Warning: this episode involves sensitive content and discusses mortality in some gruesome detail. If you are sensitive to this type of content, this may not be the episode for you to listen to. Brian Levredge, owner of First Property Management, shares his journey from single-family to multifamily investing. He discusses the advantages of multifamily properties, including economies of scale and stability. Brian also shares some crazy experiences in property management, including dealing with deaths in rental units. He emphasizes the importance of local knowledge and the challenges of managing single-family homes. The conversation also touches on the role of AI in real estate and the unpredictability of interest rates. In this conversation, Brian Levredge shares insights on mortgage rates, evaluating deals, and lessons learned in real estate investing. He emphasizes the importance of focusing on the math and the asset rather than solely relying on interest rates. Brian also discusses the benefits of syndication and the value of holding properties. He advises against buying too much and spreading oneself too thin, highlighting the need for discipline and smart risk-taking. Additionally, he emphasizes the power of the compound effect and the long-term benefits of staying emotionally stable and well-capitalized in real estate. Takeaways - Multifamily properties offer economies of scale and stability compared to single-family homes. - Local knowledge gives property managers an advantage over institutional investors. - Dealing with deaths in rental units can be challenging and requires sensitivity. - Interest rates and monetary policy have a significant impact on the real estate market. Focus on the math and the asset when evaluating deals, rather than solely relying on interest rates. - Consider syndication as a way to scale and leverage partnerships in real estate investing. - Avoid buying too much and spreading oneself too thin, and be disciplined in investment decisions. - Harness the power of the compound effect by holding properties and allowing them to appreciate over time. - Stay emotionally stable and well-capitalized to navigate the ups and downs of real estate investing. Chapters 00:00 Introduction and Background 03:03 Transition to Multifamily Investing 08:11 Discussion on AI and Real Estate 13:28 Property Management Stories 17:34 Crazy Experiences in Property Management 23:36 Handling Death in Rental Units 29:20 Advantages of Multifamily Maintenance 33:36 Predictions on Interest Rates 36:05 The Role of Monetary Policy 37:14 Mortgage Rates and Construction Loans 39:05 Interest Rates and Evaluating Deals 40:14 Lessons Learned and Syndication 41:56 Buying Too Much and Spreading Thin 43:46 Being Disciplined and Holding Properties 45:00 The Power of Compound Effect 46:28 Taking Advantage of Interest Rate Environment 47:28 Staying Emotionally Stable and Well-capitalized