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My good friend started RE investing around 2 years ago and now has about 60-80 units. Former analyst - can't even use a hammer.
It's purely a leverage and cash flow game. Example: He buys a multi family building for 300,000 (60 downpayment and 240 loan). Adds 50k to rehab and tries to refinance around 450k and take most of his money out. The rehab creates majority of his "equity" in the property, everything else is financed.
He targets ~$300 per unit after all expenses/fees. Wants to have 300 units and retire.
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