Welcome back to the Profit First for REI podcast. Our guest today is Charles Dobens, a multifamily attorney investor with years of experience in the real estate industry. He is the founder of Multifamily Investing Academy, the creator of the MultifamilyOS™️ System, and the host of the award-winning Multifamily Investing podcast.
Charles joins us to share his insights on the business of real estate and emphasizes the importance of treating it like a business. He also delves into the three parts of a real estate deal, breaks down the benefits of holding real estate, and offers practical steps for those looking to build wealth through real estate investments.
Whether you are interested in transitioning from single-family to multifamily real estate or simply want to keep more of the money you make with your investments, this episode is packed with valuable tips and insights that you won't want to miss.
Key Takeaways:
[00:18] Introducing Charles Dobens
[04:08] Why It’s Easier to Treat Multifamily as a Business Compared to Single-Family
[05:12] Ups and Downs and Lessons Learned in His Investing Journey
[08:42] What is a Cap Rate?
[15:43] The Five Ways to Make Money in Multifamily
[18:47] Transitioning From Single-Family to Multifamily
[22:16] Asset Management and Property Management
[26:24] Connect With Charles Dobens
Quotes:
[15:34] “[What] I really loved about multifamily was no emotion involved. It's just a formula. And if the formula works, you buy the property.”
[23:45] “If you set it up right the first time, and you build the systems to be constantly taking care of your clients, your investors? Yes, then you're going to have yourself a nice business.”
[26:46] “I spent over $200,000, building a CRM for members of my multifamily OS program. That helps because…acquisition Management is all about finding the deal, right? 90% of the business is sales and marketing and finding the deal.”
Connect with Charles and get a copy of his book, How to Get 1,000 Apartments in Five Years:
Website: www.multifamilyos.com
Tired of living deal to deal?
If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David
