Build a Successful Real Estate Career Through a Multi-Family Dwelling Portfolio
In real estate, just as in just about anything else in life, there are always two ways to do a particular thing. Some are hard and some not so hard and the 'hard' in this case comes from a perception that real estate is about getting in and getting out fast rather than building up a multi-layered income stream that gives you money and keeps on giving you money beyond the ordinary, buy low, sell as high as you can and hope the margin is large enough to keep you going until the next deal.
The reason I am familiar with this scene is because I too started exactly this way making the exact same mistakes and yes, having the exact same point of view of the real estate investment business. What changed it for me was success which happened more slowly than I would have liked and was the inevitable result of accumulation of experience.
I am now at a point where I have millions in the bank, own more than 4,000 apartments across six states and I am sought after by syndicates of investors who are willing to put up money for me to help them get a toehold in the real estate market.
I can tell you it was not always that way. What turned it round for me was the fact that I managed, single-handedly almost to change my perception by applying the common logic of risk-management. What I realized is that the purchase of a single-family dwelling has some inherent risks. The same risks are associated with its sale or, should I decide to keep it, its management. The point of illumination came when I realized that by increasing the scale I did not automatically multiply the problems nor increase the risk.
Quite the opposite in fact. I will give you an example: in a single-family dwelling it only takes a change of tenants and the property remaining empty for a month or two and you could see your profit for the year wiped out. But take the same approach with multi-family dwellings and although the chances of a property remaining empty for a month or two are the same, the fact that you have dozens of other properties taking up the slack means that all that really happens is your profit margin slims down a little.
It was this realization that made understand that scale meant not more problems but, perversely fewer ones. Scale as in going from a single-family dwelling to a multi-family one, allows you to set up a level of management to run everything so you do not have to worry about dealing with tenants and can then concentrate on the important things, like making money!
David Lindahl, also known as the "Apartment King" has been successfully investing in single family homes and apartments for the last 10 years. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! If you would like a free copy of the Special
Source: http://ezinearticles.com/
Added: March 21, 2008
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