If you are in real estate there is one thing that has brought you here and that is the need to make good money, fast. That is the only thing that makes up for all the headaches, the stress and the fact that a deal has the potential to go south right up to the moment it is signed.
So the question is, if you are in real estate to make money why do you limit yourself the moment you start out by narrowing down the possibilities and restricting yourself on the amount of money you can make?
While consciously this is not a decision any real estate investor really wants to make, subconsciously this is exactly what happens when you decide to invest solely on single-family properties. Having started out just like you I perfectly understand the forces at work which make you decide to limit yourself this way. They tend to go something like this: I understand single-family properties, I know what drives their value and I know how to manage them and how to handle them. I do not have many problems with single-family properties. There is just one set of people to talk to and one set of issues to solve and one set of possible obstacles to overcome. Multi-family properties magnify the problems of managing a single property many times. I do not want to be dragged out of bed in the middle of the night by tenants who call because they have major plumbing problems. The list goes on, negative piling on negative until you know which way the balance will shift and what the outcome will be.
As a real estate investor who has made a fortune in selling, buying and handling both single-family and multi-family dwellings I perfectly understand that kind of thinking because I was victim to it once myself. As the owner of over 7,000 apartments in eight states I have obviously managed to overcome it and I know you can too.
The plain truth is that all it takes to succeed faster than you expect in real estate is a total switch in the way of thinking. This is something I go over in my courses in detail because with the ‘switch’ come opportunities and a definite broadening of your horizons as a real estate investor.
The fact is that multi-family dwellings guarantee a steady income stream that is as recession-proof as it can possibly get. Getting to that stage requires a step-by-step progression and some serious thinking in order to overcome the natural impulse to think negatively. Provided that is overcome the world as a real estate investor is truly your oyster.
David Lindahl, also known as the "Apartment King" has been successfully investing in single-family homes and apartments for the 15 last years. He has rehabbed over 820 houses and currently owns over 7,232 apartment units. He is the author of three best selling books. Dave Lindahl is a regular guest speaker at CT REIA. Go here for the current list of upcoming real estate investing seminars in Connecticut.