Investor · Saint Louis, MO · Member since 2022 · 9 posts · 9 votes
Hello I am on my road to multi family apartment investing! I am look for brokers and ways to approach brokers in a confident and professional manner as a beginner in the space I have a could duplexes and single family rentals so I’m not a complete beginner but new to the apartment world. Anything would help thanks!
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
@James Gee Try loopnet.com or crexi.com. You can do a broker search for specific areas and can adjust to multifamily brokers in the filters sections. Just start calling them and giving them your criteria. The more you engage with them, the more you'll learn their 'lingo.' Multifamily is a perfect space to be investing. Let me know if you need anything else. Best of luck, and have a great day, James.
@James Gee Try loopnet.com or crexi.com. You can do a broker search for specific areas and can adjust to multifamily brokers in the filters sections. Just start calling them and giving them your criteria. The more you engage with them, the more you'll learn their 'lingo.' Multifamily is a perfect space to be investing. Let me know if you need anything else. Best of luck, and have a great day, James.
Thank you! And will do I appreciate the feed back.
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
Hi Joshua! Can I please have a copy? I am looking for under 20 unit apartments in Cleveland and Akron area. Thank you!
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
Hi Joshua! Can I please have a copy? I am looking for under 20 unit apartments in Cleveland and Akron area. Thank you!
No way! I'm in the Cleveland market! Sent you a private message!
I have 10 apartment complexes. One 57 unit in Mentor. Also, 27 unit, 24 unit, 21 unit, 20 unit, 15 unit, 12 unit, 8 unit, and a 6 unit in Painesville. Those 9 apartment complexes are in Lake County, Jus about 30-40 minutes east of Cleveland. I have another 24 unit in Akron. Feel free to reach out to me to discuss these area.
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
Hey @Joshua Michael Hauman - I'd love to get a copy of this as well...just got started in the Milwaukee market last year!
@James Gee What got you interested in multifamily over other asset classes? What's your experience (in real estate investing or outside work) coming into multifamily investing?
@James Gee What got you interested in multifamily over other asset classes? What's your experience (in real estate investing or outside work) coming into multifamily investing?
Hey Neil! so my real estate experience is I’ve been doing mainly buy and hold residential for the past 5 years. Mainly duplexes. I’ve also done a couples flips. Besides that I have been a plumber for 8 years.
I would have to say a couple thing that have got me interested are:
1. scalability. I did a couple BRRRRs on a couple duplexes. Each one took about roughly 7- 10 months to complete(full gut rehabs). I didn’t make much of the refi on one and left money in the deal on the other. Not to mention I had to service that debt on the properties during the rehab because they where distressed/ vacant. I say all that to say these 2 duplex’s cash flow about $1500/mo in total. Which isn’t bad but not as attractive as larger multi family.
2. I love the forced appreciation method. And how the properties are valued as assets based off the income it produces vs a residential home based on what sold in the area. I think it’s more straightforward with evaluating a property because numbers don’t lie.
3. I like partnerships. I like the fact that I can partner with people we can bring different skills to the table and help each other.This is coming from someone who has been property manager, maintenance, general contractor & plumber! It’s not a scalable approach from my experience. I was literally working 4 jobs while working a fully time job and trying to find more deals & educate myself everyday.
much respect to those who are successful doing it but I don’t want that approach. I would rather have a slice of the cake instead of my my own piece of candy.
I have more reason why I find it attractive but those are a few! Sorry for the long response.
@James Gee What got you interested in multifamily over other asset classes? What's your experience (in real estate investing or outside work) coming into multifamily investing?
Hey Neil! so my real estate experience is I’ve been doing mainly buy and hold residential for the past 5 years. Mainly duplexes. I’ve also done a couples flips. Besides that I have been a plumber for 8 years.
I would have to say a couple thing that have got me interested are:
1. scalability. I did a couple BRRRRs on a couple duplexes. Each one took about roughly 7- 10 months to complete(full gut rehabs). I didn’t make much of the refi on one and left money in the deal on the other. Not to mention I had to service that debt on the properties during the rehab because they where distressed/ vacant. I say all that to say these 2 duplex’s cash flow about $1500/mo in total. Which isn’t bad but not as attractive as larger multi family.
2. I love the forced appreciation method. And how the properties are valued as assets based off the income it produces vs a residential home based on what sold in the area. I think it’s more straightforward with evaluating a property because numbers don’t lie.
3. I like partnerships. I like the fact that I can partner with people we can bring different skills to the table and help each other.This is coming from someone who has been property manager, maintenance, general contractor & plumber! It’s not a scalable approach from my experience. I was literally working 4 jobs while working a fully time job and trying to find more deals & educate myself everyday.
much respect to those who are successful doing it but I don’t want that approach. I would rather have a slice of the cake instead of my my own piece of candy.
I have more reason why I find it attractive but those are a few! Sorry for the long response.
Those are all great reasons! All great reasons for any commercial real estate asset class. But why multifamily? And not any other asset class like parking, surgical centers, gas stations, campgrounds, restaurants, non-grocery anchored retail center, industrial, etc? I know I'm being a little difficult, but I found that due to the amount of books on multifamily, investors think the only way to scale is through apartments. Or folks like to say "everyone needs a place to live." Everyone also needs to eat...should I invest in farmland? Be really specifically on why multifamily in particular! This will help as you navigate raising capital from passive investors.
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
Hey Josh, I'd love a copy of your guide as well. I'm based in the Chicago area and looking to grow my multifamily business.
@James Gee What got you interested in multifamily over other asset classes? What's your experience (in real estate investing or outside work) coming into multifamily investing?
Hey Neil! so my real estate experience is I’ve been doing mainly buy and hold residential for the past 5 years. Mainly duplexes. I’ve also done a couples flips. Besides that I have been a plumber for 8 years.
I would have to say a couple thing that have got me interested are:
1. scalability. I did a couple BRRRRs on a couple duplexes. Each one took about roughly 7- 10 months to complete(full gut rehabs). I didn’t make much of the refi on one and left money in the deal on the other. Not to mention I had to service that debt on the properties during the rehab because they where distressed/ vacant. I say all that to say these 2 duplex’s cash flow about $1500/mo in total. Which isn’t bad but not as attractive as larger multi family.
2. I love the forced appreciation method. And how the properties are valued as assets based off the income it produces vs a residential home based on what sold in the area. I think it’s more straightforward with evaluating a property because numbers don’t lie.
3. I like partnerships. I like the fact that I can partner with people we can bring different skills to the table and help each other.This is coming from someone who has been property manager, maintenance, general contractor & plumber! It’s not a scalable approach from my experience. I was literally working 4 jobs while working a fully time job and trying to find more deals & educate myself everyday.
much respect to those who are successful doing it but I don’t want that approach. I would rather have a slice of the cake instead of my my own piece of candy.
I have more reason why I find it attractive but those are a few! Sorry for the long response.
Those are all great reasons! All great reasons for any commercial real estate asset class. But why multifamily? And not any other asset class like parking, surgical centers, gas stations, campgrounds, restaurants, non-grocery anchored retail center, industrial, etc? I know I'm being a little difficult, but I found that due to the amount of books on multifamily, investors think the only way to scale is through apartments. Or folks like to say "everyone needs a place to live." Everyone also needs to eat...should I invest in farmland? Be really specifically on why multifamily in particular! This will help as you navigate raising capital from passive investors.
wow thank you so much on that. I never looked at it from that perspective! I really appreciate that and will get better. That you again for the eye opener!
@James Gee Hey James, you could start contacting syndication companies and ask how you can help them, and volunteer for some experience. Underwriting is a big one that most syndications require, so educating yourself on financial modelling would be advisable. I hope this helps James.
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
Hey @Joshua Michael Hauman. Could you please pass along that PDF dock to me, as well? Very much appreciated! Thanks man
@James Gee Hey James, you could start contacting syndication companies and ask how you can help them, and volunteer for some experience. Underwriting is a big one that most syndications require, so educating yourself on financial modelling would be advisable. I hope this helps James.
I shot you a private message. I have a guide to brokers in pdf form. Its about 20 pages of condensed information on exactly how to contact, present yourself, and speak confidently to brokers. Cost is the time and attention you place into digesting it, happy to share.
Hi Joshua.
Can I please have a copy as well? Thank you very much
Hi Joshua! Can I please have a copy? I am looking for under 20 unit apartments in Cleveland and Akron area. Thank you!
No way! I'm in the Cleveland market! Sent you a private message!
Approach them as you would a residential broker. Understand values in your market, know how to underwrite deals, give them your buy right criteria, and show them that you have a business plan.
Brokers do not want to work with tire kickers. They want to show properties to investors who can close deals. You have closed several deals, and I would create a story why you are transitioning to multifamily.
Google all the multifamily brokers in your market and begin to opt in to their lists.Start looking for their listings, and begin to underwrite them. Once you find one that is close to what you're looking for, schedule a property tour.
Approach them as you would a residential broker. Understand values in your market, know how to underwrite deals, give them your buy right criteria, and show them that you have a business plan.
Brokers do not want to work with tire kickers. They want to show properties to investors who can close deals. You have closed several deals, and I would create a story why you are transitioning to multifamily.
Google all the multifamily brokers in your market and begin to opt in to their lists.Start looking for their listings, and begin to underwrite them. Once you find one that is close to what you're looking for, schedule a property tour.
Good Luck!!
The legendary Gino!!
Thank you for your insight. I will make sure to apply this when contacting brokers & I will also focus on creating my story.