What should i be doing on my free time? Apt investing 50+ units

Question

I'm looking to purchase an apartment building with 50 units or more.

Sometimes i sit here stuck trying to figure out what i should be doing with my time. I'm either waiting on someone else, or its midnight so its too late to be networking.

What do you do?

Jorjio Hopkins · Answer

@Frank Bonzai have you thought about using that free time to start your own thought leadership platform (blog, podcast, youtube channel, etc.)?  Pick a platform and brand yourself as a multifamily investor.  This could offer you more credibility long-term as you become a thought leader in the multifamily space.

Oleg Shalumov · Answer

Start with something ... there are many interesting books I can recommend:

- Multifamily Millions by Dave Lindahl

- The ABCs of Real Estate Investing by Ken McElroy

- The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges

- Best Ever Apartment Syndication Book - Joe Fairless and @Theo Hicks

Message me if you need some more books or have any additional questions.

Devin P. · Answer

Play Fortnite

Theo Hicks · Answer

Practice underwriting on-market deals

Reach out to brokers, get a list of their recent sales, and visit those properties in person. Follow-up with the broker, letting them know what you did and didn't like about the property

Do the same thing for the properties managed by your management company

And listen to podcasts and read books of course.

Matthew Baltzell · Answer

@Frank Bonzai It's never to late to be networking. You would be surprised at how much you could get done on the internet.

Network on LinkedIn, send out a newsletter, gather emails, etc.

There are several things you can do to get the ball rolling. You just have to be creative.

Oleg Shalumov · Answer

@Frank Bonzai free time is a good problem to have :-)

I try to educate myself - usually read or listen to audiobooks. There is always someone more experienced whom you can learn from

Sometimes help other investors, very often here at BP or other real estate sites.

Analyze the workflow and see if there is anything that can be improved.

Scott Morongell · Answer

@Frank Bonzai create content and provide value to others. There is always someone behind you that you can help. By creating content you will attract overtime potential investors. Without investors, you don't have a business. Cherish them!

Chase Louderback · Answer

Account Closed That's a good recommendation.  What are you doing and examples of putting systems like that into place?  I am always trying to improve how I do things so it would be great to hear more.

Ryan Brocklebank · Answer

@Mike Acri

I'll second the recommendation for "Principles" by Ray Dalio. There are many gems in that book and the underlying message of having systems and ways of evaluating them is really valuable.

I would also throw in Extreme Ownership by Jocko Willinck; has to be one of the most actionable books I've ever read.

@Frank Bonzai I'm very familiar with the position you're in of off-hour free time and honestly the best thing you can do is take action whenever you feel that resistance.

Think of it like this, if you're going to battle, you never wait for the day of deployment to start training! Start now, get prepared, make mistakes, dial in your system.

To build off Mike's suggestion of systems start with a workflow diagram: identify clearly the type of property you want, identify your market and WHY that's your market (you don't have to be perfect or even right, just list your why's), learn the expected purchase prices in your market (even if you only estimate from MLS), learn your expected rental rates, identify your key team members (realtor, accountant, lender or broker, etc). Then analyze 5 deals. Analyzing deals will help you test drive your system and see what works best for you.

I would challenge you to post back on this thread in 7 days that you've built your framework and analyzed those 5 deals.

If you just get started, you'll be posting that you achieved much more than 5.

Account Closed · Answer

Add value and learn more by blogging, podcasting, writing articles, posting on social, start a FB/LinkedIn group, &/or a YouTube Channel...

Hope this helps-

Dino

What should i be doing on my free time? Apt investing 50+ units

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