Cory Binsfield put $6,000 down on a wreck of a triplex in 1998. Owner financing. The place looked so bad his girlfriend cried.
He moved into the only unit that didn’t need major work and fixed the rest.
That one deal started everything. Today he owns more than 100 units. They bring in over $1.2 million a year in rent. He still runs his own wealth management firm and self-manages the properties. His job blocks him from syndications, so he built the whole portfolio on the side.
The First Deal That Actually Worked
Cory had an epiphany stuck in traffic on the Golden Gate Bridge. He packed up, left California, and moved back to his Midwest hometown. Prices were lower. He found a triplex with three bedrooms and a studio.
He took the two-bedroom unit. Fixed the others himself. Built $60,000 to $70,000 in equity pretty fast. Used that equity for the next property.
His first goal was ten duplexes in ten years. He hit 20 units early. Then he raised the target. A million dollars in annual rent.
House hacking gave him a way in with almost no cash. Live in one unit. Let the tenants cover most of the mortgage. Learn the landlord side for real. Pull equity and repeat.
How He Found Deals Nobody Else Saw
After the small buildings, Cory bought a six-unit from an estate. That introduced him to a regional banker and commercial financing. The same trust officer later sold him the 13-unit building across the street.
Nine years after that, the guy called about an 11-unit with ceilings falling in and foundation problems. Cory had checked in twice a year the whole time. When the seller needed out, Cory got the call.
He also drove around looking for solid six-to-twelve-unit buildings. Pulled county records. Tracked the LLCs. Stayed in light contact. Most owners said they would never sell. Then life hit. A death. A job move. Health issues. The person who kept showing up without being annoying often got the deal.
One four-plex belonged to a woman named Myrtle. She had owned it since the 1960s. Cory sent Christmas cards and birthday cards for years, then stopped. A year later she called him. Still had his business card. He bought it at the appraised price.
Financing That Stretched Thin Capital
Bigger buildings usually want 20-25% down. Cory mixed seller financing with banks that already knew him. Offer the seller 70-80% cash. Ask them to carry the rest. With a regional bank that trusted his track record, he could get into deals closer to 10% down. That stretch mattered when he was funding everything himself.
Running 100 Units Without Burning Out
Good screening cuts most of the headaches. A steady handyman and a small group of 1099 contractors handle the rest. Cory groups showings into short Saturday blocks so he is not driving all week long. Digital leases and maintenance requests keep the daily load light.
For tracking his contractors, he uses Controlio. The Controlio app shows GPS locations and arrival times. He knows who actually shows up. He even ran it on himself for a while to see where his hours went. That visibility cleaned up a lot of wasted time.
Finding reliable tradespeople in a town of about 100,000 stays hard. Cory calls his current crew the band of misfits. They stick around because he pays them right away.
Getting Ready for the Next Soft Market
Markets can look toppy. Cory locks in low rates where he can. Pulls cash on refinances when the numbers work. Builds a cash reserve. He remembers 2007. Tenants who barely qualified started buying houses and leaving vacancies. Banks stopped lending overnight. Cash and fixed rates give options when tired landlords start selling.
What Actually Got Him There
Grit. He sets a number and keeps going until he hits it. The rest is staying visible to the right sellers, screening hard, and adding simple tools that remove friction.
House hacking still works in 2026 for the same reason it worked in 1998. Low capital. Real experience. Equity that rolls into the next deal.
If you are still renting or sitting in a house that barely covers itself, the path is open. Start with one unit. Stay in touch with owners. Keep the systems tight. The first one is the hardest. After that the numbers start working in your favor.
