Change your mindset, build your network and grow your multifamily portfolio. Simple, right? Learn how Jens Nielsen did just that and grew his multifamily portfolio to 600 units in less than 4 years.
Jens Nielsen immigrated to the US from Denmark and plugged into the economy doing all the prescribed things responsible adults do; get an education, a job and save for retirement. He and his wife currently reside in beautiful Durango, CO, where he is able to pursue his passion of cycling. Jens had a good IT job, but was not satisfied with the returns from the stock market. He realized he was building wealth for others, but that his own financial future seemed less certain.
His questionable future, led him to consider other possibilities. Where could he change the outcome and improve his future so that he could be assured of the financial freedom he sought? His search quickly lead him to real estate. Then he found the power of multifamily real estate.
But how Jens the IT guy attract investors to invest with him in multifamily real estate?
Building Your Network
Building your network is key if you eventually expect to invest with others. You may think you want to go it alone, but quickly you will realize that in order to truly reach your goals, you will need others. So if you accept that you will need others to help you grow your real estate portfolio, the next question is are you building your network?
If not, why not? Are you stuck? Where should you start? These are the conscious questions you have to ask yourself when you decide to build your network.
Why Build Your Network
Why build your network? If you are a person of action, and you are truly committed to actively investing, your actions will lead you to real opportunities. When that day comes, will you be able to take advantage and close the deal? If you have built your network, and you are trusted, you are halfway home.
How to Build Your Network
The easy way to start building your network is to tell others what you are doing. Jens had a group of friends he cycled with. It was in this group, where he shared about his investing experience. Each time they got together for a ride, the opportunity to share what he was doing in real estate just happened. As the group members followed Jens journey, their interest and curiosity grew. Jens asked members of the group if they would be interested in investing with him when he found a new opportunity. The conversation naturally lent itself. If followed a progression of enthusiasm generated interest from supportive friends because he was sharing what was going on in his life.
Next, he reached out to his network, and started scheduling coffee meetings, etc, In each meeting, he would ask if the person was interested in hearing more from him about his investing journey. The meetings made him realize that others he knew could be interested as well in learning about the opportunities in multifamily real estate.
So, he emailed his list, and offered the opportunity to receive his periodic updates as he learned more. He sent the email, and over time, the subscriber list grew. Each month, he learned something new and shared it with his list. His consistent action demonstrated to his readers over time, that he knew the topic well. All of this sharing gave his readers a level of trust in him.
Is There Anyone You Know That I Should Know?
You are working to build your network and meeting with a lot of people. Before the meeting ends, ask the question, “ Is there anyone you know that I should know?” This makes them think, and will plant a seed for later to connect you with others providing the best warm introduction, referral.
His Network Answers: Where to invest?
Where to invest your friends and family’s money is not a question to take lightly. A member of Jens cycling group referred him to a commercial real estate broker in Albuquerque. The introduction led Jens to visit and confirm that Albuquerque was a good opportunity, which he shared with his network. Each time he purchased a property, he shared the details with his network, which continued to feed their growing curiosity about the investment opportunity in real estate.
Location, location, location is rule number one for real estate investing. Most people think this means the street address, or which side of the street the property is located on. Experienced investors will start with the market fundamentals.
The market is a reflection of jobs, population growth, median income, crime, etc. In the market, you need to be aware of the path of progress. If all the location questions are not answered in the affirmative, it can be the difference between an average investment and a home run.
Investing with Others
Investing with others is a journey. First he invested passively in other sponsors deals. Next he invested on his own. Then he did a joint venture with others. Each new successful deal, built his resume of credibility. Now his investors, know him and his story, and are comfortable with the idea of investing in real estate.
Today, Jens works with a mentor and regularly attends real estate investor conferences where he networks with other like minded investors. His network has allowed him to raise millions of dollars for multifamily syndication. And now Jens is ready to sponsor a syndication.
It took some time, but he was able to change his mindset. He got educated, and shared with others what he learned. His willingness to take control of his financial future required that he look at the world differently. Yes, there were some missteps, but soon others saw Jens and recognized he was different. He was no longer just Jens as just the IT guy. Now they know him as Jens the Real Estate Investor because he did the work and shared his journey with others looking for the same thing he sought; a secure financial future.
Remember, it takes time, so don’t wait to start. The sooner you start sharing with others what you are learning about real estate investing, the quicker you will be able to find the financial freedom you seek from real estate investing.
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK: Not taking action. If you live in fear, and never take action, you will never grow. Life is about the journey, take the risk. There will always be reasons to not move forward. Find the reason to go forward.
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