What are some Actionable Items for people starting out?

3 Replies

Hi All,

I’m an aspiring real estate investor who would like to step into the Apartment Real Estate business focusing on either acquiring apartments and then fixing up the rental rate or acquire land to develop a new apartment on. I come from a family that’s in the real estate business but from very different markets (Asia) so they can only provide me so much insight about investing in America. Therefore, I want to ask some questions to the awesome BP community!

My need right now is some actionable items for me to take for starting out in finding these deals. From most of the blog posts, a lot of the information is about how to evaluate the deals or where to find the deals. However, what I'm looking for is the actions to take when these steps are reached. For example, should I be cold emailing CRB's for leads? If so, what should I be including in my email and what should I be asking? If it is a spec build, at what point should I contact architecture/engineering/construction firms for information? What questions/requirements should I gather from them? And lastly, if I do find a deal on the MLS, what is the action to take to move the process further? What should I be emailing the broker/seller about and what information should I be sharing?

These are the kinds of questions I have all the time that require answers that are more direct. If anyone could help, I’ll greatly appreciate it

I’m not too worried about the financing aspect of Real Estate (as I feel like that is the most controlled part of it) so any actionable items/tips for me to start finding and acquiring land/property AS WELL as gather enough information that will make me confident in buying the land.

If your new to investing in general I think you might be taking on more then your ready for.  Most people start with single family and then work their way up.  If you have plenty of cash and financial resources then your in a good spot but still over your head. 

Good luck

I appreciate the messages so far.

I think the first poster is correct about over my head but that doesn't mean I can't be doing the mental exercises to get ready to be able to do the things I mentioned. 

@Curt Davis  Do you have any recommendations on the actionable items? I just want to get a feel for what are the questions that needs to be asked and what are the required information that needs to be gathered to be able to move the process to the next step in a development cycle.

As I mentioned, for example when I'm talking to an architect firm or a GC, what are the preparations I need to hold the conversation with them? 

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