Become a (Small) Multifamily Millionaire in 7 Steps

Small multifamily investing is what allowed Brandon Turner to reach financial freedom. This is why investing in duplexes, triplexes, quadplexes, and even 24-unit apartment buildings can be a fantastic learning experience and money maker for new landlords. But how do you get started if you’ve never bought a property before?

Brandon and his co-author of The Multifamily Millionaire, Brian Murray, walk through the seven steps to go from real estate onlooker to small multifamily master. We talk about everything from defining your criteria, financing, management, lead generation, and more. If you’re looking to build a portfolio of small multifamily properties that will allow you to break out of the rat race and do more of what you love (which may be large multifamily), make sure you not only listen to this whole episode but get Brandon and Brian’s new book!

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Join The Official BiggerPockets Facebook Group 👇
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Grab the Multifamily Millionaire Volume I:
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BiggerPockets Rental Property and Flip Calculators:
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Buy Brian’s Book Crushing It in Apartments and Commercial Real Estate:
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Hop on a BiggerPockets Webinar:
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Follow Brian on Instagram:
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Follow Brandon and David on Instagram:

Episode 496

0:00 Intro
1:56 Quick Tip
3:50 Brian's Unconventional Multifamily History
9:18 Large vs. Small Multifamily
16:33 Do You Need to Start Small?
17:59 7 Steps for Small Multifamily
18:10 Step #1: Commit To The Process
25:48 Step #2: Define Your Criteria
35:11 Step #3: Start Pulling in Leads
40:19 Step #4: Making an Offer & Negotiating
44:01 Step #5: Managing Small Multifamily
51:20 Step #6: Financing Your Properties
58:02 Set #7: Rinse and Repeat (Until You're a Billionaire)
1:05:01 Ready for Large Multifamily?
1:05:38 Sneak Peek: Chapter 1 of "The Multifamily Millionaire"

[mrtimewcwchamp]

Getting a property manager was the best thing I could’ve done for myself. I’m too busy with work to deal with issues in a timely manner

[nicholaspritzl]

What a great show! Cant wait to read the book

[Parpl]

I have a 6 unit building as a result of 1031 Exchange (long story). I am thinking through my next move. I like multi-family option because I manage the property myself. I understand what these guys are saying wrt to property management because they are busy buying and selling property year round but I am not at this point. I have a regular 9-5 job and the rental is my side-hustle.

[shaanabello]

You guys are the best! Thank you for such great information

[bbbhaskar]

Thank you so much to all biggerpocket team for that kind of teaching in very easy way and communication with experts

[-Silly-Willy-]

Good show guys. This should answer just about any questions a rookie may have about making the first move into multiple family properties.

[drwilliampclark]

Thank you. Great episode and information.

[theredbaron]

I really appreciated the discussion on commitment. Lots of good perspective here.

[readerleader]

Great content. Thank you so much for your video. G

[Giftig--Daniel-P]

I love this. I bought the books. I wish I could also buy David Greene a new webcam cause going between Brandon's sharp image to the pasty watercolor webcam that Greene has... well it's not terrible but it sure ain't great. I'm _pretty sure_ he can afford a nicer one lol

[angelmoreno]

Just got my first duplex under contract that we’re going to house hack! Going to focus on mastering the managing part of real estate investing and saving money for a second duplex in 2 years 😬

[almateenyazid]

I always hear these guys, and guys like you talk and talk about real estate investing, financing, etc, you never talk about 1)family health insurance how much, where to purchase from, pros and cons. 2) Estate planning. 3) All other " subsystems" that are needed in support of your "financial freedom" activities. That is very important and the reason why many do not take the "full plunge" to financial freedom and breaking those "golden handcuffs " of you W2 employment. Health Insurance. All of the aforementioned are just as important and are obstacles to navigate. You always hear from these guys... "all you need is X amount of dollars to retire" but... you need health insurance, dental insurance, and other expenses to ensure we can maintain and enjoy of financial gain and freedom. It is just as important to hear that insight of a "financially free" individual. That is a holistic approach and will relieve any apprehension and anxiety people my have. Sure. We all want freedom but... that is a key component. Any insight?

[veronicavelasco]

Hi, I just purchased more of your books. I've learned so much from your books and videos. I'm closing on a duplex my second property. Looking foward to closing more deals. Thank you

[RichardMPM]

That small audio from the book spelled out exactly what I experienced when starting out in real estate. That condescending tone of experienced RE agents approaching me as a newbie. I remember being pissed off at the guy for being condescending and afterwards I realized it affected me so much because it poked right at my insecurities and at that idea that I had of myself: i wasnt good enough, i was being foolish instead of ambitious, etc. A simple comment made all of that resurface and take over my thoughts. I can tell whoever wrote that clearly went through that moment and I believe every single one of you guys out there who are starting out will have a moment like this. Just know its absolutely normal. If you didnt second guess yourself once in a while it means you're a robot. Just push through and keep listening to positive and encouraging channels like BiggerPockets.

[yournursingneighbor]

Ooooo.... Nice Cliff hanger at the end!

[rochellemarquez]

Love all the knowledge sharing! Thank you! As a beginner, any other ways to get financed besides partnerships and putting the 3% down?

[FloridaHammer]

Bought a split level last year for a good price. It’s my first buy. I plan to convert into a duplex and am almost complete with the upstairs. Been doing all the work myself. The plan is to repeat a few times.

[maloy]

Great podcast to pitch your book! How do you pitch to attract partnerships or investors?

[christosantiago]

Yay! More videos to learn from! Gets me excited ✨

[DionTalkFinancialFreedom]

I’m always blown away by the knowledge you guys have.

Thanks.