User Power
Value/Post Ratio
456%
- Jul 24, 2007
- 4,228
- 19,300
This is where the rubber meets the road. :icon_super:
You will run into obstacles as you make your plans. This will never cease. Your job is to figure these out. The nay-sayers will tell you why it cannot be done. Others will tell you how easy it is.
It is never easy. That is the first thing to get used to!!!
You do need someone on the ground in any given area that you choose to invest. The main components that are needed for apartment investing are:
- Property Management
- Capital
- Research
- Acquisition/disposition
Two of these components require localized knowledge. You cannot make a purchase without fully understanding the local market. The demographics, vacancy rates, rent rates, expenses, are all very important to know. These are hard enough to learn in your own backyard!
Management is also critical. It is very difficult to find a good management company. In fact it is tough to find an adequate one. But, a good management team with local knowledge can be invaluable.
You will need to take many trips to the market that you want to invest in. You will also need to drive an incredible amount of miles, talk to a lot of people, visit a lot of properties, etc...
Not easy.
Your success level will hinge on all of these.
Don't forget that there are a lot of creative ways to partner with people. You can identify the parts of the process that you need expertise in and partner for those. Choosing partners is another story... :smx4:
You will run into obstacles as you make your plans. This will never cease. Your job is to figure these out. The nay-sayers will tell you why it cannot be done. Others will tell you how easy it is.
It is never easy. That is the first thing to get used to!!!
You do need someone on the ground in any given area that you choose to invest. The main components that are needed for apartment investing are:
- Property Management
- Capital
- Research
- Acquisition/disposition
Two of these components require localized knowledge. You cannot make a purchase without fully understanding the local market. The demographics, vacancy rates, rent rates, expenses, are all very important to know. These are hard enough to learn in your own backyard!
Management is also critical. It is very difficult to find a good management company. In fact it is tough to find an adequate one. But, a good management team with local knowledge can be invaluable.
You will need to take many trips to the market that you want to invest in. You will also need to drive an incredible amount of miles, talk to a lot of people, visit a lot of properties, etc...
Not easy.
Your success level will hinge on all of these.
Don't forget that there are a lot of creative ways to partner with people. You can identify the parts of the process that you need expertise in and partner for those. Choosing partners is another story... :smx4: