On this week’s show Jeff Fruhwirth talks to Dan about how a failed foray into e-commerce, and a change in personal circumstances, caused him to pivot into real estate investing with little capital or experience. Today he has a portfolio of multi-unit buildings, which he’s expanded by learning about the hidden potential within different sorts of properties:
“One of the best ways to make money is to kind of take on deals that no one else wants to touch. I looked at a building last summer that had been hanging on the market for quite a while.
And the main issue was .. there was a five unit apartment building and a two bedroom house, but they were on the same tax lot and share the same water tap. So there was plenty of money in there, as long as you are willing to pay to dig up the water and sewer line, and then pay the $13,000 to the water utility to get the water metres separated … then you could sell off the house, you could fix up the apartments, and functionally double the rent”.
Jeff also shares some inside stories and insights from the very first DSki, which took place in Steamboat Springs, Colorado.