Finding Deals and Engaging with Developers 👊
At the start, I found my first two deals by actively taking charge and diving into ownership. We obtained a list of owners from CoStar in the desired locations and began making calls. Once we successfully closed those two deals, our reputation for closing deals grew, resulting in an increase in leads coming our way.
We have achieved success by connecting with developers who are not owner-operators but have a desire to build and sell. LinkedIn has proven to be a valuable tool for establishing connections. We conduct thorough research and make direct contact with the appropriate individuals within the company.
LinkedIn is an invaluable resource for locating talented developers in your vicinity. Feel free to contact them directly and explore the various projects they are working on. In addition, conducting thorough research and making direct contact with the company can increase your chances of reaching the appropriate individual.
Additionally, locate the nearby office for the brokerage firms mentioned, and subscribe to their email list to stay updated on new and existing deals. These are some well-known names in the real estate investment industry:
- Marcus & Millichap
- Newmark
- NorthMarq
- PPA
- Cushman & Wakefield
- CBRE
- JLA
- GREA
- SVN
Take it further by setting up automatic notifications for broker sites such as Crexi and Loopnet.
When selecting a market, it is crucial to assess the city as a whole and also take into account the various micro-markets within it. For instance, in Dallas or Houston, there are specific areas that are best to steer clear of. Developing connections within those micro-markets is essential for identifying lucrative investment opportunities.
Our buy box criteria is informed by the insights gained from previous transactions. We have a clear understanding of what we no longer desire, which aids us in honing our criteria. The number of units also factors into the equation. Once you have approximately 100 units, managing them becomes more convenient with a combination of in-house staff and external maintenance. Anything smaller than that would require a more hands-on approach.
To succeed in this field, it is crucial to adopt a data-driven approach, maintain perseverance, and establish strong relationships with developers. By proactively reaching out to property owners, networking with developers, leveraging the power of LinkedIn, researching emerging micro-markets, and drawing insights from past experiences, you can significantly increase your likelihood of achieving success in the realm of real estate investment. 💥
I hope you find this information helpful!
