In this Podcast episode and YouTube video I cover how to go about getting your first deal in an area you've never been in.
I've done this a few times now (Texas, Baltimore and Washington DC), and I'm currently applying the process to an area I'm just getting into: Richmond, VA.
But the process is the same, and you can use it to learn the area, build a team, and get your first multi-family building deal.
Here are the steps:
- Step # 1: Compile a list of potential team members (brokers, property managers, attorneys etc) then contact them by phone and email.
- Step # 2: Build rapport and trust with the broker before meeting him by analyzing any deals he sends to you and giving him feedback.
- Step # 3: Plan your first trip to the new area to maximize your time.
- Step # 4: Meet with each of your potential team members in person.
- Step # 5: Make sure you continue to stay in touch with each of your team members as you look for that first deal.
While it's always better to invest in your own back yard, sometimes you need to go out of area to look for deals that meet your criteria. Even if you ARE investing locally, the process of building your team and looking for your first deal is the same: compile a list of potential team members, cold-call them, set up an in-person meeting, look at a few deals, then stay in touch after wards.
I'll talk specifically about what I did a few weeks ago in Richmond, and then I talk with aspiring multi-family investor Scott Isley as he describes his trip to Nashville, TN in search of his first apartment building.
Let's Get Started!
Listen to The Show on iTunes
Click here to listen on iTunes.
Listen to the Podcast Here
Watch the YouTube Video
Also watch my 5-minute YouTube Video on this same topic.
Links from the Show
The Bigger Pockets online real estate magazine (where Michael is a weekly contributor, see all of his articles here)
“The Best way to find deals and build your team is through good commercial real estate brokers”. (Tweet This)