Multi-Family Millions: How to Flip and Reposition Small Apartment Buildings for Maximum Profit in Minimum Time by David Lindahl

Acknowledgments     xiii
A Different Approach that Creates Huge Real Estate Profits     1
How This Book Is Different     2
Why Invest in Apartments?     9
Apartments Set You Free     10
Let's Explode the No-Money-Down Myth     13
More Myths about Apartment Investing     14
This Is Not a Myth, This Is Reality: They'll Laugh First, and You'll Laugh Last     18
Opportunity Is Everywhere     20
A Brief Overview of the Different Kinds of Multi-Family Housing     21
Burned-Out Landlords Are Great Sources for Deals     23
In the Next Chapter     24
An Overview of How to Get Your First Deal     25
The 14 Steps to Acquiring a Property     26
Decide What Size Buildings You Want to Start Investing In     26
Decide Where You Want to Invest     27
Determine What Types of Multi-Family Properties You'll Buy     29
Put Your Team in Place     30
Market to Get Your Deal     31
Analyze the Deals     31
Create the Offer or Letter of Intent     32
Negotiate the Deal     33
Create and Sign the Purchase-and-Sale Agreement     33
Do Your Due Diligence     35
Renegotiate the Deal     37
Start Your Financing     38
Choose a Management Company     40
Close the Deal     41
Buy and Flip     42
Buy and Hold     46
Buy, Reposition, and Sell     47
In the Next Chapter     53
Where to Find Enormous Profits from Repositioning     55
It's All about Raising the NOI     57
Problems to Look For     58
Making a Change     60
Then there's the Perception     61
Send the Message that Change Is Happening     62
The Property Cycle     64
A Common Repositioning Mistake     67
The Two Main Reasons Why Repositions Fail     68
The City Cycle     69
Revitalization Zones     70
In the Next Chapter     73
How to Attract Deals to You with a Minimum of Time and Money     75
Make It Easy to Do Business with You     75
Do What You Say You Will Do     77
Don't Be a Pain in the Butt     78
Inexpensive Deal-Attraction Techniques     79
Go Directly to the Owners     84
Other Techniques that Cost Little but Bring Big Results     88
Go After the Don't Wanters     90
Cruising for Dollars     91
Another Way to Cruise     92
Oh So Many Ways to Get Deals     93
Don't Make These Three Mistakes     93
In the Next Chapter     95
Separating the Gold Mines from the Land Mines     97
The Power of Negative Thinking     97
Profiting from Value Plays     98
How to Find-and Profit from-Burned-Out Landlords     99
Profiting from Management Nightmares     100
Properties that Need Repair: Where the Gold Is     101
Avoid Certain Repairs     102
Solving High-Vacancy Problems-Once and for All     104
How I Filled 400 Units     105
How to Raise Rents at Takeover and Not Lose Your Tenants     106
How to Raise Rents Steadily While Keeping Your Tenants     107
When It Makes Sense to Clean House     109
In the Next Chapter     111
How to Analyze a Property Using the Fewest Numbers for the Most Profit     113
Back to the Cap Rate     114
Analyzing Your First Deal     116
How Do We Know It Really Is a Deal?     118
Current Management: When to Hold 'Em and When to Fold 'Em     119
What Matters the Very Most to Tenants     122
Is Someone Putting Lipstick on a Pig?     123
Let's Look Inside     125
Market Area Inspection     126
The Sidewalk Tells the Story     128
But What If My Numbers Are Off?     129
Don't Get Depressed on Me!     129
In the Next Chapter     130
Where to Get the Money for All Your Deals     131
Why Banks Like Apartments     132
Three Flavors of Lenders     133
Conduits     136
When to Use a Mortgage Broker     136
Putting Your Package Together     137
How to Get Partners to Fund Your Deals     138
The Big, Profitable World of Private Money     139
Debt versus Equity Deals     143
In the Next Chapter     145
Twelve Negotiating Secrets of the Pros     147
Be Prepared     147
Understand the Other Party's Needs     149
Set Your Goals and Rank Them in Order of Priority     150
Decide What Your Strike Price Is and Don't Exceed It     152
Anticipate the Next Move and Don't Avoid Haggling     153
Remain Calm and Unemotional     154
Build Rapport and Trust     155
Create a Win/Win Environment     155
Remain Flexible and Open to Options     156
When the Seller Speaks, Listen Closely and Delay Your Response     157
Demonstrate Empathy     158
Silence Is Golden     158
In the Next Chapter     160
The 80/20 Rule of Rehabbing     161
Exterior Improvements     162
Interior Improvements     166
How to Get the Most from Insurance Claims     170
Dealing with Contractors     171
In the Next Chapter     176
How to Avoid Being a Landlord: Secrets to Hiring Great Property Managers     177
How to Find the Best Managers     179
What You Should Expect to Pay     182
Repositioning Managers: A Special Breed     187
How to Get Contractors to Beg You for Business     190
Managing the Manager: Reports You Should Get Regularly     191
You're an Asset Manager     194
In the Next Chapter     194
Reselling for Huge Profits     195
Return on Equity     196
Is Your Property Stabilized?     198
Get Your Financial House in Order     199
Get Your Physical House in Order     201
Time to Tell the World      202
Your Obligations as a Seller     205
In the Next Chapter     205
The 10 Biggest Mistakes Repositioners Make, and How to Avoid Them     207
Running Out of Money During a Repositioning     207
Leasing Up Too Soon     210
Not Using Licensed Contractors     211
Not Getting Three Bids     212
Assuming the Lowest Bid Is the Best Bid     213
Not Going after Private Money Sooner     214
Not Marketing Consistently     215
Discriminating     215
Not Having Signing Authority on Bank Accounts     216
Buying a Property with Environmental Issues     217
Inspecting the Property Yourself     218
Managing the Property Yourself     219
Using Fill-in-the-Blank Legal Forms     219
Dealing with Tenants     220
Thinking You Know It All     221
In the Next Chapter     222
Creating Your Success Team     223
Real Estate Brokers     224
The Property Manager     225
Attorneys     227
Property Inspector     229
Appraisers     229
Lender     230
Contractors      230
Insurance Agent     231
Demographer     232
1031 Specialists     233
Accountant     235
In the Next Chapter     236
Next Steps on Your Road to Wealth     237
How Impatient Are You?     239
The Absolute Shortest Shortcut to Real Estate Wealth     240
Free Bonus Materials for You     241
Index     243