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How to Build Wealth with Multifamily Real Estate: overview
Quick answer: His journey shows how anyone, even without experience or money, can build wealth by taking smart steps.
What this guide covers
- What is multifamily real estate investing?
- How Colby Got Started in Real Estate
- Why Multifamily Investing Was a Game-Changer
- Is multifamily real estate good for beginners?
His journey shows how anyone, even without experience or money, can build wealth by taking smart steps.
His journey shows how anyone, even without experience or money, can build wealth by taking smart steps. If you’ve ever wondered how to grow in real estate, this story is for you.
What is multifamily real estate investing?
Multifamily real estate investing means buying properties that have more than one rental unit—like duplexes, triplexes, or apartment buildings. Investors make money by collecting rent, increasing property value, and building long-term wealth through equity and cash flow.
How Colby Got Started in Real Estate
In 2018, Colby got his real estate license. Like many, he thought he’d be showing homes and helping families buy their dream house. But after six months, he realized the traditional path wasn’t for him.
“I realized quickly that I didn't want to do like the typical realtor agent kind of thing.”
Instead of waiting for listings, he started cold calling property owners in Kansas City. He used a rental registration list to find off-market properties, including single-family homes and small apartment buildings. That’s how Colby began learning to find and analyze deals on his own.
Why Multifamily Investing Was a Game-Changer
In 2019, Colby came across a small group of rental properties. He tried to wholesale the package but couldn't find a buyer. So he bought it with a partner. That bold move introduced him to multifamily property management, renovations, and long-term cash flow.
He realized that buy-and-hold investing—especially in multifamily—could bring in consistent income and build equity fast.
Want to see Colby explain his journey in his own words? Watch the video below to hear how he got started, found his first multifamily deal, and built a real estate business from scratch.
Is multifamily real estate good for beginners?
Yes, it can be! Multifamily investing helps beginners learn how to manage tenants, grow monthly cash flow, and scale faster than with single-family homes. Many new investors use small duplexes or triplexes to get started.
Transitioning from Realtor to Real Estate Investor
Being a real estate agent in Kansas City was tough. There were lots of agents competing for clients, and Colby didn’t want to chase luxury listings.
So he started transitioning from realtor to real estate investor, where he found more freedom and control. Working with other investors taught him how to estimate renovation costs, find deals, and understand real estate deal analysis.
Colby’s Entrepreneurial Mindset and the Value of Focus
Before real estate, Colby ran a few different businesses—like a custom suit company and an online ad agency. But he often gave up when things got hard. Real estate was different. It rewarded consistent effort. He learned that to grow wealth, you have to stick to your investment strategy and avoid distractions.
"It's not about trying new things constantly but rather refining and nurturing your current ventures."
Discovering Wholesaling and Real Estate Networking
Colby met a business partner who introduced him to the BiggerPockets community. That’s when he discovered wholesaling real estate deals—finding discounted homes and assigning them to investors for a fee.
He enjoyed wholesaling because it was fast, proactive, and perfect for someone willing to pick up the phone. That’s when cold calling strategies for real estate investors became part of his daily routine.
Cold Calling: A Powerful Lead Generation Tool
Cold calling was key to Colby’s success. It helped him find motivated sellers, negotiate prices, and uncover hidden deals. More than anything, it helped him improve his confidence and understand local real estate market trends.
His ability to find investment properties with strong cash flow gave him a competitive edge in Kansas City.
How did Colby start investing with little money?
He began by finding undervalued properties through cold calls, wholesaling some for fast cash, and partnering with others to buy multifamily buildings. He reinvested profits to grow his portfolio over time.
Colby’s Growth in Multifamily Property Management
Over time, Colby expanded his portfolio. One of his biggest projects was a 60-unit apartment complex. After renovating the units and improving the building, he raised rents and boosted the net operating income (NOI).
He then used real estate refinancing to pull out his original capital while still holding onto the asset—a classic move in passive income through real estate.
Real Estate Investment Tips for Beginners
Colby shares a few key lessons:
- Don’t rush into contracts. Know how to run numbers.
- Start with small rental property investments to learn the ropes.
- Focus on your area and understand real estate cash flow models.
- Use cold calling to get deals before they hit the market.
With patience and the right strategy, anyone can grow wealth through real estate.
Conclusion: Your First Step Starts Here
Colby didn’t have a big head start or fancy connections. He just worked hard, kept learning, and stayed focused. From cold calls to owning big apartment buildings, his path shows that real estate investing is possible for anyone.
If you’re thinking about getting into real estate or growing beyond being just an agent, take the first step. Like Colby, you might just find your own big win in multifamily real estate investing.
Related DealMachine resources
How to Build Wealth with Multifamily Real Estate frequently asked questions
What should real estate investors know about How to Build Wealth with Multifamily Real Estate?
His journey shows how anyone, even without experience or money, can build wealth by taking smart steps.
How should investors use this guide?
Use the sections and examples in this guide as a starting point. Verify property, market, and local requirements before making an investment decision.
What tools can help real estate investors research this topic?
DealMachine helps real estate investors find property and owner data, organize leads, and manage outreach from one workflow.