"I own 164859948 Doors"

Real Estate Agent · Cincinnati, OH · Member since 2018 · 17 posts · 16 votes

If I own a duplex by myself, a 4 family with a partner, and a 12 unit syndication with 3 other people...

Do I own 18 doors?

Do I own 7 doors (2 + 2 + 3)?

Obviously ownership isn't split up this simply or evenly, but do all owners claim all doors in a partnership/syndication? Kind of a silly question, but wondering what other people "claim" when discussing with other investors, friends, realtors, lenders, etc.

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Bryan Hancock

Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes

Claiming you own 300 doors when you own a $25k interest in a syndication passively is akin to saying you own all of the Fortune 500 companies by owing shares in your index fund.

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Aaron K.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y
People claim all sorts of things and even when they are accurate people have varying levels of equity and property value, someone could go buy a ton of $10k properties but that doesn't mean they're a good investor. The point is to communicate with whoever you are trying to communicate with and door count is rarely the right method. If talking with other investors you probably want to focus on what you're looking for and have the ability to purchase going forward not what you already have, unless you're helping someone else. Friends I think is where you answer what they're curious about, realtors would be similar to investors, what you're looking for in the future, what type of property you like, lenders will be a conversation around equity, cash flow, reserves etc.
3 Reply
Todd Rasmussen
Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Kate Zieverink McMinn
The way you described it in your first sentence is perfect for communicating with the people you mentioned. We haven't partnered with anyone yet, so our number is pretty easy to calculate lol.
3 Reply
Thomas Enright
Investor · Silver Spring, MD · Member since 2020 · 127 posts · 58 votes
6y
I would say that you own 18 doors but door count is also a poor number to judge someone with. There are plenty of syndicators that have thousands of doors (which is still impressive) with almost none of their own equity and plenty of older folks with 10-20 houses with no debt so it's all relative.
7 Reply
Kris L.
San Antonio, TX · Member since 2019 · 930 posts · 836 votes
6y
@Kate Zieverink
My personal house has 19 doors, if I include the shed 🤠. My other house has 21. Managing 40 doors was way easier than I thought, just a couple hours installing doorstops.
37 Reply
Bryan Hancock
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
6y
Claiming you own 300 doors when you own a $25k interest in a syndication passively is akin to saying you own all of the Fortune 500 companies by owing shares in your index fund.
39 Reply
Tyler Weaver
Investor · Cincinnati, OH · Member since 2008 · 319 posts · 243 votes
6y
Most syndicators say they control x doors or x units. You could say you have an interest in 18 units, manage 18 units. Saying you own 18 when there are various partnerships or syndications is a bit tough because then the next thing you say has to be some sort of backpedaling or caveat to the statement.
3 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
AS it relates to many on BP that's very common among the members of this site.. they count every door they either or or have a minor interest in..
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David Pere
Rental Property Investor · Springfield, MO · Member since 2016 · 1k+ posts · 890 votes
6y
When asked I say "I own 15 doors solo, partnered on a 40-unit, and have a small ownership interest as GP member of a 146-unit apartment"
I also think counting units is over-rated, and generally used to puff your chest, as opposed to accomplish anything. Cash flow is more important than number of units, and being the best version of yourself is more important than measuring up to others.
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Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
6y
Counting doors is generally just people trying to brag. If I had stock in Microsoft would you say I own Microsoft?
Show me your balance sheet if you want to impress me.
6 Reply
Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
6y
Originally posted by @Kris L.:
@Kate Zieverink
My personal house has 19 doors, if I include the shed 🤠. My other house has 21. Managing 40 doors was way easier than I thought, just a couple hours installing doorstops.

If it is a bi-fold closet door, do I count that as two? What about kitchen cabinet doors? I must have at least 40 doors in my primary residence alone...

6 Reply
Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
6y
If everybody owns a piece of the pie then nobody owns the pie personally.
1 Reply
Kris L.
San Antonio, TX · Member since 2019 · 930 posts · 836 votes
6y
@Joe Splitrock
I counted Bifold closet doors as one, though I was a bit inconsistent as I counted French doors as two🤭. I neglected to count all cabinet, appliance and vehicle doors.
2 Reply
Daniel Haberkost
Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
6y
Originally posted by @Kate Zieverink McMinn:
If I own a duplex by myself, a 4 family with a partner, and a 12 unit syndication with 3 other people...

Do I own 18 doors?

Do I own 7 doors (2 + 2 + 3)?

Obviously ownership isn't split up this simply or evenly, but do all owners claim all doors in a partnership/syndication? Kind of a silly question, but wondering what other people "claim" when discussing with other investors, friends, realtors, lenders, etc.

This (and the title) made me chuckle a bit lol
When I first started in RE investing I was fixated on arbitrary parameters like how many "doors" someone has. It's such a useless measure because where those doors are located (and % ownership of each) is usually left out of the conversation. My duplex in OH is 2 "doors" but is worth 1/3 of 1 door houses out here in CO and I really really don't want to deal with units that rent for $800/month ever again.
I'd much rather solely own 10 very nice single family homes than dozens and dozens of cheap doors (headaches).
Oh, and since I'm house hacking a single family that property of course count as 4 doors.......

2 Reply
Randall AlanPro Member
Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
6y
@Joe Splitrock

I disagree... with the number of new investors on BP, I think the number of doors is somewhat equivalent to what level of real estate education you have. If I have 40 doors and I’m listening to someone who has 300, it’s through a different lens than someone that has just one property. It’s no different than a 1st grader versus a 12th grader... they’ve already been where I’m at... or maybe they are looking forward to getting where I’m at. But I get what you are saying about there’s more to it than the number... it’s what you do with them and how well they perform.

Just my 2 cents on the matter.

Randy
2 Reply
Justin Thorpe
Member since 2020 · 437 posts · 675 votes
6y
Hmm doors! Let’s see. Do all doors count?. I mean doors inside the unit count. What about outside the unit, like the garage door or the ones that lead to the backyard! What about closet doors and the doors for the washer and dryer. What about the doors of the cars I park in the drive way. Just making sure I can count mine right.
2 Reply
Joe Cassandra
Rental Property Investor · Woodstock, GA · Member since 2017 · 517 posts · 772 votes
6y
Worst is when property managers try and make it sound like they're the owners lol
"All my tenants are paying 100%...that's over 500 doors"
"Wow you own 500 doors"
"Well...you see..."
3 Reply
KB Collins
Lender · US · Member since 2020 · 20 posts · 18 votes
6y
Wait a min, wait a second - he owns how many doors? I think that should only matter when someone is claiming some sort of expertise on how to help you get your own doors. (That is all it should be for.) If someone is claiming doors to brag, then let them what does it matter. However if they are using it to claim Guru status and they are lying, well then there may be an issue. Also to a commenter above since a mutual fund is part of a fund, then I do own that stock. LOL I guess being in a Boat Club does not allow me to say I go on my boat this weekend? Well I am still boating, but if you are implying you own a boat, than that is lying. But what does it all matter. Run your own race, keep your blinders on and finish the race. So the short of it is, if you are relying on a person to show you how to acquire doors maybe the doors he truly owns matters. But keep in mind Mike Tysons trainer was not lacing up his gloves to beat Mikes opponents either, he was showing him how to win his own fight. So maybe it does not matter if that Guru has 10289272728 doors, if you can learn something.
Opinions expressed here are really only mine... Thank Goodness!
3 Reply
Tyler Weaver
Investor · Cincinnati, OH · Member since 2008 · 319 posts · 243 votes
6y
Originally posted by @Joe Splitrock:
Counting doors is generally just people trying to brag. If I had stock in Microsoft would you say I own Microsoft?
Show me your balance sheet if you want to impress me.

Quick estimation of scale. Kind of like saying "O I flip houses" vs "In the past year I have flipped 10 houses." In a conversation that is useful because the first statement will likely get a "that's cool" response where the second will typically get a follow up question.
1 Reply
Brian G.
Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
6y
@Kate Zieverink I’m more interested in counting the money than counting the doors! We are planning to partner so someday I guess we will say we own “x” properties and own “x” properties with partners.
2 Reply
Jon Schwartz
Realtor · Los Angeles, CA · Member since 2018 · 952 posts · 1k+ votes
6y
@Kate Zieverink, doors are an irrelevant statistic. For example, two doors ain’t much, right? But a cash-flowing $2M portfolio leveraged only 68% in a gateway city is pretty decent, right? In my case, both are true.
2 Reply
Justin Thorpe
Member since 2020 · 437 posts · 675 votes
6y
Covid-19 had wrecked havoc on all our lives in so many ways and there are very little positives to talk about but one positive I think I have observed is a massive fall in the number of “brag bro” posts that used to crowd BP prior to Covid.
Essentially posts like “how I got to 500 doors before I turned 7”!!
I recall them being quite popular. I don’t miss them though. IMHO the phrase “doors” is a joke and it gets worse when people use a number to brag about it.
6 Reply
Eric Bilderback
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
6y
@Kate Zieverink McMinn
I would say you have 7 doors.
It mucks it up when people say things like “if you need 10k to retire then you need a 100 units to cashflow at 100 each. But you don’t have the money so just syndicate them.” You are not going to syndicate 100 units and cashflow 10k.
By a REIT fund then you would own 1000000 doors or some damn thing.
1 Reply
Account Closed
Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
6y
@Aaron K. Its about dollars not doors. Equity and Income.
1 Reply
Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
"I own the Doors of Perception."
2 Reply
Brian LucierPro Member
Property Manager · Fitchburg, MA · Member since 2012 · 148 posts · 201 votes
6y
Great, but are you making any money?
2 Reply

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