All Forum Posts by: Todd Dexheimer

Look first in your own backyard, but if that isn't a market that hits your criteria. Then look for growth markets. 

I have an article here on how to find the top markets: https://www.biggerpockets.com/...

and the top markets in 2021:https://www.biggerpockets.com/...

Why is this guy randomly reaching out to you? You mentioned you don't have experience, so why is he calling you to help him? Sounds like a red flag to me.

By the way, you're located in one of the best markets in the country and between North and South Carolina, you have some of the best markets available all within an easy drive.  

You're going to want to have/do the following: 

1. Have plans and renderings of the building, along with a budget for construction

2. Have financial analysis of the income and expenses, as well as your hold time frame and expected exit plan

3. Show investor return projections and how their investment is tied to the property, as well as when and how they get paid in all phases of the deal. 

4. The team in place. Investors will want to know who your developer is, who your property manager is, who is financing the deal (and terms), who the CPA is, attorney, etc

5. Securities Attorney - You should talk with a securities attorney prior to any conversations with prospective investors to be sure you are following the SEC rules. 

You don't necessarily need all of this in place prior to having conversations, but it would help. It is ok to have a causal conversation with investors, discussing the prospect of what you are planning on doing to gauge their interest and understanding their return expectations. When I first started out, I did not have the experience to show a whole big detailed plan, so I showed an example. Possible get the renderings or even pictures of a completed building in the area and model out the numbers. 

Asset management, but I'm not sure if thats a "sexy" enough topic to brand a podcast around. 

I agree with talking about some of the things that have gone wrong. The key is to have a positive spin on it by discovering how they learned from it and are better off. No one wants to listen to a podcast that scares them away from their goals. I think most podcasts don't focus much on the issues, because it's not something successful people dwell upon. Certainly we have all made mistakes and have had things go wrong, but if you have the right mindset, those aren't negatives, but learning experiences. 

Begin networking with other multifamily investors. Bringing a deal to the table could allow you to get a small percentage of the GP equity, which is a great start. 

You mentioned multiple markets. As you are starting, make sure you are not trying to be in too many markets. I always suggest your own backyard and maybe 1 other market that is an easy drive or flight. 

Check out the vast array of podcasts out there. Also, attend meet ups (meetup.com and biggerpockets). Keep the education train going. 

Research markets and submarkets to invest in and understand your investing criteria. https://www.biggerpockets.com/...

You're also going to need to begin building a list of potential investors and creating ways to engage them and new investors. https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

Next, you'll need to build a team. I would call property managers, lenders, attorneys, title companies, appraisers, before you call real estate brokers. This arms you with a ton of knowledge and confidence. https://www.biggerpockets.com/...

First, just because it's on auction, doesn't mean its distressed. 

If you're looking to see if an area is in demand, then you need to look at current vacancy rates and rent pricing trends.

Those are great terms!

We have wood floors, tile, LVP in nearly all of our units (800 units) and rarely get noise complaints. LVP/hard surfaces last a lot longer and look better. The money you save in the long run will end up boosting your NOI, which in turn boosts your property value.