Multifamily real estate investors almost always raise money for their deals, right? Some would call it almost impossible to try and build a huge real estate portfolio without borrowing money or partnering up to take down bigger properties. Sofia Castro, along with her husband, not only built a multifamily portfolio using their own money, but did so starting with a severe disadvantage.Both Sofia and her husband were high school dropouts, living without much money, and practically no experience. A local entrepreneur took Sofia and her husband under his wing, teaching them both how to become leasing brokers. From there, they started building their entrepreneurial endeavor, eventually selling their business a couple of decades later for a whopping billion dollars.With cash in hand and real estate experience under their belt, they began buying apartment complexes to flip them as condos. Once the recession hit, Sofia knew this was the wrong business to be in, so she pivoted heavily towards multifamily rental investing, specifically investing in “core deals”. Now, she has a streamlined process for finding deals, buying deals, and screening tenants. She gives some out-of-the-box, but highly useful tips on tenant screening, property management, and why “value-add” real estate isn’t all it’s chopped up to be.In This Episode We Cover:“Core deals” explained and why they often beat value-add propertiesWhat are cap rates and why understanding them is crucial when buying multifamilyCondo conversions and the risk of flipping during downtimes in the economyTenant screening tips that will get you the best tenants who pay on time, every monthThe right way to do property management and why you shouldn’t immediately outsourceHow to buy in the right real estate markets, plus the metrics Sofia looks for when investingAnd So Much More!Links from the ShowBiggerPockets Youtube ChannelBiggerPockets ForumsBiggerPockets Pro MembershipBiggerPockets BookstoreBiggerPockets BootcampsBiggerPockets PodcastDavid’s YouTube ChannelAsk David Your Real Estate Investing QuestionListen to All Your Favorite BiggerPockets Podcasts in One PlaceSubscribe to The “On The Market” YouTube ChannelDavid’s BiggerPockets ProfileDavid's InstagramDave's BiggerPockets ProfileDave's InstagramRob's YoutubeRob's InstagramRob's TikTokRob's TwitterRob's BiggerPockets ProfileSteer Clear of Social Media ScamsShould You Self-Manage Your Properties or Hire a Pro?The Beginner’s Guide to Buying Your First Multifamily PropertyShould You Raise Private Capital for Your Next Investment Project?Books Mentioned in the ShowABCs to Real Estate Investing by Ken McElroyThink and Grow Rich by Napoleon HillConnect with SofiaSofia's Instagram: @officialsofiacastroSofia's LinkedInSofia's FacebookSofia's WebsiteClick here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-623Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.