I quit my CPA Job to buy Large Apartment Buildings

370 Replies

I mentioned before that I use various tools to learn about a particular real estate market.

One source I use is Marcus & Millichap. M&M released local market reports today that you might find helpful.

I like FREE, so here is a quick video to get the reports.

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@Alexander Pirhonen, Like attracts like - so...if the environment you are in is negative there is a good chance those emotions will start rubbing off on you. Easier said than done I know, but you need to get yourself into different circles of positive influence. I saw this image and thought of you.

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Thanks Thomas and hopefully I answered everyone's questions in the thread. I did my best to get responses back to everyone.

By the way I really appreciate the personal notes from the BP community congratulating me - it really means a lot. Starting your own business is tough.

I received so many direct requests on advice about getting started and raising private capital. I think there is enough interest from the responses I got where I will hold a training session to give you some advice and answer your questions. I will send out a link when I get the training call scheduled.

This week I am doing a really cool training on marketing. We all need to be the best marketers - from increasing leads for deal flow to raising private money.

One marketing strategy I used for my real estate business created over $86,000 of cash flow for my business where I only spent about $1,000.

I have learned some really cool marketing strategies that helped me grow my real estate business. My guest marketing expert will cover how to double your leads in 28 days flat. I know this is a bold statement. I have been working with the market expert for a couple years and the marketing strategies do work. 

Trust me - you must get your marketing right.

@Akachi Azubuike , I attended one of Dave Lindahl's events back in 2008. I also attended something in 2010 I believe. I also tried the coaching program, but with my hectic CPA job and work schedule it wasn't a fit. I am not sure how his program has changed over the years.

Brian,

Your story is very inspirational. I, too, would love to quit my regular 9 to 5. I am working on my first multi-family deal, and I need to go from there. Thank you.

Garrett

@Brian Adams

From one CPA to another, congrats on your success!

As a CPA who works primarily in real estate, I also see tax returns with plenty of money being made.  There are so many different strategies to making money in real estate it is nice to have the visibility that we have.  Thanks for sharing!

@Paul Sundin , CPA, there are times when you hear about people having success with real estate.

Then in yours and my case you actually see your clients who you know probably pretty well crushing it with real estate.

AND probably lots of people who have responded on this thread, they actually have done or know someone who is actually creating wealth with real estate.

I think what stops most people from moving forward is that F word - FEAR. 

We are both CPA's and probably analyze, and re-analyze, and analyze what we just analyzed...So I get the whole thought process of fear and being paralyzed by over analyzing.

Sometimes the best way to get what you want in life is to take that leap of faith. Give yourself permission to fail and learn from mistakes.

Hi Brian, 

I saw your presentation at the October DIG meeting in Fort Washington. Great presentation. I have done fix and flips in the past but I want to get into rentals now. Realtors and the MLS don't seem the right place to look for multifamily units. Where do you suggest looking?

Thanks

@Giuseppe Scillia, I am glad you made the event, there were over 300 people and it was a packed house.

I use multiple marketing strategies, direct mail, commercial brokers, wholesalers, management companies, attorneys, other investors, etc.

It's all about establishing and maintaining relationships.

It was hard to find a seat. That's why we moved to a new location now.

I have a couple more questions. Do you use listsource for you direct mail? Do you finance the purchase with syndication or do you find properties with owner financing only?

@Giuseppe Scillia, I have used list source before, there are also people called "list brokers". These individuals have access to lists and lots of info. You basically tell them what type of data you want like area, zip code, age, number of units, etc. and they put together a list for you. 

Yes, I have financed my deals using a syndication. In my offers I try to get the seller to carry the paper, but I haven't yet had a seller want to play along using this strategy.

Brian,

I am just starting. I just put a duplex unit under contract. I plan to learn all that I can from this experience and elsewhere to purchase more units to hold. I know that I have still have some time to go with my 9 to 5, but you have to start somewhere. Good luck to you!

Garrett

@Brian Adams

Hey Brian! Great continuing post! I think you'll need to start a blog or hire someone to help you respond to everyone. 

Like a lot of the other folks on here, I'd like to buy an apartment building in my market...Atlanta, GA. I may even live in one of the units and renovate the others one by one if I buy the building. There are several older apartment buildings that need updating and I know I could buy if I had access to funding. I've just started looking into it and network with other investors in my local REIA.

I have a construction background, but have limited funds. I was wondering if there are any 'sweat equity' type deals that would appeal to private money investors. I plan on going after 20 units and under initially so I can easily manage and supervise the renovations. Just to clarify, I'm going after off market properties that are occupied, are not section 8 and are in good areas

Phil

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