Multi-Family Syndicator · Abington, MA · Member since 2017 · 603 posts · 347 votes
7y
We all have to start somewhere. Here are some tips.
1. Educate yourself! This is going to be what you do for the rest of your life as you constantly tweak and insert what you learned into action.
2. Analyze as many deals as possible. Keep reviewing and learning how to spot a good deal from a bad deal.
3. Connect with like minded people.
4. Talk about real estate! Be vocal and intentional with your conversations. You never know who is interested and needs help. Since you have educated yourself and analyzed deals, great chance to partner with a money partner on that front.
5. Raise money for your own deals.
6. Find deals for others. Also known as bird dogging.
7. Invest in someone else's deal or syndication. Learn from the process and get involved someway, somehow. This allows you to earn while you learn by investing passively in their deal.
8. Find a mentor and volunteer to help them for free. Add value to someone else for free education and building a friendship/relationship.
9. Write a blog, start a podcast, start a YouTube channel, or do all 3.
10. Be active on your social media platforms and create your own brand.
These are not step by step processes. Just guidelines to help you get to your end goal. 1, 2, and 3 are crucial but everything else tackle it in your own way and process. Just do it. Hope this helps, good luck, and God bless!
Investor · Front Royal, VA · Member since 2013 · 586 posts · 418 votes
7y
@Ronald Gladden i'd personally ignore the advice to start small. Go big if that's where you want to end up. There are plenty of ways to start in multifamily with no experience. Most of them have already been stated, but by far the quickest way to get started investing in multifamily apartment complexes is to partner with someone who is already doing what you want to do. Look in the area that you want to invest, find someone who you can add value to and partner up. Sometimes this means pulling out your checkbook and paying a coach, sometimes it's just networking. Either way, you're going to go much slower if you try and do everything on your own.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
@Scott Morongell Tou Yes but knew I could find value in listening to others that are already walking the walk. So far the responses have been awesome, everyone brings a different perspective and story. Thank you for your response.
Real Estate Agent · Atlanta, GA · Member since 2018 · 13 posts · 3 votes
7y
@Ronald Gladden Thanks! It's a single family Home with a Section 8 tenant, Property Management in place already with a 18% return after monthly expenses.
I am currently starting my research and educating myself on Multi Family's, and still keepping my eye open for great deals.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
@Ian Francis Nice! I recently left Atlanta area to return back to South Florida. Had a short two years there but really enjoyed the property we stayed in. Best of luck. Let's stay in touch.
@Scott Morongell Tou Yes but knew I could find value in listening to others that are already walking the walk. So far the responses have been awesome, everyone brings a different perspective and story. Thank you for your response.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
Originally posted by @Account Closed:
@Mike Acri Thanks Michael. Interesting that you started from the money. Do you mind me asking why you decided to start there?
Not sure what you mean by started from the money. Would you mind clarifying? Always happy to share my experience, just want to make sure I'm answering the right question
Apologies for the confusion Mike. There have been quite a few postings now so I took a page out your book and decided to quote this time. I believe you mentioned you focused on finding the capital when you started. Did you feel like this was a strength you were leveraging to find deals or did you feel that had to have the capital before seeking deals?
Sunnyvale, CA · Member since 2012 · 2 posts · 0 votes
7y
I have done single family houses, HUD houses, etc. until I was disillusioned by the disproportionate number of investors, flippers, wholesalers, etc. doing SFR versus the number of available deals. I laid off awhile, but have a strategy for building wealth through multifamily investing. Being poor, I reasoned I could wholesale four or five deals and save enough for buying my own cash flow property. I invested in a mentor/wealth building course presented by a supposedly well known multifamily guru who turned out to be a farce. But I studied the books and CDs and leaned enough to feel confident I can sift through all the deals out there (and there are a lot)to find a good one, but lack the requisite cash buyer list to make them turn into cash for my savings account. So now I'm looking for gaining proficiency in locating multifamily cash buyer cash buyers, so I can also live "the American Dream" about which I keep hearing. I've had some disastrous experiences with partners who have turned out to be liars and thieves, so i'm on my own. I can, however, listen and learn, that much I know. So I'm listening to those in this group who obviously are battle wise to the right way to do things successfully.
Redwood City, CA · Member since 2016 · 40 posts · 11 votes
7y
Hi Ronald,
My first investment was a 34 unit apartment building. It took me two years of education and searching to find it.
I jumped straight in with multi-family because ultimately that’s where I wanted to be and I’m not good at starting small. Should I have done something smaller, like 10 units? Maybe. But the numbers worked and all the stars aligned on this one.
What really made it work was having an amazing team in place before I closed on it. I had done all my homework on my property management company and they took over from day 1.
To sum up, from my perspective, jump in with multi-family if that’s your ultimate goal anyway. Educate yourself. Read books, listen to podcasts and get a good mentor. Find your market and your team. Be patient.
It just depends on what you want to do and ultimately your goals. I had always wanted to get into multifamily investing but thought it was possibly without millions of dollars before I learned about syndication. So really, I believe the sky can be the limit with partnering on deals.
If you do decide to get right into apartment investing, take the time to get educated. How will you know if you have a good deal or are being offered to invest in a good deal if you haven't taken the time to gain that knowledge? @Alina Trigub had good suggestions for books to start reading.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
@Mike Acri
Thanks Mike, apologies for the delayed response. I have been taking such actions starting with those closest to me and working outward. I have been able to gain quite a bit of of interest.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
@Ron Halfhill
Hi Ron, thanks for sharing. Have you read David Lindahl books Multifamily Millions and Emerging Markets? In my opinion these two books are top of the list for new investors and tenured to check out.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
@Chase Louderback - Thank you, actions in progress. Currently been spending time reading and listening to podcasts. Enjoying the start but understand it’s a not a race.
Redwood City, CA · Member since 2016 · 40 posts · 11 votes
7y
@Ronald Gladden Thanks for asking! My first property is going well. We are definitely on the upswing and I love how positive that is for the community and my confidence. ;)
I’m now working on a couple syndications, which was my ultimate goal.
New to Real Estate · Hollywood, FL · Member since 2008 · 35 posts · 16 votes
7y
@Teresa Buchanan Nice. Good to hear that, it's more than just a property or deal. It's home. Sounds like your tenants and their community are enjoying your partnership. Best wishes on your syndications. Look forward to hearing about them.