All Forum Posts by: Andrew Schutsky

Accepted! I have made connections with some local sponsors recently, but like this idea of reaching out to an author. :)

Also, I missed posting here last week but the good news is LOT of action has happened since.  I'll keep it brief for this update:

-Underwrote 10+ deals

-Established connections with 3 additional brokers in the Tampa area

-Engaged with coach to refine my 90 day plan (might have to expand this now as I'm quickly plowing through it)

-Met with 4 potential investors 1:1 in person and on phone, received lots of interest/verbal commits!! 2 more planned for this coming week

-Launched social media platforms on Facebook and Linked In - already received several questions/contacts from this

-Finished 3 additional books, reading another on Branding/Storytelling now

-Built pitch deck for investors

-Planning a trip to Tampa now in February 

-Ordered business cards and branded polo shirts

I'm sure I'm missing plenty but these are the highlights 

From this point forward I'll structure my actions and updates around the following categories: Brand, Networking/Capital, Deals, and Education

Great start! Be sure to work this into your business “pitch deck” as a package offering to your investor base. I especially like the principles - I’ve done the same for my business. 

All the best - here’s to crushing 2021 together! 

If you’re set on investing in PA, have a look at the Harrisburg/Carlisle area as well. That area is growing dramatically (my office is in the area) and consistently shows up in the top 5-10 areas for rent growth. 

As your planning out your next few moves, it would help to really think about your goals - both financially and professionally.  What is your reason for wanting to invest in RE? Is there a certain target you want to achieve? Think about how much capital you want to invest and what types of returns it will take to achieve your goals.

As others mentioned, investing passively in your first deal or or two has huge benefits - namely, it won't take up much of your time but will get you plenty of exposure to MF investing.  I'm doing that right now myself as I'm getting rolling.

Hi Cherisse - We're also looking for the same in the same area! What type of investments are you looking for? We should connect! 

A few options here:

1) MLS for smaller (less than 5 unit) properties

2) Broker relationships are KEY, especially for 5+ unit deals - this is where I've had the most traction 

3) Direct marketing (calls, texts, mail) to sellers - many have been successful here, it's a long term/numbers game 

We are also big on Florida (especially the Tampa/St Pete area). We're focused on Multifamily, but SF rentals are just as hot in this market!

Why?

-Job Growth

-Income Growth

-Population Growth

-Job Diversity

-Tampa consistently ranked top 10 in places to live in the US

If you're still on the education track,  here are a few suggestions on my end:

I've read through just about every MF book out there (12+) - here are my top 3: 

1) Joe F's book "The Best Ever Apartment Syndication book" (already mentioned)

2) Syndication is a b*tch by Bruce Petersen

3) Lifetime cashflow through multifamily properties by Rod Khleif

Some great podcasts to subscribe to as well: Lifetime cash flow, Pillars of Wealth Creation, Best Ever Real Estate show

Also, Udemy has some fantastic courses on underwriting, asset management, and syndication for VERY cheap.

Also a huge +1 on my end on finding and engaging a coach, this will only accelerate progress.

In addition to the points above, be sure that when you are discussing returns, you are also looking at the risks associated with the business case to acheive those returns.  All too often I hear people say or type "I will only look at deals that have a 20+% return expected" or "I just want the highest return that someone is offering" without regard to key factors in the underwriting such as rent growth assumptions and exit cap rate assumption.

If you haven't read it already Brian Burke's book "The Hands off Investor" is an outstanding resource to help guide you on your way.

Whatever you decide, I'd strongly recommend a few things prior to pulling the trigger and engaging:

-Educate yourself properly before finalizing so you know what questions to ask to get the most out of the engagement.  This could include books, podcasts, webinars, meet up groups, etc.  This will catapult you into the right direction as well.  

-Know exactly what you need from the engagement to be successful.  If you know what you want and you know what the program is offering in it's own strengths you can choose wisely.  This lines up closely to my first bullet above - without education and knowing your strengths and weaknesses it will be difficult to select the best fit.

Best of luck! Also consider having a look at @Todd Dexheimer's program as well.  There are benefits beyond looking at only the large syndication names out there.