As we settle into the New Year, it’s only natural to look back and take a look at what worked for us, and what didn’t.
And by doing such with an open mind (and the benefit of hindsight), we can usually determine where we could have made adjustments to better achieve the desired outcomes, and apply these adjustments to future endeavors.
Tony Robbins has a quote that says “Where focus goes, energy flows.” So I’ll ask the simple two-tiered question: What do you need to focus on in 2018 to make your investing goals come true, and how are you building your team?
Since Commercial Real Estate investing is a team sport, it is critical that you are always growing your network. We need to find brokers that have a good flow of deals (off-market is preferable), and we should be reaching out to investors to see how we can help them reach their goals. And as always, we need to consistently let people know what we do, because you never know who might be looking for what you have to offer. More than one chance meeting at the gym has turned into a business deal.
So, what are some good ways to grow your network in 2018? I’ll say up front that you may need to get out of your comfort zone a little. Perhaps go to local Real Estate meetups, and talk to people, letting them know what you are looking to do. Trust me – someone knows the person you need to know. And try and make it a point to attend several real estate conferences in 2018 (my first one of the year is going to be Joe Fairless’s one in Denver Feb. 9-10 th . Stop by and say hi!)
And be a little personable. Don’t just send brokers an email saying you are looking for a great deal, because you most likely won’t hear back from them. Call them and build a rapport, and let them know exactly what you are looking for, i.e., “we’d like to buy 100-200 units, Class B or C+ apartments in a B area, 1980 or newer, that are stabilized from day one with some sort of value add component to them.”
Better yet, make an appointment and visit them at their office or over lunch (buying someone lunch is always a good idea – it’s cost effective, you get one-on-one interaction, and it’s hard for them to refuse). Go to property tours in your market, and meet the brokers. Give good, useful feedback on the deals they show you. Do these things and you will be at the forefront of their mind, and not the back, so as deals come in they will think of you.
If you are buying large apartment communities, most likely you are syndicating them. So think of ways to grow your brand this year. Where will new investors come from? Word of mouth referrals from other happy investors are always great, but what else can you do? Here’s an idea: add value and give away information. Have a thought leadership platform, or start your own Meetup group
and have experts speak at it every month. Be active on sites like Bigger Pockets. Be a guest on Real Estate Investing podcasts. Write articles to post on LinkedIn and other sites. Speak at conferences. Help people just getting started. Do this for free, and you’ll be paid tenfold in future business.
Another important aspect in setting and achieving your goals is to have an accountability partner. My business partner and I use a shared document (on Dropbox) to track our progress every week. We can see what each of us has done (on a daily basis) for the week to advance our business (for example “Talked to five brokers, underwrote two deals, called a property manager, two conversations with lenders, drove the property, calls with investors” and so on.) This way, we can track our progress over time, and offer tips and insight. Similar to a workout partner, you are always less likely to let someone else down than yourself.
So, take the steps necessary to make 2018 your year! I will end with a quote from Confucius: “When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps.”
Happy New Year, and continue to aim high in your successful journey as a Multifamily investor.
ABOUT THE AUTHOR
Bill Zahller is the President of Park Capital Properties and resides in Asheville, NC. As a Multifamily Real Estate Investor and Syndicator, he founded Park Capital Properties in 2016 after 14 years involvement in real estate investment. He works with accredited investors and professionals who are interested in real estate investment, diversification, and financial freedom.
Bill has been flying since high school. His father was a Naval Aviator and Captain for TWA. Bill has been flying professionally for over 25 years, 23 of those at his current company. He has accumulated over 12,000 hours and 7 Jet type ratings. He has also held Instructor, IOE Instructor and NRFO pilot positions with a large fractional flight company. He is currently flying the Global 6000 in a long range mission capacity. This keeps it interesting – one week its Beijing or Sydney; the next Rio or Rome.
Bill is also the founder of the Asheville Multifamily Investor Club. Visit www.ParkCapitalProperties.com for more information.