Learn how to get started on the path to multifamily investment success
As a first-time multifamily investor, it can be hard to know where to start.
To help you get your investment strategy off to the best possible start, our experienced investment advisors have put together a guide of the steps you should follow when looking to buy your first multifamily property.
Build your plan
First, it’s important to understand the difficulties you may face when embarking upon your new investment path. The decision to become a multifamily investor shouldn’t be taken lightly. Before you go any further, think carefully before you start that it’s something you really want to do—because there’s a lot of hard work involved.
After learning the basics of the real estate market, you must decide which investment strategy best fits your investing goals. Then, make a plan of action that will help you reach these goals.
Meet with a lender
Before you set up meetings with brokers, make sure you’ve talked to lenders ahead of time. Explain to them what your plan is and make sure you’re qualified with a lender as to what you can purchase.
Prepare your documents
It can be hard to be taken seriously when you have zero experience in the multifamily market, even if you already own several single family houses. Before you start speaking to brokers and other people in the industry, you have to be ready to show you mean business.
The best way to show you’re prepared is to come to meetings armed with the documents that brokers will want to see.
These documents include:
– A resume of what you’ve done in the past
– Bank statements to show you have the capital required
– Qualification with a lender showing your purchasing power
By presenting these items when you’re talking to brokers, you’ll show that you’ve done your homework, you’re ready to move forward, and you’re ready to act as soon as you find a property that fits your criteria.
A lot of first-time multifamily investors fall at this final hurdle because they’re hesitant and start to second-guess themselves—worrying about all the things that could happen to the property in the future.
When you find the ideal property, act quickly. You’ve already done the legwork and proved you’re ready to invest: the only step left is to be decisive and execute your plan. If you hesitate, there will be plenty of other multifamily investors waiting in line to snap the property up.
Follow these steps and you’ll show lenders, brokers and others in the multifamily industry that you mean business, and you’ll be well on your way to investment success in no time.
The team at 100Units.com is committed to providing you with the confidence and peace of mind that comes from working with a group of highly driven and passionate multifamily property investment advisors. We take the time to understand your investment goals, then we simplify the process of locating and purchasing apartment buildings by handling the research, analytics, and insights on your behalf.
Want to learn more? Contact us today.
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