While the COVID pandemic has brought more unexpected shifts that anyone could have anticipated, today’s guest, Charles Dobens, believes that multifamily will continue to be a resilient investment and one worth pursuing. Returning to the show, Charles brings both his wit and sharp insights on some of the trends to watch in the multifamily business. Before we dive into these, Charles sheds light on his background and how he realized there was a need for operators to get proactive advice before pursuing deals.
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From there, we take a look at changes in the multifamily space. Charles draws conclusions from Big Shifts Ahead and believes that any shifts in multifamily will only happen at the micro-level. He shares how immigration and lack of homeownership will drive the need for apartments, in turn, making the investment class continually sought-after. Next up, Charles talks about why we should still be looking for deals, even during these uncertain times. There is no point in waiting for this all to blow over, so look for the unique opportunities of the current moment. Charles then speaks about how his underwriting has changed as a result of COVID and the ideal reserves one should have. He reminds us that cash is king and the importance of reserves cannot be understated, as the crisis has brought to light. We wrap the show up by hearing more about how Charles draws on other people’s success along with the incredible story of how his father has inspired him to always give back. Be sure to tune in today!
Key Points From This Episode:
- The gap Charles saw when he first started in multifamily and how he filled it with his work.
- Charles’s journey out of insurance into multifamily and how he’s used his legal skills in the space.
- Hear more about Charles’ motivation for stating the Multifamily Investing Academy.
- Why the shifts that are happening in the country right now are so positive for multifamily.
- Two reasons that the majority of people born in the 90s will never become homeowners.
- The crucial role that immigrants play in the economy and, in turn, multifamily.
- How the 2008 crash influenced multifamily’s current strength and resilience.
- The Key Principal requirement, how it acts as a barrier to entry, and why it’s a good thing.
- Charles’s apartments.com test and how he’s used it in Southern New Hampshire.
- Why Charles believes investors shouldn’t ride the trends and always be looking to buy.
- Hear more about the two major underwriting shifts that have happened because of COVID.
- As with all businesses, cash is king in the world of real estate.
- The barriers to entry in multifamily are tough to overcome but very worth it.
- Why Charles has expanded into building rather than simply buying performing assets.
- Charles’s best way to meet new investors and the biggest contributor to his success.
- Learn how Charles likes to give back and how his father influenced his charitable nature.
[bctt tweet=”If we talk about the pandemic, it’s going to be a discussion in the micro-world of multifamily, because I’ll tell you right now the fundamentals of the multifamily business are so strong and they’re not getting any weaker. — @cdobenslaw” username=”whitney_sewell”]
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About Charles Dobens
Charles Dobens is a multifamily investor, attorney, and mentor to multifamily investors all around the country. Charles founded the Multifamily Investing Academy, where he works with students in his Owner Forum program to train them in the correct way to acquire, operate, and own multifamily property. His legal and consulting practice has one specialty – helping new investors overcome any lack of confidence in moving toward their financial objective of owning and operating apartments. Charles is uniquely qualified to walk investors confidently through the entire process: analyzing property, negotiating contracts, organizing funding as well as transitioning to ownership. Charles Dobens is Principal at Dobens Law and founder of the Multifamily Investing Academy. He has owned and operated over $20MM of multifamily property in my career and has represented over 1000 investors throughout their transactions.
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