Having rehabbed over 520 properties and owning over 1100 multi-family units, in my real estate career I have and continue to do it all!
When I first started in the real estate business and got my marketing going, I knew that every potential seller meant a possible $20,000 profit for me. I also quickly realized that there was many different ways to do a deal, and some deals could only be done a certain way.
If I hadn't learned the technique needed to do a particular deal, then I would wholesale it.
I?ve never liked wholesaling (even when I can make a quick $10,000 ? 20,000 doing it!) because I always knew that there was a much bigger payday waiting down the road and I wanted it. Why give up the cow only to go searching for more milk?
So I became a ?Transaction Engineer?. I learned how to Rehab, how to do ?Subject To?, Lease Option, Short Sales, Pre-Foreclosure, buy, flip and hold Multi-Families, Master Lease Options, Equity Share, Tax Credits? I wanted the big paydays and I was willing to learn what it took to get them.
The more and more deals I did, the more I realized that I was getting much bigger paydays from doing a particular transaction that was far more profitable than anything else I was doing.
All of us want to get wealthy quickly and easily and if it could be done by doing less deals, that's the way I wanted to do it.
That's when I came to the realization that there were certain deals that brought me in 10 times the amount of profit as the other deals, even though I was doing the same amount of work and taking the same amount of time.
From the fattening of my bank account I realized that there is one investment that is far more profitable than anything else in Real Estate investing.
The most profitable investment in Real Estate today, is buying, selling and holding Multi-Family properties.
Did you know that you could buy a Multi-Family building using the same no money down techniques that you use buying single family properties. I?ll bet you didn't know that there were even more creative ways to purchase Multi-Family properties than there are for single families!
Think about it. When you dealing with single family properties, you're usually dealing with the home owner, someone who is emotionally attached to the property.
When your dealing with a Multi-family property, your usually dealing with an investors. Just like you, investors care about the numbers. Would you now agree that investors are more apt to do creative deals?
Successful people profit from the mistakes of others. I learned that doing a Multi-family deal took just as much effort as doing a single family deal, but there is one big difference'there is an extra '0' at the end of the profit check when I closed the deal!
That means that the single family property that I flipped and made $20,000, with the same amount of effort I was flipping multi-family properties and making $200,000!
As soon as I realized this phenomenon, I focused more of my marketing on multi-family properties!
When you start getting those big paychecks you'll realize that you don't have to work so hard, you'll have more time (a lot more time) to do what you want, where you want, when you want and with who you want!
Most people have a goal of making $1,000,000. If you were flipping single family houses with an average profit of $20,000, you would have to flip 50 houses ($1,000,000/$20,000) to reach your goal. How long do you thing that would take? A year? Two Years? Five years?
If you were flipping multi-family properties, you would need to flip only 5 properties ($1,000,000/$200,000)! How long do you think that would take? Certainly a lot less time!
And remember, it takes just as much work to flip a single family house as it does to flip a multi-family but as you can see by the numbers, it really is going to take you 10x the amount of work and time if you want to earn a million dollars flipping single family houses!
Here's the another bonus, sometimes when you flip a single family property you hit a home run and make anywhere from $40,000 - $100,000 and more. When you hit a home-run with a Multi-family property your profits are in the $400,000 - $1,000,000 and more range! That's one deal?.same amount of work! How many of those do you have to do before you stop worrying about your retirement?
A student of mine, Rose Morris from Columbus, Ohio is going to profit over $2,000,000 on her first large multi-family deal! One deal.
Justin Anderson from Augusta, Georgia will profit close to $900,000 when the sale is complete on multi-family that he's flipping!
Does this mean if you're flipping single family's that you stop immediately and go after only multi-family properties? Heck no! You can if you want to bu I still flip singles'not as many as in my early years'why do I continue to do it?...because I can!
I?m not one to pass up any good deal and I like getting those small chunks of cash coming in for $20,000 - $30,000 a pop but I focus most of my time on multi-family properties because I learned the more multi-family deals I do, the more and better choices I have as to how I can spend my time!
Head these words, the faster you start flipping Multi-Family properties, the faster you're going to become wealthy. I will already say ?Your Welcome' in advance for those of you who take the advice of someone who has been there and done that!
