Rental Property Investor · Norman, OK · Member since 2018 · 156 posts · 529 votes
Yet another chance to be featured in the next issue of BiggerPockets Wealth Magazine... Multifamily investors, it's your time to shine!
In 50 words or less, let us know: What has contributed most to the growth between your first and most recent investment property?
By responding here, you're allowing us to print your name and response, if chosen, in the next issue of the magazine. We're excited to hear what you have to say!
Investor · Lancaster, PA · Member since 2016 · 94 posts · 356 votes
5y
@Kaylee Walterbach I can do it In one word “Tenacity”! You just have to keep pushing forward no matter how hard it gets, and be willing to do what ever it takes! I would say the biggest thing that got my wife and I from our first 5 unit 12 years ago to 91 units / 15 garages / 20 parking spaces now, is the commitment to keep expenses as low as possible and keep re investing all profits for the first 10 years. We did all the maintenance , upgrades , and management for the 1st 10 years. I know it’s not for everyone, but that’s how we grew to 8 million in assets , and a 70k Per month gross rental income.
Apartment Syndicator · Charleston, SC · Member since 2017 · 519 posts · 631 votes
5y
@Kaylee Walterbach Persistence and not quitting. If you keep showing up and keep making improvements along the way, then you'll eventually achieve your desired result.
Continuing to do my own due diligence even though I have qualified Realtors working with me. It has been my experience that often I find the best deals then use a buyers broker to get that extra information from the MLS.
Investor · Austin & San Antonio, TX · Member since 2021 · 35 posts · 199 votes
5y
@Kaylee Walterbach
Knowing when to walk away from a property when the numbers don’t work, regardless of location and how perfect everything else may seem. Sometimes it hurts a little, but it’s better than losing money!
Investor · Lancaster, PA · Member since 2016 · 94 posts · 356 votes
5y
@Kaylee Walterbach I can do it In one word “Tenacity”! You just have to keep pushing forward no matter how hard it gets, and be willing to do what ever it takes! I would say the biggest thing that got my wife and I from our first 5 unit 12 years ago to 91 units / 15 garages / 20 parking spaces now, is the commitment to keep expenses as low as possible and keep re investing all profits for the first 10 years. We did all the maintenance , upgrades , and management for the 1st 10 years. I know it’s not for everyone, but that’s how we grew to 8 million in assets , and a 70k Per month gross rental income.
Syndication Expert and Investor · Indianapolis, IN · Member since 2016 · 591 posts · 808 votes
5y
We were able to grow and invest in over 9,000 multifamily units by developing a specific investment strategy and identifying accretive partnerships where we could leverage our partners experience to fast-track our own track record. The next crucial step was to be persistent and execute the plan.
Rental Property Investor · Lapeer, MI · Member since 2019 · 57 posts · 118 votes
5y
@Kaylee Walterbach Renovation. Renovation. Renovation. The numbers don't make sense when you first look at it and the only reason I took this path is because I had money to burn and it was fun. In the long-run it has turned out to be wildly beneficial financially. Benefits: 1) after the renovation I can raise rent by 100-300/mo per unit, 2) the tenants take better care of the unit, 3) longer stays, 4) referrals so no advertising and minimal downtime between renters (last one had over 300 applicants), 5) every single one of my renovated units continued to pay thru the pandemic, 6) no evictions in renovated homes, 7) ROI of the building as a whole improves. Tenants plant bulbs outside their unit, clean and take care of their space. Renovation is contagious. If I had been tight with funds from the get-go the houses would look very different today. I am proud of my buildings and am fulfilling my life's purpose by making homes better. If you're doing it only for the money you're missing the best part.
Rental Property Investor · Lapeer, MI · Member since 2019 · 57 posts · 118 votes
5y
@Alecia Loveless I once got a house for 1/2 the asking price by going directly to the seller for a conversation. Realtors were angry but if they could have gotten me a better deal then they should have. Lol. Literally *half *
Investor · Glen Mills, PA · Member since 2019 · 185 posts · 208 votes
5y
Overcoming my own fear of failure and "putting myself out there" combined with relentless networking (even when you don't feel like or have the energy) have been 100% crucial to bring me to where I am today.
Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
5y
Not letting fear rule my destiny. By harnessing the power of determination and a spirit that never quits, you can overcome any real estate related challenge. Consistency is the key to success.
Rental Property Investor · Roseville, CA · Member since 2018 · 16 posts · 14 votes
5y
@Kaylee Walterbach I only have one 4-plex, but the key to overcome my fear was the time I put into educating myself and then the massive action that I took. I hit a home run on my first deal in 2019. Tougher market today...but the rates!!
Multifamily Investor · Newport Beach, CA · Member since 2015 · 176 posts · 182 votes
5y
One thing that has contributed to my growth in a huge way is PUTTING MY MONEY ON THE LINE. Investing my actual dollars has taught me as much if not more than all the book learning and networking has. At some point, you have to jump in and just do it.
Rental Property Investor · Lapeer, MI · Member since 2019 · 57 posts · 118 votes
5y
@Patrick McGrath Thanks for taking a minute to say that. I actually thought I would get someone telling me I don't know what I am talking about. But I've compared my profits with other landlords in this area and this approach is absolutely working. The ones who don't have pride of ownership in their properties are pulling small profits or have big cleanup bills between tenants, or worse, big eviction costs.
It's who, not how. Multifamily is a team sport and it takes a great team to get a 100+ unit across the finish line. It's just like any team sport, everyone needs to be on the same page for the team to shine. If you bring in good people with the right business plan, it's just a matter of executing at that point.
Rental Property Investor · New York, NY · Member since 2018 · 21 posts · 13 votes
5y
I invest in small multifamilies and learning to assess the mechanicals in any potential property has made a huge difference. Some of my most expensive lessons stemmed from overlooking concerns in the machines and pipework informing the utilities of the property.
Investor · Los Angeles, CA · Member since 2017 · 96 posts · 102 votes
5y
Our biggest advantage right now is how good financing is with such low interest rates. Downside is it makes it kind of a seller's market so cap rates are compressed some!
Investor · Dallas, TX · Member since 2020 · 7 posts · 8 votes
5y
Stepping up and working on my mental game has helped tremendously. I have noticed that my fear, hesitation, doubt, and negative emotions have negatively impacted my real estate investing game in the past. You can have all the funds and luck but can fail to achieve what you are chasing without the proper mental clarity.
Rental Property Investor · Brooklyn NY / Upstate, NY · Member since 2019 · 52 posts · 46 votes
5y
The small multi-family burrrr strategy has help me most. In a tight market I'm whiling to pay a little more to get the deal. Knowing I am going to make it up on the back end by rehabbing it to look higher-end to command higher rents. With those higher rents comes a higher ARV and more money back in my pocket for the next deal!!