Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

Get To 40 Rentals Then You Develop! #sellerfinancing #multifamily

7 Mar 2023 · 1 min

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In this monologue, the speaker recounts a mentor’s step‑by‑step guidance that shaped his real‑estate investing journey. The mentor advised that an investor should first acquire around 40 rental units before moving into development, warning that without a solid rental base the development risk is too high. The speaker followed that advice, eventually scaling his portfolio to 110 rentals, including a resort property. He also shares a specific tactical tip from the mentor about converting flat roofs to pitched roofs, which the mentor claimed would pay for itself; the speaker later confirmed its success. Impressed, the mentor began selling him additional properties, including multifamily units, and eventually offered to sell his entire portfolio, signaling that the speaker was ready to transition into development. This led to a partnership where the mentor will help the speaker build out a full development portfolio in Moses Lake.

Chapters

and he told me the story of each property, how he bought it, where he was at in his life, and how it helped move him forward. And he told me, Cody, you get your 40 rentals, then you develop, and the development will make you rich. But if you don't have the rentals, you'll lose the development. And so he told me his little story of how he got to where he was at and why each thing had to happen the way it did. I bought my rentals and I got to 110, had the resort. And way back when this guy told me, Cody, you need to do a new roof on this. Take it from a flat roof, take it to a pitch, and it'll be way better. It'll pay for itself. It'll be well worth it. I couldn't afford it. So 2 years later, I finally got to a place where I could afford it and I let him know. I said, hey, it worked. Not only did he offer to sell me more properties, he sold me a few properties, some multifamily, but he offered to sell me his whole portfolio and he said, you're ready to develop, you've made it. And because I shared my story and I really uncovered his, he's going to help me build out my whole Moses Lake development portfolio.