Today we’re going to discuss the pursuit of acquiring multifamily real estate. We want to share with you what it’s going to take to create success.
Real Estate Is A Great Investment
It’s not always about the money. When you’re investing into real estate, it’s about the process. You have to fall in love with real estate and love what you’re doing. It takes an enormous amount of work to see success. Real estate is a great investment. Not only is it extremely scalable, it will also allow you to create many different projects. The best part of investing into real estate is that you do not have to dedicate an enormous amount of time to each property. You can hire people to help duplicate the tasks you do, so you can continue to scale up.
There’s no ceiling to investing into real estate. One of the best pieces and components about investing into real estate is you can spread your time out and have people on your team help you acquire more and more properties, and grow the passive income that you’re generating from investments in real estate. That’s one of the best parts of investing into real estate, but it’s not a simple task. You need to have all of these pieces together and you need to have a passion for real estate because without passion, it’s going to be very difficult to see it all the way through.
Building A Large Portfolio
If you want to grow a large portfolio and create a tremendous amount of passive income you can rely on for the future, and be indestructible for generations and generations of your family, then you have to love investing into real estate. You have to love each piece of it, and there are many. There’s management, leasing, maintenance, and there’s a ton of things that you have to do. There’s work orders, placement of roofs and exteriors, and there’s landscaping. There are dozens of tasks that are involved in investing into multifamily real estate that have nothing to do with how much money you have to invest.
You have to love it and you have to want to put deals together. You’re going to have to build connections with different real estate brokers, property owners, banks, financial institutions, investors and tenants. There’s a ton of networking throughout this process. It’s something you’re going to have to love doing. It’s going to be very difficult to pull it off, but it’s a great investment that’s going to help replace your earned income. This is the income that you make and generate through working your regular 9-5 job. Once you put that money you’ve earned into a passive investment such as real estate, it’s going to help you multiply your money. Eventually, you’re going to have passive income that exceeds your earned income. This will be a huge benefit for yourself and your family when acquiring multifamily real estate.
One Of The Biggest Components
Make sure it’s about the pursuit and make sure that you love investing into real estate because that’s going to be one of the biggest components for seeing it all the way through so that you can continuously keep expanding your portfolio and make it successful. A lot of people make this mistake in business because they’re always in it for the money. The problem with that is once you experience some setbacks, it’s going to be difficult to keep pushing through. You have to almost fall in love with failure and love investing into real estate so much that failures don’t really upset you. You’ll still keep pushing ahead and moving forward and putting more deals together.
There’s going to be setbacks along the way, and you may lose capital as well. You might make little micro failures that won’t hurt you, but they’re just learning and mistakes. You might spend money on something and figure out a better way to be more efficient and more economical the next time. There’s going to be millions of things you learn throughout the process.
The Best Way To Get Started
The best way to get started is just going out there and investing into real estate. If you’re not investing into real estate, you’re just sitting on the sidelines only thinking about jumping in. You have to just go for it. I start putting deals together and tour properties throughout the weekend. A lot of people work during the entire week and then want to invest into real estate, but on the weekend you ask them what they’re doing and they’re just sitting home watching tv, which isn’t great, you know why? If you want to invest into real estate you should be out looking at real estate everyday and in your free time. Look at the pursuit as a whole and don’t worry about the money. The money will follow if you’re passionate about what you’re doing.
This is our pursuit for acquiring multifamily real estate.
Want to learn more about investing into real estate? Take a look at the rest of our blog!