308: Patrick Grimes on The 8 Criteria That Multifamily Properties Must Have Before You Buy
Today, I’m talking to Patrick Grimes. He’s the CEO of Invest on Main Street and a general partner in over 3,000 units with a focus on the Midwest, the Southeast, and Texas.
He has over $300 million in assets under management and is continuing to build his portfolio, bringing in more passive investors, and finding new ways to win in a down economy. If you want to find out how he’s doing it, you’re going to love this interview.
Among the many things we discussed, Patrick shares eight specific criteria that any multifamily asset you’re considering buying MUST fulfill. I have to say, Patrick’s knowledge level is phenomenal, and I highly recommend that you don’t just write it down, but make sure that any investment property that you buy meets these requirements–I know I am!
Lastly, if you’d like to work with Patrick (or get a free copy of his book), all you need to do is set up a call with him at InvestOnMainStreet.com. Have a quick conversation about your goals and what you’re doing, and he’ll ship you a free, signed copy of Persistence, Pivots and Game Changers, Turning Challenges Into Opportunities.
Key Takeaways with Patrick Grimes
- How Patrick is getting deals in markets where people are often overpaying.
- Where Patrick sees distress in the market–and where he thinks deal flow is going to come from.
- The eight criteria that you need to check off before you purchase a multifamily property.
- Why Patrick believes in using vertically integrated property management, even though it costs more.
- What Patrick learned from the Great Recession–and how he re-entered the world of real estate after losing nearly everything.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/308
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