The Tony Stephan Show · Episode #008
Why He Sold 8 Single Family Rentals To Buy A 12 Unit Small Multifamily Apartment
Dr. Ade is a surgeon who trained in Royal Oak, Michigan, and a serial entrepreneur. His father built homes to rent in Nigeria, and he always wanted to invest in real estate, but even as a physician he worried he did not have enough to start. His first house was in Taylor, bought from someone he knew. During COVID he bought homes one by one from an owner near his hospital, then a fourplex in Ferndale.
He bought near the peak of the market, so several homes only worked as short term rentals, which felt like running a business. After meeting Tony and Andrea at a seminar, he sold his eight single family rentals through a 1031 exchange and bought a 12 plex in Clawson and a duplex. Andrea timed the sales around leases and how long each home would take to sell.
Now a unit at the 12 plex can sit empty for months and the property still pays its bills. He gets fewer calls from the 12 unit than from the duplex. Tony runs the math on $200 more per unit at a 6.5% cap rate, about $443,000 of value, and Dr. Ade shares why he does not believe in passive income and what he would tell other high earners.
Watch the full episode · Watch on YouTube
Key takeaways
- Even high earners feel fear about putting their money into real estate. The first deal is scary for everyone.
- With a single family rental, one vacancy can wipe out a year of cash flow. A 12 unit can carry an empty unit and still pay its bills.
- A single family home is valued on comparable sales, even if you charge more rent than the neighbors. Multifamily is valued on NOI.
- A 1031 exchange across many properties takes planning: list the slowest sellers first and time sales around leases.
- Bigger buildings can mean fewer calls. Residents know a business owns the property and use the process.
- There is no such thing as passive income. Someone deals with the tenants; the owner still manages the people and the books.
Guest: Dr. Ade
Dr. Ade is a surgeon who did his residency in Royal Oak, Michigan. His family is from Nigeria, where his father built homes to rent. He built a portfolio of eight single family rentals, then sold them through a 1031 exchange with the Stephan Group and bought a 12 plex in Clawson and a duplex. He also owns a home services franchise with several territories in Southeast Michigan.
Chapters
- 0:00 Intro
- 0:53 About Dr. Ade
- 3:20 His First Real Estate Investment
- 4:35 Choosing Multifamily Over Single Family
- 7:35 Trading Up With a 1031 Exchange
- 9:05 The Plan for the 12 Unit
- 10:09 Single Family vs Multifamily
- 11:11 Earned Income First
- 12:36 Never Settle
- 13:14 For Anyone on the Fence
- 14:21 Outro
FAQ
Why did Dr. Ade stop buying single family homes?
He bought near the height of the market, so many homes did not cash flow as long term rentals and had to be run as short term rentals, with a manager. He also saw how one vacancy could leave him paying the mortgage out of pocket, while his 12 unit keeps paying its bills with a unit empty.
How did the 1031 exchange work with eight homes?
After a sale you have 45 days to identify replacements and about six months to close. Andrea listed the homes that would take longest to sell first and timed others around their leases, instead of listing everything on day one. Broker relationships helped find the 12 unit, and one purchase came down to the last day or two.
Is a 12 unit harder to manage than a duplex?
Dr. Ade says no. He self manages with someone handling maintenance, and he gets more calls from one duplex tenant than from the whole 12 unit. Tony explains that residents of a bigger building understand a business owns it.
What is the upside at the 12 plex?
Tony uses $200 more per unit per month as an example: $2,400 a month, or $28,800 a year of new NOI. In Clawson, which he calls a 6 to 6.5 cap market, that is about $443,000 of added value. Dr. Ade plans to stabilize it, then either take money out or 1031 into something bigger.
From 8 Single Family Rentals to a 12 Unit: Dr. Ade
A physician who was nervous too
Dr. Ade was born in the United States, grew up in Nigeria and came back at 16. He went to college in Chicago, medical school in Indiana and did his residency in surgery in Royal Oak, Michigan. Both of his parents were accountants. His mother ran a candy distribution side business, and his father bought land, built homes and rented them out. Dr. Ade always wanted to do the same, but he was scared. He thought he did not have enough money to start.
Tony highlights that point. Physicians are among the highest earners in America, and he still felt that fear. "Everybody feels like it's a scary thing to put my hard-earned money into real estate," Tony says.
From one house to eight
His first property was a small home in Taylor, bought from someone he knew, which cash flowed with few repairs. During COVID he saw a house for sale right behind his hospital. At the inspection he learned the owner held every home on the street, and the owner agreed to sell them to him little by little. Then he bought a fourplex in Ferndale and did his first real rehab. Tony notes it is the same path he and Andrea took: house, duplex, fourplex.
What did he like about single family? "Nothing," he says. He bought near the top of the market, so many homes would not cash flow as long term rentals and had to be run as short term rentals, with a manager. His plan was to get into apartments in ten years. After meeting Andrea and attending one of Tony's seminars, he decided to do it now.
Why one vacancy matters
At his 12 plex, a unit sat empty for about three months. He still paid the mortgage, the utilities and the person who maintains the property, and still cash flowed. With a single family home, Tony says, a move out usually means about two months of vacancy while the house is cleaned and painted, and the year's cash flow is gone. Single family homes are also valued only on comparable sales, so even if you charge more rent than the neighbors, the value does not follow.
Timing a big 1031 exchange
Most people fear the 1031 clock: 45 days to identify replacements and about six months to close. Andrea explains they did not list everything on day one. Homes that would take longer to sell went first, and others were timed around their leases. Broker relationships found the 12 unit, and some buyers came from Andrea's network. One replacement came on the market with a day or two left, and Dr. Ade went that day and made an offer.
The plan for the 12 plex
He has owned it for about a year. Once it is stabilized, he will either take money out to buy another or 1031 into something bigger. Tony runs the example: $200 more per unit on 12 units is $2,400 a month, $28,800 a year of NOI. Clawson is about a 6 to 6.5 cap market, so at 6.5% that is about $443,000 of value. "You can't take a 400 grand home and make it worth 800 grand," Tony says.
The learning curve was mostly fear, Dr. Ade says. He gets more calls from one duplex tenant than from the entire 12 unit. He manages it himself with someone doing maintenance, and he says a multi unit makes it natural to delegate.
No such thing as passive income
COVID made him realize that if he does not operate, he does not earn. He looked for passive income and found there is no such thing. He bought a home services franchise with five territories in Southeast Michigan. Tony agrees: someone has to deal with the tenants, termites and toilets, and the owner has to manage the people and the books.
His advice to other high earners with a few houses: do not be afraid. "I think the stress of owning a multi-unit is less than the stress of owning a single unit," he says.
Transcript
0:00 How this busy physician and serial entrepreneur went from eight single family rental properties to a 12-plex and a duplex and why you should trade out of your single family rentals and get into multifamily. That's what we're talking about today. If you're new here, welcome back. Tony Stephan here with my wife Andrea. Together, we own 258 units of multifamily real estate. And this channel and this content is designed to help you get into the game because we believe that owning one small multifamily deal will truly change your life. And today we have a very special episode. We have one of our favorite clients, Dr. Ade here with us. Dr. Ade was a client of Stephan Group. Had eight single family rentals at one time. Did a massive 1031 exchange and bought a 12-plex and a duplex. So went from eight units all scattered site all over to 14 units in just two different spots.
0:48 He's also a serial entrepreneur and a doctor. He was just giving me medical advice before. So we're super excited to have him here. Can you just tell us a little bit about your background? So you're a physician, you own businesses, you own real estate. Give us your background, man. Yeah, thanks for having me. I grew up on origin from Nigeria, was born here, came back here when I was 16 years of age, went to college in Chicago, Illinois, and then went to med school in Indiana and then did my residency and training in Royal Oak, Michigan down the street. Studied surgery and I'm a current Colorado surgeon. Love that. And you love registered dietitians as well, correct? I do. I love dietitians. Before all this, man, that was it. Registered dietitian. Love that. So, physician, working crazy hours, a very demanding career, probably one of the most wellrespected careers in America. Where did the entrepreneurial side come from? Cuz when you think physician, you're like, man, they make great money, they're set, they probably don't have to do anything else.
1:36 You think like they're at the yacht club on the weekend or the country club on the weekend? Where did the entrepreneurial drive come from? Interestingly, when I was growing up in Nigeria, both my parents are accountants. My mom always had a side hustle. Her side hustle was she sold candy. Which was like a major distributor of candy. And my dad was into real estate. And he would buy a land and build homes on it and rent out to people. And so I'd always had this dream that I was wanting to get into real estate, but I never like found the way to do it. I was always scared. I thought I didn't have enough money to start. And then eventually one day someone said, "Hey, I have a small home in Taylor." And I knew this person. So I figured, well, if I buy the home and something messes up, I can call the person. So that was how that was my first forwarding into real estate. So once I bought that, I think I had the bug bite and I was like, "Oh man, this is cool.
2:23 I can do this." And started buying more and more. You said your dad would buy land and build real estate. He would buy land, he would build on it and then he'll rent it out. That's amazing. Something you said that really stuck out and I didn't expect you to say, you said even as a physician, you were like worried like, "Hey, do I have enough income to invest in real estate?" Just goes to show everyone listening and watching this like everybody feels like it's a scary thing to put my hard-earned money into real estate. I said even a physician who is probably we look at the highest income careers in America physicians always top five top three right so I really appreciate you sharing that because a lot of people that's their biggest would you agree their biggest struggle buying a deal is like I got to take the money and put it in now yeah they just see you know they think of like what's the down payment going to be which is totally normal to feel that way but yeah it doesn't matter what job they have they always feel that way I think there's also a misconception that people think that you which is misconception that I had is you have to have this 20% down to buy real estate And obviously we know that's not always true.
3:17 There also different ways you can get into real estate that I'm sure you guys will talk about. So all right, you bought the first house in Taylor. What year was that? Right before co So first house in Taylor. You got the bug like how did that go? Was it good? It was good. I bought it from office manager and it was cash flowing. I didn't have to do much repairs on it and then owned it for a couple of years. And then when I was driving to the hospital one day, saw a home right in the backyard of the hospital which has always been my dream. This was at the peak of the market then cuz this was during COVID when all the prices went crazy and I said no matter what I got to buy this house. Came to the inspection, talked to the owner, found out that the owner of that home owned all the homes on that street. Talking to him and said, "Hey, I really want to do what you're doing." And he said, "Okay, you know, if you can buy the homes little by little, I'll sell them to you little by little." And so, little by little, I bought one, bought two, and then found a forplex in Ferndale.
4:03 That was when I did a little bit more of a kind of rehab. That was my first like for rehab. And one of the units in the forplex needed major work. Took some time, did that, was able to rent that out. Also, cash flow from that. All that started by just seeing a piece of property you liked, seeing it was for sale, taking a little bit of initiative, like walking in there and having a conversation. You bought direct from the owner. No, I used a broker, but he basically was able to facilitate buying from me. So, you kind of followed the journey we followed. House like duplex, forplex. That is awesome, man. What did you love about single family? Nothing. Okay, great. Was it just easy to keep doing it? Like you said in the beginning, I never foresaw myself getting I mean I thought yeah I would get into apartments but that was going to be like a 10year plan.
4:51 My plan was to get a bunch of single family, learn the process, eventually save up a lot of more money and then get into the apartment business. And then I think I came across Andrea and I came across you and then I think went to one of your seminars and then I realized, oh wait, I can actually do this. And I talked to Andrea and then that's when I said, oh, we should just turn 31 of these into a multi-unit. What did you not like about single family? So what I didn't like about single family was the fact that when I bought it, I bought it at the again at the height of the market and so they were pricey and so they wouldn't cash flow if I had just done long-term rental. And so a lot of the single families I bought, I had to do short-term rentals for them, which is part of why I didn't really like it because it became more of a business. So I had to hire a manager and things like that. So that's those were the things I didn't like about it. And the cash flow from a single family, which is something I know you always say is if one person leaves, for example, my multi-unit now, I have not had one unit fill in the last probably 3 months, but I'm still making payments on my on my mortgage and I'm still paying the utilities and I'm even still cash flowing.
5:51 If this was a single family, not having a tenant in three months is bad. That would be money coming out of my pocket to pay for that. I really appreciate you sharing that with everybody cuz that is the message we try to preach and something we had to learn the hard way too. I feel like everybody thinks they need to start with single family and it's a great place to get started cuz it's just simple. It makes sense. Like I see a house, I know how to buy a house, I've lived in a house or I live in a house, right? But you hit the nail on the head. There's really not much cash flow there. And what little cash flow that is there can be gone if a roof needs to be repaired, a foundation has a crack. Homes in Royal Oak, Royal Oak, Michigan's a great market, but they're older homes, 1950s cuz we owned houses in Royal Oak, too. A tenant moves out, you're looking at least 2 months vacant because tenant moves out. Maybe they move out on the 15th.
6:37 Well, you're not moving anyone in that month. You have a payment on the first. You got to get it ready, clean it up, maybe paint it up, touch it, whatever. So, all your cash flow is gone for that year because of that 2-month vacancy. And I love what you said. You have a 12-plex, which we'll talk about. You'd had one unit vacant. The deal still cash flows. You pay all the utilities. You pay the mortgage. I pay the mortgage. I pay the guy that maintains the place. There's even enough there on to pay a manager, which is amazing. And that's why we push you guys and that's why we preach you guys get into small multifamily. Small multifamily is a business. Single family homes are not. Something else you mentioned too is single family homes are only based on comparable sales. It's only based on the market. So, if you bought at the high end of the market when rates were 3% and you're like, "Hey, I've got some equity in here, but I want to cash out refinance, but I can't cuz I'm going to 7%.
7:23 There's no cash flow here." And my deal, even though I've got this forplex and I'm getting $2,000 in rent per unit, everyone else is getting a,000, I can only be valued based on what everyone else is valued. It's a little demotivating, right? How did you sell all those properties, hit a 1031 window? Cuz that's most people's big mental barrier is I want to do a 1031 but once I sell my property I have 45 days to identify a replacement and you can identify three replacements and then you have 6 months to close. How did you guys do it? It was a lot right. We sold a lot at once but I think part of it was too like our broker relationship with who we bought it from was one of them. One of the single families had to go into another property. That one I remember I was like this came on market. I'm going today and we had like one or two days left. That one cut it close, but I went put in the offer.
8:11 I was just quick on that one. But yeah, the 12 unit we I think that was a lot was like broker relationship and then making we had bought deals from the broker who listed the 12 unit. And then also to again just the timing of it. We didn't list everything day one. We had to make sure like the timing was right. What was the strategy? Yeah. So we always just look at like the properties and like how long they'll take to sell. So, if they're going to take a little bit longer, then we might list that one first compared to something else. And then another one too, like had a tenant like the lease in there, how the lease was structured. That one had to be sold at a different time. So, again, it just comes down to like the leases, the portfolio. You can't just be like, we're listing everything day one. So, it was treasure. I mean, she sold them one by one. I think the Taylor one was the one we sold first or something. Part of it was also I think was Andrea's relationships really because some of the buyers were people in your network that you that you knew.
9:01 So working with a experienced broker and agent who understands the 1031 exchange super important. So you bought the 12-plex, you've owned it for a year now. What's the plan with it? Are you going to hold it for a long time, 1031 out of that to something bigger? I'm going to once I really stabilize it, see what the what the value is and probably e either take money out of it to buy another one or 1031 to something bigger. Those are those are the two options. Isn't it cool knowing now your hard work's going to pay off? So 200 bucks, let's say you increase the rent on 12 units, right? That's 24,400 a month. It's cool. It's more cash flow. But 24,400 a month, 12 months in the year, that's 28,800 bucks in new NOI. That's in Clawson. That's a six cap market, maybe 6 1/2. That's a great market. So let's just be conservative. Let's say it's 6 12% cap rate by 065. That's $443,000 in valuation increase.
9:50 That's what single family homes can't do. So then you could do a cash out refinance. You're getting money out tax-free because this is debt and debt is not tax. And then you can do whatever you want with that money. That's what those single family homes could never do. You can't take a 400 grand home and make it worth 800 grand. You can take million- dollar multifamily and make it worth 1.5 million. That's the way it works. Was it like a big learning curve going from single family to multifamily or is it pretty simple? The fear is just buying it. I would have had the same fear buying the first time I bought a single family. The same fear as buying a multifamily. Same fears you have about people calling you. I get more calls from my duplex from one of the tenants than even my 12 unit. My 12 unit I don't really get any calls from them. And so it's all tenant dependent. It's not it has nothing to do with the property. If you have a multi-unit, it's easy to have not necessarily have someone manage it.
10:36 I don't I manage it myself, but you have someone maintaining it. You know, when you have someone maintaining it, you just tell them what the problem is and go fix it. When you have a single family, the psyche is there that you want to go you want to go do everything yourself cuz it's smaller. 100%, dude. Couldn't agree more. I love that you said that. 12 units. He gets less calls and maintenance requests than a duplex cuz a duplex knows who owns that. And you probably somehow someway have interaction with them. So then they know, oh, I'm just going to text a Saturday 3:00 a.m. My air is out. I'm calling him the apartment. They probably don't even know who you are. That is also the power of multifamily is they understand probably, hey, a business owns this, a big group owns this. So there's no one just to text. So you're a serial entrepreneur. You own multiple paint franchises. I own a paint franchise with multiple territories. And you're married and you have children. Tell us about the paint franchise and if you guys are local and looking for I mean you've done some of our properties and our units, you know what I mean?
11:25 So definitely give a plug to that. Where did that come from? Part of the whole real estate thing was wealth building, right? I wanted to build wealth and actually really it was co was what hit it for me when I realized that with co I couldn't operate or I was operating less and if I don't operate I don't make money. And so I thought well I needed to figure out a way to build some stream of income. Passive income is what I was thinking. And I realized that there's no such thing as passive income. And then I realized, well, this real estate, of course, you guys are doing great, but in my mind, real estate was like a slow way to get to build that wealth. I started looking into buying a business. I think I found there's a lady on YouTube on internet called Cody Sanchez. I said, "Wow, I didn't realize that anybody could just buy a business." The same way I didn't realize that anybody could buy a multi-unit. I went down that route and found a franchise. Always love home services cuz I want to provide something different.
12:12 The same way I look at patients and provide excellent care. The same thing I wanted to do that with clients and then the painting thing came about called that one painter. And so I have five territories in Southeast Michigan. Well, you know what? AI will never be able to paint a building. Well, not today. But that's why I love that you said service based business. I feel like that will be the least impacted by AI. AI is going to wipe out a lot of professions, but like real estate, we're not going to live in the metaverse. Can't get Wi-Fi in a Delta flight half the time. Sounds like big thing I think people listening to this can take away from your story and it's just been great is never settle. Always be looking for ways to create multiple flows of income. You're in one of the most highest respected professions. Took your earned income, invested in real estate. It's not really passive. You're not dealing with the tenants, termites, and toilets. Someone has to, but you have to manage the people who do.
12:57 You have to look at the books. Cuz if you're just totally hands off and passive, you're getting the minimal return, if any return. So, they want to work with you guys. Where do they go for that? They go to that one painter North Detroit online. They can fill out a form or they can give me a call at 248-6361748. I'll be able to take a look at the project. What would you say to someone watching this or listening to this who's maybe just like you? You're a high income earner. Maybe they got a couple single family homes. They know they want to get out of that single family grind. They're scared to make that jump. They're scared to sell those properties. Like what would you say to them? I would say don't be afraid. I think the stress of owning a multi-unit is less than the stress of owning a single unit. Even though I owned eight homes, I was always worried about something going on in all of them. With the 12 unit, I drive by there to make sure everything's good. I was more afraid when I bought that first single family than when I bought the multi-unit.
13:46 Now, that might be because I already had some single family units to deal with. But I think if you want to grow a real estate portfolio, starting with multi-unit is the best way. You obviously have ambition and you've never settled. What would you just say about that for someone listening who's maybe feeling a little complacent, like maybe in a rut? What pushes you to do so much in life? There's no ceiling. I listen to other people. I watch other people on the internet and I realize that they all started from humble beginnings. It's kind of like you. That tells me that the world is your oyster. You can make it whatever you want to make it as long as you have the tenacity and the drive and the resources, you know, you can get there. Thank you so much for sharing. This was beyond beneficial. Guys, thank you so much for watching and listening. As always, we appreciate you being here. If you enjoyed the content, this was extremely valuable. Drop a comment below. If you want to learn more about working with Dr. Audi's paint franchise. Check it out.
14:32 We'll put the information in the description. And hey, if you're watching this and you got inspired by what we're doing here, we are here to help you get into multifamily real estate. Maybe you have some single family homes that you're considering trading up with. Maybe you're looking to buy your first multifamily, or maybe you just want to start with education. We have the tools for you. Whether it's our mentorship program, whether it is a live event, whether it's just working with us as a real estate brokerage to help you buy, sell, or invest into real estate. Click the links in the description or just reach out to us on Instagram. As always, thank you so much for being here. We'll talk soon.
Topics: 1031 Exchange, 10+ Units, Trading Up, Property Management
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With Hugo, mentorship and Stephan Group client, W2 worker from Los Angeles · April 13, 2025 · 27 min
Hugo bought a Metro Detroit duplex he has never seen in person, raised the rents in year one, then traded it for a 12 unit.
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