In this episode, Jimmy Murray talks about owner-occupied multifamily investing. He shares common mistakes people could make and how to fix it, as well as how to manage tenants. collect cash flow, how to underwrite the properties, and what to look for.

[00:01 - 08:15] Experience as a Owner Occupying a Multifamily

Jimmy shares about his background and how he got into self-storage investing 

Finding that this is the singular best way to build wealth

Learning the ins and outs of the space 

Creating strategies that help benefit you and the tenants

 

[08:16 - 11:21] Handling Disputes With Tenants 

The importance of setting rules from the beginning of managing the property

Learning through failures on how to handle disputes

When facing difficult challenges, remember why you started

 

[11:22 - 21:27] How to Avoid Common Mistakes and How to Fix It                                                                                                         

Figuring out how to do turnovers because it’s not an actual turnover

Always do your homework upfront

Do things right the first time and don’t find the cheap way out

 

[21:28 - 27:50] Closing Segment

Quick break for our sponsors The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.  Learn more about Personal Capital at escapingwallstreet.com 

What is the best investment you've ever made other than your education?The current tax lien he is working on

Jimmy Murray’s worst investments The first flip that he did

What is the most important lesson you’ve learned in business and investing?Finding the right partner and setting up partner agreements 

Connect with Jimmy Murray:

Social media: Facebook, Instagram 

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

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Tweetable Quotes:

“ If you can provide that quality product upfront and take care of your tenants the right way, I think that it's gonna provide a much longer runway of sustainable success as a real estate investor.” - Jimmy Murray