The 40-Door Rule

There’s a shift that happens around 40 doors.

It’s not exact.
It’s not scientific.

But somewhere in that range, an investor stops acting like a landlord… and starts operating like a business.

And businesses transact.

Here’s the rule: 

Once someone owns 40+ properties, they are almost always a buyer and almost always a seller.
Just not necessarily today.

Why This Matters

Smaller landlords think emotionally:

• “I’d never sell that one.”

• “I just bought it.”

• “That’s my favorite.”

Operators think in math:

• Return on equity.

• Portfolio balance.

• Opportunity cost.

• Tax strategy.

There is very little they wouldn’t sell for the right price.
And very little they wouldn’t buy if it fits their criteria.

Where Agents Miss It

They call and ask:
“Are you looking to sell 123 Main st?”

Investor says no.
Conversation ends.

But with a 40-door owner, “no” usually means:

• Not that property.

• Not at that price.

• Not right now.

So pivot.

“Ok. Is there anything you WOULD part with today?”

Or  “Got it. Are you still actively buying?”

Then learn their buy box over time.

Because here’s the truth:

A 40-door investor is always trimming, trading, or expanding.

If you stay in relationship long enough, you’ll be there when the pieces move.

That’s the 40-Door Rule.

Simple.

Not easy.