Posted 5 months ago

How to Get Into Multifamily Without Money

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I didn't have any money so if I wanted to get started I needed to figure out how to overcome that obstacle, I did learn the art of raising money through the house flips and what was empowering about that was when I first started doing that and I got the first investor to say "yeah, I'm good for $25,000" I was like "really you sure?" and then it dawned on me I was like "my gosh maybe if this guy was dumb enough to invest with me I can find another guy and another guy and another gal, holy cow my ability to do something is only limited by my ability to find deals and raise the money by my own lack of funds". Most people don't believe that's possible. 

When they're thinking about multi-family they're like "oh, I'm gonna save money for the next five years and I'll get started and learn the art of investing" because the truth is no people are having a hard time finding any kind of yield and everyone's really happy with a five or six percent return in a stock market and multi-family syndicators routinely are returning upwards of 13 percent per year on things and it's staggering. So you're actually doing people a service by presenting them with opportunity and most people just don't understand that that's possible and when I show them just some simple ways to do that and what's possible they go "huh interesting".

On the experience side, I was really disappointed about how little credit I got for my track record as a house flipper. I would call brokers and they would go "yeah but how many apartment buildings have you done" and I was like "well none but I flipped three dozen houses" and they would say "yeah, I'll talk to you later, call me when you have some experience", it was amazing that I got hardly any credit for my house flipping and now having taught others how to overcome that. 

There are some simple techniques and education language and script state to use that allows you to overcome the lack of experience to the point where and when you use the right words and have a certain degree of confidence you're not going to be asked about your track record, you're not going to be asked for proof of funds and that's all a function of essentially training and shifting your mind so the bottom line is this you don't need experience and you don't need your own cash to get started multi-family.

I normally advise people to consume all the free content that's out there, look at articles, YouTube videos, and podcasts on the subject of multifamily. There's a few people out there that consume all the content I think it really comes to this; you have to come to a decision point, you have to decide to have a certain amount of information and ask "is this right for me? is it possible can I see myself doing this stuff"?

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