I had someone contact me about a property I own. The first thing I did is search his email to see if I've had any other conversations with him (or if he was mentioned by anyone I know via email). I found he was someone that send me one of those generic inquires from loopnet.
Back in 2014 (a short 4 years ago), I listed a property I thought was a great deal. Look back it was. I sold it for $44k/door and the person who ended up buying it sold it for $76k/door last year.
Since loopnet brings out the tire kickers, each listing gets 1000 emails -- most the generic 'send me more info'. Where you reply back and hear nothing. But that's okay. I've leared most people looking will never buy -- even if they are able to.
After I sold the property I wanted to send a friendly update to all that asked about it JUST IN CASE any of them were legit and would want to know it was off the market. The last paragraph of my email to this group said:
"Finally... As I always tell everyone: If this property isn't a fit or if you were not able to get it, please buy something. Anything. It's not hard to find deals that'll cash flow and grow in value. As I'm sure you all know, real estate investing is an incredible way to grow long term wealth. Throwing a dart at a map on the wall will find you property with a much better return than 0% in the bank.
I wish you all the best and happy investing!"
That was 4 years ago today. I hope some of them took my advise. Almost everything in Houston (multifamily) has easily doubled in the last 2-3 years, much less 4 years back. But I bet most of them sat there and analyzed deals to death and were able to find SOMETHING about each one to not pull the trigger.
Today it IS harder to find a great deal. I won't pretend it's not. But its NOT hard to find a deal that still makes sense. So if you're looking, and you see one, get after it. Don't talk yourself out of it.
Awesome post, I hope many of those individuals who were on the edge actually took your advice. if they did they are looking at nice appreciation. Many folks are scared to pulled the trigger and begin their journey. I'm glad I began mine last year and I don't plan on stopping.
Great post @Cody L. I'm just starting my MF investing journey (and hoping that I'm not late to the party). I know I'm susceptible to analysis paralysis sometimes but I'm working on pushing through it and "just buy something" :)
Need to wait a little longer. Didn't you hear the bubble's gona burst any day now.
Originally posted by @Leslie Chapman :
@Cody L.- Hi Cody, I’m in the Houston area and I think we met a number of years ago. I’ve purchased a few SF and am ready to syndicate MF deals. Your post was apropos because it’s easier to analyze the heck out of a deal than to take the actual steps to engage in the buying process. I’m excited about learning the syndication process because IMO, the possibilities are endless.
Blast from the past. I see some of our emails from 2010 (!!!). Some of those emails had my early days properties. Look back they were sooo cheap! We had some of my SFH homes on there (some I still have as rentals if you can believe it) and even some of my Montrose stuff which has EXPLODED in price.
I hope you were able to pick up some stuff. Best of luck to you!