Knowledge is not power until implemented

First of all, let me apologize for not writing a blog for over a week. The reason for the inactivity is because I was planning a pivot on my acquisition plan.

I went to my first 10X real estate seminar and I learned so much. In the next few days, I will be going into great detail in the things I learned, but for now I want to go over a few things I will implementing ASAP:

• Look for a deal with a "gap". A gap is the difference between the market rent and actual rent. More importantly, I learned that even if actual rents are already at market you can still push up rents by minimum of $25 for the simple fact that everything goes up so why not rents. $25 is such a small amount that most tenants won't even notice. If you raised rents of a 20 unit building for $25 at 4% cap you would be increasing the value of the property by $150k (20x25x12/.04) before doing any updates on the property manager .
• Have my property manager, mortgage broker, and broker do an independent/ separate underwriting of the deal before closing. The reason to have separate underwriting from your team is to see if your under writing projections are realistic and you are getting feedback from your team members.
• Lastly, I will be underwriting 2 deals everyday so that I know what I don't want and when the right deal comes I will be able to identify it and take action quickly.

Those 3 points are just a small fraction of the things I learned from the real estate seminar. I will be sharing more things that I learned through out the next few days. Stay tuned!