All Forum Posts by: Taylor L.

 Yes, it's up for me. You have to create a username, but that's pretty quick.

https://chat.openai.com/

I've noticed that there's a key fork in the road for investors who want to scale. This fork happens when you run out of your own money. Some investors choose to slow down and stick with their own funds, others choose to work with investors & partners to continue to scale.

Those who choose to stick with just their own money fall into two camps: 

1) those who decidedly do not want partners or investors, and 

2) those who are hesitant, afraid, or have limiting beliefs about partners & investors.

I don't like condos for a few reasons. 

- Associations can be fickle and can turn against investors in a heartbeat. Conversely, your unit can be negatively impacted by irresponsible owners who do not vet or manage their tenants and let them run wild (learned that one firsthand)

- Associations' ability to properly manage maintenance and finances can vary wildly as well. They can get too focused on short term savings & leave long term maintenance items unattended. The piper still needs to be paid!

- Condo values tend to fall much faster than other assets during down markets. Condo values also take the longest to recover during up markets.

If you're not ready to get into a deal, then don't get in. However, don't use the "waiting for an opportunity" mentality as a reason to sit back, to stop learning, and to stop evaluating deals. Most people who sit on the sidelines waiting for the market to correct are really just giving themselves an excuse to not put in the work.

Our process includes background checks on all of the key people, visits to their offices & properties, examination of past deals, and professional references.

Alex Hormozi recently released a video on the future of AI and its impact on business, which you can watch here. After I watched this video I decided to ask ChatGPT the keys to building a $100 Million multifamily real estate investing business (coincidentally I am writing a book on this topic)

ChatGPT's Answer:

There are several key factors that can contribute to the success of a multifamily real estate investing business:

1. Develop a strong business plan: This should include a clear vision for the company, as well as specific goals and strategies for achieving them.
2. Build a solid team: Surround yourself with knowledgeable and experienced professionals who can help you identify and acquire quality properties.
3. Focus on a specific market: It can be helpful to specialize in a particular type of property or geographic location, as this can allow you to build expertise and become a go-to source for investors in that area.
4. Invest in high-quality properties: Look for properties with strong potential for appreciation and cash flow, and be willing to put in the time and effort to make necessary improvements and updates.
5. Utilize effective marketing and networking: Network with other professionals in the industry and use marketing strategies such as social media and targeted advertising to attract potential investors and buyers.
6. Manage properties effectively: Proper property management is crucial for maximizing the value of your investment and ensuring the success of your business.
7. Continuously look for opportunities to grow: Stay up-to-date on market trends and actively seek out new investment opportunities to continually grow and expand your business.

This is a pretty good answer, and frankly it's amazing when you step back and consider that this service is brand new and 100% free.

AI is going to change real estate investing, along with every other industry. In Alex's video plays a customer service phone call between an AI calling to book an appointment and a human confirming that appointment. In the very near future, AI will be responsible for many customer service functions of your multifamily business. Why have a person manning the phone in your office, when an AI can do it better, 24/7, for much less money?

Land entitlement is a big business, largely due to all of the legalities involved and the complexity of getting raw land into a shovel-ready condition.

Something to bear in mind - big investors frequently do not have all of the money they need to do their deals. They work with investors & utilize other people's money. Look for ways to build off-market deal flow & build your network of investors, partners, and other sources of capital.

Ratio Utility Billing System, or RUBS, is a common solution. Be sure to check local laws. There are a number of companies who can assist with that.

Local Chambers of Commerce and other local business organizations can be great sources for this type of information.

 Lease options aren't my strategy, but I had considered it. For me it all boils down to the numbers.

As a new investor you should invest time into networking locally with other real estate investors. Fear comes from the unknown. When you build connections with people who have succeeded at something you want to do, the fear starts to go away because you see it's possible.