I have written about the advantages of investing in multifamily properties. As we all know, apartment complexes can be costly, but the payoffs are great. If you execute the investment properly, you get to earn high volumes of passive income as a syndicator.
With that said, let’s discuss more on becoming a successful syndicator. When it comes to multifamily properties, investors would want to pool their resources and have someone take the reins. A syndicator’s job is, without a doubt, not easy. There’s always room for errors, and if you’re not careful enough, you will probably end up spending more than what you can gain from your share of the income.
To be a syndicator, you should have a full grasp of the processes in setting up a multifamily syndication. Keep in mind that it’s not enough to simply have these processes in place. You will need to go the right way in terms of application.
The points below should give you a good way to start down the path as a successful multifamily syndicator.
A syndication is typically referred to as a group with a common goal. No doubt, multifamily real estate investors in a syndication aim for one thing: obtaining a healthy cash flow. Still, this goal won’t materialize unless you, as a syndicator, take the first step.
The initial stage of a syndication is all about forging your networks. You would want to build connections that are valuable to the syndication you are forming. This would mean finding anyone within your own “circle of influence.” You should start by inviting your friends, family, former clients, and members of investors’ clubs. For this, you will need to deliver a compelling message that’s aimed towards forming valuable relationships. You can use monthly newsletters and emails offering great value in terms of the knowledge they bring.
As much as you want to grow your investors’ list, you also need to create strong relationships that help drive results. Moreover, constant education about emerging markets should be prioritized. An informed investor base, after all, is a factor for success.
Finding the best opportunities in the real estate market shouldn’t be that hard. You only have to make sure that you are doing a good job on your end. With this, effective underwriting is crucial as it enables you to create more opportunities along the way.
With that said, you will need to get lots of operating memorandums from brokers’ offerings. Equally important is that you know a lot of the jargon, terms, and materials that are involved in the process.
For this, you will need to find a loan broker who’s easy to work with. This is so you can easily create an accurate financial statement that will help you secure the type of loan you need for your syndication. You would also want to discuss qualifying for a loan and get someone with a high net worth to act as sponsor. The loan amount needs to be lower than the total net worth of all sponsors signing on the loan.
During this process, you will also need to find the right legal expert to serve as your syndication attorney. That way, you will be able to prepare the documents you need to formally establish your syndication. You might also need extra help with keeping your documents in order so you can present them to a lender.
Ensuring the profitability of your multifamily properties shouldn’t be difficult. You only need to form a property management team you can trust. After all, this team is responsible for keeping your apartment complexes in tip-top shape.
You may also have the option of self-managing the properties by setting up your own property management company. This allows you a wide range of benefits since you are controlling the day-to-day operations of the property. Think of it as your own hands-on way of protecting the money that your investors have pumped into your syndication. This really appealed to us and we took that step 11 years back. By the time we have settled, we would go on to close 26 multifamily deals.
With these methods, you will find it easier to build a syndication that generates profits for your investors.
If you have just started out as a syndicator, you will have to get the best multifamily deals on your first transaction. Still, considering that it’s your first time, you are bound to encounter a lot of challenges to finally reaching a closed deal.
In fact, when I first started off as a multifamily syndicator, I wasn’t really sure where to start back. I didn’t even know what net operating income, cap rate, IRR and value plays meant. Aside from that, you could imagine how hard it was trying to raise enough resources for acquiring a multifamily property. Nevertheless, I was able to close my first acquisition with my team. This gave me the confidence to move on to getting more deals.
Twenty-six successful apartment syndication amounting to over $200,000,000 in transactions later, I have significantly increased my skills and knowledge in multifamily investing.
One such skill that’s crucial to a syndicator is getting the best multifamily deals on the market. This is one challenge that first-timers will have to master. Aside from forming a highly productive investing team, it’s important to build relationships that can help you seek out the best multifamily deals.
It all boils down to one little secret: brokers.
Multifamily brokers are your best bet in acquiring your first property. They can help you navigate your way around the local market, provide you with listings of the best properties for your portfolio, and negotiate the best possible price. The small size apartments are also managed by owners, so reaching out to them can also bring some good deals for you to look at.
That being said, you will need to spend time building relationships with brokers. For me, it’s only a matter of following the right approaches.
As much as possible, you want to show brokers that you have goals. A lot of first time investors usually make the mistake of saying they are in it just because so-and-so told them to invest in multifamily properties. This would send really bad signals to brokers who want to engage with people who are interested. You must learn the lingo and the terms that will relate to brokers that you not a novice or that you are mentored by some great experienced investor or coach who has crushed it and achieved success.
Sincerity is important, and this is because brokers will need to see past your actions and know if you’re really in it for the opportunity to grow your wealth and help the local community.
For this, make sure to state your objectives. It’s important to be specific with your goals as this will give brokers the right reasons to help you out.
Show knowledge about the real estate industry
Apart from sincerity, you also need to exhibit ample knowledge about the real estate industry in general. This is the path you should take if you are focused on forming close relationships with established brokers.
So, before building your list of possible brokers you can contact, it’s important to know more about the industry first. There are a lot of things you can do to grow your knowledge as a syndicator. You can search online for blogs about multifamily investing. Sites such as Multifamily Executive and Bigger pockets are ideal for learning more about real estate. You can also listen to podcasts of experienced multi family real estate investors. I make it a habit to tell my students to listen to at least 5 podcasts a week to find new information.
Show that you have equity
Having enough resources can be advantageous if you are forming a network of brokers right from scratch.
Having equity can only mean that you have money to spend, which also means that you are willing to invest in the multifamily market and work towards getting greater returns. This motivates brokers to form valuable linkages with you.
Find a mentor
If you are not sure if these strategies are right for you, you can always find a mentor to give you the needed insights to start building your network of brokers.
To find a mentor, you can simply search for people who are already experienced in the field and who are willing to share the strategies and action plans they use in getting the best multifamily deals.
Get the best value from your multifamily education by enrolling in a syndication academy.There are you learn best strategies for real estate investing. This eventually increases your net operating income and, in turn, raises the capitalization rate of your assets.
As you may already know, forced appreciation is just one of many useful approaches in multifamily property investing. In this sense, multifamily investors will have to make full use of this tool to make the most of their property acquisitions.
Let’s first define what forced appreciation actually entails.
First and foremost, it allows you to improve the look and feel of a multifamily property. Repairing or improving certain aspects of a multifamily property is considered a form of forced appreciation.
If anything, forced appreciation is different from market appreciation. Forced appreciation depends on the decisions of the property owner. Market appreciation, on the other hand, depends on external factors such as job growth and population growth.
Often, market appreciation can convince property owners to perform value-adding activities. This results in an increase in the net operating income or NOI, and the value of the property itself.
Let’s look at the four factors that allow forced appreciation to take place:
Increases in property sales prices can be a reason to raise the rent. For this, you will have to be vigilant of market performances. You may also analyze the impact of policies affecting the property market. High interest rates, for example, can tighten property expenditures and lead to higher rent.
Aside from inflation, you may also want to keep tabs on the growth of the market itself. A balanced supply-demand ratio will definitely lead to better rental rates. Moreover, the overall health of the national economy can also be a factor for growth in the multi family real estate market.
Higher job growth and rising wages mean that more people can afford to live in apartment complexes. This creates a high demand regime where there is a higher median rent.
Increasing the value and benefits for the residents brings more rental income and consequently increases Value. Another common way to increase income is through a ratio utility billing system or RUBS.
A shortage in the supply of apartment complexes can more or less lead to forced appreciation. Property owners will have to consider raising the rent in response. Tight inventory supply provides ample opportunities to raise the NOI of your property.
In order to leverage forced appreciation, you will have to find a good property manager. Aside from collecting rent, a property manager will also oversee the overall health of your property.
Moreover, the property manager can also implement renovations on your behalf.
In my case, I would run my own property management companies. This allows for more control over the health and performance of my property.
Forced appreciation is, after all, one way for you to secure your multifamily investment and make sure that it delivers on your income goals. Understanding this concept is just one of the things you have to do in order to grow your business.
Clout, which is another fancy term for “influence,” is crucial to your success as a multifamily syndicator. It’s only a matter of using your clout appropriately to achieve your goals.
In my many years as a multifamily real estate investor, I can tell you that having great clout can bring a lot of opportunities to the table. Negotiations can be skewed towards your favor when you use your influence effectively. Allow me to share an experience I have had with a recent acquisition.
Clout at work
I was set to close a 267-unit apartment complex in Atlanta, with a price tag of $37,500 per unit. Thinking that I got a great deal, I planned for a $900,000 for the repair allowance in the underwriting. Then again, during the due diligence period, the seller was offered a higher amount by another buyer, at least $1.4 million more than what I had under contract. Obviously, this gave the seller a reason to back out of our arrangement.
Not wanting to let this deal evaporate before my eyes, I had consulted my attorney in Georgia and found out that I could tie up the property and prevent it from being sold within a five-year period as I had given $50,000 non-refundable money at signing the contract of purchase. And it had been cashed. It would have been the case of non-performance on the part of the seller.
In the middle of the due diligence period, I asked the seller if I could get a bigger discount since the property was rundown contrary to my earlier estimations. Eventually, we were able to obtain $450,000 in repair credit at closing. The seller was reluctant at first and it came to a point that an amendment was put into effect to increase the price of the property. The same thing happened: I stood my ground and told my broker that I needed the $450,000 to reposition the property.
At the end of the day, the seller gave in and agreed to close the deal fair and square.
So, you see, when it comes to acquiring multi-million properties, it’s wiser to stick to your guns rather than to hold back. To my mind, there’s always an opportunity to leverage a deal. With greater clout, it’s very much possible to steer a negotiation to your favor.
But how exactly can you build your clout?
1. Nurture your network
Don’t just make relationships for the sake of growing your social circle. Remember that relationships provide value to you and to others within your network. Whenever possible, engage people who are interested in your line of work. You will also need to build relationships with thought leaders. These are people who have a lot of knowledge about the world of multifamily apartment investing and they are also great sources of ideas which you can use to bolster your branding.
2. Grow your knowledge
When you learn more about acquiring a multifamily investment property, you begin to see the systems more clearly. You will be able to learn new negotiation techniques and navigate your way out of a potentially bad deal. Gaining more knowledge doesn’t need a lot of explaining, but people have different views from where to get such knowledge. In my case, I make it a habit to read daily and weekly news articles, publications, listen to interviews of top economic and commercial RE podcasts and read new books on real estate investing. That way, I get to uncover real-life experiences from real-life people; experiences which I can apply in multifamily property investing.
3. Hone your communication skills
Communication has to be the most important element in a real estate negotiation. It also goes without saying that being a great communicator provides you with even larger space to grow your clout. If you think you lack the verbal skills of a seasoned real estate investor, there’s always an opportunity for you to sharpen your abilities. It comes with practice and a dash of courage and confidence. Take it from someone who came from India with just $7 in his pocket and who had to struggle with the language barrier.
People could not understand me but my smile has won them over. It was difficult to muster the needed confidence and courage at first, but my thirst for knowledge enabled me to improve my speaking skills. I still have an accent whenever I talk to property managers and even to students at my Multifamily Investing Academy.
Nonetheless, I have gotten a lot better and I am able to share my insights clearly. This has allowed me to grow my clout as a result. So, on that note, it’s actually a great idea to join local a Toast Master Group in your town to learn new and effective communication skills. I did for 3 years and it has paid off very well.
Just remember to be persistent and open to new knowledge. It takes time, but you’ll get there eventually. You just need to motivate yourself continuously until you are able to enhance your clout.
Unique and attractive presentations are important if you want to support your pitch and get investors on board. Often, you would think that providing a lot of stats and graphs can capture the interest of a lot of people. In reality, this is hardly the case.
In fact, presentations that use too much numbers and too many slides run the risk of being too boring. Of course, a boring presentation would mean an indifferent audience. For me, a great presentation goes beyond using numbers to illustrate your point. Being too technical can actually turn off potential investors.
If you want to set up a syndication for multifamily properties, then you are bound to create an effective presentation that should show what the investment is all about. It’s always tempting to stuff a lot of information into a 20-minute pitch. Still, using too much data and facts that your audience already knows won’t make full use of these 20 minutes.
Always present to engage. That is my motto. We want people to invest in something highly profitable, so it’s always important to engage them by treating the pitch as a conversation.
It’s only a matter of making your presentations more engaging by using these important tips.
1. Start with an inspiring introduction
Before making the pitch, it’s important to let your audience know you possess a good name. In other words, you need to show them where you came from and how you ended up being successful. Whenever people ask me the same question, I always started with the fact that I came to the United States with $7 in my pocket. I didn’t expect that I would make it big in the multifamily sector. I started with single-family homes and before I knew it, I became extremely interested in real estate investing. I learned everything there is about the topic, and because of this drive, I was able to find success beyond single-family homes. True stories like this are always a great way to build your credibility and, more importantly, make your audience more interested on what you are going to say as the presentation goes along.
2. Provide examples
Numbers, graphs and citations from researches are always great knowledge resources. However, having too much of them can only give potential investors more questions rather than answers. They want something that’s concrete, so you will need to explain difficult data using examples. For instance, you want to help your audience understand how to calculate the net operating income of a 100-unit property. Rather than give them a formula right then and there, you can instead provide a sample computation.
3. Revolve around value
Investors want only one thing, and that’s ROI. They want to know if they’re going to profit a lot from their multifamily investment. With that being said, it’s essential you spend an ample amount of time explaining the value of their investments as well as the cash flow that they are going to enjoy. A good way to do this is provide the advantages and best case scenarios for your pitch. People would always ask why I am so focused on multifamily properties even though they’re much more expensive. I will always tell them a certain scenario with single-family homes. If a family decides to vacate the property, the house will not generate any income. With multifamily properties, on the other hand, one vacancy out of 100 units means you still maintain a good cash flow since you still have a lot of tenants remaining. This scenario is just one if many reasons why most of my students are quick to point out that multifamily apartment investing is a great concept.
4. Engage your audience directly
An effective presentation is not one-dimensional where you do all the talking while your audience sits, passively listening. Turn the presentation into a dialogue and ask intriguing questions to random members of the audience. It’s a good way to build rapport, and a better method than just simply stand in front just like college professor.
A good rule of thumb is to always show your positive side. Doing so will help you attract more investors to your syndication.
If you are a multifamily syndicator, it is vital to creating a network of investors you can work with. The reason for this is that investing in an apartment complex involves a lot of twists and turns. You will need the cooperation of your investors to really get things going and achieve a steady cash flow. Once you have built your pool of eager investors, you can raise enough funds to purchase your very first multifamily acquisition. I started many moons ago with zero investors; it was quite tough. But the persistence and hard work paid off. Now I can bring a well-structured cash flow to my investor base. At present, I could typically raise $5 million to $10 million in a few days for about 130 investors.
All it takes is to take the most crucial steps in finding investors who are eager to join your venture. Starting your search shouldn’t be difficult. As we enjoy increased access to new technologies, it has become easier for a syndicator like yourself to find vast sources of funding for your multifamily acquisitions.
The first step will always be to determine a good place to start searching. If you have never experienced building any multifamily investment setup before, it helps to know the best places where you can find potential investors.
Here are some tips that you might want to use:
1.Search within your Circle of influence
There is money flowing all around you, I always tell that to my student investors. It’s so important that you put together an Educational Brochure and build a strong Credibility Kit you can show to potential business partners. Remember, we only get one chance to make the best impression. Have a good Elevator Script ready to ask if they would consider investing in Real Estate.
2. Search for events
Events are great if you want a high turn out of possible names you might want to keep in constant contact with. You can do a quick web search to find forums, conferences, business seminars and workshops for multi family real estate investors. Sign up for these events and remember to have your “elevator pitch” ready. Having one will make it easier for you to introduce yourself and what you do, and stir some interest in your venture towards multifamily property investing.
3. Join clubs and meetings
Another great place to find the best possible investors for your project is an investment club meeting. Prior to that, you should already be a member of an investment club. Once you get in, you are provided a lot of opportunities to pitch highly profitable ideas everyone can join in. During meetings, build rapport with other members and participate as much as you can. Once you make yourself visible and raise questions during important meetings, you will find yourself in a good position to pitch your investment idea. Before that, make sure you prepared a fun and informative presentation that will capture the interest of the other members.
4. Lunch meetings
Having a conversation over a hearty meal is a good way to pitch a valuable investment idea to a potential investor. All you have to do is to have a list of possible people you meet every day. It might seem like an odd strategy, but it works! You can still find investors wherever you go, and not only at business events. Be sure to exchange business cards (also, make your business cards stand out with a clean design. Once you have their contact information, you can now invite them over for lunch or dinner with other key people in your contacts list. Remember to state the purpose of the meeting so as not to keep potential investors guessing whether the meeting itself is worth their time or not.
5. Search social media
Sure, using social media is more about selfies and memes nowadays, but you as a multifamily syndicator can still use platforms like Facebook and LinkedIn to find the right people for your investing network. For LinkedIn, make a search query containing the term “real estate investor.” Next, you might want to use advanced search settings to further narrow down the results. Make sure to review each profile you come across before connecting. Once the right investors respond, you can invite them over to an event.
So, you see, building your investing network isn’t that hard. All you need is to know where to look and know how to handle a diverse range of personalities with a smile.
There’s always a perfect time to do maintenance on your multifamily property. But there’s always a chance you could leave something important unchecked.
Maintenance for your multifamily is important for ensuring that all your residents’ needs are kept in check. Added to that is the need to secure the value of your assets.
Here are a few things to keep in mind when doing routine checks on your multifamily real estate property:
There’s a chance that your multifamily roofing has been severely damaged from regular wear and tear, warranting repairs that will prevent further damage.
Check your attic area in the interior roofing for any holes, dark spots, or signs of leakage. These are a few signals that the damage on your roof needs maintenance and fixing. Call in a specialist if you feel that damage cannot be tended your property management team alone.
The gutter area is the next best thing to check after the roofing.
The gutters have a good chance of being clogged by dirt and other debris. The pipes could also be badly cracked and thus cause water to leak. Immediate maintenance is needed to save the gutters from further damage.
Additionally, you can hire someone to clean out your gutters if you aren’t too sure you can do it by yourself, that is if you don’t mind paying extra.
Naturally, the last thing you and your tenants living in your multifamily needs is a property that isn’t heated properly.
That said, check your heaters, radiators, furnaces, and fireplaces to make sure they are operational. Just because they haven’t been used in a while doesn’t mean they will stay functional forever. Cleaning may also be needed alongside maintenance just because of that.
Raking in the leaves in your backyard can actually be pretty fun. Cleaning soggy ones in your pool on the other hand? Not so much.
If you have a pool in your multifamily property around somewhere, the best you can do is to make sure that it’s:
Treated with the proper chemicals.
Cleaned of floating leaves and anything that managed to fall in.
Drained if the water has been in there for some time.
Scrubbed well after drainage.
You can also make sure to have your pool covered to keep leaves and other debris from falling into the water.
Constant maintenance is essential to keep your multifamily property profitable. You don’t want to be unprepared for problems that can cause you and your tenants a great deal of convenience.
Clearly, we are not alone in our journey through life. Even if we try to deny it, there’s always someone there to lend a helping hand. That’s the beauty of group dynamics among humans. We are capable of forming valuable relationships more creatively than most species.
We spend time and resources looking for opportunities and building connections that enable us to realize our goals. I have learned a lot about opening up new windows of opportunities through multifamily investing. Moreover, I also learned the value of having a great team and leveraging its growth through group dynamics.
Group dynamics is about understanding the relationships that people share. Organizations and teams invest time and, to some extent, money to enhance the efficiency of their members. A great deal of resources is being placed on training and workshops that are supposed to upgrade skills and acquire new ones.
It’s not that these strategies won’t work towards bringing the best out of your team. I just think that these are simply not enough to nurture individual capabilities. Sure enough, you can’t acquire a lot of knowledge by listening to a resource speaker who talks about concepts like synergy and collaboration.
To me, nurturing your team doesn’t only happen at the professional level, but also at the personal level. So, apart from training your team through workshops and capacity-building seminars, you also need to realize their need to grow.
For that, let’s look at some basic strategies for nurturing your team and improving group dynamics:
Each member of your team has a responsibility to assume. However, conflicts can easily arise out of these divisions. In terms of bringing out the best in each member, you will have to define their roles for them and let them realize their own importance to the team.
For this, be sure to draft out a mission and vision statement. This will definitely help individual members find the right way to go.
Successful organizations have one thing in common, and it is effective communication. When you allow your team members to communicate freely, you are providing them with an avenue where they can share constructive feedback with each other as well as track each other’s progress.
To improve communication in your organization, you can let your employees use tools like Skype and Zoom for sharing files and communicating with each other.
No doubt, each individual is important to the success of your business. That said, you should avoid favoritism by praising only a select few. So, you have got to focus on making everyone feel special by acknowledging the work being exerted, however small it may be.
In my case, I usually start my day by sending my team a “good morning” message. It may come in the form of a funny statement or an inspirational message. That way, they can feel energized and prepare themselves for action!
If you want more tips for improving the group dynamics of your team, I’ll be glad to provide you with the information you need.
In life, we always want that golden opportunity, which is something that’s supposed to give us our big break, so to speak. My big break came in the form of a multifamily investment property. So, it’s safe to say that I have already gotten my golden opportunity.
At first, I wasn’t expecting to go big in the multifamily sector. Then again, I had my eyes set on building a strong foundation for a long-term investment. So, when I took this opportunity, I worked really hard to put everything together.
When you find an opportunity, our impulse is always to get it while it’s still there. After all, opportunities come and go. So, you have to take action. However, opportunities don’t exactly achieve your goals for you. In fact, it has to involve a great deal of effort and analysis.
To me, analyzing an opportunity is just as important as working hard. You have got to make sure that it will lead to bigger things. You won’t know unless you take the time to study the factors and determine if it’s the golden opportunity you have been seeking. Otherwise, you may want to continue looking for better opportunities elsewhere.
Let me share to you the process I use when analyzing an opportunity.
What is it exactly do you want to achieve? By asking yourself about your goals, you can determine if the opportunity itself is valuable to these goals. For example, if your goal is to generate greater passive income, then you can choose investment opportunities that offer exactly what you want. Once you have set up your goals, it’s only a matter of finding opportunities that fit them.
Resources are always an important factor in real estate investing. In order to start building your business model, you need to have the right resources at hand; otherwise, you will end up paying more than earning. If there’s an opportunity that’s ready for the taking, don’t act right away. Instead, examine your resources and thoroughly look at how you are able to use them in leveraging the opportunity. Many opportunities are wasted due to mismanaged resources. Still, by taking your time with your resources, you’ll know if you have encountered a golden opportunity when it’s favorable to whatever you have at the moment.
You know if an opportunity is too good to be true when it actually is! People like to get rich quick, and they do so by taking their chances in investments and other ideas that promise a lot. It’s not bad to dream, but at most times, you need to have your feet planted in the real world. There are shady deals out there that can victimize unsuspecting people. So, when someone comes up to you asking you to invest, it’s always best to be extra cautious of their motives. Read the fine print and don’t take words at their face value. Instead, spend the time to examine an opportunity and get advice from an experienced professional. That way, you’ll be able to avoid a bad deal.
A golden opportunity is possible once you know how to recognize one. Use these tips and you’ll be able to achieve greater things in life.
People nowadays think that success comes in an instant. You just snap a finger and everything you ever want magically appears on a golden platter. I wish it were that easy, but if it was, then we wouldn’t know the value of taking each step slowly but surely.
Everyone dreams of success, but life isn’t always making it easy for many of us. There are things you just can’t control. For me, you either give up or give it your all. The journey towards success isn’t made just so you can reach for it. It’s more of a process that tests whether you’re worthy or deserving of the rewards at the end.
In life, you need to struggle in order to get everything you want. There are no shortcuts and yet, people would risk going the easier path just because it offers the most convenience. People will try multifamily investing for all the wrong reasons, thinking that an apartment complex can give them their first million. In fact, it’s not the act of possessing an apartment complex that brings success, but it’s the process of purchasing one.
When I got started in the multifamily arena, it took me months to form a syndication. One thing’s for sure, it wasn’t an easy process. I worked hard on the underwriting, networked with a lot of brokers, and consulted syndication lawyers before I was able to close a deal on my very first property.
This has taught me a valuable lesson: You don’t have to rush things to make everything work out for the best. Take the journey one step at a time. Consistent and persistent action is the key. Let me show you how you can go about it.
Your mission statement should describe your goals. Other than giving you a reason to work hard, your mission statement should also describe how you are going to go about completing your goals. So, don’t just focus on the reward at the end of the journey. You also need to focus on how you are going to improve yourself so you may end up with more than just the reward itself.
Every day provides an opportunity for making a difference. It’s only a matter of using the time you have to do productive things that are valuable to your goals. List down everything you need to do each day and make sure to complete them whatever the cost. Do this the next day, and you will definitely move closer to your goals slowly but surely.
The process of achieving success can take a long-time, but it doesn’t mean you are not allowed to make the journey a bit easier. It helps to build your own system of doing things. If you juggle too many tasks, well-developed habits and routines can help you organize your time and resources for doing quality work. For me, I usually use compartmentalization. I would focus all my energies on one activity before I proceed to the next. This system allows me to optimize my time and reach my daily targets without compromising on quality.
If there’s one thing you need to get through life, it’s mentorship. You just can’t survive without having someone as your benchmark or standard. I have always emphasized the need for getting a coach because I need to have someone who can teach me the right way of doing things and correcting my mistakes. Now that I have grown out of that phase, I figured I would pay it forward by setting up a multifamily syndication academy. It’s possible to become an expert in your field, as long as you undergo tutelage under an expert who you can call your role model.
Keep these tips in mind and apply them in your life. It may seem like you’re taking forever, but before you know it, you will have already reached your goals.