Our guest today is Lee Yoder, a multifamily investor and podcaster. In this episode, we dive deep into buying your first multifamily property. Lee shares his 5 steps to success in your first deal, common mistakes and how to avoid them, and why multifamily is the best way to reach true freedom in your life. If you’re ready to take the leap into multifamily investing then don’t miss out on this episode!
Learn more about Lee Yoder and his journey at reiclarity.com!
“At the beginning of your journey, ask yourself these questions – Could I do my job part-time? Could I free up some time to do this as a side hustle?”
Lee started his career as a physical therapist and later worked in a startup company. Here, he realized that he was passionate about numbers, business, and building companies, so he turned to real estate.
Lee got into real estate by flipping a single-family property. He soon bought a duplex, then a 16-unit, and finally a 45-unit property.
“The cap rate, what the owners are doing now, that’s all how the property is performing right now. I’m much more concerned about how’s the property gonna fare in the future. “
Lee’s 5 steps to successfully purchasing your first multifamily property:
- Getting educated: Books, podcasts, and courses are helpful but you can learn a lot from a flip too.
- Networking: Be active in your community, join your local RIA, or start a podcast.
- Understand underwriting: Practice running the numbers 3-5 times a week.
- Start building your team: Find a good property manager and get a good lender or mortgage broker. Networking can also help you with that.
- Start making offers: Put your knowledge into action. There are ways to get out of an offer, so don’t be afraid to take this last step.
Focus on the step that is ahead of you and always move forward. By the time you reach step 5, it’s not going to look that scary. The hardest deal is always the first one, so whatever you can do to get over the hump is worth it.
Lee talks about mistakes he made along the way and how to resolve them. According to him, always focus on networking and getting good referrals on the people you’d like to work with. Also, make sure you raise more money than you think you’ll need because you don’t want to go back to investors.
“I’m not saying that everybody needs to go full-time in real estate, but you can create passive income with it and really change your life. “
At the end of the episode, Lee picks an action step from the REI Clarity Framework that is the most valuable for him. This is the “Forecast Your Future”.
Lee loves real estate investing because he can work hard if he wants to but his work is very flexible. This gives him more time to spend with his family.
For Lee, forecasting the future means that he can create freedom for himself and his family and create a better future.
Mentioned in the show:
- Contact Lee Yoder
- His LinkedIn
- The REI Clarity Framework
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Lee Yoder for taking the time to share so many great insights with us
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Until the next time, We truly appreciate you listening.
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Show produced by Eni Horvath