Any good brehs doing it big in this industry?
I would like to get to understand more and build mastery within this field.
I would like to get to understand more and build mastery within this field.
Brehs, I am studying and networking to become elite at Multi Family unit investments
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skyrunner1
Superstar
How many units we talking? I have dabbled in the "single family" designation in the past.. so duplex to quads.. I shoulda just went big from the jump, harder to raise money but woulda took my lumps early and been good
Wouldnt consider doing it big but I have hit on a few just for simple fact of buying at right time. This will make you look like a genius more than anything else. Buy at right time and you can pay market value or even overpay and still come out like roses. Buy at wrong time and you can be best investor in world there is nothing you can do to save your investment..
What are you studying now or using to educate yourself on the fundamentals?
Been at it for a week.
This is technically day 1 of my own training and not others training material or reading Reddit and Bigger Pockets.
Looking at
My day-to-day focus is to be much more knowledgeable and better about the players involved than I was yesterday.
@skyrunner1, when did you close on your first deal?
What I've done today for personal tracking:
So far, I've dedicated 10 hours today. When for a 2-mile walk. 30 mins at the gym. Got the fam some ice cream and now I am back at it again.
This is technically day 1 of my own training and not others training material or reading Reddit and Bigger Pockets.
Looking at
- The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges
- Multi-Family Millions: How Anyone Can Reposition Apartments for Big Profits by David Lindahl
- Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth by Larry Loftis
- The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy
- The Book on Rental Property Investing: How to Create Wealth with Intelligent Buy and Hold Real Estate Investing by Brandon Turner
- Buy It, Rent It, Profit! (Updated Edition): Make Money as a Landlord in Any Real Estate Market by Bryan M. Chavis
- The Millionaire Real Estate Investor by Gary Keller
- Commercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request Package by Michael Reinhard
- The Real Estate Investor's Handbook: The Complete Guide for the Individual Investor by Steven D. Fisher
My day-to-day focus is to be much more knowledgeable and better about the players involved than I was yesterday.
@skyrunner1, when did you close on your first deal?
What I've done today for personal tracking:
So far, I've dedicated 10 hours today. When for a 2-mile walk. 30 mins at the gym. Got the fam some ice cream and now I am back at it again.
skyrunner1
Superstar
I mainly dealt with flips, got my first just as the market was crashing in '08 in one of the epicenter markets at the time (south florida), so imagine how that went.. Licked my wounds and kept my eyes on it, didnt pull trigger again doing a little wholesaling til like 2010. Market had cratered by then and you couldnt pay people to buy RE at the time, smfh.. The deals were EVERYWHERE.. I picked up a triplex around that time as first multi unit.
On that list I am familiar with #2 Dave Lindahl (he was marketing courses back then)
#5 Brandon Turner I know he was the podcast dude for bigger pockets, he knows his stuff on multis for sure. I met the original owner of bigger pockets around that time also, he wasnt even doing real estate really at time, lol.. But the website was great when I was on there, they were militant on actual doers and not people selling shyt, havent been in awhile but I know Josh sold the site and I know what comes with that also.
#7 Gary Keller is really good foundational stuff.
Unless you are a voracious reader, I would skim down that list a little, its very easy in real estate to be pulled in 100 different directions, trying different strategies. I would pair it down a couple at most and then just get out there, also try to find a local mentor asap. I dont think there is anything that can cut a learning curve quicker than someone already doing it. Not a coach (who you would pay upfront) but a mentor who is open to showing you ropes, very hard to find but valuable.
Thanks breh, much appreciated.
Day 2 - Took a break from learning. Did read Reddit and biggerpockets
Created connections online
Reached out to previous connections.
Really put a strategy and had great notes as well.
I definitely got better and more confident today.
Learned a lot on ground and I am building up my team. Already have a few willing to be partners with me. My professional credibility is helping me.
Created connections online
Reached out to previous connections.
Really put a strategy and had great notes as well.
I definitely got better and more confident today.
Learned a lot on ground and I am building up my team. Already have a few willing to be partners with me. My professional credibility is helping me.
Amo Husserl
Superstar
skyrunner1
Superstar
Let me get @dj-method-x in here also, he had a thread awhile back on real estate that initially made me want to join the site. I know he did well with flipping also, he might be in multi fam now or building..
dj-method-x
Superstar
Commercial real estate is a different beast, have to really dive into the financials to make a successful investment. I'm still on the single family side, though the goal is to eventually get into multi-family.
dj-method-x
Superstar
One suggestion I can make that you won't really find in a lot of these books, whether you're doing single family deals or big multi family deals, is that 90% of the success you will have as a real estate investor comes from marketing and salesmanship. Do not skip out on learning that or else you will be at the mercy of guys like me lol.
No finance or accounting skills but I can manage spreadsheet and numbers as a professional. So yes, I can manage a budget. But some of this stuff confuses me right now. I do need some help.
And yes. I have a strong network but then then tend to be in other arenas. What do you exactly mean in relationship to multi family unit purchases?
Day 7- went to a multi family conference. Been pretty good so far. The players are interesting than anything else. Also, I meet some guys that has mastery in write offs. That's something that's intriguing to me.
There is a lot I am learning and it's really about monetizing real estate and understanding what land means and what not. That's outside of multi family but the rich know how to make wealth work for them. My goals is 1k doors in two years and 100+ by the end of the year.
Dude writes off LV items. So you mean I can write off this Moncler jacket....
There is a lot I am learning and it's really about monetizing real estate and understanding what land means and what not. That's outside of multi family but the rich know how to make wealth work for them. My goals is 1k doors in two years and 100+ by the end of the year.
I am all ears. Can you do a deeper dive?
skyrunner1
Superstar
Dope, what conference did you check out? What was the overall feedback with banks getting shutdown/bailed out and what the vibe of market, any talk about that as things seem tedious with multiple banks collapse last week and needing bailout ASAP?
Also for anybody needing to get caught up to speed, great documentary dropped this week on yt about easy money for last decade, definitely check it out..
It was a training conference.
In my real estate group, we talked about it last night but not on my training call.
They generally don't like using banks as many hard money lenders are on the call but when it comes to multi family, the sponsor and LPs has such an investment that they generally do the deals as they make a bulk of money.
I'll check it out