Are You Thinking Outside the Box with Your Investments?

My two Bulldogs, Jack and Jill, and I just got back from one of our job sites and on the way we were checking out some multifamily property and I thought it would be an interesting topic because at the moment we are trying to think outside the box, what can we do to find property in our area that makes sense where we won’t be competing with everybody else? New Jersey is a very dense state and when we’re looking for properties we're actually looking for single-family properties or one-story properties with one or two units that have a lot of parking.

Why are we looking for this?

Well, we're looking for that because we can potentially expand up while still having the parking that the town will require, but, we will then be able to add units.

Why would this not work in every state?

If you're in Kansas and you have 10 acres around you in one building this is not a viable opportunity, however, are you thinking outside the box? are you thinking about other ways that you can maximize your ability to find properties?

For us, when we're in a state where you can practically reach out your window and touch your neighbor, there will always be a continuous need for housing and there are not many areas to build. Every time you build they will want you to add parking. If you can find opportunities, find factories, old warehouses or bowling alleys that have seen better days and you have the opportunity to convert it over to multifamily and already have the built-in element for parking well, that's a win-win.

In our state, you can still build and get the rent, that's going to make sense for the build pattern here in many areas. You need to take a look at your area, is there something you're not thinking about? Is there something that you're not focusing on? and are you just doing what everybody else is doing, trying to find the same property that everybody else is, searching for that 1 or 2 percent role? Sure, they're out there but you're going to be competing with a wide ocean of others. Take a look at your business and your philosophy for what you're actually looking for and how can you back yourself into it. for us, it's going to take a little more work. We might have to go there and add square footage, add units and possibly even change the zoning or go for a variance or have to just ultimately deal with some other things that aren't just as easy as buying it but right now in this competitive market, that is what we have to do. I think it is what you have to do to be viable and still compete and still go after deals. You could always sit on the sidelines and wait for the next correction but we're not waiting, we're going after deals, we still know there are deals out there, we still know there are opportunities and we're still looking to grow.

Visit our website if you would like to learn more about multifamily: https://www.multifamilyfoundation.com/order-28415099