Leveling Up: 4 steps for when you are ready to build your real estate empire🏬

Aspiring to become the next Sam Zell or Barry Sternlicht of real estate? My previous advice about first obtaining experience through a job in real estate holds true, and this week’s newsletter is for those who have already put in the years and are ready to embark on their own deals.

You've facilitated complex transactions, learned to spot red flags, and underwritten countless deals. Now, with a wealth of experience under your belt, you're poised to dive into your own ventures. Today, we'll outline four steps to propel you towards building your own Starwood Capital:

1. Network Relentlessly

2. Find a Mentor

3. Underwrite a High Volume of Deals

4. Build in Public

Let's dive into how each of these steps can set you on the path to real estate magnate status.

1. Network Relentlessly

Clear your schedule and prepare for a flurry of activity. Your mission: connect with anyone and everyone "in the arena." Schedule as many coffees, lunches, and Zoom calls as possible. Your goal is to refine your real estate niche, forge valuable connections, and absorb knowledge from every interaction.

Approach each networking opportunity with intention:

• Prepare specific questions to keep conversations focused and productive

• Research your contact's recent work to demonstrate your genuine interest

• Craft a concise elevator pitch that highlights your previous RE experience and goals

• After meetings, reflect on the insights gained and follow up with a thank-you note

2. Find a Mentor

A mentor can be your secret weapon to accelerate your real estate career. They offer:

• Insights to get involved in larger deals quicker

• Guidance to avoid beginner pitfalls

• Strategies to stay in the right mindset

• Encouragement and accountability to keep you progressing

There's the old saying, “When the student is ready, the teacher will appear.” A potential mentor wants to see that you are taking massive action, educating yourself in any way possible, and are willing to take advice. As you network with industry players, keep these attributes in mind and you may find yourself with a mentor.

Also, a paid mentorship is an option. Many well-known real estate syndicators offer paid mentoring; just make sure you do your research to select a reputable firm.

3. Underwrite a High Volume of Deals

Analyzing numerous deals sharpens your skills and increases your chances of finding deals. By evaluating a wide range of properties, you'll:

• Develop an understanding of market trends

• Quickly identify true investments

• Refine your ability to distinguish between profitable and risky ventures

• Build up a strong deal pipeline

• Enhance your negotiation skills

Remember, each deal you underwrite equips you with more knowledge and confidence for making successful investment decisions.

4. Build in Public

LinkedIn, X/Twitter, and newsletters can be your greatest assets in your real estate career. By sharing your journey openly, you:

• Establish trust and credibility

• Demonstrate your expertise and decision-making process

• Attract potential partners, clients, and investors who value authenticity

• Build a loyal following interested in your progress and willing to offer support

• Create opportunities for networking and collaboration

Attack these four steps, and you are well on your way to building your real estate empire. Stay tuned to The Ridgeview Report for more insights as we continue to explore the world of real estate investing.

-Ben Michel

Ben Michel is the founder of Ridgeview Property Group, an investment firm specializing in acquiring multifamily real estate. Register Here to be notified of available investment opportunities.