With more buyers than product on the market, finding good real estate deals can be difficult—especially for newbies. But it’s not impossible. So, what can aspiring multifamily investors do to get a deal under contract?
Drew Whitson, Josh Sterling, Andrew Kuhn and Phil Capron are mentors for The Michael Blank Investor Incubator, Josh Thomas handles our mentoring program strategy calls, and Drew Kniffin and Garrett Lynch serve as President and Director of Acquisitions, respectively, at Nighthawk Equity, the investing arm of The Michael Blank organization. All seven are full-time multifamily investors themselves with a background in working with new real estate investors.
On this episode of Apartment Building Investing, I’m sharing the panel discussion we had last year at Deal Maker Live around what’s working now to get deals under contract. We discuss the greatest fears facing new multifamily investors and explain how we coach our mentoring students to get brokers to take them seriously. Listen in for insight on building your investor list to raise money for deals and learn how to leverage joint venturing to get into multifamily real estate.
The biggest fears facing new multifamily investors
- Self-confidence (work on inner game first)
- Won’t be able to raise money
- Won’t be taken seriously
How to get brokers to take you seriously
- Analyze deals on broker sites
- Be specific re: your criteria
- Send feedback within 48 hours
- Travel to meet face-to-face
The hierarchy of quality in multifamily deals
- Direct off-market from seller (rare)
- Broker first look
- Broker’s website
Our mentoring team’s advice on raising money
- Build investor list around existing contacts
- Have conversations BEFORE need capital
- Give talk on multifamily at Meetups
- Leverage partnering or joint venturing