I was a residential real estate agent selling 125 listings per year before going into the apartment business. My transition from single family real estate to apartment investing became educational. This initial learning from the action I took, served me tremendously as I acquired 4,000 units. Before I had these standards in place, I spent a great deal of time chasing empty opportunities. I would receive a phone call from any broker saying, “I have a great deal you need to look at.” I would jump in the car without asking about any of the details. I wasted valuable time as I headed out to look at every possible opportunity. I spent hundreds of hours spinning my wheels. Until I realized I needed to create a buying strategy.
I created and set in place a proven buying standard to keep my personal expectations firmly rooted in my mind.