed

Why real estate?

  • “A few of my clients had pointed out that the biggest part of their net worth came through the real estate they owned.” (05:46)
  • “Within 18 months of starting, we owned 50 doors. I got to 5,000 a month in cash flow and I knew then that I was selling my practice. So I sold my practice in September of 2009 and have not looked back.” (05:54)

Real estate partnerships

  • “…it doesn’t always work out perfect with partnerships.” (08:38)
  • “We wouldn’t be where we are today if we hadn’t started in that way. Because we didn’t have to do the day-to-day management, we could go on and build and by raising the capital for those deals.” (08:55)

Building your real estate team

  • “In real estate, especially if you go to any size, you can not do it by yourself. Like, you need all kinds of team members. You need your realtors to help you find your property. You need your mortgage brokers to help you fund it. You need your lawyers to help you close on it. You need your lenders. You need your private lenders.” (09:43)
  • “…you need inspectors, you need environmental, you need appraisers, you need property managers.” (10:35)

Educating people to invest in real estate

  • “I think, first of all, it starts, Casanova, with a mindset shift that people want to.” (14:22)
  • “It’s a confidence shift that you can only build by really understanding what you do have and then practicing it.” (14:41)
  • “It’s safe. I mean, it’s not perfect. It’s pretty secure.” (14:54)
  • “If you don’t educate people, they don’t understand how it works.” (15:39)

Impact of COVID-19 on real estate

  • “Multifamily hasn’t been impacted as much by COVID as say retail and stuff like that because people still need a place to live.” (18:14)
  • “I think retail is going to continue to be hit hard because I think that there’ll be a lot more people working from home because they’ve started to realize that it’s good.” (18:21)

Why invest in Workforce Housing

  • “The places that we’re buying are for workforce housing, and we think there’s a really big need for workforce housing.” (19:39)
  • “There’s a ton of work to be done to renovate the units, get through units up to snuff. But again, it’s basic housing, so there’s nothing fancy about it. It’s just making sure that everything is running smoothly in the workforce housing, and areas that really cater to that workforce, too.” (20:25)
  • “A whole series of like lower-income jobs. These people will probably never qualify for a mortgage. Their incomes aren’t high enough. So there’s a really big need for workforce housing as well.” (20:44)

Finding a good property manager

  • “One of the things that you have to do in any area you’re going to move into is find a good property manager.” (21:30)
  • “We usually start with referrals, maybe the realtor who we bought the deal through.”
  • “You’ve got to build that power team wherever you go. And once you have it in place, you can use it.” (21:38)

Investing in multifamily real estate

  • “I think your first step is to work with a coach that has a program that can teach you that because there’s so much to know.” (25:01)
  • “With multifamily, there’s more of a learning curve and trying to navigate that all by yourself.” (25:19)
  • “…a realtor’s job is to sell your property. It’s not to teach you how to run the numbers. It’s not to teach you that the area is a good area. And they have a vested interest in selling to you, but not teaching you.” (25:42)

Quotes and Advice from our host and guest:

  • “…you need to find out what you’re good at and then just debt compound on that.” – Edna (03:50)
  • “I love dealing with salespeople. You only pay them when they make a sale.” – Edna (10:59)
  • “We learned from every single deal.” – Edna (11:55)
  • “…everything is moving to multifamily and that’s where people are going to have the security, at least they feel for the next 10 to 15 years as we recover.” – Casanova (19:09)
  • “It’s all about the relationships.” – Casanova (22:11)
  • “…people need to have a desire. A real desire to change their life.” (28:19)

Books, Mentions, and Links:

Edna Keep

Robert Kiyosaki




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