ONE STEP TO CREATE SOMETHING
TO MEET YOUR NEED
We started a meetup to meet a common multifamily need
Perhaps you are looking for something – more information, connections with people who can help you, ways to build your skills with what you are doing? Perhaps you have a problem and aren’t sure where to turn to solve it?
We recognized we had a desire to advance in our work in this multifamily space. In one simple step, we created something that can help satisfy that desire.
Read on and see what we did, this one simple step.
Perhaps with this one step you can solve your problem.
MIKE HAD DONE SOMETHING LIKE THIS BEFORE
Our partner, Mike Jacobson, had money in his IRA. He realized he could buy some mutual funds. He later heard about self-directed IRAS being able to use them to invest in real estate.
He set on a quest to learn how to use his IRA to invest in real estate. He read what he could. He talked with people at the self-directed IRA firm. But, he wanted more.
So, he started a group in the Georgia Real Estate Investors Association in which he was a member.
He realized he didn’t have the personal experience in investing in real estate through his IRA but he could bring together people who did. At the same time, he could make this available to others. They could learn together.
That is the one step. Gather people together with the same desire, with the same problem.
He found a few resources, invited a few people, and set a date and time to meet. Soon they were learning together. They shared knowledge with each other, built connections with each other, brought in experts to address their questions, and solved their problems with this new way of investing with their IRAs.
Mike demonstrated the key behind taking this step. Having a “sharing mindset”.
WE TOOK THIS ONE STEP WITH OUR MULTIFAMILY WORK
Our team at Attune Investments wanted to keep learning about investing in multifamily properties. We had learned a lot and had years of experience, but we realized there is always more to learn.
We regularly go to conferences where we meet others involved in this space. We actively participate in our local real estate investors groups, including those that focus on commercial properties. We continue to learn a lot in these groups.
We have a sharing mindset and so, like Mike did with his desire to learn more about IRAs, we started a meetup group. We call it Strategic Multifamily Investors.
At this point there are 31 of us in this meetup. We meet monthly, online, by way of Zoom.
We are building the kind of relationships that will help all us find more deals or make some deals possible. We are learning together.
Some of us are operators. Some have significant experience in this asset class. Some are professionals who work in this space, such as commercial brokers, attorneys, accountants, builders, and the like.
And some of us are simply passive investors, looking to get to know and gain trust in a few operators, so we can have confidence in making investments with them in their syndications or partnerships.
Which of these are you?
BEAU BEERY CHALLENGED ALL OF US THIS MONTH
We meet on the third Wednesday of each month, from noon till 1:00 p.m. (Eastern). We meet virtually, on zoom. For odd months (January, March, May, July, September, and November) we bring in guest presenters, professionals who are experts in their areas of specialization.
ANTHONY CHARA. In January, Anthony Chara, from Denver, Colorado, spoke with us about the current state of multifamily investments. Anthony is an operator himself and an international speaker and trainer in apartment investing.
Several of us have participated in conferences and workshops with Anthony. One of the questions was whether it is better to build from the ground up or buy an existing property. Anthony reminded us to do the numbers. Sometimes, the cost of building is comparable to buying a property. For example, when cap rates for A-, B- and C-Class properties are compressed as they are these days. The cost of building has to be taken into consideration, along with the time it will take to work the property and obtain approvals with the local government. Remember to account for the time funds are tied up in the property before it cash flows.
BEAU BEERY. In March, just two weeks ago, March 16th, Beau Beery, who is one of the best commercial brokers in our region, spent the hour with us. Beau was in the middle of the sale of a property, but took the time to share his insight into how important the relationship with a broker is to a buyer.
Beau encouraged us to develop ongoing relationships with several brokers in the areas in which we want to own properties. He reminded us that 90% or so of mid- to large-apartment complexes are listed and closed by brokers like himself.
His very concrete advice was to build a list of 5 or 10 or a lot more brokers and block time on your calendar every few months to call them, get to know them, and let them know what you are looking for. He said for us to make these relationships as personal as we can, finding out what schools they attended, learn about their family and hobbies, etc.
We learned how important it is to be known by the brokers. When they get a deal, they often get in touch with the people they know and trust, well before they put the property on the public market.
Beau reminded us to bring value to our brokers, too. For example: letting them know about what is happening with insurance or taxes or the supply chains connected to our properties. We might also refer people to our brokers as a way of bringing value to them.
For May, we will have an experienced operator of large multifamily properties to share what they have learned and the best practices they have developed. Look for details soon.
BUILD RELATIONSHIPS WITH EACH OTHER IN THE MEETUP
For the even months (February, April, June, August, October, and December) we talk among ourselves. The purpose is to get to know each other in this group better. As we understand each other better and build trust with one another, we find ourselves reaching out between meetings to continue the relationships. It is possible, and our desire, that some of these newfound relationships will lead to partnerships among the participants.
We have a time for what we call “Haves and Wants” in these even month meetings. Someone may need an architect or an SEC attorney. Someone may have a desire to find a property in a certain area. We share what we are looking for and what we have that someone else may need or want.
An example of this would be to say our desire would be to find a 32-unit, Class C property, with some room to make improvements and raise the rents, in a sub-market of Orlando or in a secondary market somewhere in Central or North Florida.
Or, perhaps someone is looking for information on a good contractor or the best insurance broker.
Over the months, we are building stronger and stronger relationships with each other.
SO THAT IS THE ONE STEP
Sometimes the best way to get the information you want, or solve the problems you are facing, or satisfy your desire is to put a group together with common interests.
This is the one step to creating something to meet your need.
JOIN US IN APRIL
Our next meeting of the Strategic Multifamily Investors meetup group is Wednesday, April 20th, from 12:00 noon until 1:00 p.m. (Eastern)
To get the links for the Zoom meetings each month, please share your name and email address. This way we can make sure you get the information. Go to https://www.attuneinvestments.com/strategic-multifamily-connections/
The group is for investors and professionals in the multifamily space who are serious about learning how to work in this space and make better deals. Meetups like this provide a way of discovering and building the kind of relationships that make this business work.
Relationships are really important to us as investors. Click on the link above to get the zoom links for the April 20th meeting of the Strategic Multifamily Investors meetup group.
Join us and others who also have this “sharing mindset”. Experience the impact some of the thought leaders in our space can bring to your investing.
LET’S GET TO KNOW EACH OTHER BETTER.
Attune Investments provides a better return for our investors. And we make a positive impact in people’s lives and in our world.
If you want to learn more about how others are investing with us then we invite you to join our club and request a conversation with us.
Through the power of a syndication partnership with other investors like you, working with managing partners who are experienced in managing apartment complexes, you can own multifamily assets.
Or you can choose to loan money, get in with a clear return, and get out earlier. If you haven’t already subscribed to our BLOG, you can increase your knowledge and comfort with this asset class by subscribing now. It’s free. We publish an article every week. SUBSCRIBE HERE
Harland leads our Investor Relations. He is a “repurposed” Pastor and Army Chaplain. He is an author, speaker, mastermind facilitator, and coach. Harland lives with his wife, Barbara, in DeLand, Florida.