MB331: 10 Years in Single Family vs. 10 Months as Multifamily Investors – With Lance Doty & Adam Mitchell
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For 20 years, Adam Mitchell has been dreaming of a multifamily portfolio. But without the confidence or the know-how to invest in apartments, he started with single family.
A decade ago, Adam joined forces with his friend Lance Doty, and they became the Home Buying Guys, scaling a successful single family investing business that runs on autopilot.
But in 2021, Adam took action on his vision of moving into the multifamily space and invited Lance to join him in the transition. They became the Apartment Buying Guys, and within 35 days, they had 225 units under contract.
In just 10 months, Adam and Lance have raised over $2M and acquired 731 units. Both have achieved financial freedom, and they are well on their way to the goal of 1,000 doors in five years.
On this episode of Financial Freedom with Real Estate Investing, Adam and Lance join Garrett and me to explain why it took them so long to make the move to multifamily and how they overcame their lack of experience to break into the space.
Adam and Lance discuss the value of hiring a mentor, describing how they might have accelerated their journey by getting support sooner and why they’re focusing on scale from Day One.
Listen in for insight on what makes Lance and Adam’s partnership work and learn how to make the leap from single family to apartment building investing—and achieve financial freedom in three years or less!
Key Takeaways
Why it took Adam 20 years to get into multifamily investing
- Lack of confidence, money and know-how
- Must scale single family for financial freedom
The early days of Lance & Adam’s partnership
- Lance mentored Adam on 60 single family deals
- Lance initiated shift to apartments during COVID
What inspired Lance & Adam’s transition to multifamily
- Scale single family business until runs on autopilot
- Retiring from W-2 gave Adam time to be intentional
How Lance & Adam might have accelerated their journey
- Hire mentor 10 years ago
- Skip single family altogether
What happened once Lance & Adam decided on multifamily
- Under contract on 225 units in 35 days
- Lance financially free as of Monday
How Lance & Adam decided to go into business together
- Partner on single family rental as trial run
- Realize can do more together
What makes Lance & Adam better together
- Lance serves as connector to raise capital
- Adam sets vision, builds systems to get there
Lance & Adam’s approach to scale from Day One
- Run SOPs when only making $1800
- Not afraid to ask for help, partner on $5.8M raise
Connect with Lance Doty & Adam Mitchell
Apartment Buying Guys on Instagram
Apartment Buying Guys on Facebook
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email podcast@themichaelblank.com
Resources
Join the Nighthawk Equity Investor Club
Learn More About Michael’s Mentoring Program
Listen to the Replay of Deal Maker Live
Get Involved with Michael’s Deal Maker Mastermind
Buy Michael’s Syndicated Deal Analyzer
Access Michael’s Free Resources in the Freedom Vault
Financial Freedom with Real Estate Investing by Michael Blank
The post MB331: 10 Years in Single Family vs. 10 Months as Multifamily Investors – With Lance Doty & Adam Mitchell first appeared on Apartment Building Investing with Michael Blank.
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