Are you new to the apartment investing world and you’re worried brokers or investors won’t take you seriously? Is it hard for you to find deals and analyze them because you just don’t have the experience? 

The reason you’re experiencing these things is likely because you haven’t built your team yet. 

In apartment investing, you need a team behind you if you want to be taken seriously and do your first deal. It’s not like single family, where you can take the “lone wolf” approach. I rely heavily on my strong team to fill in the gaps in my own skills and talents, and that’s allowed me to scale my investing business to $300 million.

In this article, I’m going to show you the most important members you need on your team and how you can start building your own today. Are you new to the apartment investing world and you’re worried brokers or investors won’t take you seriously? Is it hard for you to find deals and analyze them because you just don’t have the experience? 

The reason you’re experiencing these things is likely because you haven’t built your team yet. 

In apartment investing, you need a team behind you if you want to be taken seriously and do your first deal. It’s not like single family, where you can take the “lone wolf” approach. I rely heavily on my strong team to fill in the gaps in my own skills and talents, and that’s allowed me to scale my investing business to $300 million.

In this article, I’m going to show you the most important members you need on your team and how you can start building your own today. 

Why You Need a Team

Real estate syndication is, at its core, a business. And like any business, it requires a mixed set of skills and knowledge to run successfully. If you’re coming into this with a background in sales or construction, you might not have the same comfort level with financial analysis as someone with a background in accounting would have. 

That’s okay – I don’t expect you to be an expert in everything. I’m not. But what isn’t okay is trying to tackle everything by yourself. 

Investing in multifamily properties has several moving pieces. You have to find the deal, analyze it, raise capital, manage properties, and deal with brokers, lenders, and tenants. And you need someone to handle investor relations. 

It’s more than just one person can do. But by building a team, you can leverage the skills and experience of others to complement your own. This will give you confidence you need to quickly move through the deal-making process. 

The Core Members of Your Investing Team

At the beginning of your investing career, you to focus on adding these 3 members to your team: 

• Brokers
• Property Manager
• Lenders

Brokers 

Techniques for finding deals in single-family won’t work in multifamily. That means sites like the MLS, Loopnet, or sending letters will not get you deals. But they are useful for finding brokers. 

Brokers are the key to deal flow. If you can build relationships with brokers in different markets, they’ll start sending you deals. They’re lazy, so if they can sell a property without needing to list it online, then that’s what they’ll do.

Lenders 

Lenders ultimately help you get the loan to put toward the down payment. Yes, you raise capital from investors, but the bank typically puts forward the bulk of the capital. Lenders also assist with the underwriting of the deal.

Property Manager 

Property managers manage the property after the close. A good management company will make all the difference between passive income and a nightmare. In my first deal, I hired the wrong one. It cost me months in court. Make sure you work with the right company. 

These guys also help with the underwriting, handle tenants, visit the property when you’re out of town, and assist with due diligence. They are the key to everything. 

Overcoming the “Newbie” Syndrome

One of the biggest challenges new investors face is being taken seriously, especially by brokers. Brokers tend to favor experienced players with a proven track record, which puts newcomers at a disadvantage. However, there’s a way around this: leverage your team’s experience.

For example, when you’re talking to a broker, instead of presenting yourself as a solo novice, you can say, “I’m working with John, who manages 3,000 units, and Mary, who has raised over $50 million in capital.” Suddenly, you’re no longer just a newbie; you’re part of an experienced, competent team, and brokers will be much more inclined to take you seriously.

Where to start to build your team

You might be wondering, “How do I start building this dream team?” Here are a few steps to get you on your way:

Network, Network, Network. Attend real estate conferences, join local investment clubs, and participate in online forums. The more people you meet, the more likely you are to find potential team members.

Leverage Your Mentor. If you’re part of a mentorship program, use it to connect with other students or alumni who may have complementary skills. Mentors themselves often have a vast network and can help you find the right people.

Start with Partnerships. Consider partnering with someone who has strengths in areas where you’re weaker. For instance, if you’re great at finding deals but not so great at financial analysis, partner with an underwriter who can handle that side of the business.

Hire Professionals. When it comes to legal and property management, don’t skimp. Hire professionals who have a proven track record in multifamily real estate. It might cost more upfront, but it will save you a lot of headaches (and potentially money) down the road.

Remember, real estate investing, especially in the multifamily space, is not about being a jack-of-all-trades. It’s about building a team of experts who can each contribute to the success of the investment. 

Your job is to orchestrate the team and make sure that all the pieces come together to create a successful venture. So, start building your team now—because in real estate, who you know can be just as important as what you know.

So, whether you’re just starting out or looking to take your business to the next level, the time to build your team is now. Start with educating yourself so you know the terms and phrases by enrolling in my free course, the Apartments 101 Masterclass today. 

To your success,

Michael Blank 

Stay tuned for more insights and tips on real estate investing. Subscribe to my YouTube channel and follow my podcast for the latest updates. Happy investing!