Happy #WellTailoredWednesday! I just finished reading one of the quintessential books about real estate — Multi-Family Millions by David Lindahl. “Dave” is an experienced investor who controls more than 8,200 multifamily units and over $240 million in real estate. I’d highly recommend anyone starting out in multifamily real estate to read this book.
Perfect Mix of Mindset & Tangibility
Real estate books, and many business books in general, often fall in two camps: Either they’re too mindset-focused and conceptual (think Rich Dad, Poor Dad) or they’re too nitty-gritty and come off as a manual (think Commercial Real Estate Investing For Dummies). This book does a good job of walking the line between the two.
Dave starts out providing an overview of why real estate and specifically, why the apartment building asset class, is a great investment (Chapter 2). He doesn’t persuade readers to get into large multifamily from the get-go, like how some of the other gurus do. Then he delves into tangible content: walking the reader through the exact steps of finding a market, building a team, analyzing deals, and putting in offers.
Lindahl also sprinkles excellent advice into raising private money, managing contractors, and navigating the disposition process. It’s important for investors to understand that they don’t need to reinvent the wheel with multifamily investing. Instead, they can just follow the steps previous investors took to reach success.
Deal-making is like cooking: There is a tested recipe for buying an apartment complex. Follow that recipe and you’ve got something of value…Do what you want with the brownies in your kitchen, but when it comes to the recipe for making dough in real estate, just follow my instructions to the letter.Page 32
Overall I think this book should be on every aspiring multifamily real estate investor’s bookshelf. Lindahl uses his extensive experience of owning a large portfolio of multifamily real estate to educate the reader on how they can break into investing in apartment buildings, all without coming off across as condescending or pretentious. However, I think the book could have benefited from a few more visuals around certain aspects of the multifamily process, such as financing or communications with tenants. For all these reasons, I give this book a 4.5/5.
Read If You:
- Are looking to start off in multifamily real estate investing
- Have a small portfolio of rentals and are looking to scale into larger multifamily
- Currently invest through other strategies (wholesaling, flipping, etc.) and want to explore another investment strategy
Don’t Read If You:
- Are content with owning one or two rental properties and are not interested in scaling up to larger multifamily units
- Buy properties in cash. Like all good real estate investors, Lindahl recommends utilizing leverage to buy more properties and not cash
- Already have a large multifamily portfolio and are looking for advanced strategies
Be sure to check out my other book reviews here. Thanks for reading and please feel leave your thoughts in the Comments’ section below!