MB 113: From Auto Mechanic to Self-Made Millionaire Through Multifamily – With Peter Conti

Courage isn’t about being fearless. Courage is about feeling the fear but ‘saddling up anyway.’ When Peter Conti bought his first duplex, he admits that he was shaking. But Peter knew that he had to make a change to life the life he wanted, to be free from the humiliation of a boss who reprimanded him for drinking coffee meant for ‘customers only.’ Peter was highly motivated to leave his job as a mechanic and become a multifamily real estate investor, and that deep desire for financial freedom propelled him to take action.

Peter went from auto mechanic to self-made millionaire in just over three years, using creative financing to invest in both residential and commercial real estate. He started small, buying a duplex, a couple of 4-units, and a 12- and 24-unit before working his way up to shopping centers and 300-unit complexes. He has mentored thousands of investors all over the world and supported many more through his books on multifamily and commercial real estate investing.

Today, Peter sits down with me to describe the moment he decided to take charge of his own financial destiny. He walks us through that first investment in a duplex and the meeting at Chucky E. Cheese that inspired him to invest in a mentor. Peter offers advice around mitigating risk via exit clauses and acquiring property through seller financing or the use of a master lease. Listen in to understand Peter’s unique approach to recovering from a serious motorcycle accident and what he learned in the process that applies to multifamily investing specifically—and life in general!

Key Takeaways

The turning point that propelled Peter into action

• Working as auto mechanic in Denver
• Fingers numb from cold, reprimanded for coffee
• Made decision to be in charge of own financial destiny

Peter’s first investment in a duplex

• Found real estate agent
• Took advantage of 5% down for investors through HUD

How Peter got over the hump to make his next investment

• Meeting with life insurance agent, realized ‘spinning wheels’
• Invested $5K in training with mentor

Peter’s advice around mitigating risk

• Attach ‘Addendum A’ to contract (fully assignable)
• Ask for 10 business days once documents provided
• Allows to make offer first, then do due diligence

Peter’s guidance around seller financing

• Target motivated sellers, C class properties
• Ask seller if willing to carry some of financing
• Set meeting to build rapport, share track record

Peter’s approach to getting started in commercial real estate

• Start with apartment buildings (4-, 6- or 10-unit)
• Consider using master lease to acquire property

What Peter learned in recovering from his motorcycle accident

• Hiking Appalachian Trail gave time to reflect
• Enjoy every moment to fullest, appreciate process
• Break big projects into chunks

What’s next for Peter

• Learning to play piano
• Support wife in startup
• Limited one-on-one coaching

Peter’s top advice for aspiring real estate investors

• It’s not about wealth, it’s about freedom
• Find way to enjoy journey

How Peter wants to be remembered

• Fully present for friends and family
• Playful, fun and encouraging

Connect with Peter

Peter’s Website

Free Copy of Peter’s Book

Resources

Making Big Money Investing in Foreclosures Without Cash or Credit by Peter Conti

Making Big Money Investing in Real Estate: Without Tenants, Banks, or Rehab Projects by Peter Conti and David Finkel

Commercial Real Estate Investing for Dummies by Peter Conti and Peter Harris

Wild: From Lost to Found on the Pacific Crest Trail by Cheryl Strayed

1 Simple Strategy to Escape the 9 to 5 by Peter Conti

Michael’s Coaching Program

Michael’s Products

Michael’s Syndicated Deal Analyzer

Michael’s Deal Maker Mastermind

Financial Freedom Summit

Partner with Michael

Invest with Michael

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes