The Power of Forced Appreciation in Mid-Sized Multifamily with Mario Brown
Mario Brown – is a Greenville, SC real estate agent who specializes in new residential construction, as the co-founder of Affordable Upstate, he and his team buy and reposition mid-sized multifamily in South Carolina, where he talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Mario Brown talks about the various ways they force appreciation on their assets all while instituting environmentally conscious utility programs.
Key Lessons Learned: When you are the owner/operator of a multi family asset, it’s important to remember you are in the customer service business, and your customers are your tenants. While it’s important not to be a pushover, you should remember you are providing those customers with a clean, safe, pleasant place to live. You learn by doing. There’s only so much you are going to learn from reading books, listening to podcasts. The sooner you can get out there and learn by doing, the better off you’ll be.
How did they acquire their knowledge or what knowledge did they need to acquire? He gained his knowledge from “BiggerPockets University” and he had to learn how to work with a partner after years of working as a lone ranger.
How much money did it take to get started? It took him roughly $55,000 of his own money to purchase and rehab a $400,000 property that he sold 24 months later for $560,000.
How much time does it take now? He puts in about 20 hours a week on his real estate endeavors.
Could they do this strategy from anywhere in the world? That’s the goal, but not right now when they are in the acquisition phase.