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As we've learned in our many discussions to acquire apartment buildings, there a few ways to get involved.
1) invest $$ and become a %age owner in a deal organized and run by someone else (i.e. invest in one of SteveO's deals)
2) use your own $$ only and be the sole owner and organizer of your own deal.
3) research, locate and organize your own deal and find equity and investors.
I'd like to talk about #3 a bit. There are people out there (such as myself) who find that options #1 and #2 are not feasible options at this time (mainly due to lack of capital).
I'm creating a plan to make #3 happen but I'm struggling with one main idea. For the sake of the argument, let's assume there are many people in the US who have read Volluci and Berges, and many are most likely using the same criteria to evaluate markets.
After my extensive research, for example, let's say I decide to select Austin, TX as my target market. I would assume there will be other "players" who are active in the Austin market and looking for the same types of deals I am. If SteveO or Volluci or someone of similar expertise and experience is active in Austin, how would a rookie like myself have a chance in hell to compete with someone like that? I don't ask to sound doubtful or fearful, but I think its a serious question that needs to be addressed.
One of the major reasons I am pursuing this route (#3) is that I tried (unsuccessfully) for over a year and a half to find a development opportunity in the Bay Area for my firm to work on. I spent countless hours looking, researching, networking, etc. After much preparation, I presented two deals to my boss. Both times he said, "Good work, but I passed on those deals 3 months ago." I later found out that he essentially doesn't look for business, it finds him. He has connections with brokers all over the area and anytime a site becomes available, he usually gets a phone call. I realized there was a slim chance of me finding something he didn't. He built up this network over 25 years and that's tough for a newcomer to compete with.
So won't the same type of situation be present searching for multi's, no matter what market I target?
How does a rookie compete and find that first deal?
1) invest $$ and become a %age owner in a deal organized and run by someone else (i.e. invest in one of SteveO's deals)
2) use your own $$ only and be the sole owner and organizer of your own deal.
3) research, locate and organize your own deal and find equity and investors.
I'd like to talk about #3 a bit. There are people out there (such as myself) who find that options #1 and #2 are not feasible options at this time (mainly due to lack of capital).
I'm creating a plan to make #3 happen but I'm struggling with one main idea. For the sake of the argument, let's assume there are many people in the US who have read Volluci and Berges, and many are most likely using the same criteria to evaluate markets.
After my extensive research, for example, let's say I decide to select Austin, TX as my target market. I would assume there will be other "players" who are active in the Austin market and looking for the same types of deals I am. If SteveO or Volluci or someone of similar expertise and experience is active in Austin, how would a rookie like myself have a chance in hell to compete with someone like that? I don't ask to sound doubtful or fearful, but I think its a serious question that needs to be addressed.
One of the major reasons I am pursuing this route (#3) is that I tried (unsuccessfully) for over a year and a half to find a development opportunity in the Bay Area for my firm to work on. I spent countless hours looking, researching, networking, etc. After much preparation, I presented two deals to my boss. Both times he said, "Good work, but I passed on those deals 3 months ago." I later found out that he essentially doesn't look for business, it finds him. He has connections with brokers all over the area and anytime a site becomes available, he usually gets a phone call. I realized there was a slim chance of me finding something he didn't. He built up this network over 25 years and that's tough for a newcomer to compete with.
So won't the same type of situation be present searching for multi's, no matter what market I target?
How does a rookie compete and find that first deal?
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