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Before You Start Investing In Multifamily Properties

If you are a new investor looking to invest in multifamily, you have some hurdles beyond simply getting the capital.  Jonathan Twombly shared on a recently Bigger Pockets podcast that even if you have the money ready to invest, brokers don't want to waste their time on an inexperienced buyer who does not know how to close the deal.  Not only is that wasted time on their part, but it also tarnishes their image to the seller if a deal with an inexperienced investor doesn't end up going through.  So Jonathan recommended that you prepare by essentially looking the part, going into the meeting as a professional operating entity rather than some random person with money.  Some things to have ready:

  • Company established
  • Business card, email address, and website all created.  Note:  Email address should be a professional email, not Gmail.
  • Ask sheet, where you define what type of property you are looking for.
  • List of due diligence items you require, such as 2-3 years of financials, rent roll, etc.

These items showcase your readiness to seriously invest.  Also, he suggests finding a broker through a friend or contact rather than going in cold, as that will help the broker to take you seriously.

The entire session was great and I highly recommend taking a listen: 

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