My First Multifamily Deal

[Grant Cardone]

Consider the first deal I did in multi-family..... 

I invested $350,000 to buy a $1.95 million, 48 unit complex. I can't lose my money as it is invested in the property. Because of leverage, I was able to buy a $1.95 million asset that produced $40,000 of positive cash flow a year while I waited for appreciation. 

39 months later, I sold the property $5.2 million resulting in a total profit before taxes of $3.7 million. That's a 10X return.

$350,000 Down     $1,950,000

Sold                         $5,200,000

Payoff Debt            $1,600,000

Remaining              $3,600,000

Cash Flow               $130,000

__________________________

$350,000 turned into $3,730,000

Today I oversee 7,068 units with a total of $1.5 Billion AUM.

Moral of the story......

To create wealth you can't just score once, you must be able to repeat it (this is the power of scaling).

-GC

[Debbie Rumsey]

Wow!  What an incredible return on your money. I love to hear stories like that and wish I was brave enough to tackle 48 units in one shot.  

Congratulations and thank you for sharing!