Ask The Apt-Guy: What Is The First Step In Purchasing An Apartment Complex?

The First Step

What’s the first step in buying that apartment complex? I’m going to give you an answer to that. Most people really don’t want to hear, cause it’s not the fun, sexy side of it. I want action. Will the first action you have to take, you gotta raise the money. You find a deal with no money raised. It does nobody any good. You’re going to waste everybody’s time yourself, your mortgage lender, uh, your broker, uh, the listing agent, your attorneys, you’re going to spend money that you shouldn’t be spending to get your deal structured legally. So you gotta raise the money. That is the first step and it’s a continual step. If you, unless you never want to buy another property after that first one, you’re never going to stop raising money. That is your main role as a syndicator, right? You’ve gotta put the deal together, run the deal, manage the deal.

Be The Asset Manager (00:45)

Yes, be the asset manager. Very likely. But again, it all starts with that money. You have to start going out to meetups. You have to go to the real estate clubs, maybe even join a mentor group. You know, there’s lots of educational platforms around the country. Join some of these. Start networking. Start building your database. First of all, don’t try to convert people that aren’t open to real estate’s never going to work, right? So don’t go to your, your brother, your father, your mother, your sister, your cousins. Don’t go to them and try to get them to invest. Everybody thinks that’s the way to do it. At first, I’ve got this easy pool of people that it doesn’t work. They’re not convinced. You have to go to where people are already gathering that are already open to real estate. So again, the first step, the most important step and the step that will never stop. As long as you want to buy another deal. You’ve always got to be raising money. Get out there, meet people, network, go to any event, any, uh, any expo you can find to go to, any conference you can find to go to and just start building those relationships. Now.

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