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This week I'm joined in the studio by a good friend of mine, Terrance Doyle, and we're discussing the strategy of finding a niche in the multifamily space, doing things differently and taking business from the big players in a saturated market.
Terrance is a full-time real estate investor and developer focused strictly on multi family, 50-100+ unit apartments in Des Moines, IA and the Denver metro and surrounding areas. He co-founded Value Add Real Estate (TheVAREco) in 2015 and has since directed the growth of its managed portfolio to 15-20 property acquisitions each year. He brings 10 years of experience in real estate investing in six states with over 700 transactions.
So if you're wondering how you can think outside of the box and gain a competitive edge in a saturated market, then this episode is going to give you some big ideas.
Hit subscribe to join the community and let us know in the comments below: what's YOUR way of doing things differently in a competitive real estate market?
This week I'm joined in the studio by a good friend of mine, Terrance Doyle, and we're discussing the strategy of finding a niche in the multifamily space, doing things differently and taking business from the big players in a saturated market.
KEY TAKEAWAYS
1. In this competitive market we need to find a way of being the best in class. This means asking ourselves: how can we do things differently to gain a competitive advantage?
2. The deal doesn't stop when construction is done... the most important aspect is the property lease-up which determines the value.
3. Learn property management for yourself. It can save you $$$.
4. When you start investing make sure you get first hand experience of working in deals. This will give you an amazing understanding of how the business works from top to bottom.
5. Make sure you work with a team that has a track record and experience of fixing problems in the past. They need to know how to swerve those proverbial potholes.
6. Look at where your competitive advantage is... and take a hold of it.
7. Renovate a project into a space where YOU would want to live.
8. There's a lot of risk in construction... if you're not good at managing construction.
9. At the start of a deal we should be asking: What is the best way to find the return that we're looking for and do it as quickly and safely as possible?
10. Don't think that you can't run a real estate business in a very competitive market, you can, you just need to find the niche that will bring you success.
11. Attention to detail in construction projects will bring you success. We're talking about analysing costs, making sure invoices match the quotes, checking contracts and pay scales. Manage the money like every dollar is your own.
LINKS
https://www.linkedin.com/in/tjdoylemathew633/
https://www.instagram.com/terrancedoyle/?hl=en
https://twitter.com/terrancedoyle?lang=en
BOOKS
The Passive Investing Playbook - https://theinvestormindset.com/passive
LINKS
Join the MultiFamilyMBA and get exclusive free training: https://theinvestormindset.com/mfmba
Learn more about investing with Steven at https://theinvestormindset.com/invest
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