The DealMachine Real Estate Investing Podcast 283: Colby's Blueprint For Multi-Family Wins
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Jan 22, 2025 Colby Kirk, a multifamily investor who transitioned from being a real estate agent, shares his remarkable journey in the world of real estate. He discusses his shift to wholesaling, revealing the practical steps to find lucrative deals. Colby dives into turning mismanaged properties into profitable assets, providing insights on securing funding through hard money loans. He contrasts investing in single-family versus multifamily properties and offers valuable advice for new investors looking to score their first deal.
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Accidental Multifamily Entry
- Colby Kirk and his partner accidentally stumbled into multifamily by wholesaling a 33-unit and a 22-unit package.
- Their initial buyer for the 33-unit, the manager of the Black Eyed Peas, backed out last minute.
Mismanaged Properties
- Colby bought a 33-unit package for under $600,000 from tired landlords in their 70s.
- The landlords were overwhelmed, tenants were often hostile and not paying, and maintenance was severely neglected.
Cash-for-Keys Evictions
- Colby and his partner used a cash-for-keys strategy with problem tenants.
- They would pay tenants to vacate, change locks immediately, and dispose of belongings if left.