Another 48 units and counting!
Over the last several months I have been laser focused on finding off market Multifamily deals, financing using OPM, and cashflowing from day one. Sound impossible?? It’s not, I promise! I have found success with a few strategies, so figured I would share the basics on what I have gotten done over the last 4-6 months.
1. Financial literacy. I repeat financial literacy. When I first heard this suggestion years ago I never fully understood just how important this is. If you don’t know how to carry on a conversation with potential investors/bankers/partners in real terms, bigger deals become a much bigger deal than you will be able to convince people of.
2. Know what you are looking for. Example: B class area, C class building, greater than 14 units, built after 1969, 2 bedroom units, etc etc etc.
3. DIRECT MAIL. Follow up follow up follow up. We simply started out targeting local markets. Utilized our tax map software(this is available for most municipalities. GIS mapping) sent HAND WRITTEN letters to every multifamily property owner, then followed up two weeks later with another letter.
4. Figure out what the seller truly wants. And be confident. It’s not always just money! How old are they, are they retired? Do they manage it? How long have they owned it? Did they inherit the property? All of these things will drive a seller.
5. Break free of analysis paralysis! Just f****** do it!!