I bought this 8 unit multifamily off market and its amazing

[Erin Wicomb]

Hi I am Erin, I fix and flipped over 200 houses bought and sold land, I currently own or have owned duplexes, fourplexes and single family rentals, office buildings and retail units and I can honestly say mult-family is my favorite.

Only over the last few years have I started to get serious about multifamily investing. 

My experience from flipping houses has really translated well into renovating these smaller apartments:

When I transitioned into commercial real estate investing in 2012 from starting with zero nada (infact I dropped out of business school to get into real estate but found myself waiting tables instead) in 2008 it was a whole new world. Getting into commercial real estate felt like I was starting from scratch. 

However, multifamily value add deals were vary familiar or similar to flipping houses - where I can pick something up where the seller is motivated, where the property is off market and doesnt have a ton of sharks circling the deal and most importantly the seller has not increased or not aware of the current market rents has allowed me to make more money in this space/asset class on one multifamily (this 8 unit) property than I would have made on 10 fix and flips. Crazy. 

I feel quite upset with myself for not getting into apartments sooner. Dont get me wrong I am appreciative and its been quite a journey to get here and i'm happy with my diversified portfolio but dam I cant help but think about what things would look like if I got into this in 2008 - hide sight is 2020. (actually next year is 2020) It's motivating. 

#newgoals

So I currently I have 40 multifamily units. I decided I am going to focus on this category and set an aggressive goal of building my multifamily portfolio up to 400 units in the next 2 years. I have been following guys like @Joe Fairless, @Grant Cardone and @James Randal who have really been quite inspirational and I want to thank them for sharing their knowledge. 

So to clarify my goal is to get up to 400 units by the end of 2020 - I hope you guys can keep me accountable 

If you can share when was a time you missed a goal or an opportunity and then worked your butt off to make up for it I'd love to hear about it. 

Below is a drone shot of the 8 plex and a motivating quote that resonated with me. Crush it in 2019