Charles Dobens is Live on Elevate!
It was great to have Charles Dobens on the show to discuss COVID-19’s impact on multifamily! Charles 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. Dobens Law, 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.
Tyler and Charles discussed the state of uncertainty surrounding multifamily during the COVID-19 (coronavirus) pandemic. Charles shared the best way investors can adapt in the current environment, the importance of putting systems in place, how he’s using his time and recommended two types of provisions for purchase and sale contracts. He also shared the best way to protect yourself legally for black swan events.
“I was on the phone with a client of mine this morning, we were trying to figure out what we need to do. He’s trying to under contract on a deal. I said, ‘I can’t, with all confidence, tell you to go under contract. If we did go under contract, let’s extend the time periods to not just three months, maybe sixth months. But you also have to make sure your purchase and sale conflicts have two types of provisions in there: Force majeure and material adverse effect provision.’”
Their multifamily conversation also covered the power of the cap rate, when you can quit your job, the five ways you can make money and why multifamily is the best business. Other topics included Charles transitioning his business to building apartments, meeting Sam Tamposi, his Owner Forum program, and more!
You can connect with Charles through his website:
The books mentioned in the show can be purchased below:
Purple Cow, by Seth Godin
Tribes, by Seth Godin
Profit First, by Michael Michalowicz
Big Shifts Ahead, by John Burns and Chris Porter
Your Best Year Ever, by Michael Hyatt
