As operators, we place so much emphasis on building relationships with brokers to find the best investment property out there. While this is a great way of finding deals, it’s certainly not the only strategy. Today’s guest, Darin Garman, is here to share more about what goes into buying deals off-market. We kick off the show by learning about Darin’s background as a prison guard and broker. He shares why he believes that having a broker on board a deal can serve you, as the syndicator, very well.
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From there, Darin sheds light on communicating and building relationships with building owners, which is the key piece of off-market purchases. Darin walks us through all the steps, from finding the owners to contacting them. Next, we turn our attention to the different kinds of communication you should send building owners. From letters to email and even refrigerator magnets, nothing is off-limits provided you continually add value in some way. We round the show off by hearing more about how slow, consistent communication pays off as well as how Darin likes giving back. Be sure to tune in today!
Key Points From This Episode:
- Darin’s background, how he got involved in multifamily, and what he’s up to now.
- How Darin transitioned from being a broker to owning properties himself.
- Why Darin believes bringing a broker into a deal is a good idea and some benefits.
- The importance of being aligned with one specific broker rather than working with many.
- How to find a specialist broker and build a relationship with them.
- Why investors should spend more time communicating with owners of buildings they’d like to buy.
- Find out how bypassing brokers reduces competition for properties.
- Learn more about the process of finding a property owner and initially contacting them.
- The different kinds of communication Darin has with investors on his prospecting calendar.
- The average owner response after consistent communication from the potential investor.
- How Darin is finding investors, the biggest contributor to his success, and giving back.
[bctt tweet=”By aligning yourself with one specific broker, that specializes in the area that you really, really want to focus on and building that relationship with them, they’ll go above and beyond. And at the end of the day, find you more quality deals that you’d want to own. — @darinrgarman” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Darin Garman
Starting his multifamily real estate career out of college as a prison guard of all things, over 25 years ago Darin Garman began his real estate investment experience as a real estate broker as a way to leave his prison guard job. Since that time, Darin took the entrepreneurial path and has established himself as one of the nation’s most “looked up to” experts in the world of apartments and commercial investment real estate. Since entering the world of multifamily investment property Darin has been responsible for over $800,000,000 in apartment and investment property acquisitions, sales, and investment and has become the “go-to guy” for those looking for profitable long-term plays in conservative apartment investments. Darin has also raised over $100,000,000 in funds for different apartment investment properties. Darin also has experience as a founding member of a startup bank – Family Merchants Bank of Cedar Rapids. Darin was one of the founding members and owners of this bank. In this capacity, Darin not only was an owner but also sat on the bank’s Board of Directors and was a member of the bank’s credit committee. Darin remained an owner and shareholder of the bank, remained on the Bank Board of Directors as well as on the Credit Committee until the bank was sold approximately three years later. Not only is Darin very familiar with not only maximizing value and cash flow from investment real estate but also currently has ownership in whole or in part in over $50,000,000 in apartment and commercial investment real estate throughout the heartland and is a guest on investment real estate panels, podcasts, seminars, and investment radio talk shows. Darin also is an accomplished author of 5 books including Renter Nation, Getting Rich in Real Estate Partnerships, Paranoid Banker Secrets – A Conservative Investors Guide to Double Digit Returns in Any Economy, plus The 9 Month Investment, A Passive Investors Guide To Achieving 10 Years of Wealth Accumulation in Only 9 Months. Also, Darin has been the co-author of books such as – Wealth Attraction or Entrepreneurs…The No Holds Barred Kick Butt Guide to Becoming Rich with business and marketing guru Dan Kennedy. Darin oversees the management of over 30 real estate partnerships as well as the properties owned by the partnerships on a day to day basis and is very familiar with what needs to be done as an investor and owner of these properties to maximize value and return for investors and owners. Darin graduated from the University of Northern Iowa with a BA degree in Criminology 1989. Darin is originally from Algona, IA, and currently lives and offices out of Marion, Iowa. Darin has been married for 31 years to Gina Garman and has three children, Madisen who is 27, Malory who is 23, and Isaiah who is 20.
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