You’re writing your own destiny so be proactive. Once you find a property, go ahead and search for their details in public records – owner name and contact details. If they aren’t interested at first, don’t give up. Ask them if you can follow up with them bi-monthly. Approach owners directly. Build your network and try to convince people to partner with you – start with your inner circle.
Do’s:
Get In Touch With a Broker.
Don’t Underestimate Cold Calling.
Sound like a professional when interacting with potential clients.
Create a proper deal flow.
Leave No Stone Unturned: Leads aren’t just going to fall into your bucket, just like that.
Mistakes to Avoid:
Buying in the wrong area.
Not analyzing a deal and overpaying.
Choosing a deal that doesn’t have enough cash flow.
Delaying the money-raising process.
Not having enough cash reserves.
Not knowing your lender’s underwriting requirements upfront.
Although the demand and competition in multifamily real estate are increasing, there are still deals to be unlocked. You can either approach brokers or get creative.