Summary of Brian Murray & Brandon Turner's The Multifamily Millionaire, Volume II

By IRB Media

Get the Summary of Brian Murray & Brandon Turner's The Multifamily Millionaire, Volume II in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: Volume II of The Multifamily Millionaire series is the definitive guide to investing in large multifamily properties—all based on the authors’ experience of starting with nothing and building their real estate portfolios to thousands of units. Brian Murray (author of Crushing It in Apartments and Commercial Real Estate) and Brandon Turner (cohost of The BiggerPockets Podcast) share the secrets to their success in large multifamily investing with proven methods and practical advice that will help take your investment strategies to the next level.

• Language: English
• Publisher: IRB Media
• Release date: Dec 3, 2021
• ISBN: 9781669340744

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on Brian Murray and Brandon Turner's The Multifamily Millionaire Volume II

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 15

Insights from Chapter 16

Insights from Chapter 17

Insights from Chapter 18

Insights from Chapter 19

Insights from Chapter 20

Insights from Chapter 21

Insights from Chapter 22

Insights from Chapter 1

#1

When it comes to multifamily investing, narrowing down your focus to specific properties and areas helps you immensely. After all, there are hundreds of thousands of multifamily properties for sale, and you wouldn’t want to waste your time evaluating them all.

#2

Having a solid understanding of the multifamily market will allow you to establish credibility with brokers, lenders, and investors.

#3

The first step in defining your investment criteria is to do a self-evaluation. You'll want to consider your skill set, access to capital, location, knowledge and experience, risk tolerance, and personal preferences.

#4

The Multifamily world is extremely competitive. The larger you go, the stronger the competition. Based on your assessment, challenge yourself to identify potential strengths and weaknesses. What are you better at than other investors. What are you willing to do that other investors aren't. Think about both your current strengths and weaknesses.

#5

Having a clear vision and set of goals is a prerequisite to developing a strategy. Once you have those two things, the final step is to develop your investment criteria - a list of criteria associated with the location and property you choose to invest in.

#6

The first parameter that you should consider when selecting a market for your multifamily investment is the geographic market. The advantages of investing in a primary market, as opposed to a secondary or tertiary market, include access to more deals, familiarity with local government officials, and a greater likelihood of success.

#7

The factors that affect the desirability of a location include crime rates, demographics, and the local economy. These factors vary from city to city.

#8

Multifamily housing comes in many different forms, and while there are no industry-wide standards, the types that are most common for investors to purchase are high-rise, garden-style, manufactured home parks, student housing, and senior housing.

#9

There are five classes of multifamily buildings, from the best quality to the least. The best ones are Class A and Class B, which are located in major cities. They have the best finishes, the newest buildings, and the highest rents. Class C and D buildings are usually in less desirable locations, but they also have the greatest potential to add value through renovations.

#10

The BRRRR method requires investors to pay more than the typical traditional method because it allows you to buy right and repair and refinance later. It is also flexible since it allows you to choose the property’s age, which affects its repair and refinance costs.

#11

The amount of money you have to spend on a house is called the cap rate. It is calculated by dividing the purchase price by the square footage of the property.

#12

The second part of BRRRR is to find the right property at the right price. This requires having a clear understanding of your financial goals and your tolerance for risk.

#13

The underwriting criteria that you set for yourself are strictly internal metrics. You would not share these with a broker or any other party helping you find a deal. However, if raising capital, you would inform your investors about your financial targets.

#14

The first step in investing in a multifamily property is deciding on your investment criteria, which includes the size, type, and class of the property you’re going to purchase.

#15

The first step in the BRRRR method is to define your investment criteria, which includes the type of property you want to buy, its location, class, age, price, and target returns.

#16

The author acquired a multifamily property that met all the requirements of an excellent investment: it was a Class C property with more than