Had a great time talking to John Carney of Real Estate Locker Room about how investing is a team sport.
Check out the podcast link, plus the show notes are below.
Listen to Podcast
In this episode, Omar shares how he determines the value of an apartment building before entering into a purchase contract. He explains the process of underwriting as well as what it looks like from the viewpoint of an investor and a lender.
Omar and John dive into the details of CAPEX, upgrades, and how to factor them into his elaborate equation. Omar explains how to manage the time from vetting until closing the deal. He shares the common mistakes that most investors make before, during, and after a deal and offers up the “must do’s” to prevent them.
Five Key Points:
- You don’t have to be the most gifted person on a team, but make sure you outwork everybody.
- It’s critical to understand the track record of the people you work with.
- Investing is a team sport – you shouldn’t be doing everything yourself.
- The clock starts when an asset is under contract.
- Don’t overpay.
Favorite Athlete:
- LeBron James, Cleveland Cavaliers Superstar
- Pete Sampras, Tennis Superstar
Favorite book:
- The Black Swan by Nassim Nicholas Taleb
Pro tip:
- Don’t be in a hurry to get into a deal, especially a deal with the wrong people.