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New to Apartments
My name is Nicholas McDonald, I am 20 years old looking to get into multifamily commercial real estate and am looking for advice on how to get my first deal and how to analyze a bigger property with more units. Any help would be greatly appreciated!
Know your market. Find out what is being built today, in the next 5 years. If you need to subscribe to a local paper. They will generally have stories on large MF projects. For example in the Reno, NV area there a small MF opportunities and there was also a large MF project that just came online that temporarily lowered rents. Compared to ATX where rents are still dropping because of a glut of inventory. It's now nearly fully occupied and rents are going back up. There are no more new large projects started. So the outlook is better for rent growth. Also look at job growth and alternative inventory growth. Start small and scale. Find a partner if needed. Analyzing the specifics is basically the same. Income-expenses. This is where a good mentor or partner can help with the details of a deal.
Quote from @Bradley Buxton:Thank you Bradley, do you know any ways I can find a partner to do a deal with?
Know your market. Find out what is being built today, in the next 5 years. If you need to subscribe to a local paper. They will generally have stories on large MF projects. For example in the Reno, NV area there a small MF opportunities and there was also a large MF project that just came online that temporarily lowered rents. Compared to ATX where rents are still dropping because of a glut of inventory. It's now nearly fully occupied and rents are going back up. There are no more new large projects started. So the outlook is better for rent growth. Also look at job growth and alternative inventory growth. Start small and scale. Find a partner if needed. Analyzing the specifics is basically the same. Income-expenses. This is where a good mentor or partner can help with the details of a deal.
Quote from @Nicholas McDonald:
Quote from @Bradley Buxton:Thank you Bradley, do you know any ways I can find a partner to do a deal with?
Know your market. Find out what is being built today, in the next 5 years. If you need to subscribe to a local paper. They will generally have stories on large MF projects. For example in the Reno, NV area there a small MF opportunities and there was also a large MF project that just came online that temporarily lowered rents. Compared to ATX where rents are still dropping because of a glut of inventory. It's now nearly fully occupied and rents are going back up. There are no more new large projects started. So the outlook is better for rent growth. Also look at job growth and alternative inventory growth. Start small and scale. Find a partner if needed. Analyzing the specifics is basically the same. Income-expenses. This is where a good mentor or partner can help with the details of a deal.
I don't know anyone right now looking for partners. Networking events, BP, and your existing network can all be great sources for partnerships.
@Nicholas McDonald I would recommend starting with something smaller to get your feet wet and start learning.