The Multifamily Millionaire, Volume I: Achieve Financial Freedom by Investing in Small Multifamily Real Estate

Multifamily Millionaire

by Brandon Turner, Brian Murray

Multifamily real estate investing can turn anyone into a multi-millionaire—but only if you buy the right deals, achieve the right cash flow, and run your business the right way!

In this groundbreaking first volume of The Multifamily Millionaire series, experienced real estate investors Brandon Turner (host of The BiggerPockets Podcast and author of The Book on Rental Property Investing) and Brian Murray (author of Crushing It in Apartments and Commercial Real Estate) share the exact, step-by-step blueprint you need to get started with small multifamily real estate. No matter how much cash or experience you currently have, this book will take you on a journey through buying your first multifamily investment property and give you a framework for turning that into long-term financial freedom.

Millionaires are created every day—isn’t it time you joined the ranks? It won’t happen overnight and it won’t always be easy, but The Multifamily Millionaire series will make sure it happens sooner than you ever thought possible!

Inside this book, you’ll discover:
• How to create a million-dollar net worth in five years using the stack method
• The seven different types of small multifamily real estate and which make the best rental properties
• How to quickly and accurately analyze your investment, whether its two units or twenty units
• Three creative no and low money down strategies that work in any market
• A game-changing algorithm for estimating your ongoing repair and reserve expenses
• The powerful Multifamily Millionaire Model that illustrates how a million dollars can be created from one single deal
• Six off-market acquisition strategies to help you land incredible deals, even in a competitive market
• How the BRRRR strategy can help you supercharge your small multifamily portfolio
• Detailed instructions for managing your growing portfolio (hint: find five-star tenants!)
• And so much more

Genres: Finance, Business, Nonfiction, Money, Economics, Personal Finance

344 pages, Hardcover

First published October 19, 2021

About the author

Brandon Turner is an author, entrepreneur, and active real estate investor with more than 500 rental units and dozens of rehabs under his belt. He is the Vice President of BiggerPockets, co-host of The BiggerPockets Podcast, and author of four books, including The Book on Rental Property Investing and How to Invest in Real Estate. Brandon has also been featured in numerous online and print publications—like Forbes.com, Entrepreneur.com, and Money Magazine—where he enjoys showing others the power and impact of real estate investing and financial freedom. A life-long adventurer, Brandon (along with his wife and daughter) splits his time between his home in Maui, Hawaii and various other destinations around the globe.

Reviews

[Monty Morgan · Rating 5 out of 5]

Excellent resource for those who own or looking to invest in real estate and specifically multi family real estate

Real issues to consider and plan for .
Management , taxes , valuing property all things critical to success are discussed and ideas on how to manage

Pickup and study if your in the business !

[Nate Ross · Rating 5 out of 5]

Fantastic book for new multifamily investors with great reminders to those who have been doing it for a while. The volume 1 book mostly focuses on small multifamily investments — anything from duplex to around 15 units. The beginning lays out The Stack which shows the blueprint for learning with smaller buildings and eventually evolving to larger and larger deals (covered in volume 2). It’s a great vision piece and shows the power of learning on small properties and eventually scaling into larger real estate in ways that transform your financial life. I also really enjoyed the unique methods for estimating ongoing maintenance and capex reserves to get a better picture of expenses than the typical percentage of gross rent that most owners use while still keeping it really simple. The author still manages to make this information dense book fun with stories, anecdotes, and occasional jokes which kept me engaged.

[David Slice · Rating 5 out of 5]

Brandon does an incredible job making the concepts of multi family real estate investing easier to understand and provides step by step guidance from his experience. 10/10 would recommend!

[saranimals · Rating 1 out of 5]

How to exploit the housing needs of the working class. *eyeroll*

[Andrew Savage · Rating 3 out of 5]

It’s a very good book for beginners and offers practical advice that some well-researched investors might not know.

Where I wish it went into more detail would be practical methodologies for financing and projecting expected returns for “The Stack”.

Ex: you start out with $50,000 to invest in a $200,000 duplex. Every year you want to go from a duplex to a 4 Plex to an 8 unit etc. If you only start with a 50,000 down payment how can you practically expect to not only recoup that initial capital, but get enough to finance ever-increasingly expensive deals?

In addition to this, if you do get additional financing outside of yourself what would your expected payouts have to be? So that if you brought in other investors, if you’re going for $150 per door, how much of that will actually go into your pocket versus their’s and for how long?

This I think would be invaluable information to at least give investors a practical idea of what it would need to take to reach the hallowed vision of financial independence in five years through the stack method of doubling the size of the multi family units that you invest in every year (until you control 40+ units)

[Michael Carson · Rating 5 out of 5]

Loved it. So full of great information! I have a strong finance, accounting, banking, and underwriting background. I have owned a couple SFR rental properties and I have done one house flip. Nonetheless, I didn't have all of the information captured in this book. If I had I would have been more successful and would have likely built a sizeable and strong multifamily property portfolio. I'd recommend this book to anyone interested in multifamily property investing. I will follow-up in a year or two to share my experiences, as I apply what I have learned along with the experience I have gained personally and professionally over the years.

[Nathan · Rating 5 out of 5]

This is a great introduction to home hacking.

I think the book was very clear about the different lovers. You can pull to start buying real estate and hacking your house. I thought it was most interesting that you can put only 3.5% down and add your rental income as projected income. Made it much more clear about what it actually takes to manage a rental property and how to finance deals when you don’t have the money to buy a multimillion dollar property. I think this book was great to show what is possible in real estate and now I have to use these general ideas and actually do the research and do the work. But this book opened my eyes to what is possible in real estate.

[buyan · Rating 5 out of 5]

A fantastic book for people who are starting on multifamily units

If you are a real estate investor looking to expand your horizons into the multi family deals, this is a great book to read and learn. Brandon brings a lot of insights on analyzing deals which are commercial, useful tips and also ways to asses the property. There is also a great toolkit which comes with it for free which opened my eyes on how much money i should be setting aside for repairs capex. A must book to read when we start on multi family deals. Thanks Brandon for the great book.

[Caity Bejster · Rating 5 out of 5]

First off - I can’t believe I’m FINALLY done with this book. 13+ hours of detail-specific audio, my lord. The number of times I had to start and stop this thing to take notes. But, I wish I could give it an extra credit star. The author really went above and beyond making sure he included every detail he could possibly think of to help the reader along their investing journey. Also provides links to a ton of free resources on the bigger pockets website. I wouldn’t recommend anyone get started with Multifamily investing without reading this book

[Ryan Cox · Rating 5 out of 5]

I have this book five stars because it fulfills its intended purpose of giving you all the information you need to know about investing small multifamily properties. The Stack method is brilliant (logical) and it just makes sense. I look at it as a handbook that you can go back to when referring to anything with multi families and I like that they made two separate books so you don’t have to get ahead of yourself. Can’t really go wrong with the BiggerPockets group.

[Yosef Leibowitz · Rating 5 out of 5]

I recommend this book to anyone just starting to think about real estate. On my first read through I felt like it gave the perfect introduction to someone starting out in real estate and getting their feet wet. On my 3rd read through, and a few years into investing, I found less nuggets and understood the simplicity of what the book offered.

I still give in 5 stars because if I had read it my first foray into investing I would have been better off.

[Zak Schmoll · Rating 5 out of 5]

This is a solid real estate investment book. It highlights some of the things that I have learned the hard way through this process, and it is very strong in terms of deal analysis. While there are only general guidelines, as would be expected, this is still a very valuable book, and I would recommend it for trying to learn more.

[Tom Horn · Rating 5 out of 5]

This is one of the best books on real estate investing out there. While there is quite a bit of overlap between this and some of the other BP books, Turner does a great job of explaining every single aspect of purchasing a property. This is a great place to start for anybody interested in the topic.

[Andrew · Rating 5 out of 5]

Great book for those trying to get into a niche of real estate. Being in the real estate business, I never knew how lucrative this business actually was until the author explains how it actually works. Highly recommended for first time investors and seasoned investors to get familiarized in a new market that’s been around forever.

[Hannah Allinson · Rating 4 out of 5]

I thoroughly enjoyed reading this book and found it to be very insightful for new real estate investors. I would like to express my hope that the authors will consider releasing a new edition to reflect the recent NAR settlement in 2024. Specifically, there are a few points regarding real estate commissions mentioned in Chapter 18 that may no longer be accurate due to this settlement.

[Mike Parsons · Rating 5 out of 5]

Very informative book

Awesome book outlines a path to growing your wealth! Brandon outlines and provides downloads to list you can make sure you are headed in the right direction. This is Volume one of two. I can’t wait to dive into the next volume! Great job Brandon!

[wakuna · Rating 5 out of 5]

Wowww! You want to read this book

Amazing! Just amazing! A wealth of information and value. Incredibly written and easily understood by any audience. Thank you guys so much for a wonderful book.

[Mary Anne · Rating 5 out of 5]

Easy to read. Good for beginners as well as intermediate investors. Love the humor the authors added to the book. The book also comes with helpful bonus materials saved online. Would definitely recommend!

[Karen Williams · Rating 5 out of 5]

This is a must read

Awesome book! Author shares his experience in layman’s terms. This is a book you want in your arsenal of real estate books. Brandon Turner does a great job in writing and education. Highly recommend this book!

[Snehann Kapnadak · Rating 5 out of 5]

Fantastic. A very well-thought out display of how to get started in “smaller” real estate deals. Obviously this book isn’t going to cover everything about investing, but it provides a solid basis and roadmap. I’m looking forward to Part 2, which is more of what I’m interested in personally.

[Chris Bruni · Rating 4 out of 5]

A very good read. I’m not a huge fan of Brandon’s writing style typically, but this one was very good. Great examples, good references and easy formulas. Helpful for those who want to move into multi-family investing.

[Ebonee · Rating 4 out of 5]

The book is a good overview of real estate investing concepts, especially for multifamily properties; however, if you have heard more than a month's worth of episodes on The BiggerPockets Podcast, then you have the same information.

[Kristin · Rating 5 out of 5]

Finally I have a clear understanding about Cash on Cast return, ROI, and Cap rate. This was a great book. Valuable information and it was easy to understand. I highly recommend reading this even to people not interested in multifamily. Find your crystal clear vision and go after it.

[Kyle Lendt · Rating 5 out of 5]

This was a fun read. Very modern and up to date. I also listened to the audio book and that is hands down the best non-fiction audio ever. Entertaining as well as learning. Thank you for this I can’t wait to start my real estate journey!!!

[Allen Frantz · Rating 5 out of 5]

Lots of good information, especially paired with the 4 week masterclass included in the bonus content. Plenty of repetition, but a solid foundation for investing in small multifamily real estate.

[Julian Van Cole · Rating 5 out of 5]

Great Step by Step Guide

A great introduction into the world of multi-family investing. Amazing as a precursor or companion to building your personal empire.

[Christopher · Rating 5 out of 5]

What a find! I wish I had read this book before looking at my first rental. This is a fantastic resource that anyone interested in the subject should read first!

[Cory Wallace · Rating 4 out of 5]

Good reach which provides easy to do steps in acquiring a multifamily investment property.

[Alex McPhee · Rating 2 out of 5]

Almost identical to his first book.
This one is just a cash grab.

Pick this or “The Book on Rental Property Investing.”
Not both.

[Gabby kampman · Rating 5 out of 5]

Brandon makes learning about real estate fun and funny .