BPCON2023: 3 Takeaways for Multifamily Investors

In this week’s post, Vince Minieri, co-founder of Nationwide Apartment Buyers shares his 3 biggest insights gathered from the 2023 BiggerPockets Convention (BPCon2023). While these tips may seem simple, they are powerful reminders that can help you prepare for the exciting opportunities ahead in the multifamily market.

Building Your Network Matters Most

There’s an age-old principle that it’s not just what you know, but who you know, and there’s nowhere this holds more true than in real estate investing. Your network is a gold mine of opportunities. The connections you make in the real estate community can open doors (literally and figuratively), provide opportunities for deals you wouldn’t otherwise have access to, give you access to information and capital you’d otherwise miss, and offer you invaluable insight. So, make a point to nurture those relationships. From partners, mentors, contractors, financing, or simply like-minded individuals to bounce ideas off of, the right connections can be your secret weapon.

Master Your Niche

A reminder worth repeating is the importance of honing and owning your expertise in the multifamily real estate space. Rather than spreading yourself too thin, and doing a lot of things at a mediocre level, concentrate on what you’re genuinely good at and passionate about. Whether it’s acquisitions, development, renovations, property management, deal underwriting, or capital raising, become an expert in your niche and build your team with like-minded experts to fill in the gaps.

Anticipate Upcoming Multifamily Opportunities

While it’s not breaking news, BPCon2023 highlighted the importance of staying vigilant for upcoming opportunities in the multifamily sector as many property owners will be looking to refinance in the next few months. This could result in fantastic investment prospects for those who are prepared. Keep a watchful eye on the market, stay informed about economic trends, and be ready to act when the time is right. Sometimes, it’s not about reinventing the wheel but recognizing the right moment to capitalize on existing opportunities.

While they aren’t new concepts, these takeaways serve as a great reminder of the fundamentals for multifamily investors in an age where investors are constantly inundated with fads and distractions. Take action – enhance your network, stay vigilant, and master your niche. Count on us to provide ongoing support and keep you well-informed on your multifamily investment journey. Hope to see you at BPCON2024 in Cancun!