Becoming a great multifamily deal finder can become one of the best traits that you ever develop. That is because there is so much profit available in this industry. Typical retail investors focus on standard houses. Yet, multifamily deals present far better opportunities, for those who can find them. Read on to find out how to become a great multifamily deal finder.
If you want to try and get in the old school route of acquiring a degree before getting a job with a brokerage, that path can work for you. You might be able to work your way to become a multifamily deal finder over time. However, it is much more profitable to directly approach this goal. Thus, you need to find a way to establish a partnership with an experienced multifamily syndicator. Doing this will require you to think on your feet. It can be more profitable to find a good mentor and to work for the mentor at a vastly reduced rate for a while.
Alternatively, what you can do is to go out and find deals yourself, and then refer them to multifamily real estate specialists. Remember that you cannot take a commission unless you are a licensed broker, so ask for a piece of ownership instead. Over time, you might gain invaluable experience and get a position at the firm. However, this path can be a little tricky. You need to establish the financial details and get them in writing in order to avoid any silly mistakes or misunderstandings. Sort out all of the details, before you start to bring in deals. It will save you trouble down the line.
Should I Become a Multifamily Deal Finder?
According to the latest statistics, the multifamily industry is booming. You can make the leap directly, instead of spending years toiling in residential real estate. Even if you do not become an agent, you can still make a lucrative career just finding these deals and taking ownership portions. Even more, you will get access to good deals over time.