172: Breaking Into Apartment Investing with a 100-Unit First Deal with Jonathan Twombly

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 28 April 2016

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have you ever dreamed of owning large apartment complexes? If so, don’t miss this powerful interview with Jonathan Twombly, a real estate investor whose very first deal had over 100 units! You’ll learn why Jonathan skipped the “small deal phase” and jumped right into big deals — and how he’s gone from nothing to over 400 units in the past several years. This show offers an incredibly realistic view of what it actually takes to break into the apartment complex market! In This Episode We Cover: How Jonathan got out of the law industry and into real estate investing The partnership that changed his life How you can always find deals within 100 miles The details of Jonathan’s first deal What to do when someone cancels the deal How financing contingency works How he structures his deals Tips for establishing yourself with brokers The due diligence list to show to brokers The importance of asking your friends for introductions Why you should focus on the relationship aspect of investing The details of Jonathan’s first successful deal Why you should consider buying the “unsexy” properties Tips on looking for deals How he makes money through syndication His strategy on making 400-unit deals How he manages properties What you should know about underwriting a deal Things he would done differently if he started all over again And SO much more! Links from the Show BiggerPockets on Google Play 10 Things To Do Before Doing Your First Deal (blog) Books Mentioned in this Show The Wall Street Journal. Complete Real-Estate Investing Guidebook by David Crook Logistics Clusters by Yossi Sheffi The War of Art by Steven Pressfield The 4-Hour Workweek by Timothy Ferriss Tweetable Topics: “You don’t know what the heck you are doing, but you’ll figure it out when you start somewhere.” (Tweet This!) “If you are a new investor, it’s not about how much money you have but about how many deals you have closed.” (Tweet This!) “Persistence is 90% in business and then the other 10% is not being an idiot.” (Tweet This!) Connect with Jonathan Jonathan’s BiggerPockets Profile Jonathan’s Blog Jonathan’s Company Website Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's 2023 and the housing market is not what it was a year or two ago.
0:04.6	Rampant inflation, fluctuating interest rates, and low inventory have thrown real estate investors off course.
0:10.6	It's easy to sit on the sidelines and let fear take hold, but the best investors know that you can always find off-market properties and real estate deals no matter the market.
0:19.0	The best way to get them? Prop stream.
0:21.0	Millions of homeowners nationwide are looking to offload of property and your competition may not even know it yet.
0:26.5	With Prop Stream, there are hundreds of ways to identify these motivated sellers by combining public records and MLS data.
0:33.0	Find fresh leads before the competition with search filters like pre-foreclosure,
0:36.9	bankruptcy, pre-probate, and more.
0:39.1	Then run comps to make sure the property has potential.
0:41.9	Propstream has the best coverage and accuracy nationwide.
0:45.0	Get started today by trying their seven-day free trial.
0:47.7	Head on over to www.
0:49.4	Propstream.com slash BP. That's W.W-P-S-T-R-E-M-com
0:57.2	slash BP.
0:58.3	Don't chase after the same tired leads competitors are targeting.
1:01.3	Props stream it to get the best deals with the least effort.
1:05.0	So you've tried cold calling, you've tried direct mail marketing, you've tried door knocking,
1:09.5	but none of it seems to get you what you need, high quality seller leads.
1:13.0	So why not skip doing the dirty work yourself and go directly to the source of the leads?
1:17.3	At property leads.com, you'll get access to the highest quality inbound leads no matter your
1:21.9	skill level.
1:22.6	Paper lead requires no work from you.
	...

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