What it Takes to Start a Multifamily Business?

For real estate business, you need an entrepreneurial mindset, maybe you had built a successful business before and now you understand systems and the business side of it. Hundred single-family homes it's pretty easy to manage, I've got somebody that manages the outside part of my single-family home business, somebody that takes the phone calls and takes the rental applications. I always wanted to do multifamily and it always seemed too sophisticated for me, I don't know why, I just never really took a really hard look at it.

When you look at the complex that has hundreds of units in it, you just think it's going to be millions of dollars, you don't deal with that, maybe you deal with $50,000 or $75,000 houses and you think to yourself that it's just way out of my league, that's for the rich guys. A couple of years ago I decided I was going to take a hard look at it and I read a couple of books and I saw that it was very doable and it's probably easier to do then the single-family business. So it's just a mindset and just you don't know what you don't know until you look into it and then once you look at it, you break it down a little piece.

And so after reading a few books, I understood that I can do this. The next step was, who can help me do this? So I started looking for mentors and coaches and groups that I could associate with. And I found a group out of Dallas and hooked up with that group and so I go there about every month to two months and just network and associate with people that are in the multifamily business. So it has built a really good network over the last couple of years doing that, it's just been a great ride, I've learned a lot where now I had a deal last year that fell through and got it.