New Opportunities for Wholesaling Multifamily Apartments in 2013
2013 holds many incredible investment opportunities for ambitious investors ready to step up their game and take on wholesaling commercial real estate. So what new strategies might you want to deploy to dramatically increase your income?
Multifamily has been a very popular sector over the last few years, even more so than the single family housing market. As global investors have been desperate for yield they have made multifamily one of their favorite classes of property. However, there are still many opportunities all over the country, if not even more now due to changing dynamics in the real estate market and economy. This opens a big door for those interested in wholesaling commercial real estate to leap to a whole new level.
Finding distressed multifamily properties to flip is obviously the most common wholesaling strategy of investors. This still works fine, with many rundown apartment buildings suffering from deferred maintenance or which could be re-positioned to reap far higher rents.
However, the savvy wholesaler may find even bigger profits by getting ahead of development and migration to scoop significant spreads as property prices balloon. Look for these opportunities in secondary markets that are attracting more residents and businesses such as Worcester, MA, Phoenix, AZ, and Fort Lauderdale, FL.
It is also wise to recognize that some of the biggest money made and deals done over the last decade have been found in conversions.
During the last boom investors and builders were busy converting apartments to condos for big profits. The reverse happened recently with some very high profile celebrities stepping into the game to buy up condos at fire-sale prices and turn buildings back into rentals. Now that sales volume and demand is up, along with prices there could be some very sizable gains to be had for those willing to convert apartments into condos again.
Of course this may mean extra work than other methods of wholesaling commercial real estate as you are taking one property and splitting it into dozens or hundreds, but the rewards can be massive. Of course the same can also be done with offices and office condos and large parcels of land too.
Just make sure you invest in your real estate education and put together a good panel of experts to help you execute smoothly and profitably. Think engineers, attorneys, lenders, designers and marketers. Done right this could launch a series of the biggest paydays you’ve ever seen.
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