All Forum Posts by: Jeffrey Donis

Hey Jacob!

It took us about 8 months to get into our first MF deal- 138 units. 

Similar to @Account Closed, we could not have done it without our team of GPs. 

Let me know if there is any way we can help!

Best of luck. 

Hey @Benjamin Cohen. Welcome! I'm in the Triangle area of NC. I started out in your shoes. We did some research on what multifamily mentorship programs had a good track record and joined one we really love! 

You should continue to attend networking events. There aren't as many in NC focused on multifamily, unfortunately. But, we like to travel to other states to meet other multifamily investors, and that has helped us tremendously. Investing in relationships will have an infinite ROI! I can recommend some great ones for you if you'd like. Let me know!

I'd also encourage you to research some mentoring groups if you want to do 100 units and up.

Ask around and surf on BP to see what other people have to say about the group. Here are some quick tips for vetting a mentorship program:

1. Do you have direct access to the main investor, or are you working with a coach who works under them? You'll want direct access to the main person. 

2. Will the main investor partner with you on deals and allow you to leverage their track record with brokers and investors? This is a must. This will help you gain credibility with investors and brokers.

3. Does the main investor have a large portfolio? (7k+ units) 

4. Does the group have a good reputation? Culture? Collaborative environment? Do people in the group work together? 

I hope that helps. Good luck! 

All great reads! ABCs of REI by Ken McElroy is a great one as well.

Hey Devin,

I recommend you continue underwriting deals and building relationships with brokers even with how crazy prices are. Eventually you will hopefully find something that makes sense and you won't get any closer to your goals by sitting on the sidelines! Of course, don't buy something that does not meet your criteria just for the sake of saying you bought it. Good deals are harder and harder to find but they are still out there. 

Congrats Hayden! I also recommend you using a CRM like Syndication pro to manage your investors. Makes things go a lot smoother. 

Thinmultifamily is in that area as well- you should check out their podcast!

Same as you! I read it shortly after leaving high school, but reading it in high school would have opened my mind up to all of the things I have and am learning now. 

Another thing- being selective of who I let into my inner circle. 

I recommend attending different real estate events. Typically ones with a barrier of entry tend to be more worthwhile than free ones (in my experience). Another thing I will say is that any "equity partner" will want to know they are working with a solid team with a proven track record or they will trust you and believe that you can deliver. If you can build a good team around you and then go to events and let people know what you do and talk about ways you could work together, you will most likely find what you are looking for. 

Hey Joaquin!

We find that most properties that are listed on market do not pencil out for us either. Now that is not to say no ever will or have, but most don't. I recommend trying to build relationships with sellers + agents who can help you find off market deals. For smaller MF assets, building relationships with wholesalers is a great way to find off market deals that make sense. 

Hey Michael,

To answer your question, you don't need to have an LOI ready to go. I would learn more about the seller, the asset, the current tenants, the market, etc. They might ask you what your experience is- how many units you own, what is your RE experience, what is your offer, etc. All you want to do is be genuine and show them you are serious. I personally look to get all of the information I can so that I can come up with a price that makes sense while prioritizing building rapport with them.