Sam Bates has been directly involved in the acquisition, development/rehabilitation, operations, disposition, and asset management of over $100,000 in real estate since 2009. Sam focuses on multifamily acquisitions and ground-up development and currently...
Sam Bates has been directly involved in the acquisition, development/rehabilitation, operations, disposition, and asset management of over $100,000 in real estate since 2009. Sam focuses on multifamily acquisitions and ground-up development and currently is the GP on 749 units. Sam has a BBA in Finance, an MBA, and an MS in Personal Financial Planning.
In this episode, Sam shares how valuable and competitive multifamily properties are in terms of supply and demand. He advises someone starting out new to keep asking questions because people provide lots of information and to continue networking and building relationships.
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What you’ll learn in just 17 minutes from today’s episode:
“Multifamily is a great asset class, just because everybody needs a place to live and the supply and demand characteristics, there’s not enough supply to meet demand.” – Sam Bates
“Every raise I’ve ever done there’s a few people that say they’re going to do it, then they back out. We’ve always raised 10 to 20% more than needed.” – Sam Bates
“There’s so many podcasts and books that you have to get educated or even join a different type of mentorship program that they’ve been with people, or they’ve been through the experience that you’re looking to do and the mentorship programs, they can also recommend different vendors and create your team.” – Sam Bates
“Network constantly. When I was younger, I think that’s one of the mistakes I made. I didn’t start networking until probably 27 or 28 on a regular basis. And they always say your net worth equals your network.” – Sam Bates
“There’s a book called ‘The Go-Giver’, it’s fictional, but I think it’s just a great story of helping people and it’s reciprocated to you in different ways, and just trying to add value to anybody you can will somehow be given back in return to you.” – Sam Bates
“Networking through LinkedIn, or social media is also good and helpful. I used to never get on Facebook. And now I’ve made connections through commercial real estate and Facebook.” – Sam Bates
“I think if I was given any information, just know what you’re talking about. And if you don’t know and you’re new and beginning your real estate career, ask a lot of questions. People love to talk about themselves. So, just be cognizant and be a good listener and ask questions and people provide a lot of information.” – Sam Bates
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