All Forum Posts by: Account Closed

@Suzanne Griffiths congrats on getting going.  Is the $120k for repairs an all-in number?  (i.e. does it include permits, architectural plans, other soft costs, etc?)

Use Google and figure out who is doing deals.  You'll have to convince most good brokers that you are worth their time and have the financial capacity and experience to close deals.  

I started by getting a job in RE and have worked my way up the ladder which has opened investment opportunities for me.  I started out as an assistant to a multifamily real estate developer who develops apartments and condos in SF, then over the next 3 years became his analyst, then project manager, then partner.  I then joined my current firm and lead acquisitions for a large apartment fund.  That has opened up opportunities for me to invest in large multifamily deals.  

FWIW -- I know several investors who have a personal net worth of $50 million + and make several million a year in passive income.  I know 0 realtors who have similar net worth or passive income.

You do not need to work for a broker to GET a license, however you need to 'hang' your license with a broker if you actually want to use it.  Network and find someone who is willing to hold your license for very low cost.  Those brokers are everywhere.  Larger firms (Edina Realty, etc) will charge you to hold your license.

@Davit Gharibyan those deals are trading at a premium now.  I would advise having your equity in the bank and financing lined up before talking to brokers.  Be ready to jump on a good deal very quickly.  Lots of money chasing apartments in Mpls/St Paul right now.

@Ryan EsslingerI agree with @James Park.  What are you better suited to do personality wise, interest wise, skill set wise? 

If you are a great CPA, you'll do just fine in life.  Same with if you are a great real estate agent.  But in my experience, those are VERY different jobs that require VERY different personalities.  

One other point.  Most of the rich people James mentioned that go to their CPA for advice do so to figure out how to minimize taxes, not necessarily how to invest.  I would never ask my CPA for investment advice.  That's what my investor friends and contacts are for.

@Micah Copeland I cancel and reschedule meetings all the time.  I have a developer that's been trying to meet with me to pick my brain for the past month and I've rescheduled with him 3 times.  

Hiring a new employee or meeting with a potential new hire is at the bottom of my priority list if I have a deal I'm currently working on or trying to win, even if I'm super busy and need to hire someone ASAP.  Owners only make money if they find deals so everything else takes a back seat.  Especially meeting with a guy who has no real estate experience.  Not trying to be harsh, but it's the truth.

On the flip side, I often win deals because of my the relationships I've formed with brokers and because I'm a nice guy to do business with.   I don't think anyone that's ever met me would consider me rude.  Even people I cancel or reschedule with multiple times.  And I go out of my way to meet with people just getting started who want to talk.

@Dominic Jones

I actually read this a different way.  I could be wrong, but in my 12-year career in the industry I've found most "deal guys" to always be busy.  Even if you are a great candidate and they like you, their deals and those meetings ALWAYS take precedence over meeting or getting back to a potential new hire.  ALWAYS.  It's no disrespect to you.

And why is it wrong that they want you to learn the business before they start paying you? Are you worth $$ to them right now?  Can you make them money money today?  

I don't know them and might be totally off base, but I feel like you might be mis-interpreting this situation.  Of course, there is always a chance they are shady and unethical, but nothing you said above really gives me that impression.

Just my $0.02.

@Joe Fairless

 @Juan Maldonado

thanks for the mention.

all multifamily investors should pay attention to the lessons Joe and Juan have mentioned. these guys know how to find deals!  as you progress in your multifamily career, you'll see that's the hardest part of the equation.  best way to add value is to be able to find deals.

good luck!