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So as we’re talking about investing in real estate, what are my tips to scale safely in this game?
Number one, only purchase assets you are completely confident that you can transact on, repair and/or lease out.
You have to understand one part of the business very well before you just go jumping around. So if you are a multi-family specialist with three, maybe four units or lower, stick to that game. There are a ton of tenants in New York City who are looking for small buildings that they can possibly rent and move into.
If you are a multi-family owner that only wants to transact on properties that are more than 15, 30 or more units, then again you have a team, you have the infrastructure ready to support that, stick to that game. You don’t have to jump around between assets.
You can make a lot of money by just being an expert on a specific neighborhood on a specific block. Go at it the way you feel the most comfortable. Start mastering your skill in a certain type of asset class in a certain neighborhood, and then slowly but surely, one asset a year, two assets a year, and so on and so forth. Next thing you know you have 300 units and you’re successful and you’re comfortably making all the money you’ve dreamed of.