Not enough deal flow or being impatient?

[Stephen Brown]

Hello BP,

My father who is my private money lender has required me to focus on my city of Toledo. I currently own 15 units of small multifamily here and I only buy B class properties. These properties are hard to come by and I've purchased all of the ones I own via cold calling. I'm trying to purchase larger multifamily here in the area  (8+ units), which is even more difficult to come by, but I want to scale as quickly as possible.

I'm starting to catch the shiny object syndrome again, maybe it be due to lack of faith, or impatience. However I've been thinking I might need to switch my strategy or I may be waiting forever. Another part of me feels like this is a good test of patience and the right deal will come even though I have underwritten anything for quite some time.

My options are: wait, find another market, or change the asset.

Thanks BP!

[Nick Belsky]

@Stephen Brown

The markets are slowing and inventories growing steadily.  If you like the market, I'd say be patient.  Set some metrics or goals and if your patience runs out, have a back up plan.  I like @Charles Seaman comment about strategy.  Targeting a few markets makes things a bit more feasible.  At the same time, casting a net over too large of an area can be cumbersome too.

Cheers!