Success is a state of mind and it all starts there, in your head. Investing in apartments seems to be a daunting task. But in reality, apartment investment is more stable than single family investing. It can be easy if you plan, initiate and then act accordingly.
You’ll have to do some research because there is a lot of information you will be lacking at the beginning which you will need to make any sort of informed investment. You must absolutely NOT speak to any brokers during your first week because you simply do not have enough information to carry on an intelligent conversation with them, and most likely they will look down on you.
Once you have identified the area, get a map of it. One of the best ways to do this is to use Wikipedia.org and search the general area, i.e..Chicago, IL. You can then view specific regions of that area on the map. For instance, you could zoom in on the northwest suburbs in particular, if that is your target area. Print the map, attach it to a cork board and have a ready supply of push pins handy.
Next, you will need to locate about 15 or 20 properties for sale there and locate them on the map. A pattern will emerge that tells you where people are moving to and from. Look at statistics for crime rates, median income levels and price ranges. Log all this information along with the rental income of the properties you seek.
Now in week 2, you are armed with pertinent information and are now ready to speak to brokers. If you walk in and speak intelligently about the properties you are seeking, two things happen: 1) the broker knows that YOU know what the score is and that you have done your homework, and 2) they will respect you and know you are serious.
If you want to have any sort of success, then you need to keep an eye on the things that are going on. It’s not going to cost you to monitor these things because you’ll find that there are tons of free magazines out there dedicated to helping you find out about rental properties.
All you have to do is look at some of the magazines and other publications out there that deal with apartments. You can even Google for these magazines and chances are you will find them. With all these resources at your fingertips there is no reason not to do research and find a way to thrive!
If this is something that you really want to do, then you should be strong, and go at a slow pace. Make sure that you have all the information you need, and speak with brokers intelligently.