That First Multifamily Deal

[Drew Shirley]

I've done a couple of single family fix-and-flips but I've always wanted to invest in a bigger multifamily project. I think the biggest mistake I've made in the past is wanting to do it all by myself - not asking anyone for mentoring, or capital, or anything. It's taken me a long time to realize that real estate is a team sport.

So this week, I've reached out to several investors who have done the kinds of deals I'm looking for - 100+ unit Class C properties with value-add potential. And just today I sent out an email to 400+ people I know who are either accredited, sophisticated, or know who people are. That was a scary moment. I've never been comfortable asking people for money -- or anything, for that matter. But I took a few deep breaths and hit send. 

I've already had positive responses and interest from 10 people on the list. Now I've got to get my pitch deck ready! Oh, and find a deal. No problem, right?