In this episode, Mark Walker shares with us how he replaced his income from a high-tech job with passive income from multifamily properties. Like so many people I’ve talked with, Mark started investing in single family housing before realizing that multifamily investing would allow him to achieve his dream of financial freedom.
His path was not always easy but one day in Mark “decided” that he was going to achieve financial freedom and from that moment on he worked towards escaping the rat race. In my experience, once you truly decide to do something you can’t stop yourself from taking action! So decide already!
Mark has some great advice and he’s even got a free PFD that you can download entitled, “10 “Not So Obvious” Ways to Boost Your Multifamily Property NOI.”
Key Takeaways
[1:15] Mark’s Backstory
- Worked for a high-tech company
- Left his job in January of 2015 to become a full-time real estate investor
[3:38] The day Mark “decided” to achieve financial freedom
[5:16] Why Mark started investing in condo’s and townhomes
- Higher returns (post-tax)
[6:05] Marks Hiatus from real estate investing
- Defrauded on a deal
[9:10] Why Mark decided to shift strategy and start investing in multifamily
- Value-added opportunities with cash flow
- Economies of scale
- “The bigger the deal, the easier it is”
- The way a multifamily property is valued
[13:04] Why Mark decided to do bigger multifamily deals
- Bigger payoff for time spent
- Non-recourse financing that he couldn’t get on smaller deals
[14:13] Marks mental struggle transitioning from a W2 employee to a full-time real estate investor.
- Had 36 units when he left his job
- 6-12 months to get used to no regular paycheck
[17:40] What Mark would do differently if he could do it over:
- Find a mentor/co-sponsor that is doing multifamily deals
[20:11] Why a very successful investor would be willing to partner with a noobie
[23:10] Marks advice for a new investor
- Never stop learning! “Learning leads to action and action leads to success”
Resources Mentioned
Mark's gift to listeners: 10 “Not So Obvious” Ways to Boost Your Multifamily Property NOI
