Crushing It in Apartments and Commercial Real Estate: How a Small Investor Can Make It Big
Brian H. Murray, author
Think apartments and commercial real estate are just for the big boys? Think again. Brian Murray was not an investment pro when he bought his first commercial property. He was a teacher looking to build some side income. Armed with his passion for business and a lot of common sense, he developed a simple yet highly effective approach to investing that he still uses today at his multimillion-dollar real estate company. Crushing It in Apartments and Commercial Real Estate is a beginner's guide to investing based on Murray's experience bootstrapping his way from newbie investor to award-winning CEO of Washington Street Properties. Murray shares the secrets to his success through straightforward, actionable advice that will help you get started no matter what your experience level, or how much cash you have on hand.
Murray, founder of an upstate–New York real-estate-investment company, begins with a disclaimer that he accepts no responsibility for the information he presents. His advice, however, is generally sound as he sets out a clear, detailed traditional approach to acquiring and managing small apartment buildings and commercial properties. It’s not a get-rich-quick scheme. Rather, the book details a careful buy-and-hold strategy that relies on adding value to properties and reinvesting positive cash flow. Information about analyzing properties, working with lenders, managing difficult tenants, and growing in scale is well presented. Examples from Murray’s experience are used throughout; an extended case study about one property in Murray’s portfolio, a trouble-plagued but ultimately successful apartment building, nicely illustrates his approach. Less useful are two borderline-generic chapters about maintaining work-life balance and continuing one’s financial education. There are also several glaring omissions. Murray offers little about legal or regulatory matters and nothing about selling properties or surviving a market downturn. Nonetheless, readers seeking a practical guidebook to buying and holding commercial property will find Murray’s book a strong choice in a crowded category. (BookLife)