Considering real estate investing? Here are some tried-and-true BAM pointers for getting the most out of multifamily investing:
- Do your homework. When it comes to looking at deals, remember – it isn’t as easy as finding a great deal and raking in the dough. At this point in the cycle, BAM looks at an average of 200 deals to find the one promising deal. Make sure you’re doing your due diligence.
- Decide if you want to be a passive investor and invest with someone like BAM founder and CEO, Ivan Barratt, or if you want to be an operator yourself. The first is better for those who already have successful jobs and want to diversify their portfolio, and the latter is for those who truly want a career in this field.
- Being an operator can be done, but it’s a full time job and takes a lot of hard work. Although Ivan is now at the point where he’s offering advice on podcasts, he started off with plenty of sacrifice. Don’t jump in thinking you’ll enjoy multiple vacations a year, plenty of time with friends, and tons of creature comforts: if you’re doing it that way, you’re doing it wrong. This industry requires sacrifice and commitment but has rewards for those willing to stick it out!
- When you’re looking for a property management company, don’t put all your faith in online reviews. Remember, the property management company wants to keep residents happy but making everyone happy all the time is impossible – and the unhappy people find a way to voice their opinions, usually online. Instead, talk to current and recent clients of the property management company – that will give you a better idea.
- Don’t waste time with endless planning. If you do intend to work in the industry, at some point you have to jump in and do a deal. Worry about your next deal after landing your first. Don’t spend hours worrying about offices, business cards, websites – all that can come, but at some point you just have to do the job.
- Get good at what you don’t like doing. Ivan himself is the first to tell you that he doesn’t love property management; however, it allowed him to build a model offering repeatable income that he could scale and work toward what he did want to do. Get comfortable doing things you might not love doing, so you can work toward your goals of what you will enjoy.
- Keep learning. Despite all his education and experience, Ivan still makes use of his free time by listening to or reading valuable industry content. Have free time on your drive home? Listen to some content. Kids done with their homework? Pick up a book about investing. Check out Ivan’s recommended reading list.
- Don’t give up. Ivan offers that advice often – if you’re committed to being a multifamily investor, keep going, keep striving, and don’t give up. You’ll make mistakes, but learn from them and learn what to do better next time.
Want more advice? Head over to ivanbarratteducation.com where you’ll find free articles and videos featuring Ivan himself and his insider insight!