Business
James Knull's presence in the Real Estate Industry is truly multifaceted. As an investor, he's acquired almost 300 rental units in his portfolio and has architected several large joint ventures bringing partners together to acquire great properties. As a Realtor, he's one of Western Canada's top producing agents. As a Leader, the Mogul team has grown and expanded into multiple cities and consistently sets the industry standard for exceptional service and performance. In this episode, James shares what benefits and advantages you can have with investing in multifamily properties. Though it is riskier with multifamily, there is an opportunity for you to 10x times your real estate business with this investment strategy. Checkout: Raising Capital Without Rejection Full-Day Workshop (Online): https://investorattractionworkshop.com/ What you'll learn in just 17 minutes from today's episode: Learn the important things to consider when transitioning from single-family homes to multifamily Find out how a process looks like when transitioning to multifamily Discover the advantages of investing in multifamily than in single-family homes Resources/Links: Attend a FREE live webinar. Click here: https://www.mogulmastermind.ca/ Topics Covered: 00:58 - Opening a branch office right in the middle of the pandemic 02:01 - The pros of having multifamily properties over single-family homes 04:11 - The journey he took to transition to multifamily 05:34 - Describing the process of getting into multifamily 06:47 - How he prepared in transitioning to multifamily 09:57 - How to 10x your real estate business 10:27 - The number of units he had when he started 11:10 - Don't pressure yourself too much on your first multifamily deal 14:16 - Underwriting from three perspectives 13:03 - The best way to approach a realtor when scaling from single-family to multifamily 16:00 - His way of raising capital and getting into joint venture partnership Key Takeaways: "The pros for multifamily that I like is number one, its efficiency in terms of using capital. Once you are established, comfortable, and working on a larger scale, you can get more done with less time. And that's part of the name of the game." - James Knull "It's a totally different way to add value to the building because, in multifamily, we treat the building as a business. And so, the more viable you make the business, the more valuable that business is." - James Knull "A big part of the jump [single family home to multifamily] is, even if it might be physically possible for you to take on a building of that size. It still might not be wise from a risk tolerance perspective and an experience perspective because you know what they say in investing; you don't want to put all of your eggs in one basket. Diversifying is a really nice way to go."- James Knull "That whole process [getting into multifamily] I can describe in 30 seconds, but that was about a year and a half of work. So, for people who are thinking about getting into it, that's not an overnight success." - James Knull "Don't stress out about swinging for the fences on your first deal, like, do a comfortable deal, be very successful at it, do a great job, ensure your investors are thrilled. Keep your paperwork tight, keep your record keeping solid so that when you go to deal number two, you've got something great that you can show people, and then just every good deal you do is a stepping stone into another great deal." - James Knull "Lining partners up, planting the seeds, whatever we want to call it. If this is something you're thinking about getting into, then have the conversations early just to separate people into a couple of piles -- don't bug them, people that are maybes, and those that are definitely interested when you've got the deal. Once you have those three piles when a deal actually shows up, you've got something to work with." - James Knull Connect with James Knull: Website: https://www.mogulrg.com/ Facebook: https://www.facebook.com/MogulRG Instagram: https://www.instagram.com/mogulrg/ LinkedIn: https://www.linkedin.com/in/james-knull-93864511/ Email: James@mogulrg.com Connect with Dave Dubeau: Podcast: http://www.propertyprofitspodcast.com/ Website: https://davedubeau.com/home Investor Attraction Workshop: http://www.investorattractionworkshop.com/ Facebook: https://www.facebook.com/thedavedubeau LinkedIn: http://linkedin.com/in/davedubeau Enjoyed the Podcast? Please subscribe on iTunes for updates