Multifamily Investments: Secrets To Scaling To 1000+ Units In Just 4 Years
A lot has been said and discussed when it comes to investing in Real Estate, but how often were you to actually resonate with the ups and downs of this industry – not actually.
People often feel that real estate investors start off as billionaires, have huge chunks of money already, or have great networking skills or both. But that’s not always the case, investors in real estate syndication come from very diverse backgrounds, often having to start from scratch.
Ability To Take Risk
- From 2014-16 we invested only in Single-Family, but in 2016 at one of the interviews with Rod, I was convinced that Multifamily was “The Track” that will lead them to success.
- 4-5 years into Multifamily investments, our property ownerships skyrocketed from 46 → 80 → 420 → 1200
- A good deal can come from anywhere, you just need to be proactive. For us, we found our very first multifamily property in the same area where we owned some single-family properties.
- There’s no specific setting to find a good deal, we have found deals and approached people on Social Media.
- There’s nothing like an “ideal partner”, you need to find people who complete your team, who have the skills that you don’t. No one’s perfect in a team, having a diverse team will help you overcome hurdles that weren’t possible otherwise.
- 95% of our deals are the result of cold calling. Our virtual assistants are pretty straightforward when it comes to talking to clients and scheduling appointments. We know the value of time, so we don’t annoy them with daily, non-stop calls, instead we prefer to follow up only when they’ve said.
- Podio – It’s an amazing CRM tool that helps you automate your entire workflow.
- SyndicationPro – It’s our Investor Portal Software that helps you manage your investors.
- While there’s an option for being a passive investor, but if you’re passionate about REI, don’t take any chance. Engage yourself with daily operations associated with real estate.
- Whenever you try to do something you are not an expert in, you will definitely face hurdles. For us, the challenge was asset management as we went from single-family to multi-family. You need to keep an eye on the KPIs, Key Performance Indicators like occupancy, collections, your turnover time for new leases, your different rates. The key is to keep learning and evolving and that’s what we did.
- Building your network pays a long way.
- Don’t search for the perfect teammates.
- Put yourself out there.
- Take full control of your projects if you can.
- Multitasking and multi-talents are always helpful.
- Respect your customer’s time.
A great deal might be just around the corner, all you need to do is be proactive, take charge, and leave no stone unturned to find deals and get things done!