Updated October 28, 2020
Many investors want to get into apartment buildings. They rightly view it as a way to achieve their financial goals, and they recognize that any other investing strategy (such as single-family houses) will take too long.
Some of those investors take action and invest in their education; perhaps they buy a course, attend a seminar, or even hire a coach.
Interestingly, out of these eager investors, only 10% of them go home and implement the system they've learned. The rest quickly lose their enthusiasm and resume their everyday life.
If you talk with "top gun" entrepreneurs who are doing deals, you'll find that they develop three habits that other "normal" investors don't. Top guns perform these three activities every week and often for months and even years. It's doing these three activities consistently over a long time that produces results for these entrepreneurs.
3 Habits of Top-Performing Apartment Investors
Habit #1: Constantly Build the Team
Top guns are continually networking to build their team. They start with commercial real estate brokers to generate consistent deal flow. Eventually, they get "off-market" listings from these brokers who learn to trust them and know they perform.
Off-market deals are the golden nuggets of investing. That's because these deals are not marketed to the public, there's no competition, and you're most likely to get a deal done that works.
Listing brokers only give off-market deals to people they know will perform. Off-market deals are a lot less work for them, too, because they don't have to create lengthy marketing packages, show the property, and deal with a bunch of tire kickers.
Deal flow is the lifeblood of the entrepreneur, and the vast majority come from brokers.
Top guns know this and are continually expanding and strengthening their broker network.
They're also continually networking to find new and better property managers, lenders, appraisers, insurance agents, and attorneys. They recognize that their success depends on the strength of their team. That's why they're always recruiting new team members.
Habit #2: Always Be Raising Money
Top guns are continually meeting with potential investors to raise money. They recognize that their ability to scale the business is only limited by two things: (1) their ability to find deals and (2) their ability to raise money. The sky's the limit.
Once they've exhausted their immediate circle of influence, they don't give up raising money (like most other investors do), but they expand their network consistently and intentionally. They talk to EVERYONE they meet about their real estate business and ask for referrals. They follow up with lunch meetings and build relationships with potential investors.
Top guns are continually raising money; you should be raising money too.
Habit #3: Consistently Analyze Deals and Make Offers
Top guns are constantly analyzing deals and making offers. They recognize that investing is a numbers game and that the more deals they look at and the more offers they make, the more likely they are to do deals.
What About You?
If you've already invested in your education and you bought a course or attended a boot camp, good for you! That proves you're an action-taker!
But now what? What have you been doing since then?
If you're looking for a game plan of what you should be doing next, look no further than what the top guns do every week: build the team, meet with potential investors, and analyze deals and make offers.
It's as simple and as difficult as that. Do these three activities each week. Don't be discouraged by the lack of results. Keep doing them, and EVENTUALLY, you will raise the money you were looking for, and EVENTUALLY, you'll do that elusive first deal.
Build the team. Meet with investors. Make offers. Repeat.
To what degree are you developing these habits? What's holding you back?
This article was originally posted on http://www.themichaelblank.com/.
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