How do you get ahead of competition as a new investor?

Question

Hi! I was wondering how does someone break into the multi-family investing when competition is high and the people you compete with are more experienced/more funded/more connected. In other words, how do you get good deals before more experienced investors?

Jonathan Greene · Answer

The real question is WHY would you get good deals before experienced investors? I think what you are looking for is a quick-fix to getting experience. It is competitive, but your job as a new investor is to build as many relationships a week with other investors and real estate-adjacent personnel. Right now, you see other investors as competition, but that's not how it really is. There is no shortage or real estate. If inventory is tight, there will be more, it's not finite. When you know people and learn about them and help each other, deals start to fall your way when they have 6 deals and 5 fingers.

Andrew Postell · Answer

@Glenn Gillen well, what if you will never be better than some competitors? I've been doing real estate investing for 20 years....and there's still people bigger, smarter, that have more resources than me. It never ends. But that doesn't stop me from continually working at it.

• There's always someone smarter than me.....but I still keep learning. Always keep seeking education.
• There's always people with more money than me....but I still have SOME money. Keep saving and building relationships with funding sources.
• There's always competitors that have a bigger network than I do....but I still keep networking. You will continually build your network because your network will continually change. Contractors, Wholesalers, Property Managers, etc. Meet everyone you can.
• And then there's luck....and the harder you work, the more "luck" you will have. Hustle. All the time.

The first deal is always the hardest. It took me 4 years to buy my second property...but I stuck to it. Your second deal will be really hard. So will the 3rd deal. The 4th deal will be very difficult. But one day, it will start getting easier. Keep doing all those things I listed above and more. Don't give up.

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How do you get ahead of competition as a new investor?

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