MB 192: Crush Limiting Beliefs & Be a Multifamily Syndicator – With Sterling White

Are limiting beliefs stopping you from becoming a multifamily investor? When Sterling White got his start in real estate, he was crashing in a friend’s den. He had no money in the bank and zero credit. But Sterling DID have a willingness to learn, and he understood that the best way to approach a potential mentor was to provide value.

Today, Sterling is a seasoned real estate investor and philanthropist based in Indianapolis. He got his start in 2009, building a portfolio of 150 SFH before transitioning to multifamily in 2017. To date, Sterling owns a total of 587 single- and multifamily units, and he is a frequent contributor to BiggerPockets. He also serves as the host of The Real Estate Experience podcast and author of From Zero to 400 Units: How I Found Another Path & Discovered Freedom Through Real Estate.

On this episode of Apartment Building Investing, Sterling joins me to explain how he got his start in real estate, working for a mentor (for free!) to find SFH buy-and-hold deals. He discusses his transition to multifamily, sharing his bold approach to finding off-market deals and the resources he uses to get in touch with property owners. Listen in for Sterling’s insight on providing value to attract investors and learn how to overcome the limiting beliefs that are keeping you from achieving financial freedom with multifamily investing!

Key Takeaways

Sterling’s journey to real estate investing

• Grew up in Section 8 housing with single mom
• Natural entrepreneur, figure things out on own
• Work for free with mentor to build SFH portfolio
• Shift to multifamily in 2017 (587 units total)

How Sterling developed an interest in real estate

• Work construction for college roommate’s dad
• Liked seeing transformation of distressed asset
• Learned that most successful owned portfolio

How Sterling provided value to his mentor early on

• Hustle to find SFH deals
• Assist with digital marketing

Sterling’s first SFH investing deal

• $25K property + $25K in renovations (financed by mentor)
• Responsible for everything else associated with transaction

What inspired Sterling’s transition to multifamily

• Economies of scale (multiple doors at one location)
• Ability to control own destiny, influence value

Sterling’s first multifamily investing deal

• 46-unit seller financing deal ($200K down on $900K)
• Brought on SFH investors to raise $ for renovations

How Sterling hustles to find new deals

• Approach owner directly, pitch on cold call
• Strategic follow up (e.g.: birthday card)

Sterling’s resources for finding owner contact info

• CoStar, Reonomy and ListSource
• Skip trace or directory of business filing

Sterling’s advice on marketing to attract investors

• Connect through BiggerPockets
• Appearances on podcasts

The evolution of how Sterling raises money for deals

• Friends and family through fund for SFH
• Preferred return to start with multifamily
• Now straight equity (85% to LPs, 15% to GPs)

The limiting beliefs that hold aspiring investors back

• Need large amount of own capital
• Fear of failure OR success

Sterling’s insight on the value of time

• Pay someone to do low-value activities
• Willing to spend extra to save time

Connect with Sterling White

Sterling on BiggerPockets

Resources

Earl Nightingale

Rich Dad Poor Dad by Robert T. Kiyosaki

LoopNet

CoStar

Reonomy

ListSource

BeenVerified

TruePeopleSearch

LexisNexis

Fiverr

Upwork

BiggerPockets

The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss

Grant Cardone on Lewis Howes’ Podcast

Michael’s Free Webinar: How to Do Your First Apartment Deal (Without Experience or Using Your Own Money)

Michael’s Mentorship Program

Podcast Show Notes

Review the Podcast on iTunes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group