Courage isn’t about being fearless. Courage is about feeling the fear but ‘saddling up anyway.’ When I bought my first duplex, I'll admit, I was shaking. Yet I knew I to make a change to live the life I wanted, to be free from the humiliation of a boss who reprimanded me for drinking coffee meant for ‘customers only.’ I was highly motivated to leave my job as a mechanic and become a multifamily real estate investor, and that deep desire for financial freedom is what propelled me to take action.
I went from auto mechanic to self-made millionaire in just over three years, using creative financing to invest in both residential and commercial real estate. I started small, buying a duplex, a couple of 4-units, and a 12- and 24-unit before working my way up to shopping centers and 300-unit complexes. I have mentored thousands of investors all over the world and supported many more through my books on multifamily and commercial real estate investing.
In this podcast, I share in detail the moment I decided to take charge of my own financial destiny. I walk listeners through that first investment in a duplex and the meeting at Chucky E. Cheese that inspired me to invest in a mentor. I share advice around mitigating risk via exit clauses and acquiring property through seller financing or the use of a master lease. Listen in to understand my unique approach to recovering from a serious motorcycle accident and what I learned in the process that applies to multifamily investing specifically—and life in general!
The turning point that propelled me into action
Working as auto mechanic in Denver
Fingers numb from cold, reprimanded for coffee
Made decision to be in charge of own financial destiny
My first investment in a duplex
Found real estate agent
Took advantage of 5% down for investors through HUD
How I got over the hump to make my next investment
Meeting with life insurance agent, realized ‘spinning wheels’
Invested $5K in training with mentor
My advice around mitigating risk
Attach ‘Addendum A’ to contract (fully assignable)
Ask for 10 business days once documents provided
Allows to make offer first, then do due diligence
Guidance around seller financing
Target motivated sellers, C class properties
Ask seller if willing to carry some of financing
Set meeting to build rapport, share track record
Approach to getting started in commercial real estate
Start with apartment buildings (4-, 6- or 10-unit)
Consider using master lease to acquire property
What I learned in recovering from a serious motorcycle accident
Hiking Appalachian Trail gave me time to reflect
Enjoy every moment to fullest, appreciate process
Break big projects into chunks
What’s next for me
Learning to play piano
Support wife in startup
Limited one-on-one coaching
My top advice for aspiring real estate investors
It’s not about wealth, it’s about freedom
Find a way to enjoy the journey
How I want to be remembered
Fully present for friends and family
Playful, fun and encouraging
Michael Blank just released his book “Financial Freedom with Real Estate Investing” .
I’ve officially endorsed the book, along with the other big names in the real estate investing industry.
In the book, Michael reveals the blueprint to quitting your job with real estate investing. It may not be in the way you’re thinking (which is probably single family house investing). Actually, it’s with apartment buildings, and Michael’s going to show you how to become financially free within 2-3 years - even if you don’t have previous experience or your own cash.
Click here to get Michael's Book on Amazon.
Please leave a review after you buy your copy (and click Yes on other 5-star reviews to let others know they are helpful)!
In 1990 Peter Conti jumped into real estate and went from auto mechanic to self made millionaire in 3.5 years. Since then he’s helped thousands of other people transition into commercial and residential real estate. Today Peter limits himself to working one-on-one with a few experienced business clients so they can add real estate as an extra revenue stream onto the success they’ve already experienced. When he’s not traveling to visit his kids and grandkids, Mr. Conti lives on the Chesapeake Bay in Annapolis, Maryland with his wife.