The Tony Stephan Show · Episode #011
Buying An Off Market 10 Unit Small Multifamily Apartment (Client Success Story)
Daniel is a busy entrepreneur from the New York area who started, like most investors, with a duplex. He found Tony on YouTube and joined the mentorship. Together they went through his schedule of real estate owned and did an exercise: if he held the duplex for ten more years, the cash flow would be less than what he could get by selling it today. His equity was trapped.
So he sold the duplex through a 1031 exchange, with a profit Tony puts at about $275,000, and rolled that equity into an off market 10 unit apartment in Metro Detroit that Tony's team sourced. The seller financed it with 20% down at 6.5%, and Tony says Daniel came out of pocket very little. Tony calls it Monopoly in real life: two green houses for a red hotel.
At the whiteboard, Tony explains why: one move out in a duplex means 50% vacancy, while a 10 unit stays 90% occupied, and a duplex is valued on comparable sales while an apartment is valued on NOI. With about $250 of rent growth per unit, the building could gain roughly $430,000 to $460,000 of value. He also covers the tax benefits and how Daniel manages remotely with a local team.
Watch the full episode · Watch on YouTube
Key takeaways
- Run the numbers on what you already own. Trapped equity in a small rental may earn less than it could in a bigger deal.
- A 1031 exchange lets you sell and roll the profit into a larger property without paying tax on the gain at that time.
- Scale protects you: one move out in a duplex is 50% vacancy; in a 10 unit you are still 90% occupied.
- Duplexes are appraised on comparable sales. Apartments are valued on NOI divided by the cap rate.
- $250 more rent on 10 units is $30,000 a year of NOI, about $428,000 of value at a 7% cap rate.
- Managing remotely works with systems and a local team for leasing, maintenance and check ins.
Guest: Daniel
Daniel is a busy entrepreneur from the New York area and a client of Tony Stephan's mentorship program. He started with a duplex, then sold it through a 1031 exchange and bought an off market 10 unit apartment in Metro Detroit with seller financing, which he manages remotely.
Chapters
- 0:00 Our Client Bought an Off Market 10 Unit
- 1:34 Starting With a Duplex
- 2:33 Trapped Equity and the 1031 Exchange
- 4:07 Two Green Houses for a Red Hotel
- 5:00 The NOI Game vs Comparable Sales
- 6:36 The Rent Upside
- 9:52 Tax Benefits
- 10:50 Managing It Remotely
- 14:09 How to Get Started
FAQ
Why did Daniel sell his duplex?
In the mentorship, Tony and Daniel reviewed his schedule of real estate owned. They found that holding the duplex for ten more years would produce less cash flow than the equity he could unlock by selling today. The equity was trapped and could not help him grow.
How was the 10 unit financed?
Daniel sold the duplex through a 1031 exchange and rolled the equity, which Tony estimates at about $275,000 of profit, into the 10 unit. The seller financed the purchase with 20% down at a 6.5% interest rate.
How much value could the rent upside add?
Tony estimates about $250 of rent growth per unit. On 10 units that is $2,500 a month, or $30,000 a year of new NOI. At a 7% cap rate that is about $428,000 of value, and about $461,000 if cap rates fall to 6.5%.
How does Daniel manage a Michigan property from out of state?
With systems and a local team. Tony's team helped install the processes and connected him with a leasing professional, contractors and a handyman. Tony says the systems are the same wherever the property is, but someone local has to do the leasing and check in when things break.
From a Duplex to an Off Market 10 Unit: Daniel's 1031
A regular person with a duplex
"He is a regular person," Tony says about Daniel, and that is the first reason he loves this deal. Daniel is a hard working, busy entrepreneur from the New York area. In a short clip he explains that he chose Tony because of his success and wanted to follow his path. Going from two units to ten has been a success so far, and the team still checks in to see if he needs help. His advice: "You got to jump. If you don't jump, you will never know."
Daniel started where most people start. He bought a duplex, thinking he would accumulate small rentals and one day graduate to apartments. Then he found Tony on YouTube and joined the mentorship.
The trapped equity exercise
They reviewed Daniel's schedule of real estate owned. The exercise was simple: if he held the duplex for the next ten years, the cash flow would be less than what he could get by selling it today. There was some cash flow, but a lot of equity was sitting still.
So they did a 1031 exchange. Tony believes Daniel made about $275,000 in profit on the duplex, which sold for close to a million dollars. "A million bucks, only two units," Tony says. That is why he likes the Midwest and Metro Detroit, where money goes further.
Two green houses for a red hotel
The team sourced an off market 10 unit, helped Daniel underwrite it, evaluate it and complete due diligence. He closed with seller financing at 20% down and a 6.5% rate, and Tony believes he came out of pocket very little. "He sold two green houses and he went and bought a red hotel," Tony says.
Scale changes the risk. With two units, one move out makes you 50% vacant and wipes out the cash flow. With ten, you are still 90% occupied and still cash flowing.
The NOI game
When you sell a duplex, the appraiser asks what other duplexes sold for. Tony shares his own frustration: he once had a duplex under contract at $215,000, and it appraised at $190,000 because of comparable sales, no matter how well he ran it.
A multifamily property is valued on NOI divided by the cap rate. At a 7% cap rate, every dollar of new NOI is worth about $14.28. Daniel has about $250 of rent growth available per unit. On 10 units, that is $2,500 a month, or $30,000 a year of new NOI. Divided by 7%, that is about $428,000 of value. If cap rates come down to 6.5% as rates fall, it is about $461,000. "Your duplex is not going to go up $461,000 in a year," Tony says.
Tax benefits
Tony expects Daniel to do a cost segregation study and take a large amount of depreciation in year one. If he qualifies for real estate professional status, which is his goal, he can use it to offset earned income. Tony calls this one of the main reasons high income earners like multifamily.
Managing remotely
Daniel manages the property from out of state. Tony explains how: run it like a business, with systems, processes and other people's time. The systems are the same whether the property is in Michigan or Maine, but you need boots on the ground. Tony's team connected Daniel with a leasing professional, a contractor and a handyman.
Tony says he does not go to his own properties and does not even have keys to them. "You have to ask yourself, do you want a business or a job?" High earners already have a job or business that pays well, so they should not build another job dealing with tenants, termites and toilets. Before working with anyone remotely, he says, ask if they can also give you a team on the ground.
Transcript
0:00 Our client just bought an off-market 10-unit multifamily apartment deal. I want to break this deal down for you and show you how you can do the same exact thing. So, let's break down why I love this deal. First thing, number one, he is a regular person. He is so his name's Daniel. He's from New Jersey. He is a hard worker. He is a barber. Hey, my name is Daniel. I'm from New York and I'm a busy entrepreneur, always on the go. Honestly, I chose Tony because he has been, you know, nothing short of success in his life or has seen success in his life and just wanted to follow in his footsteps and thought that, you know, I would give it a go.
0:47 And it's been nothing short. I signed up with them and, you know, they've been they've helped me with everything that I needed. You know, going from two units to now 10 has been nothing short of success, at least in my book, so far. And, you know, I'm super grateful for them. They till this day, they, you know, they still help me. They still reaching out to me, you know, asking if I need any help. So anybody who's on the fence and thinks that, you know, maybe this isn't for me, in terms of investing in multifamily, I would tell you just do it, man. You got to jump. You got to jump. If you don't jump, you will never know, right? And, you know, you're kind of limiting yourself, right?
1:34 Cuz if you could if you could jump, you know, you never know what's, you know, what's on the other side. So I would say do it and you know see the success that comes with it. And he started off with a duplex. He did what we all kind of do in the beginning. We think, hey, I got to go small. I have to start with one to four units and maybe I can accumulate some of the smaller rental properties and then one day I can graduate into apartments. And then he found me on YouTube, reached out, joined our mentorship program, and we did a deep dive into him, his schedule of real estate owned, schedule of real estate owned. And we did an exercise where we looked at and we're like, you know what, Daniel, if we held this two unit for the next 10 years, the cash flow we're getting would be less than if we sold it today.
2:33 And that was a really powerful exercise to help him realize in this two unit he had a bunch of trapped equity that sure there was some cash flow a little bit but that trapped equity could not go to work for him. It could not help him grow. So we said you know what dude let's do a 1031 exchange. 1031 exchange allowed him to sell that duplex. He made, I believe, about I say $275,000 in profit. And this was in New Jersey. So a Tuplex in New Jersey, I forget how much he sold it for. I think it was almost like a million bucks, something like that.
3:20 You know, a million bucks, only two units, right? That's your money doesn't go as far. That's why I love investing in the Midwest. That's why I love investing in Metro Detroit. Even if I no longer live in Metro Detroit, I'm still going to invest in the Midwest in Metro Detroit because I love the real estate there. So, what we did was we did this 1031 exchange and we literally rolled that $275,000 of equity into a 10-unit offmarket apartment deal that we were able to source for him, find for him, help him to underwrite, help him evaluate, help him do the due diligence on. And he closed this with seller financing, too, which is pretty freaking great. With 20% down and he did a 6.5% interest rate.
4:07 Like, talk about playing Monopoly, right? Talk about playing Monopoly in real life. He sold two green houses and he went and bought a red hotel. I do not believe he came out of pocket with anything. It was literally just like a maybe a couple bucks out of pocket. You can't beat that. So, automatically he went from two units to 10 units. In two units, if one person moves out, you're 50% vacant. If one person moves out in a 10 unit, you're still 90% occupied. Substantially different. One person moves out of a duplex, you're not cash flowing anymore. One person moves out of a 10-unit, you're still cash flowing there. There's power in scale. Something else that makes this deal very attractive is he is now playing the NOI game verse the comparable sale game.
5:00 So when he sold that duplex just like when I sold all my single family rental properties, the appraiser comes in, the appraiser says, "What is the market at? What did other duplexes sell at?" Fortunately, it worked out for him. His deal appraised, he was able to sell it. I've been screwed in this instance. I've had my duplex like I think one I had under contract for 215,000 and the appraiser is like, "Nope, sorry. We're only going to appraise it for 190,000 because of the market, because of comparable sales." And I was so frustrated by that. If you own single family rental properties, let me know if you feel that frustration, too. You're like, I'm working so hard. I'm making this property more valuable. I'm taking care of this property, but I'm truly at the whim of the market in this appraiser.
5:48 Verse multifamily, it is NOI, net operating income, divided by the cap rate equals how much this property is worth. And for every $1, we can increase the NOI. NOI divided by the cap rate equals how much money we'll make. So, let's just say this deal. I can't remember exactly where I appraised at. $1 divided by a 7% cap rate. So, $1. Do this with me so you understand. This is the power of multifamily. That's why I love this deal. And if you're watching this and you have some single family rental properties, let's get you out of single family and into small multifamily. Maybe like Daniel here, you can. It's just a literal trade up. It is sell my duplex, buy 10 units.
6:36 That's a no-brainer decision. $1 on a 7% cap rate equals $1428 in valuation. That's substantial. That doesn't exist on a duplex. There is no NOI on a duplex. Like an appraiser is not going to be like, "Okay, what's the NOI? Okay, let me assign a cap rate. That's the No. They're going to say, "What did other duplexes sell for?" There's not a lot of duplexes in that area. That's where things get a little fishy. So, that's why I loved it. Like I said, it was a seller finance deal. Now, he has on these 10 units about $250 in rental increase available. So, 10 units times $250 a unit.
7:22 Let's do this math. Let's see how much value can we create. And this is what you are learning and this is what you're going to do when you're looking at your own rental properties, right? Your own multifamily rental properties. Number of units. So, it's always number of units multiplied by the rent growth. So, I just told you he's got 10 units multiplied by 250 2500 bucks a month in new NOI, new rental income. But what did we just say? Multifamily is valued based on a multiple, right? It's not just, okay, cool. The property's not worth $2,500. No one would do it, right? That's not doesn't that doesn't make you move the needle enough. So there are So we have $2,500 in new NOI.
8:11 Well, that's in a month. There are 12 months in a year, right? So 2500 times 12 months, man, that's $30,000 in new annual NOI. Annual NOI. Is this making sense? Let me know. Put in the comment section if this is making sense. Put in the comment section if you have some single family rental properties and you would love to play monopoly in real life, sell that duplex and buy a 10-un apartment. Let me know. Put in the comment section. 30,000 is our new annual NOI. 30,000 divided by that 7% cap rate tells us how much more now is that property worth. So 30,000 divided by 007, dude. $428,000. 571 bucks on a 7% cap rate.
9:02 Let's say this is on a 6 and a half% cap rate. Gets kind of crazy. Let's say divided by 6.5% cap rate. As interest rates and treasuries continue to migrate downwards, as they continue to go down, cap rates come down as well. So, if we're maybe looking at 7% cap rate today, hopefully we're looking at 6.5% cap rate in 3 months, 6 months. So, that makes your property more valuable. For those of us who own hard tangible assets like multifamily, as rates come down, our properties are worth more money. You are truly making money while you sleep. If you don't own anything, you're not able to take advantage of this. Okay? Divided by 6.5% cap rate equals $461,548. Your duplex is not going to go up $461,000 in a year.
9:52 It's just not going to happen. It can happen on a 10-unit apartment. That's why we were so excited for him. That's why we were able to get him out of able to get him out of this and help him do this. Also, he's going to cost segregate it and take massive depreciation in year one from owning this. He's probably going to take $300,000 in year 1 depreciation that if he can qualify for the real estate professional status, which you know that's his goal, he can then use that to offset his earned income. It's like the number one reason why I love buying multifamily, why my clients love buying multifamily. He's a high income earner. If you're a high income earner, you can literally take money, buy a multifamily property, do a cost segregation study because of a 100% bonus depreciation and take a massive write- off, $300,000 against your earned income on our 120 unit.
10:50 Show you how the numbers get bigger. We just took we just did exactly this. Took $4.1 million in a write-off in year one for owning that property. As the property is getting more valuable, we're taking tax write-offs. That's the power of multifamily investing. He is managing this deal remotely. Now, you're like, "Dude, how are you going to do that, Tony? I want to buy real estate, but I can't manage it remotely because we're teaching him to run it like a business." And a business is ran by systems and processes and opt other people's time. So since he bought it in our area, we're able to help him install the systems. I mean, the systems are the same. You could be managing a property in Michigan, Mississippi, Missaga, or freaking Maine.
11:40 Doesn't matter. Systems processes are the same, but we're able to also give him boots on the ground context of like, hey, here's a leasing professional. Hey, here's a contractor. Hey, here's a handyman. So, for all of you buying remotely, maybe you're in New Jersey, maybe you're in California, maybe you're in New York, right? Maybe you're in Miami where you're like, "Dude, the p the barrier to entry is so high. I'm not a syndicator. I'm not this big wealth fund manager. I'm not looking to raise millions of dollars to do my first deal. I want to get in where I fit in." Right? Maybe I got a couple hundred grand. You're a high income earnner, right? Got a couple hundred grand. You want to look in markets where your money goes a lot further, aka the Midwest, but that's also getting rent growth, population growth that's got good sound economics and foundations, but who you work with matters because any broker will just sell you a deal.
12:35 What we do that's very different is we give the entire process to our students so they can manage the deal remotely, never have to be there. Like I never go to any of my rental properties. I don't have keys to any of my rental properties, any of my apartment buildings. Literally, if I wanted to go into my 56 unit apartment building, I couldn't even get into it. I don't know. I'd be knocking on the door like hoping, you know, hoping I can get let in because I want a business. You have to ask yourself, do you want a business or a job? If you're watching this and you're a high income earnner, you already have a job or a business that makes you a ton of money. Don't go build another job for yourself. Don't go build another business for yourself that you have to like sit in and run and you deal with the tenants, termites, and toilets.
13:20 You want to you want to leverage OPT, other people's time. That's what multifamily apartment buildings are designed to do. He's going to manage it, but he's going to utilize resources in our rolodex for leasing, handyman, maintenance, things like that. Things like that. So, he's not stuck doing that after his full-time business. Like that just doesn't make sense for someone who already owns a business or someone like you who already makes a ton of money. You have a family, you have children, you have other things, then to go literally create another job for you. But this is what I see all the time with small investors who don't think like a business. So before you ever work with somebody remotely, you have to ask them, can you also give me a team for boots on the ground? Because if not, that's where it is very difficult to manage a property remotely because someone does have to do the leasing.
14:09 Someone is going to go have to check in on the property when things break, right? You can run it all from your that's a computer. You can run it all from wherever, but you have to be able to run the process and get these people out there who need to be there. Let me know if that makes sense. So, this is why we love it. It can be managed remotely. And he's off to a great start. Again, this is Monopoly in real life, folks. And this is what I'm looking to help you do and this what I want for you. So, as always, was this valuable? Let me know. Put in the comment section. I don't want to just teach you from my journey. I want to teach you from my client's journey as well and show you this is a real life person. This is an everyday individual and he did it. You can do it as well. If you want to learn more about everything we're talking about here, the small multifamily BRRRR method, which is what we talk about, why you should buy a five to 25 unit apartment, be able to run this process with it, grab my book.
15:02 You can buy it physical copy on Amazon for 19 bucks or you can get it for a digital download completely free by clicking the link in the description. Just go get it for free, right? I mean, you can pay for it, but get it for free. If you want our help with this, if you're like, "Dude, this is what I'm looking for. I'm a high income earnner. I'm trying to do it on my own. Maybe I bought some properties on my own that I'm kind of stuck with, but I want to get out of or I'm like, "Hey, I'm just sitting with cash. I haven't been able to enter the market because I just don't have the confidence to be able to walk through this entire process on my own. I totally get it. I was very nervous to do this all on my own in the beginning, too. That's why I made tons of mistakes. This is why I help my clients avoid these mistakes and just get to the profit sooner. You can click the link in the description, apply for our mentorship program. Not looking to work with hundreds of people.
15:49 We're just looking to work with more of the right people like Daniel so we can help more people buy their first small multifamily apartment building. As always, thank you so much for being here. If you found the video valuable, drop in the comment section. If you hated the video, if you didn't like it, if you think this is all a bunch of hoopla, dude, all good. Put in the comment section, too. Let me hear from you so I can make these videos the most valuable to help you on your journey. Till next time, we'll talk soon. Text.
Topics: 1031 Exchange, Off Market, Seller Financing, 10+ Units, Out of State, Trading Up
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