From 200 Wholesale Houses to 100 Units in Multifamily

My background is, I went to the University of North Texas, I got a degree and went and got a job as a claims adjuster and did that for a few years and literally hated it and stand working in a cubicle. Just drove me nuts and I started to looking for my exit plan early on and I was able to find chiropractic in out of school partner with him. We bought a chiropractic clinic and I ran the business part and he cracked bones and then I bought him out of it a couple of years later. And then we grew that too, a medical clinic with some medical MDs and medical doctors and multiple locations and that's what I have today. But a few years ago, 2003, I was almost 40 years old and needed a retirement or needed something to help fund my lifestyle later on in life. And so decided I need to go into real estate and that's probably the best path to getting what I needed to retire. So I started buying single-family houses back around 2003, flipped, wholesaled, did some lease options, the contract for deed.

And it was a job, so I did that for a few years and I wish I had those houses back, because I'm a wholesale 200 houses in five years, I was pretty big. But it was a job, so I decided just to start holding properties, started holding rentals. I've got a Roth IRA to buys houses and so between those two, we've got about 105 houses right now that we've put on really short pay downs, five, seven, 10-year mortgages. 

Last two years I said I want to get into multifamily, I was always scared of multifamily because it's so big, the numbers are big and you just think that's for the big sophisticated investors. I think a lot of people go through that, there's like, it's single-family houses is not a scary thing, you can rinse, repeat, they're not big numbers, I mean, you can concentrate on one little project and this little project, if it gets out of hand, it's not going to wreck you or anything. The multifamily thing is just a whole other animal, so I read a couple of books and it was like, this is not a big deal. It was like there's a system for this and if you follow the system and you really educate yourself, you can do that just as easy as you could do single-family homes.

And so started looking into that, I went to some seminars, traveled around the country, listen to other people, hooked up with a mentoring group out of Dallas, started meeting people in the business, starting forming alliances and partnerships. I started talking to property management companies, brokers and got our first deal. We just closed our first deal a hundred units in Pryor, Oklahoma, Google just put a large data center there a few years ago and they're investing $2 billion in this little bitty town and so the talent is just exploding and their ability, they're going to build some class A multifamily, a hundred house complex there. You know what's retail and so the little town, every house is full, the apartments are all full. We found a hundred units that were sitting there, hadn't had a good rehab day, but is100% occupied. Like everything else in the town, we were able to get that for a really good price and raise the capital and close the deal. And uh, we bought it off. Mitt Romney son bought it. Probably had a little insight into what was going to happen there. So I think he made out pretty good and we got to get a prize and we were happy.

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