After I read Rich Dad Poor Dad I was interested in learning more about real estate investing. After some thought, I realized that my grandpa had invested and managed some single family houses (SFH) in my area. So I decided to work for him to learn the ropes of single family investing. I officially worked for him for a year and a half from 2015-2016. However, I still to this day help him with the business. I learned the aspects of real estate investing like acquiring assets, property management, and asset management. I also learned how to build a successful team and who are your most important team members. I’m going to briefly talk about what roles I were apart of. I am going to focus on the things I learned throughout my experience in single family investing and managing. Throughout the bullet points, there will be links that dive deeper into my journey and what I learned along the way.

What Roles I Played

Property Management & Asset Management

• Went on property walkthroughs with the tenants at the beginning and end of a lease
• Decided what renovations were needed during the turnover period
• Worked on and managed renovations during property turnover period
• Was in constant communication with tenants over their problems and needs
• Built a strong team to assist when there were problems at the properties
• Went through the process of tenant screening

Things I Learned- Property Management & Asset Management

• Tenants have a lot more power in SFH than in multifamily properties
• Tenant turnover can kill your ROI
• In SFH, it is more advantageous to not increase your rent in order to keep a great tenant than increase your rent and lose a great tenant
• Over renovating a property can kill your ROI- Know your tenant profile and their desires
• You need to know the common product in the neighborhood you are investing in. For example, if 90% of the neighborhood consists of properties with 3 bedrooms – 2 baths or fewer, you won’t get a great rent premium for a 4 bedroom – 4 bath in that neighborhood.
• Single-family properties are not meant to be rented to tenants but multifamily properties are

Acquisitions

• Maintained real estate agent and mortgage broker relationships for future deals
• Participated in the bidding, due diligence, and closing of several properties
• Walked potential properties with the real estate agent
• Worked will real estate agent on the sale of our properties
• Worked on yearly profit and loss statements for the company

Things I Learned- Acquisitions

• Getting your real estate license is advantageous if you want to invest in SFH long term
• SFH investing is a great way to start your real estate journey
• Your real estate agent and handyman are the most important people on your team
• The energy it takes to purchase one single-family property is similar to the energy it takes to invest in a small multifamily deal
• It is easier to capture value from “distressed assets” in single-family investing than multifamily
• How to build a relationship with a mortgage broker before you purchase a property