Las Vegas · Member since 2019 · 42 posts · 12 votes
I'm looking to purchase an apartment building with 50 units or more.
Sometimes i sit here stuck trying to figure out what i should be doing with my time. I'm either waiting on someone else, or its midnight so its too late to be networking.
Rental Property Investor · Milwaukee, WI · Member since 2017 · 77 posts · 86 votes
7y
@Frank Bonzai have you thought about using that free time to start your own thought leadership platform (blog, podcast, youtube channel, etc.)? Pick a platform and brand yourself as a multifamily investor. This could offer you more credibility long-term as you become a thought leader in the multifamily space.
Rental Property Investor · Milwaukee, WI · Member since 2017 · 77 posts · 86 votes
7y
@Frank Bonzai have you thought about using that free time to start your own thought leadership platform (blog, podcast, youtube channel, etc.)? Pick a platform and brand yourself as a multifamily investor. This could offer you more credibility long-term as you become a thought leader in the multifamily space.
Investor · Charlotte, NC · Member since 2017 · 791 posts · 479 votes
7y
@Frank Bonzai create content and provide value to others. There is always someone behind you that you can help. By creating content you will attract overtime potential investors. Without investors, you don't have a business. Cherish them!
I try educating myself as well whenever possible, but i feel stuck. I'm new so i know that there is sooo much to learn. Except I dont know what i dont know, so im not really sure what i should be doing next. What should i be reading or listening to on audiobooks?
You can always be networking on the internet nowadays. Even though it is very unlikely you will find a good deal on Loopnet, CRExi, etc., it's always worthwhile to skim them over and setup alerts. In the past 6 months I have found 2 good deals on there, that's not many but 2 is infinitely more than 0. Also, you can take that time to send out emails to brokers, they can follow up with you in the morning.
If you are looking at a specific market you could also work on setting up an off-market campaign (cold calling, direct mail, etc.)
Real Estate Agent · Luray, VA · Member since 2016 · 460 posts · 293 votes
7y
@Account Closed That's a good recommendation. What are you doing and examples of putting systems like that into place? I am always trying to improve how I do things so it would be great to hear more.
Reading - The point of this is to see what type of investing excites you. In real estate investing there are a vast array of avenues. Find out which best suits you.
Attend events - Getting motivated doesn't just stop with reading. Attending various events will help you socialize and meet individuals that can help you find what works best for you. Speaking to others can help "de-fog" your mind so you can see where to go next.
Once you know what type of investing works for you, find those individuals who have successfully done it so you speak to them and "learn the ropes". Educating yourself is crucial.
The goal is to broaden your eyes and mind. It's through these activities that your goals will take shape.
I try educating myself as well whenever possible, but i feel stuck. I'm new so i know that there is sooo much to learn. Except I dont know what i dont know, so im not really sure what i should be doing next. What should i be reading or listening to on audiobooks?
Start with something ... there are many interesting books I can recommend:
- Multifamily Millions by Dave Lindahl
- The ABCs of Real Estate Investing by Ken McElroy
- The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges
- Best Ever Apartment Syndication Book - Joe Fairless and @Theo Hicks
Message me if you need some more books or have any additional questions.
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
7y
Lots of great feedback here. I would take one step back from any of these recommendations and ask yourself:
What am I missing that will help me close deals?
Is it broker relationships?
Is it capital?
Is it partners?
Figure out what your answer is, then build a system to support that need. Sometimes, thought leadership & content marketing are great answers. Other times, improving and using your CRM system is a good answer. What are you, @Frank Bonzai, missing?
Real Estate Agent · Luray, VA · Member since 2016 · 460 posts · 293 votes
7y
@Account Closed Thanks for the thorough explanation. It was really insightful and helpful for me personally and I am sure others on this thread will get value from it too!
Rental Property Investor · Calgary, AB · Member since 2019 · 49 posts · 27 votes
7y
@Mike Acri
I'll second the recommendation for "Principles" by Ray Dalio. There are many gems in that book and the underlying message of having systems and ways of evaluating them is really valuable.
I would also throw in Extreme Ownership by Jocko Willinck; has to be one of the most actionable books I've ever read.
@Frank Bonzai I'm very familiar with the position you're in of off-hour free time and honestly the best thing you can do is take action whenever you feel that resistance.
Think of it like this, if you're going to battle, you never wait for the day of deployment to start training! Start now, get prepared, make mistakes, dial in your system.
To build off Mike's suggestion of systems start with a workflow diagram: identify clearly the type of property you want, identify your market and WHY that's your market (you don't have to be perfect or even right, just list your why's), learn the expected purchase prices in your market (even if you only estimate from MLS), learn your expected rental rates, identify your key team members (realtor, accountant, lender or broker, etc). Then analyze 5 deals. Analyzing deals will help you test drive your system and see what works best for you.
I would challenge you to post back on this thread in 7 days that you've built your framework and analyzed those 5 deals.
If you just get started, you'll be posting that you achieved much more than 5.
Denver, CO · Member since 2015 · 20 posts · 9 votes
7y
Have you listened to the BP podcast? I try to listen to one per day on the way to/from work. Sometimes I don't learn much, sometimes I learn a ton and am inspired to make my goals happen faster.
I also listen to business books, ask people that know more than I do out to lunch, find meetups to go to (there's a BP meetup this week in Denver...), pick people's brains. Don't be afraid to spend $30 bucks to take someone to lunch to get a private investing lesson for an hour. I recently found a listing agent that had a bunch of apartments that I thought looked like great deals for sale, emailed him and asked if he would share any thoughts on how to make my way toward being in his shoes, and he took me out to breakfast at a restaurant he owns and helped me with how to move forward for 2 hours, and it cost me nothing!
I also like to scan through LoopNet for good deals and get good at analyzing numbers quickly. Get an idea of what your first property is going to be and how you're going to get there. There are a lot of creative financing options, but 25% down is fairly common and you could start to think about how you're going to get that cash.
How do you plan to purchase a 50 unit complex? Just curious because I would love to do the same and feel stuck with that part right now because I don't feel like banks would let me buy something like that without having started with something smaller.
Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
7y
Practice underwriting on-market deals
Reach out to brokers, get a list of their recent sales, and visit those properties in person. Follow-up with the broker, letting them know what you did and didn't like about the property
Do the same thing for the properties managed by your management company