Hope you're enjoying your weekend. I just wanted to update everyone on some exciting news for me: I'm helping to underwrite a $6 million condo deal in Austin, Texas.
For those of you unfamiliar with the term "underwriting," it means to do financial analysis on an investment deal. It involves looking at expenses and income, and then making projections on financial returns.
When you find a real estate deal - whether it's a duplex, a fourplex, or a 116-unit (like this condo deal) - the key to getting a loan from the bank, raising money from investors, predicting your return on investment, involves careful underwriting. It's a crucial part of investing.
Helping to underwrite this deal will give me tons of credibility with future investors, give me insight in how to structure a deal like this, and build my own investing confidence.
Anyways, I'm not writing this email to brag about some cool things that are happening to me. Instead, I wanted to let people know how instrumental the Seoul Real Estate Investing Meetup was in my landing this opportunity.
Through my involvement with this group, I've been able to network with many investors worldwide, and one of those people I've networked with is giving me this chance - mentoring me, in a sense.
It's really true what they say: In real estate, your net worth will be determined by your network.
It may take some phone calls, emails, and skyping, but trust me, eventually, your networks will start to pay off. Set your goals and keep trying to find people who will help you reach them.
My goal is to own several thousands of multifamily units in the future, and this group is now helping to connect me with people who can help me achieve that.