Unlock Your Real Estate Future: Which Stage Are You Truly Playing At Right Now?
Dave:
Now let’s talk about those deals you did during the financial crisis. Everyone I’m sure is looking back at those times thinking, man, I wish I had bought. But it was also kind of scary during that time. The bottom was kind of dropping out of all these markets and there was no clear sign of when it was going to turn around, and at that point, I don’t think anyone knew how quickly prices would recover over the next decade. So what were you looking for during that time period?
Tony:
Sure. So whether this is right or wrong, I was kind of looking for the cheapest multifamily properties that I could get my hands on. I did hear one time in a podcast someone saying that that’s often a mistake. People are looking for good deals rather than good properties. And I kind of wish I heard that earlier because those properties appreciated much faster in my local area than these rental properties. However, that’s what I was after. So I was buying properties where a longtime landlord had a troubled tenant, the place was destroyed, they wanted nothing to do with it, they weren’t going to put it on the market, and they would say, just assume the worst. I mean, I bought properties where I wouldn’t even look in some of the units and they told me to assume the worst in those units, and sometimes it was the worst.
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