Action Academy | Replace The Job You Hate With A Life You Love How To Go From $0 To $1,000,000,000 + (Through Multifamily Investing) w/ Logan Rankin
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Sep 13, 2023 Logan Rankin, former retail operations leader at a fortune 50 corporation, shares his journey from corporate job to building an impressive multifamily portfolio. He emphasizes the importance of strong systems and teams in investing, building business architecture for future growth, and the concept of games in life. They also discuss improving customer service, building a well-structured organization, and the importance of bringing in outside leaders. Lastly, they delve into structuring the future and internal growth.
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Operational Expertise First
- Learn real estate operations firsthand by buying small multifamily properties (3-10 units) with your own capital.
- Understand property management intricacies to optimize returns before scaling.
Creative Financing Pitfalls
- Creative financing, while attractive, is risky without operational knowledge.
- Master operations before using seller financing or other shortcuts, ensuring long-term success.
Creative Financing Cautionary Tale
- Logan Rankin shares a story about a friend who bought a business using creative financing without operational experience.
- The friend struggled to lead and incentivize employees, highlighting the risks of neglecting operational expertise.