Newbie Multifamily Guidance/Advice

[Mike Taravella]

Hello BP Nation! I currently have 2 single family homes in Michigan but I am looking to make the move into multifamily space. Over the past week I have been analyzing deals on LoopNet, purchased Michael Blank’s syndicator tool, completed the webinar on how to use the tool, and I am practicing tonight with the tool. Once I have a mastery of the tool, I plan on calling brokers just to get more comfortable discussing numbers with them. Does anyone have any tips, critique on the path I am going, or anything? Thanks everyone!

[Sam LLoyd]

My tip: Don't be an easy mark for the brokers.  Be very wary of a broker selling you his own deal, and be even more wary if the broker is going to sell you a property and then manage it for you.  Yeah, I know there are great deals that happen despite my tip, but I've lost money because I was new to it and didn't really know what I was doing, and don't want to see you do the same.  One way to purchase properties would be to work with someone who has done it before rather than jump out on your own.