You’re never too old to try investing in real estate. But if I were to pick the right time to start investing, it would be now. As long as you have the drive to build your dreams, action has to happen right away. That has always been the key to success for me, and it worked out well!
This idea would explain why I decided to set up a syndication academy to share my insights and knowledge of the multifamily industry, which has been the world I lived in these past years.
I always believe in the energy of young people and how they can use the time they have to make a difference in their lives. For me, investing in real estate has to be a worthwhile experience to have as a young adult.
What’s going on right now is that millennials are transforming long-held beliefs on income generation. Sure enough, more and more young people are beginning to look towards the possibility of generating passive income. Opportunities are plentiful, and being skilled in the use of technology, millennials can easily make a name for themselves in the world of real estate investing.
It’s only a matter of finding the willpower to take action immediately. My vision is to teach youth to form a small company at a young age, start saving from earnings, spend time in utilizing your skills early to set a goal to buy a duplex or triplex by the age of 22 or so. That way you can live in one unit and the other 1 or 2 units are rented out or even you can scale up the cash flow by doing Airbnb.
Follow these tips to start investing in real estate while the market is still hot!
1. Set your long-term goals
Never settle for short-term gains. Instead, you need to look forward into the future. Once you visualize what you want for yourself in the long-term, you can proceed to create short-term goals. Think of these as stepping stones leading to your main objectives.
If you’re not sure what long-term goals to set, you can start by asking yourself “What do I want in life?” That’s the most basic thing you can do, and it’s also a question you yourself must answer. Once you know what you want, you can use it as a reason to start investing in real estate.
2. Get an education
Education, whether in the classroom or outside of it, is always important if you want to master something that’s valuable to your life.
There are so many ways you can do to learn more about investing in real estate. You can read blogs, attend industry events, listen to podcasts, or simply be where the conversations are. There’s a whole wealth of knowledge for you to leverage. It’s only a matter of finding time to feed your mind with useful and valuable information.
3. Have kindness
When you’re investing in real estate, you are always told to be aggressive. When you find a multifamily investment property with a very attractive price and a possibly greater cash flow, you just can’t wait for it until it’s out of the market. Instead, you move in to acquire the property without a moment to spare.
At other times, you would want to set aside aggressiveness in favor of kindness. As an investor, it’s always important to build relationships with people who are involved in the industry, from brokers to lenders and even attorneys.
In order to build such relationships, it’s important that you show kindness and generosity when meeting people who can be instrumental partners. Having a friendly smile and a good sense of humor can go a long way. It allows you to build rapport easily and provide people with a compelling reason to reach out to you.
4. Join a syndication
Many first-time investors have problems when it comes to gathering the needed resources for acquiring a multifamily investment property. After all, apartment complexes don’t come cheap, so you will have to find larger funds to make this possible.
Still, you can always opt to join a multifamily syndication where you can contribute a certain investment amount and get your fair share of the equity on a monthly or quarterly basis. One thing’s for sure, joining a multifamily syndication can be your first step in understanding the dynamics of investing in real estate.
Who knows? Maybe in just a few years’ time, you will be closing your first multifamily/apartment investment property as a syndicator.
If you want to learn more about the art of multifamily syndication, you can always send me a message or take up the courses I offer on the field.