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12 min
Available in:English

Crushing It in Apartments and Commercial Real Estate: How a Small Investor Can Make It Big

Shows small investors how to turn apartments and commercial buildings into a lasting business by buying for cash flow, keeping costs low, managing properties personally, pricing rent to keep tenants and holding for the long run.

Table of Content

Plenty of people dream that owning a building would end their money worries, yet a property can drain cash just as easily as it produces it. In Crushing It in Apartments and Commercial Real Estate, investor Brian Murray argues that the difference lies in how you run it. To him, a building is a business, and its owner is the hardest-working manager on site. Murray built his company while also working as a teacher, and he only left that job once his properties brought in $2 million a year.

His method rests on a handful of habits that lower risk. Buy for immediate cash, spend almost nothing on yourself, manage the work personally, keep good tenants happy and hold for years. Each habit protects the cash that keeps a small investor alive long enough to grow. By the end you will know the two numbers to run before any offer, a rent strategy that keeps units full, and the case for patience over a quick sale.

A building can look like a safe bet and still end up draining its owner’s money as often as it earns it. Murray relies on a simple pair of calculations to tell the difference, and they reframe what safety means for a small investor.

A new investor had her celebration planned: a car, an office, beautiful business cards and a resignation letter. Murray saw a mistake in every item, and his own first office explains why.

The image of the relaxed landlord collecting rent has deep roots, from old aristocratic estates to modern sales pitches. Murray thinks believing it is one of the costliest errors a new owner can make.

Pushing rent as high as the market allows seems like the obvious way to maximize returns. Murray argues it often does the opposite, and he adds a second test for tenants that most owners ignore.

Wealth looks like the obvious fuel for a property career. Murray warns that it burns out at exactly the wrong moment, and he explains what kept his own team steady when the work got hard.

With every property finally profitable and a buyer ready to talk, Murray could have cashed out. He walked away from the sale, and his reasons reveal where the real money in property is made.

Murray’s book swaps the dream of easy property money for something plainer and far more dependable. A building pays its owner only when it is treated as a working company, its cash guarded like a lifeboat and its value given years to grow. His own story shows the style: a basement closet for an office, a teaching job kept for seven years, a failing hotel reborn as studio apartments.

For a small investor, the practical moves are modest. Run net operating income and cash-on-cash return before any offer, and walk away from buildings that need you to feed them. Keep your salary and your spending out of the business until it can clearly afford you, and handle as much of the management as you can with your own hands. Price rent a little under the market so good tenants stay, and choose new ones who fit the people already there.

When the urge to cash out arrives, remember the buyer Murray turned away. In his account, the fortune went to the owner who kept the closet office and stayed put.

About this book

What is this book about?

Owning property looks like the safe road to wealth. Prices seem to recover after every crisis, and rent seems to arrive on its own. Brian Murray, who built a commercial real estate company while still working as a teacher, argues that a building can drain money as easily as it makes it, and that the difference comes down to how the owner runs it. His answer is to drop the idea of passive income and treat every property as a business. That starts with two numbers, net operating income and cash-on-cash return, which show whether a building will pay you from the first day. It continues with frugal habits, from keeping your day job to working out of a basement closet, and with doing the leases, deals and snow clearing yourself instead of paying a chain of managers. Readers also get Murray's approach to tenants, including why rent slightly below market pays off. He explains why a purpose beyond money keeps an owner going, and why holding a property for five years or more usually beats selling early.

Book Information

Rating:

Genre:

Entrepreneurship & Startups, Real Estate & Property

Topics:

Entrepreneurship, Real Estate Investing, Wealth Building

Publisher:

Sackets Harbor Press

Language:

English

Narrator:

Emily

First published:

January 1, 2017

Pages:

352

Length:

12 min

Get the book:

Amazon

Who it's for

  • Wanting a first building

    Professionals with savings who want to buy a first apartment block or small commercial building.

  • Part-time property investors

    Side investors who own a property or two and wonder why the cash never seems to grow.

  • Weighing a career switch

    Career switchers weighing whether to leave a salaried job for real estate.

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About the Author

Brian Murray

Brian Murray founded Washington Street Properties, a commercial real estate investment company that appeared on the Inc. 5000 list of fast-growing private companies five years in a row. In 2015 he won a Gold Stevie Award as Real Estate Executive of the Year at the American Business Awards. He also co-founded the private equity firm Open Door Capital and wrote The Multifamily Millionaire. He lives in western North Carolina.

Ratings & Reviews

Ratings at a glance

4.1

Overall score based on 169 ratings.

What people think

Listeners find this real estate guide to be well-crafted and approachable, offering lucid breakdowns of core concepts and a thorough collection of resources for additional investigation. The text delivers useful strategies for novice and veteran investors alike, and listeners are grateful for its encouraging message. They specifically appreciate the concentrated look at commercial and apartment properties, with one listener pointing out how comprehensively it covers different property type factors.

Top reviews

Siriphen

Murray’s perspective as a former professor brings a unique, grounded academic rigor to a field often dominated by flashy personalities and empty promises. Frankly, it is refreshing to see an author advocate for a slow, cautious build instead of suggesting you hire a massive team of attorneys and brokers before your first deal. The chapters on bootstrapping are particularly enlightening, showing exactly how to leverage existing resources and sweat equity to create value where others see none. I was struck by the focus on the human element, especially the advice to keep rents slightly below market to reduce turnover costs and foster a better community. While some might find the lack of complex algorithmic market analysis a downside, the practical focus on NOI and cash-on-cash returns is exactly what a beginner needs. This is a brilliant template for how to write an informative and engaging business book.

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Por

Finally got around to reading this, and it’s a total breath of fresh air compared to the usual 'no money down' infomercial garbage. Brian Murray’s journey from a solo investor to a multi-million dollar business owner is genuinely inspiring because it feels attainable through hard work and tact. He explains the 'puzzle' of investment beautifully: every piece, from financing to maintenance, must fit perfectly or the risk of overpaying becomes too high. The book emphasizes a long-term hold strategy and the importance of improving properties rather than just flipping them for a quick buck. Look, if you want to understand how to actually manage a property and treat tenants with respect while still hitting your cash-on-cash targets, this is your bible. The writing style is easy to follow, making even the most complicated commercial concepts feel like a simple conversation over coffee.

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On

What truly sets this book apart is the emphasis on finding a deeper purpose for your real estate ventures beyond just the bottom line. Murray argues that improving the community keeps you going when the market gets tough, and in my experience, that kind of integrity is rare in this business. The book is filled with practical strategies for extraordinary value creation, specifically regarding how to calculate net operating income accurately. It’s an easy read that doesn't sacrifice depth, providing a clear roadmap for anyone tired of the low margins in single-family rentals. I loved the Thomas Edison quote about opportunity being dressed in overalls; it perfectly summarizes the author's 'get your hands dirty' philosophy. Whether you are a long-time business owner or a first-time investor, the insights on efficiency of scale are absolutely invaluable for your growth.

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Waree

I've been looking for a real estate roadmap that doesn't require a massive corporate team on day one, and this is exactly it. The author’s 'geeky' but energetic approach to the numbers makes the financial modeling side of things feel much less like a chore. I was particularly impressed by the focus on 'sweat equity' and the reality that most success comes from doing the work that others are too lazy to do. The chapters are strategically placed, the quotes are relevant, and the overall tone is incredibly motivating without being 'salesy.' It’s rare to find a business book that is this informative while remaining genuinely fascinating from cover to cover. Murray reminds us that while you can't account for every unknown, you can mitigate risk by never overpaying and staying disciplined with your dollars. A must-read for anyone serious about apartments.

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Daranee

Ever wonder how people actually make the jump from small duplexes to massive, multi-unit apartment complexes without losing their minds? This book provides the answer through a combination of tactical property management and smart financial modeling. Murray’s 'nuggets of truth' about why terrain decides the winner in a fight between a bear and an alligator are metaphors I'll never forget. The book is packed with helpful information on structuring deals and bootstrapping, making it an essential resource for those of us who aren't starting with a million-dollar trust fund. I loved the focus on being your own biggest investor and treating landlord duties as a high-standard profession rather than a side-hustle. It’s an inspiring, fun read that balances the hard numbers with the human reality of real estate. Highly recommend this for any entrepreneur who wants to build something that lasts.

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Hana

This is a solid resource for anyone looking to move beyond single-family flips and into the more complex world of commercial assets. The author does a fantastic job explaining how to structure a deal and perform proper due diligence without making the reader feel overwhelmed by jargon. Truth is, many real estate books are just long-winded brochures for a coaching program, but this one provides actual nuggets of truth regarding property evaluation and maintenance. I particularly appreciated the detailed glossary and appendices; they are essentially worth the price of admission alone for a newcomer. My only real complaint is that I wish there were more deep-dives into specific market cycles and macro-economic data rather than just generic strategies. However, the focus on turning hotels into studio apartments and finding non-monetary purposes for investing makes this a fascinating, high-value read.

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Somrutai

As someone who has always been slightly intimidated by the sheer scale of commercial real estate, I found Murray's incremental approach incredibly grounding. He doesn't tell you to break the bank immediately, but rather to invest gradually and perform your landlord duties to a high standard yourself. The section on repurposing assets—like turning a hotel into studio apartments—opened my eyes to the creative side of the business that I hadn't considered. I do think the book could have spent more time on the 'what if it goes wrong' scenarios, as it leans quite heavily on the success stories. Still, the tactical advice on asking sellers if they've considered selling is a goldmine for anyone hunting off-market deals. It's an honest look at the industry that stresses the importance of balancing work, health, and home life while you're grinding.

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Natnicha

The math is where this book earns its keep, providing clear explanations of NOI and cap rates that even a total beginner can grasp. Personally, I found the breakdown of how to evaluate properties against one another to be the most helpful part of the entire text. It’s a refreshing change of pace to see an author who was a professor while building his empire, proving you don't need to dive in full-time right away. I would have appreciated a bit more detail on the legal hurdles of commercial zoning, as that can be a huge barrier to the 'repurposing' strategies he suggests. Regardless, the book is exceptionally well-written and serves as an excellent template for business owners. It’s a practical, no-nonsense guide that favors incremental growth over risky, massive leaps. Definitely a high-quality addition to any investor's personal library.

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Rohan

To be fair, the title suggests a much more aggressive, high-speed approach than what is actually inside these pages. It is a well-written book, but I felt the advice was occasionally too geared toward the absolute novice who has never heard of a cap rate. The personal anecdotes about the author's success are motivating, yet they sometimes veer into the territory of luck rather than a repeatable scientific hypothesis. I was looking for more technical spreadsheets and complex financial modeling, but instead, I found mostly common-sense tips like 'don't quit your day job' and 'watch your spending.' It’s a lovely read if you are just starting out or need a motivational boost, but seasoned investors might find themselves skimming through the more basic sections. It is a decent introduction, just not the masterclass in advanced analysis I was anticipating.

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Noah

Not what I expected given the hyped-up title, as it feels more like a memoir of one man's success rather than a step-by-step technical manual. Don't get me wrong, the writing is great and the advice about keeping your day job is sound, but I wanted more 'meat' on market analysis. It felt a bit light on the actual numbers for someone who already has a few properties and is looking for advanced scaling techniques. Gotta say, the glossary is excellent and the advice on tenant retention is smart, but much of the value-add strategy felt like stuff you'd find on a basic real estate blog. It is a solid introduction for someone who is brand new to the concept of commercial investing, but if you've been in the game a while, you might only find a few new things here.

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Questions about this book

Brian Murray argues that property is not a passive investment. A small investor builds wealth by treating each building as a business: buying properties that produce cash right away, keeping personal spending low, managing the work personally, pricing rent to keep good tenants and holding for years so improvements and a profit record can raise the property’s value.

For net operating income, add a property’s yearly earnings, such as rent, laundry income and pet fees, then subtract yearly costs like property taxes and maintenance. For cash-on-cash return, divide that income by the cash you invested at the start and express it as a percentage. Murray favors deals where this figure is high, because cash flow reduces risk.

Overpriced units may sit empty, and tenants who stretch to pay a high rent tend to leave when the lease ends. Rent slightly under the market encourages renewals, which cuts marketing and turnover costs. For commercial tenants, lower overhead also helps their businesses succeed, and successful businesses are less likely to move out.

Murray suggests about five years as a rough rule, sometimes longer. Improvements paid from the property’s income take time to show up in profits, and buyers expect at least two years of profitable records before paying a high price. Holding also avoids transaction costs of 5 to 10 percent, broker commissions and capital gains tax.

Murray advises against it early on. He stayed a teacher through his first seven years in real estate and only quit once his business brought in $2 million a year. Taking a salary from a young property business can put the whole venture at risk, so he recommends keeping your income and putting spare cash into new deals.

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