Maybe chasing down the giants to build your reputation isn’t the way to go. Why go big, when you go to a space that’s less crowded you can purchase at a better cap rate with more opportunity to grow? This is how Pat Cosgrove built his network and portfolio. Patrick is a multifamily specialist with Marcus & Millichap in the firm's Nashville office. As a Marcus & Millichap agent, Pat exclusively represents buyers and sellers of investment properties throughout the Southeast region of the United States. Pat is a member of the National Multi-Housing Group, and one of the top 3 Multifamily Brokers in the Marcus & Millichap Mid-South Region over the last two years.
Jump right into this episode and learn why you should pay attention to the sub 100 unit Multifamily Space.
A Blue Ocean Space to Invest In - [00:01 – 03:22]
I welcome Patrick Cosgrove
Patrick gives some background and his venture into real estate
Born and raised in Tennessee
Going into multifamily from the brokerage angle
Realizing an opportunity for private buyers in this space
Why You Should Pay Attention to the Sub 100 Unit Multifamily Space - [03:23 – 19:31]
Patrick talks about the value of deals from sub 100 units
Willing to meet the market
Running 100 units accumulated from separate smaller units
An opportunity to build up your network
Easier to build rapport with sellers
Easier to qualify and build credibility
Crazy stories from Patrick brokering deals
Tips for buyers looking at lower unit buildings
Look at the ownership in the area
Get to know the seller and their story
Asking the broker the right questions
Managing maintenance costs
Final Questions - [19:32 - 22:21]
How to reach Patrick
What is your superpower?
The ability to listen well
Your biggest failure to date?
Learning how to underwrite a property correctly
“When you meet someone who wants to sell or has to sell, they’re willing to meet the market…” - Patrick Cosgrove
“Every seller’s going to be different, especially on these smaller properties… What does the partnership want? What are they trying to get out of this...? It’s all that type of stuff that can help you win a deal.” - Patrick Cosgrove
Be sure to connect with Patrick on LinkedIn. Want to get in touch directly? Call 615-973-5373 or go visit https://www.marcusmillichap.com/advisors/patrick-cosgrove for more info.
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Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth!
Click here to find out more about the host, Chad Sutton.