{"id":55162,"date":"2014-03-13T00:05:19","date_gmt":"2014-03-13T06:05:19","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=55162"},"modified":"2023-04-11T04:49:16","modified_gmt":"2023-04-11T10:49:16","slug":"2014-03-13-investing-multifamily-ben-leybovich","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2014-03-13-investing-multifamily-ben-leybovich","title":{"rendered":"How to Succeed in Multifamily Investing &#8211; A Unique Conversation with Josh, Brandon, and Ben"},"content":{"rendered":"<p>Change is good, right?<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-55174\" style=\"margin: 10px;\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/03\/Ben-Leybovich.png\" alt=\"Ben Leybovich\" width=\"246\" height=\"195\" title=\"\"><\/p>\n<p>We hope so &#8211; because in this episode of the BiggerPockets Podcast, we change a lot of things up and invite you to come sit in the BiggerPockets\u00a0<em>digital coffee shop<\/em> and listen in on a fascinating discussion! For the first time, we bring back a previous guest on the BiggerPockets Podcast to move beyond &#8220;their story&#8221; and dig into the dirty details on a very popular and important topic: <strong>multifamily rental properties.<\/strong><\/p>\n<p>Today <strong>Ben Leybovich<\/strong>, who shared with us his powerful journey almost a year ago on <a title=\"BP Podcast 014 : Cash Flow, Creative Finance, and Life with Ben Leybovich\" href=\"\/renewsblog\/2013\/04\/18\/cash-flow-creative-finance-life-ben-leybovich\/\" target=\"_blank\" rel=\"noopener noreferrer\">episode 14 of the BiggerPockets Podcast<\/a>, is going to talk with us about what it takes to succeed as a multifamily investor &#8211; looking beyond the numbers and truly investing in the right kind of properties.<\/p>\n<p>As I said- this show is a little different. Rather than just an interview, we decided to make this episode more of a &#8220;conversation&#8221; between Ben, Josh, and myself &#8211; discussing (and often loudly debating) everything from &#8220;what kind of properties to buy,&#8221; &#8220;what kind of location someone should buy in,&#8221; and a long debate on one of Brandon&#8217;s most recent purchase- the ugly purple triplex.<\/p>\n<p>Although this is our longest show, at almost two hours in length, I think this is one of the most powerful podcasts we have ever done because it&#8217;s totally unfiltered, deep, and raw. Come be a fly on the wall in our &#8220;digital coffee shop&#8221; and discover everything you ever wanted to know about investing in multifamily rental properties.<\/p>\n<h2>Read the Transcript<\/h2>\n<p><a href=\"https:\/\/www.biggerpockets.com\/bpp61-ben-leybovich-podcast-transcript-how-to-succeed-multi-family-investing\" target=\"_blank\">Click here<\/a> to read the transcript.<\/p>\n<h2>Listen to The Show on iTunes<\/h2>\n<p><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/biggerpockets-podcast-real\/id594419649\" target=\"_blank\" rel=\"noopener\">Click here<\/a>\u00a0to listen on iTunes.<\/p>\n<h2>Listen to the Podcast Here<\/h2>\n<p><iframe loading=\"lazy\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC8126689567\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h2>In This Show, We Cover:<\/h2>\n<ul>\n<li>Managing <strong>single family<\/strong> versus <strong>multifamily<\/strong> properties<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-thumbnail wp-image-36121\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2013\/01\/BiggerPockets-Podcast-Cover-150x150.jpg\" alt=\"BiggerPockets-Podcast-Cover\" width=\"150\" height=\"150\" title=\"\"><\/li>\n<li>Why <strong>cash flow is not enough<\/strong> to base your decisions on<\/li>\n<li>Brandon&#8217;s &#8220;<strong>Waldo<\/strong>&#8221; property: good, bad, or something else? (Leave your opinion on the debate in the comments below!)<\/li>\n<li>The Validity (and Problems with) the &#8220;<strong>Rental Property Rules<\/strong>&#8220;<\/li>\n<li>The <strong>13 Steps<\/strong> to Analyzing a Multifamily Property<\/li>\n<li>How <strong>valuation differs<\/strong> between single family and multifamily<\/li>\n<li>Dealing with <strong>studio or one bedroom<\/strong> apartments<\/li>\n<li>Why Ben <strong>doesn&#8217;t like<\/strong> 2 bathrooms in an apartment<\/li>\n<li>Ben tells Josh to &#8220;<strong>shut up<\/strong>&#8220;<\/li>\n<li>How to <strong><em>really<\/em><\/strong> learn what expenses will be<\/li>\n<li>And a lot more!<\/li>\n<\/ul>\n<h2>\u00a0Links from the Show<\/h2>\n<ul>\n<li><a title=\"BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager\" href=\"\/renewsblog\/2013\/12\/12\/bp-podcast-048-duplex-managing-tenants-darren-sager\/\" target=\"_blank\" rel=\"noopener noreferrer\">BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager<\/a><\/li>\n<li>B<a title=\"BP Podcast 060: From 0 to 68 Rental Units in Just Four Years with Serge Shukhat\" href=\"\/renewsblog\/2014\/03\/06\/bp-podcast-060-serge-shukhat\/\" target=\"_blank\">P Podcast 060: From 0 to 68 Rental Units in Just Four Years with Serge Shukhat<br \/>\n<\/a><\/li>\n<li><a title=\"How I Found, Analyzed, and Bought an Ugly Purple Rental Property\" href=\"\/renewsblog\/2013\/11\/28\/analyze-rental-property\/\" target=\"_blank\">How I Found, Analyzed, and Bought an Ugly Purple Rental Property (Waldo)<\/a> by Brandon Turner<\/li>\n<li><a title=\"Should I Buy a Rental Property with Great Cash Flow in a Bad Location?\" href=\"\/renewsblog\/2012\/10\/14\/rental-price-cash-flow\/\" target=\"_blank\">Should I Buy a Rental Property with Great Cash Flow in a Bad Location?<\/a> by Brandon Turner<a title=\"Should I Buy a Rental Property with Great Cash Flow in a Bad Location?\" href=\"\/renewsblog\/2012\/10\/14\/rental-price-cash-flow\/\" target=\"_blank\"><br \/>\n<\/a><\/li>\n<li><a title=\"How to Buy a Small MultiFamily Property: A Step by Step Case Study\" href=\"\/renewsblog\/2013\/04\/09\/how-to-buy-a-small-multifamily-property\/\" target=\"_blank\">How to Buy a Small Multifamily Property<\/a> by Brandon Turner<\/li>\n<li><a title=\"Bigger Pockets Rental Property Calculator\" href=\"https:\/\/www.biggerpockets.com\/buy-and-hold-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">Bigger Pockets Rental Property Calculator<\/a><\/li>\n<li><a title=\"Bigger Pockets Fix and Flip Analysis Tool\" href=\"https:\/\/www.biggerpockets.com\/flip-analysis\" target=\"_blank\" rel=\"noopener noreferrer\">Bigger Pockets Fix and Flip Calculator<\/a><\/li>\n<li><a title=\"The 50 percent rule\" href=\"\/renewsblog\/2013\/06\/14\/50-percent-rule\/\" target=\"_blank\" rel=\"noopener noreferrer\">The 50% Rule: How to Quickly Analyze a Multifamily Investment Property<\/a><\/li>\n<li><a style=\"line-height: 1.5em;\" title=\"BiggerPockets.com\/meet\" href=\"https:\/\/www.biggerpockets.com\/meet\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets.com\/meet<\/a>\u00a0\u00a0(Find Local BiggerPockets Members)<\/li>\n<\/ul>\n<h2>Books Mentioned in the Show<\/h2>\n<p><a href=\"http:\/\/amzn.to\/1kjXEFJ\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-55177\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/03\/13-Steps-Multifamily-Ben-300x296.png\" alt=\"13 Steps Multifamily Ben\" width=\"180\" height=\"178\" title=\"\"><\/a><\/p>\n<ul>\n<li><a href=\"http:\/\/amzn.to\/2akn20F\" target=\"_blank\" rel=\"noopener noreferrer\">Landlording on Auto-Pilot<\/a>\u00a0by Mike Butler<\/li>\n<li><a href=\"http:\/\/amzn.to\/29Z1ggk\" target=\"_blank\" rel=\"noopener noreferrer\">13 Steps to Valuing Your First Multiplex &#8211; A Step by Step Guide [Kindle Edition]<\/a> by Ben Leybovich<\/li>\n<\/ul>\n<h2>Tweetable Topics<\/h2>\n<blockquote><p>You can put lipstick on a pig all day long &#8211; but if you have a pig, you still have a pig. (<a href=\"https:\/\/twitter.com\/home?status=%22You%20can%20put%20lipstick%20on%20a%20pig%20all%20day%20long%20-%20but%20if%20you%20have%20a%20pig,%20you%20still%20have%20a%20pig.%22%20@BiggerPockets%20http:\/\/bit.ly\/1gbULBF\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p>\n<p>We don&#8217;t put money into property- we put money into location.\u00a0(<a href=\"https:\/\/twitter.com\/home?status=%22We%20don&#039;t%20put%20money%20into%20%23property%20-%20we%20put%20money%20into%20location.%22%20@BiggerPockets%20Podcast%20061%20http:\/\/bit.ly\/1gbULBF\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p>\n<p><span style=\"line-height: 1.5em;\">If you wanna fly &#8211; you need to hang with people who fly.\u00a0<\/span><span style=\"line-height: 1.5em;\">(<a href=\"https:\/\/twitter.com\/home?status=%22If%20you%20wanna%20fly%20-%20you%20need%20to%20hang%20with%20people%20who%20fly.%22%20@BiggerPockets%20Podcast%20061%20http:\/\/bit.ly\/1gbULBF%20%23RealEstate\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/span><\/p>\n<p>Stumbling blocks and stepping stones look very much alike. \u00a0(<a href=\"https:\/\/twitter.com\/home?status=%22Stumbling%20blocks%20and%20stepping%20stones%20look%20very%20much%20alike.%22%20@BiggerPockets%20Podcast%20061%20http:\/\/bit.ly\/1gbULBF\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p>\n<p>Our job as an entrepreneur is to produce cash flow out of thin air.\u00a0(<a href=\"https:\/\/twitter.com\/home?status=%22Our%20job%20as%20an%20entrepreneur%20is%20to%20produce%20cash%20flow%20out%20of%20thin%20air.%22%20@BiggerPockets%20Podcast%20061%20http:\/\/bit.ly\/1gbULBF\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<h2>Connect with Ben<\/h2>\n<ul>\n<li>Ben&#8217;s\u00a0<a href=\"https:\/\/www.biggerpockets.com\/users\/JustAskBenWhy\/\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Profile<\/a><\/li>\n<li>Ben&#8217;s Website: <a href=\"http:\/\/www.justaskbenwhy.com\" target=\"_blank\" rel=\"noopener noreferrer\">JustAskBenWhy.com<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Change is good, right? We hope so &#8211; because in this episode of the BiggerPockets Podcast, we change a lot of things up and invite you to come sit in [&hellip;]<\/p>\n","protected":false},"author":17340,"featured_media":119617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4565],"tags":[],"class_list":["post-55162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biggerpockets-podcast"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/55162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/17340"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=55162"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/55162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/119617"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=55162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=55162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=55162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}