The next 18 months are sure to pose massive challenges to agents, so we need to think wisely about our next moves. Is now the time to look into multifamily, and how do we get started if we’ve only done single-family residential transactions up until now?
The shift from residential to commercial real estate isn’t an easy one, but it’s certainly doable if we build a decent track record in our areas. How do we establish a stellar reputation when we’re new to the space?
As with all real estate, the multifamily sector depends on strong personal relationships. If we want to make the jump, we have to start by building close connections with the right people.
In this episode, CEO and Founder of Kingly Acquisitions, Ronny Philip shares how he entered multifamily and scaled his business to epic proportions.
Three Things You’ll Learn in This Episode
Which asset classes offer the highest return to new investors
Start by choosing an asset class to work with. Classes B and C tend to offer the best opportunities to investors because they’re older properties used by both blue and white-collar workers.
How to prepare for the shift from residential real estate
Before investing in a multifamily, join a commercial team and learn more about the business. This will teach us transferable skills that better prepare us for the next step.
How to establish rapport with brokers
Multifamily complexes are always handled by more than one broker, so it’s important to connect with as many as possible. Head to top brokerages and build strong relationships to benefit from more opportunities.
Ronny Philip is the CEO and Founder of The Kingly Group and Kingly Acquisitions. Ronny started his career in traditional real estate, but after discovering his passion for commercial real estate investing, he hasn’t looked back since. Ronny is the host of The Ronny Philip Show on Youtube.
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