How Long Did it Take You to Buy Your First MF Property?

Question

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?

Account Closed · Answer

@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.

Account Closed · Answer

@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.

Jacob Maes · Answer

Keeley Hubbard, that's pretty quick! So do you have a coach that you use that has helped you scale quickly?

Jeffrey Donis · Answer

Hey Jacob!

It took us about 8 months to get into our first MF deal- 138 units.

Similar to Account Closed, we could not have done it without our team of GPs.

Let me know if there is any way we can help!

Best of luck.

Jacob Maes · Answer

Will definitely keep that in mind! Thank you!

How Long Did it Take You to Buy Your First MF Property?

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