Creating Cash Flow with Multifamily House Hacks with Jimmy Murray
In this episode, Jimmy Murray talks about owner-occupied multifamily investing. He shares common mistakes people could make and how to fix it, as well as how to manage tenants. collect cash flow, how to underwrite the properties, and what to look for.
[00:01 – 08:15] Experience as a Owner Occupying a Multifamily
- Jimmy shares about his background and how he got into self-storage investing
- Finding that this is the singular best way to build wealth
- Learning the ins and outs of the space
- Creating strategies that help benefit you and the tenants
[08:16 – 11:21] Handling Disputes With Tenants
- The importance of setting rules from the beginning of managing the property
- Learning through failures on how to handle disputes
- When facing difficult challenges, remember why you started
[11:22 – 21:27] How to Avoid Common Mistakes and How to Fix It
- Figuring out how to do turnovers because it’s not an actual turnover
- Always do your homework upfront
- Do things right the first time and don’t find the cheap way out
[21:28 – 27:50] Closing Segment
- Quick break for our sponsors
- The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at escapingwallstreet.com
- What is the best investment you’ve ever made other than your education?
- The current tax lien he is working on
- Jimmy Murray’s worst investments
- The first flip that he did
- What is the most important lesson you’ve learned in business and investing?
- Finding the right partner and setting up partner agreements
Connect with Jimmy Murray:
Social media: Facebook, Instagram
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Tweetable Quotes:
“ If you can provide that quality product upfront and take care of your tenants the right way, I think that it’s gonna provide a much longer runway of sustainable success as a real estate investor.” – Jimmy Murray
About our Guest
Jimmy Murray
Jimmy is Co-Founder at Lyon Property Management. Since launching Lyon Property Management in 2015 his company now manages 700 units in Rhode Island and South-Eastern Massachusetts region. He bought his first multi-family in 2012 at just 23 years old.
Jimmy is an active investor who specializes in flipping Owner Occupied multi-families. This has proved to be a valuable strategy over the last several years as multi-family prices have been on a rapid trajectory.
