Multi-Family Millions: How Anyone Can Reposition Apartments for Big Profits

Fine if you're a multi-millionaire. But this road to riches isn't for someone who doesn't have, as Gordon Gecko would say, enough cash to piss in the tall grass with the big dogs.More specifically, turning around an apartment complex that is available for a seemingly low price is no magically easy task. To begin with, you'd better have a barrel of cash for contingencies (let alone carrying costs through storms of low vacancies), experience with multi-family operations, good management (listen, hiring a mediocre manager can kill even a thriving enterprise), and a team of trusted workmen. The idea that you can leverage yourself to the max and then hire a turn-key management company to pull rabbits out of hats is from the other side of the looking glass.Even if memorizing an encyclopedic A-Z manual COULD make you a contender, just remember that you'll be stepping into the ring with corporate heavyweights well funded with REITs (real estate investment trusts). They will have teams of players each with more savvy than you, not to mention the wherewithall to break you with a price war and then buy you out for a song. Commercial real estate is a dog-eat-dog slug fest, and the sellers of many prorpositions are richer, smarter, and more experienced than you and me put together.Do you suppose that apartment dwellers will have pride of ownershiop? That the city won't pester you beyond what you can afford? That maintenance personnel will always work their hardest for a fair price? Oh, and here's one: what happens when one of the people you've hired steals from or assaults a tenant?One reason that financing is much rougher to get for apartment complexes than single family dwellings is that when the rental income falls with declining vacancy, so does the selling price of the property. To say it another way, when your property fails to generate even enough rent to pay the monthly note, it is a rude awakening that you can't even sell it for what you owe -- even after making a sizeable downpayment AND sinking good moolah into repairs and improvements.Two of my friends are seasoned commercial realtors. One described apartments as the Wild West of commercial real estate. The other said he never liked apartments because they have too many moving parts. Oh, and the first one told me he saw otherwise capable, stable investors turn into quivering, sniveling messes when their complexes quit cash flowing. If your heart is set on investing in apartment complexes, then you might be wise to invest in a REIT that will pummel the under-capitalized nube who imagines he's ready to conquer the universe because he's read a book.

Very easy read, extremely informative. Would highly recommend this to anyone looking to get their feet wet in this industry.

I find Dave’s book and writing style in general to be very entertaining. He comes off as genuine and extremely knowledgeable. Highly recommend. On another note I’ve read some reviews saying that his book is just a plug for his live events and courses. After reading this myself I have found that not to be the case. While he does mention them he gives tons of useful information rather than a sales pitch.

Commercial real estate is a 400 pound gorilla. It is very eye opening to find out that you probably already had enough money to get a multi-family unit at some point in your life. Chances are you will have the money again. This book is a great starting point but not the final destination.Essentially what you are dealing with are $10-$20 introduction books (by various gurus) which steer you to $500 courses. In the courses you get redirected to $6000-$10,000 mentorships.I definitely got value out of the book and I plan on getting emerging real estate markets but the level of specificity some of us are looking for would only be in the courses.

Good real estate book for those wanting to own properties but do not want any of the hassle pertaining to managing them or land lording.Basically, the main point of the book in one sentence: Find a good management company that can run your properties for you while you sit back and take in a steady income that pays the mortgages for themselves...Also touches greatly on marketing strategies for finding new opportunities to add to your portfolio. Solid book.

This book is the most educational real estate investing book I've ever read. Other books waste the entire book on platitudes and "selling the dream" and finally reveal that they are simply a pitch for future books or seminars. There are a few hints at seminars in this book, but overall its a great book, with tons of actionable advice.

I ordered this book based on someone’s reference. I was not one but disappointed. This book is GREAT for anyone looking to get into real estate. It’s easy to follow along and provides some great resources as well!

Halfway through this book and it is so far very, very good. It provides a lot of insightful information for anyone looking to invest in multi-family units. I did take away one star because it does appear that the book omits very specific steps on how to build a real estate empire. It gives you enough that I think if you're savvy enough, you can put two and two together. However, I can see some people wishing that a step-by-step blueprint is included and so far halfway through the book it seems obvious that it's not.Definitely worth a read as there are still a lot of helpful tidbits inside.

Amazing book! Taught me about some important principles for real estate investing. I would recommend to anyone who is looking for a beginner book!

Somme toute, beaucoup d'information pertinente qui vaut amplement sont prix si vous êtes nouveau et moindrement sérieux dans l'immobilier.Overall, a lots of good information for the price. A must have if your'e new and serious about investing in RE.