BiggerPockets Real Estate Podcast - 10th Grade Dropout to 2,500 Rentals Using "Core Deal" Multifamily

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. ~~~~ Join BiggerPockets for FREE: https://www.biggerpockets.com/signup?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Steer Clear of Social Media Scams: https://www.biggerpockets.com/scam?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Should You Self-Manage Your Properties or Hire a Pro? https://www.biggerpockets.com/blog/property-management-vs-self-management?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ The Beginner’s Guide to Buying Your First Multifamily Property: https://www.biggerpockets.com/guides/buying-multifamily?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Should You Raise Private Capital for Your Next Investment Project? https://www.biggerpockets.com/blog/raising-capital-passive-investors?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Sofia: Instagram: @officialsofiacastro or https://www.instagram.com/officialsofiacastro/ LinkedIn: https://www.linkedin.com/in/sofia-castro-252535195/ Facebook: https://www.facebook.com/profile.php?id=100049993117084 Website: http://sofiacastroofficial.com/ ~~~~ Invest with David and Rob: https://www.investwithdavidgreene.com/ ~~~~ Connect with Rob (Robuilt) on Youtube, Instagram, Tiktok, and Twitter: Youtube: https://www.youtube.com/c/Robuilt Instagram: https://www.instagram.com/robuilt/ TikTok: https://www.tiktok.com/@robuilto Twitter: https://mobile.twitter.com/robuiltchannel ~~~~ Connect with David and Rob on BiggerPockets: David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Follow David on Instagram: @davidgreene24 or https://www.instagram.com/davidgreene24/ Episode 623 Show notes at: https://www.biggerpockets.com/blog/real-estate-623?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Intro 03:10 Quick Tip 05:16 2,500 Units and Giving Up on Value-Add 13:15 Cap Rates Explained 20:31 Selling Her Business to Buy Multifamily 24:59 Borderline Bankruptcy to Multifamily Millionaire 30:57 Tenant Screening Tips from a Pro 39:20 The Right Way to Do Property Management 50:07 Buying in The Right Area 56:49 Famous Four