#145 with Dan Gorman: How to Scale to 700 Units & Helps People Get Started in Real Estate
Millennial Millionaire Real Estate Podcast
English - December 24, 2020 19:35 - 47 minutes - 87.3 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Dan Gorman on his path from orbiting into his first multifamily deal to creating an organization building affordable housing in Rwanda. Dan is a multifamily, mobile home, and commercial real estate investor based in northern Kentucky. In this episode, we jump into topics like: getting into real estate without big down payments, getting a multifamily operation off the ground, creating apartment lead flow, and more!
Top Takeaways:
Getting started with little or no money down - 21:00 - 22:30
Nowadays, a bank wants to see you have at least some financial investment in the outcome
Regardless, you can still get seller financing for the majority of what’s left in the down payment
The main power of this is you can expand the reach of what you can afford
First steps to starting a multifamily operation - 26:15 - 31:45
Your first task has to be identifying your goals and how real estate will help you achieve them
This will help you shape what kind of deals you should look for
Flipping is a nice way to get a chunk of cash up front that you can then invest elsewhere
Developing lead flow for apartments - 32:15 - 35:00
A reliable source is brokers that specialize in working with investors
Once you identify a market, get to know it well enough that you can tell who’s selling next
For bigger deals, word of mouth becomes a faster mode of information
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