If you’re looking to succeed in the commercial real estate industry, and you want to start off with a good multi-family investment, there are some tips which will help get you going.
By following some of these best practices, you should be able to establish yourself as a solid commercial real estate investor.
Start with a single-family investment
Before becoming involved in a massive multi-family investment, it might be better to get your feet wet by purchasing a single-family dwelling first. This will help educate you about some of the skills you’ll need for multi-family investment, namely investing your money, negotiating with contractors and sellers, making offers, making good decisions, assuming leadership, cooperating with partners, and accepting risk.
Do the groundwork
To be successful at multi-family investment, the first thing you’ll have to do is avoid all the distractions of computers, games, and television. You’ll have to devote yourself to scouring real estate listings and checking out properties. You’ll need to interview commercial brokers, drive around different neighborhoods, work with other investors to find necessary funding, and possibly even building up your own real estate investment team.
Network like crazy
Most real estate investors are happy to talk with you if you just make the effort, and there are plenty of real estate investors around that you might converse with. Ask everyone you know about successful real estate investors, and begin to cultivate relationships with these people. You may actually find a mentor this way, and at the very least, you’ll have some great contacts in the industry.
Find your market
You should probably review at least five or six markets before you eventually determine where you want to make a multi-family investment. Consider areas where you have the best chance for success, and neighborhoods which are thriving and successful in their own way. The best way to do this is to drive through neighborhoods, and talk to local people and real estate professionals.
Looking for a multi-family investment?
If you’re a commercial real estate investor who’s looking for a good multi-family dwelling investment, you’ll need the financing to close the deal once you’ve found it.
Contact us at Acquisition Capital Solution, so we can consider some financing options which might benefit you.