Join Pace Morby and his underwriter, Beau Devine, as they take us on a tour of a 31unit multifamily property in Lubbock, TX, while providing essential insights on how to underwrite deals. They also explain why starting out in real estate investing by purchasing multifamily properties might not be the best move for beginners.

Beau breaks down the specifics of the Lubbock multifamily deal, highlighting major red flags: the property is only 10% occupied, requires significant renovations, and faces issues with homeless encampments and security. Even though they can negotiate great seller finance terms for this deal, more challenges make this a tough entry point for new investors.

Pace and Beau dive into the underwriting process, discussing what Beau considers when evaluating if a deal is worth pursuing. They explore high leverage points the need for capital and the pressures of managing multifamily properties. From dealing with low occupancy to navigating complex renovation needs, the multifamily game requires experience and a solid team to succeed.

Pace explains why creative financing multifamily properties is a gamechanger but also emphasizes the importance of starting smaller. Managing singlefamily homes is often easier and less risky for beginners. Discover why it's better to target 2060 unit properties that are "ugly" but have potential, rather than jumping into large, complex deals right away.

Beau and Pace stress the importance of building the right skills and team before tackling multifamily properties. Knowing when to say no to a deal, especially if it’s overpriced or beyond current capabilities, is vital for longterm success.

For those new to real estate investing, this video offers crucial insights into underwriting deals and why starting with multifamily properties might not be the best strategy. Learn from their experiences and set yourself up for success by starting smart.

Don’t forget to like, subscribe, and hit the notification bell for more tips on what to look for when analyzing multifamily deals.

Connect with Beau:   / beau.devine  

Learn how to underwrite from Pace & Beau: https://pacemorby.com/underwriting/

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DISCLAIMER

❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY ❎