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.
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.
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