Dave Lindahl’s Apartment House Riches Review

The first part of building wealth with apartment buildings is learning how the game is played. In that sense Dave Lindahl’s course on apartment investing, Apartment House Riches is an accessible, fun ride through the process.

The heart of the course are CD recordings of a seminar given by Dave Lindahl that take you through the apartment buying process as he sees it, and a main manual which contains edited transcripts and a few diagrams. He is a very engaging speaker and delivers the content in an upbeat manner, with many anecdotes about his personal experience.

(***Note: I purchased the course in 2007 and the version I received contained 7 audio CD’s. My understanding is that later versions of the course have this content broken into a greater number of actual CD discs. Nevertheless, I would assume the content on the discs, whatever their number, would be the same.)

Dave Lindahl's Apartment House Riches

There are 7 audio CDs breaking the content into the following topics:

Disc 1:

1. The Chunker Strategy:

2. “Chunkers”

3. Advantages of Apartment House Investing

4. Apartment Houses Vs Single Family

5. Market Cycles


Disc 2:

1. Marketing

2. Chunker examples

3. Types of Apartment Houses

4. 5 Steps to Wealth

5. Reasons People Sell

6. Signs

7. Other Places To Find Deals


Disc 3:

1. Other Places To Find Deals

2. Analyzing Deals

3. Capitalization Rate

4. Offers

5. Due Diligence


Disc 4:

1. Due Diligence Checklist

2. Negotiating

3. Getting A “Yes”

4. Purchasing Techniques

5. Make Small Price Moves


Disc 5:

1. How To Write Offers

2. Benefits Of “Subject To”

3. Shrewd Ways To Keep Your $$

4. Buying Entities

5. Managing Your Properties

6. Handling Repairs


Disc 6:

1. Keys To Property Management

2. 6 Rules Of Tenancy

3. The Rental Application

4. Landlord Verification

5. Tenant Lease

6. General Lease Clauses

7. Letters To Tenants


Disc 7:

1. Tenant Management

2. Choosing A Management Company

3. What To Pay For A Management Company

4. How To Sell For Maximum Dollars

5. How To Find A Good Agent

6. 1031 Exchanges

7. Boston Globe 1031 Ad

8. 5 Most Common Forms Of Exchanges

Along with the audio CDs is a Forms CD that contains the letters, forms, and leases referred to in the audio CDs. In a separate case is a data disc containing software, the “Multi-Unit Profit Finder”. This is a program you can load onto your laptop or PC that lets you enter the details of a deal and run different scenarios. With all the info entered you can calculate the current value of a property based on what you know about local market cap rates, and then project future value of the property after repairs and filling vacancies. As far as software goes, it is good for getting you involved in the process and looking at deals.

In addition to the main manual and the CDs are 4 “Special Reports”, each between 10 and 20 pages long. The topics of these reports are:

  • The 23 Most Costly Mistakes Real Estate Investors Make And How To Avoid Them
  • 27 Ways To Buy Multi-Units With No Money Down
  • 77 Ways To Fill Your Vacancies Fast
  • How To Write Simple Letters That will have An Endless Supply Of Motivated Sellers Calling You To Buy Their Properties

While each of the reports provide good information, they are mainly summaries of important parts of the process. The fact that they focus your attention on these areas is probably their greatest value. The 23 Costly Mistakes report contains, in my view, the best information. Knowing what to avoid, and what to pay special attention to will keep you in the fast lane and your energy for the business high.

Who Will This Product Benefit Most?

If you are completely new to real estate and are considering all of the available options, this product will probably be of the most benefit to you. One, because of Lindahl’s engaging style, 2) because he gives a thorough dissection of how apartments compare to single family as a vehicle for building wealth, and 3) the thorough yet not overly complex description of the process Lindahl gives in the course.

You will also get a lot out of this course if you are a landlord struggling with a “portfolio” of single family homes. The fallacy of buying and holding a lot of single family homes in an attempt to build wealth is made abundantly clear by the end of CD 6.

If you already have some experience as an apartment investor a lot of what is covered here will be review. Yet, you will still get a lot of value if you are managing properties yourself. This is one of the keys to achieving wealth with apartments, the “letting go” and letting managers do the property management and maintenance. This is an area this course stresses and spends a bit of time emphasizing. It is after all, the key to becoming an actual investor and growing your portfolio of properties.

Does Apartment House Riches Work?

Apartment House Riches is an information product, so the degree that it “works” has more to do with the level of implementation of the user. However, as the information that provides the road map for action that results in a successful apartment building purchase, Apartment House Riches does a pretty good job. Lindahl has no shortage of testimonials and is not shy about showing them to you.

One aspect of this which is actually very useful is two interviews he conducts with people who bought this course, went to his boot camp (yes, he has a “boot camp”), and then followed through and bought profitable apartment buildings. Both of these interviews are very good and provide a walk through of the process of the deals they did.

Both interviews are with first time apartment investors, though their experience in business and their temperament differs. They are both valuable interviews in mapping out the process and bringing some reality to the information provided in the course.

Shortcomings Of The Course:

As far as it goes, Apartment House Riches is a very good introduction to apartment investing. A couple of months after taking delivery of the course though you become aware of another component of Dave Lindahl’s information business … his boot camp.

I haven’t been to Dave Lindahl’s boot camp, but I’m assuming this is where the more detailed training about, finding deals, negotiating, getting the mortgage, raising private money, closing, dealing with contractors, hiring and managing management companies, etc. takes place.

By itself Apartment House Riches is an adequate road map to buying a profitable apartment building, and for some people it will be enough to get going and figure out the rest along the way. For others, more instruction and the support of a community of people like them with the same goals will be needed. But that’s what “boot camps” are for, in this setting anyway. It has to be said, both of the successful students Dave Lindahl interviewed went to his boot camp.

My Recommendation:

If you are new to apartment investing, if you are currently own apartments and are personally managing, my recommendation is to buy Apartment House Riches. It contains a lot of valuable information and is delivered in an easy accessible style. The course itself points to every important aspect of doing apartment investing successfully, even if it doesn’t provide all of the detail. This is a good entry level course that will get you in the game