Looking for mentor/tips for buying first multiplex.. Please Help!

[Jake Steinmetz]

I’m looking to invest in Pittsburgh PA. I’m new to real estate investing and don’t know where to start. Any advice helps. Thanks -Jake

[Morgan Wallace]

Hi @Jake Steinmetz! I’m in the market for my first multi as well. As I’m looking, I’m following the advice given episode after episode on the podcast (paraphrasing here): get your ducks in a row.

Get your team lined up. Property manager, contractor, financing, lawyer, book keeper, deal finder, anyone else who will be vital to your business. In this step of the process I've learned of a lot of tasks I can be doing while working on getting a deal. For instance, the lawyer can help you get your LLC together.

Talk to everyone you know about what you’re looking for. You’ll be amazed at how many random people are or have been in this space. I told a lady in my golf league yesterday that I was looking for a small apartment to buy and she listed like 5 people she knew who have rentals of some sort and gave me all of their phone numbers.

Finally, and this is the hard one for me, practice and improve your weaknesses. I am marketing directly to owners knowing that if someone calls, I’ll have to ask to buy their property. I hate selling things, and I know these calls and sales have a lot in common. Since it’s a weakness for me, I volunteered to sell a bunch of raffle tickets for a fundraiser. I also held a garage sale to practice my negotiating skills. I go to garage sales too and negotiate to buy things. I really practice making a deal that works for us both, not just the best price.