Get Into the Multifamily Action Today

We are talking specifically about building your brand, now there's a lot of talk out there, cap rates are compressed it's difficult to find deals, it's a seller's market, where sellers expectations are way overstated, buyers are having a hard time finding deals, everything said, interest rates are growing up, should I just sit on the sidelines and wait for things to turn?

My response to that is, no you shouldn't, now I'm not saying go out there, be reckless, be wrong, but you do need to create your brand, get out there, let other people know what you are doing, talk to other brokers, talk to other investors, start growing your team, start talking to other money raisers around you and investors who may be open to investing with you in the future. Because if you're going to wait for this downturn, well great, there's going to be opportunities, but how difficult is it going to be to create your brand in a market that is going to be skeptical, in a market that's going to be wary of the opportunities, because now everything's on the downturn, it’s going to be more difficult to find money, it’s going to be more difficult to create track record, so now even if it's difficult to find deals.

So get out there, network and create your community around you, so when the tide changes and the opportunities are there, you've already built your track record, you've already created your brand, you've already grown your network, so you can seize the opportunity, now is your time, it's the middle of December, a lot of other people are waiting for the new year or waiting for the next whatever to happen, well why don't you get out there next week? Why don't you make 10 calls to brokers? Why don't you get out there and find metrics on a new market? Why don't you get out there and learn the terms? Why don't you get out there and start thinking about team members? You're missing, why don't you start underwriting twenty, thirty, fifty, a hundred deals, so you know what you're going to need to do when that opportunity is there to seize it.

Here's your homework, over the next week find one particular thing you need to tackle, whether that is just learning about multifamily, learning about the sector's, learning about two different classes of multifamily, learning about the different spaces that you can find yourself in, whether it's new construction, whether it’s buying existing a class apartment buildings, whether its buying workforce apartment buildings, where we focus, there are so many different opportunities, where is your focus? You're going to buy small multifamily to 4-10 units or are you going to buy large multifamily 100 units? Who would your buyers be down the road, if you were buying a two-four-six-eight unit, compared to, if you were buying the 200 unit, what kind of investment group are you going to be, are you going to buy it with just personal funds, are you going to bring money in from other investors?

Start finding on being specific about what you're going to want, so when the time comes, you could go out there and make it happen.