Multi-Family Millions: How to Flip and Reposition Small Apartment Buildings for Maximum Profit in Minimum Time
Discover why apartment houses are the best investment in today's real estate market\ The key to making big profits in real estate is to go against the traditional wisdom. When the masses are buying, it's often time to sell. When everyone is selling, there are huge bargains to be found. In Multi-Family Millions, contrarian real estate investor Dave Lindahl shows you how to read the market cycle, and explains why now is a great time to get started investing in apartment houses—even if it's your...
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Multi-Family Millions offers expert advice for investors who want to make the transition from single-family homes to more profitable multi-family units. Successful real estate investor David Lindahl shows you how to find troubled properties that are ripe for quick profits, how to fix or flip those properties, and how to re-sell at maximum value. With a proven step-by-step system for managing each stage of the process, this book shows you how to get started in moneymaking multi-family units?even while you work your day job.
Acknowledgments xiiiA Different Approach that Creates Huge Real Estate Profits 1How This Book Is Different 2Why Invest in Apartments? 9Apartments Set You Free 10Let's Explode the No-Money-Down Myth 13More Myths about Apartment Investing 14This Is Not a Myth, This Is Reality: They'll Laugh First, and You'll Laugh Last 18Opportunity Is Everywhere 20A Brief Overview of the Different Kinds of Multi-Family Housing 21Burned-Out Landlords Are Great Sources for Deals 23In the Next Chapter 24An Overview of How to Get Your First Deal 25The 14 Steps to Acquiring a Property 26Decide What Size Buildings You Want to Start Investing In 26Decide Where You Want to Invest 27Determine What Types of Multi-Family Properties You'll Buy 29Put Your Team in Place 30Market to Get Your Deal 31Analyze the Deals 31Create the Offer or Letter of Intent 32Negotiate the Deal 33Create and Sign the Purchase-and-Sale Agreement 33Do Your Due Diligence 35Renegotiate the Deal 37Start Your Financing 38Choose a Management Company 40Close the Deal 41Buy and Flip 42Buy and Hold 46Buy, Reposition, and Sell 47In the Next Chapter 53Where to Find Enormous Profits from Repositioning 55It's All about Raising the NOI 57Problems to Look For 58Making a Change 60Then there's the Perception 61Send the Message that Change Is Happening 62The Property Cycle 64A Common Repositioning Mistake 67The Two Main Reasons Why Repositions Fail 68The City Cycle 69Revitalization Zones 70In the Next Chapter 73How to Attract Deals to You with a Minimum of Time and Money 75Make It Easy to Do Business with You 75Do What You Say You Will Do 77Don't Be a Pain in the Butt 78Inexpensive Deal-Attraction Techniques 79Go Directly to the Owners 84Other Techniques that Cost Little but Bring Big Results 88Go After the Don't Wanters 90Cruising for Dollars 91Another Way to Cruise 92Oh So Many Ways to Get Deals 93Don't Make These Three Mistakes 93In the Next Chapter 95Separating the Gold Mines from the Land Mines 97The Power of Negative Thinking 97Profiting from Value Plays 98How to Find-and Profit from-Burned-Out Landlords 99Profiting from Management Nightmares 100Properties that Need Repair: Where the Gold Is 101Avoid Certain Repairs 102Solving High-Vacancy Problems-Once and for All 104How I Filled 400 Units 105How to Raise Rents at Takeover and Not Lose Your Tenants 106How to Raise Rents Steadily While Keeping Your Tenants 107When It Makes Sense to Clean House 109In the Next Chapter 111How to Analyze a Property Using the Fewest Numbers for the Most Profit 113Back to the Cap Rate 114Analyzing Your First Deal 116How Do We Know It Really Is a Deal? 118Current Management: When to Hold 'Em and When to Fold 'Em 119What Matters the Very Most to Tenants 122Is Someone Putting Lipstick on a Pig? 123Let's Look Inside 125Market Area Inspection 126The Sidewalk Tells the Story 128But What If My Numbers Are Off? 129Don't Get Depressed on Me! 129In the Next Chapter 130Where to Get the Money for All Your Deals 131Why Banks Like Apartments 132Three Flavors of Lenders 133Conduits 136When to Use a Mortgage Broker 136Putting Your Package Together 137How to Get Partners to Fund Your Deals 138The Big, Profitable World of Private Money 139Debt versus Equity Deals 143In the Next Chapter 145Twelve Negotiating Secrets of the Pros 147Be Prepared 147Understand the Other Party's Needs 149Set Your Goals and Rank Them in Order of Priority 150Decide What Your Strike Price Is and Don't Exceed It 152Anticipate the Next Move and Don't Avoid Haggling 153Remain Calm and Unemotional 154Build Rapport and Trust 155Create a Win/Win Environment 155Remain Flexible and Open to Options 156When the Seller Speaks, Listen Closely and Delay Your Response 157Demonstrate Empathy 158Silence Is Golden 158In the Next Chapter 160The 80/20 Rule of Rehabbing 161Exterior Improvements 162Interior Improvements 166How to Get the Most from Insurance Claims 170Dealing with Contractors 171In the Next Chapter 176How to Avoid Being a Landlord: Secrets to Hiring Great Property Managers 177How to Find the Best Managers 179What You Should Expect to Pay 182Repositioning Managers: A Special Breed 187How to Get Contractors to Beg You for Business 190Managing the Manager: Reports You Should Get Regularly 191You're an Asset Manager 194In the Next Chapter 194Reselling for Huge Profits 195Return on Equity 196Is Your Property Stabilized? 198Get Your Financial House in Order 199Get Your Physical House in Order 201Time to Tell the World 202Your Obligations as a Seller 205In the Next Chapter 205The 10 Biggest Mistakes Repositioners Make, and How to Avoid Them 207Running Out of Money During a Repositioning 207Leasing Up Too Soon 210Not Using Licensed Contractors 211Not Getting Three Bids 212Assuming the Lowest Bid Is the Best Bid 213Not Going after Private Money Sooner 214Not Marketing Consistently 215Discriminating 215Not Having Signing Authority on Bank Accounts 216Buying a Property with Environmental Issues 217Inspecting the Property Yourself 218Managing the Property Yourself 219Using Fill-in-the-Blank Legal Forms 219Dealing with Tenants 220Thinking You Know It All 221In the Next Chapter 222Creating Your Success Team 223Real Estate Brokers 224The Property Manager 225Attorneys 227Property Inspector 229Appraisers 229Lender 230Contractors 230Insurance Agent 231Demographer 2321031 Specialists 233Accountant 235In the Next Chapter 236Next Steps on Your Road to Wealth 237How Impatient Are You? 239The Absolute Shortest Shortcut to Real Estate Wealth 240Free Bonus Materials for You 241Index 243
