Real Estate Agent · Dallas, TX · Member since 2020 · 92 posts · 46 votes
How long did it take for you to buy your first multi-family property? Did you start out with SFR then move to MF or did you go straight to MF. If you have something larger than 6 units, how long did it take to acquire that property?
Investor · Fort Worth, TX · Member since 2019 · 120 posts · 147 votes
5y
@Jacob Maes It took us about 4.5 months to find it and closed it around the 7-month mark - 173 units. It's certainly a game of patience and waiting for the right deal. I wouldn't say all deals take that long...I have partners who are acquiring 2-3 large properties/year. The first one can be the most challenging as you're building credibility and broker relationships - hard to go into it "brand new" but easier if you have a partner/coach that you can leverage their track record.
Investor · Fort Worth, TX · Member since 2019 · 120 posts · 147 votes
5y
@Jacob Maes It took us about 4.5 months to find it and closed it around the 7-month mark - 173 units. It's certainly a game of patience and waiting for the right deal. I wouldn't say all deals take that long...I have partners who are acquiring 2-3 large properties/year. The first one can be the most challenging as you're building credibility and broker relationships - hard to go into it "brand new" but easier if you have a partner/coach that you can leverage their track record.
Investor · Fort Worth, TX · Member since 2019 · 120 posts · 147 votes
5y
@Jacob Maes Thank you! We certainly could not have done it with our GP team - it takes a village :) Yes, we hired a coach - our success came with our 2nd coach because the first one was a bust. When we hired the 1st coach we were brand new - didn't really know what to look for and the coaching space is pretty crowded and confusing. If you find yourself going down the coaching route, feel free to reach out - I'd be happy to share our lessons learned and what to look for in a coach/community.