Do you ever feel like buying your first multifamily property is like trying to solve a Rubik’s cube blindfolded? You know there’s a solution, but the path to get there seems impossibly complex.
I get it. That’s why I wanted to share exactly what I would do if I were starting from scratch today.
No fluff. No theory. Just the 12 practical steps I’d take to get that first deal done:
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Get Crystal Clear On Your Acquisition Criteria
Define exactly what you’re looking to buy and where – price range, unit count, property type, and specific locations. The more specific, the better.
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Become An Expert Within That Criteria
Underwrite at least 50 deals within your acquisition criteria over 1-3 months. Develop deep understanding of typical prices, rents, and neighborhood differentiators.
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Connect With 3-5 Brokers
Reach out to several real estate brokers, share your story, and clearly communicate your acquisition criteria. Build these relationships early.
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Buy Data Lists And Reach Out Directly
Purchase property lists from ListSource matching your criteria, then contact owners through mail, calls, or emails to generate seller conversations.
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Implement a Free CRM
Capture all your conversations with sellers and brokers in a CRM system (plenty of free ones like Zoho, HubSpot, and more). Use it to schedule and track your follow-ups consistently as you’re looking for deals.
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Continue Underwriting Deals
Make it a priority to consistently analyze properties to develop real-time market knowledge. This helps you act confidently and quickly when the right deal appears.
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Attend Networking Events
Join both in-person and online real estate events to connect with property managers, title companies, wholesalers, and fellow investors who might refer deals.
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Set Realistic Offer Goals
Commit to making a specific number of offers each month – aim for at least a couple each week on properties that fit your criteria.
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Trust The Process
Keep repeating these steps until you’ve made enough offers that it would be statistically unlikely not to find a deal. Persistence is key.
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Leverage Your First Deal
Once you have a property under contract, notify all previous contacts. Having a deal makes you instantly more credible with sellers and brokers.
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Repeat To Grow Your Portfolio
Once you close your first deal, apply the same process to continue building your portfolio – but now with the advantage of experience and credibility.
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Join a Community Of Like-Minded Investors
Connect with others who are on the same journey and those who’ve already succeeded. The right community can accelerate your progress dramatically.
P.S. The difference between those who talk about buying multifamily properties and those who actually do it often comes down to having a clear, actionable plan. These 12 steps are your plan – the only question is whether you’ll take action on them.