It’s just me on this episode and I want to talk with you guys about mindset. Expanding your mind is something help you achieve your goals in the fastest way possible. Staying within your comfort zone can do the opposite.
In this podcast I outline 5 Reasons why bigger is better with apartment building investing and then give you 3 practical ways to expand your comfort zone, so you can do more/bigger deals.
[0:30] We limit ourselves based on what we believe is possible.
[3:14] Buying an apartment building twice as big really doesn’t add that much work.
5 Reasons Why Bigger is Better with Apartment Building Investing
[4:18] Reason # 1: A Much Better Buying Experience
- The smaller you go the more of a pain it will be.
- Less sophisticated sellers
[4:55] Reason # 2: Economies of Scale.
- You can spread out the cost of management/maintenance over more units.
[5:25] Reason # 3: Less closing costs as a percentage of the deal
- Many flat rate fees
[5:55] Reason # 4: Better financing
- Non-recourse loans. The larger the loan the less likely you will have to personally guarantee it.
- Larger loans are cheaper. Interest rates go down and terms get better.
[6:40] Reason # 5: Bigger Profits for less work
- Would you rather buy 30 houses or one 30 unit building?
3 Practical Ways to Expand Your Comfort Zone (So You Can Do More Deals!)
[10:31] Tip # 1: It all starts with visualization
[12:01] Tip # 2: Create a sample deal package.
- Look at deals that are outside of your comfort zone. (More units).
[13:43] Tip # 3: Visit properties that are outside of your comfort zone
- Visit 3-4 properties over the period of 1 week
Mentioned in this Podcast:
Book: The Miracle Morning
Movie: The Secret