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.
David Lindahl is an accomplished real estate investor who has been involved in more than 500 deals and controls more than $140 million in real estate. He is principal owner of The Lindahl Group, a real estate investment company that acquires properties in emerging markets across the nation. He operates RE Mentor (www.rementor.com), a publishing and seminar company that shows investors how to profit from all forms of real estate investing. He is also a popular speaker and expert at real estate investment clubs, conventions, and seminars throughout the country. For more information, please visit www.multifamilymillions.com.
Chapter 1. A Different Approach that Creates Huge Real Estate Profits. How This Book is Different. Chapter 2. Why Invest in Apartments? Apartments Set You Free. Let's Explode the No-Money-Down Myth. More Myths about Apartment Investing. This Is Not a Myth; This Is Reality: They'll Laugh First, And You'll Laugh Last. Opportunity is Everywhere. A Brief Overview of the Different Kinds of Multi-Family Housing. Burned-Out Landlords Are Great Sources For Deals. In the Next Chapter. Chapter 3. An Overview of How to Get Your First Deal. The 14 Steps to Acquiring a Property. 1. Decide What Size Buildings You'll Start Investing In. 2. Decide Where You Want To Invest. 3. Determine What Types Of Multi-Family Properties You'll Buy. 4. Put Your Team In Place. 5. Market to Get Your Deal. 6. Analyze the Deal. 7. Create the Offer or Letter of Intent. 8. Negotiate the Deal. 9. Create and Sign the Purchase and Sale Agreement 10. Do Your Due Diligence. 11. Renegotiate the Deal. 12. Start Your Financing. 13. Choose a Management Company. 14. Close the Deal. Option 1: Buy and Flip. Option 2: Buy and Hold. Option 3: Buy, Reposition and Sell. In the Next Chapter. Chapter 4. Where to Find Enormous Profits from Repositioning. It's All About Raising the NOI. Problems to Look For. Making a Change. Then there's the Perception. Send the Message that Change is Happening. The Property Cycle. A Common Repositioning Mistake. The Two Main Reasons Why Repositions Fail. The City Cycle. Revitalization Zones. In the Next Chapter. Chapter 5. How to Attract Deals to You with a Minimum of Time and Money. Principle #1: Make it Easy to Do Business with You. Principle #2: Do What You Say You Will Do. Principle #3: Don't Be a Pain In the Butt. Inexpensive Deal-Attraction Techniques. Go Directly to the Owners. Other Techniques that Cost Little but Bring Big Results. Go After the Don't Wanters. Cruising for Dollars. Another Way to Cruise. Oh So Many Ways to Get Deals. Don't Make These Three Mistakes. In the Next Chapter. Chapter 6. Separating the Gold Mines from the Land Mines. The Power of Negative Thinking. Profiting from Value Plays. How to Find-and Profit from-Burned-Out Landlords. Profiting from Management Nightmares. Properties That Need Repair: Where the Gold Is. Avoid Certain Repairs. Solving High-Vacancy Problems-Once and For All. How I Filled 400 Units. How to Raise Rents at Takeover and Not Lose Your Tenants. How to Raise Rents Steadily While Keeping Your Tenants. When It Makes Sense to Clean House. In the Next Chapter. Chapter 7. How to Analyze a Property Using the Fewest Numbers for the Most Profit. Back to the Cap Rate. Analyzing Your First Deal. How Do We Know It Really Is a Deal? Current Management: When to Hold' em and When to Fold 'em. What Matters the Very Most to Tenants. Is Someone Putting Lipstick on a Pig? Let's Look Inside. Market Area Inspection. The Sidewalk Tells the Story. But What If My Numbers are Off? Don't Get Depressed on Me! In the Next Chapter. Chapter 8. Where to Get the Money for All Your Deals. Why Banks Like Apartments. Three Flavors of Lenders. Conduits. When to Use a Mortgage Broker. Putting Your Package Together. How to Get Partners to Fund Your Deals. The Big, Profitable World of Private Money. Debt Versus Equity Deals. In the Next Chapter. Chapter 9. Twelve Negotiating Secrets of the Pros. 1. Be Prepared. 2. Understand the Other Party's Needs. 3. Set Your Goals and Rank Them In Order of Priority. 4. Decide What Your Strike Price Is and Don't Exceed It. 5. Anticipate the Next Move and Don't Avoid Haggling. 6. Remain Calm and Unemotional. 7. Build Rapport and Trust. 8. Create a Win/Win Environment. 9. Remain Flexible and Open to Options. 10. When the Seller Speaks, Listen Closely and Delay Your Response. 11. Demonstrate Empathy. 12. Silence is Golden. In the Next Chapter In the Next Chapter. Chapter 10. The 80/20 Rule of Rehabbing. Exterior Improvements. Interior Improvements How to Get the Most from Insurance Claims. Dealing with Contractors. In the Next Chapter. Chapter 11. How to Avoid Being a Landlord: Secrets To Hiring Great Property Managers. How to Find the Best Managers. What You Should Expect to Pay. Repositioning Managers: a Special Breed. How to Get Contractors to Beg You for Business. Managing the Manager: Reports you Should Get Regularly. You're an Asset Manager. In the Next Chapter Chapter 12. Reselling for Huge Profits. Return on Equity. Is Your Property Stabilized? Get Your Financial House In Order. Get Your Physical House in Order. Time to Tell the World. Your Obligations as a Seller. In the Next Chapter. Chapter 13. The 10 Biggest Mistakes Repositioners Make, and How to Avoid Them. Mistake #1: Running Out of Money During a Repositioning. Mistake #2: Leasing Up Too Soon. Mistake #3: Not Using Licensed Contractors. Mistake #4: Not Getting 3 Bids. Mistake #5: Assuming the Lowest Bid is the Best Bid. Mistake #6: Not Going After Private Money Sooner. Mistake #7: Not Marketing Consistently. Mistake #8: Discriminating. Mistake #9: Not Having Signing Authority on Bank Accounts. Mistake #10: Buying a Property with Environmental Issues. Mistake #11: Inspecting the Property Yourself. Mistake #12: Managing the Property Yourself. Mistake #13: Using Fill-in-the-Blank Legal Forms. Mistake #14: Dealing with Tenants. Mistake #15: Thinking You Know It All. In the Next Chapter. Chapter 14. Creating Your Success Team. Real Estate Brokers. The Property Manager. Attorneys. Property Inspector. Appraisers. Lender. Contractors. Insurance Agent. Demographer. 1031 Specialists. Accountant. In the Next Chapter. Chapter 15. Next Steps on Your Road to Wealth. How Impatient Are You? The Absolute Shortest Shortcut to Real Estate Wealth. Free Bonus Materials for You.