MB 182: An Action-Oriented Approach to Financial Freedom with Multifamily – With David Kamara
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Real estate investors come in many different shapes and sizes. Some young, some older. Some with financial resources, others without. But the one thing they ALL have in common is hustle. They balance learning with DOING, taking action to achieve their dreams of financial freedom through multifamily.
David Kamara was working a demanding job in management consulting, traveling as much as 48 weeks a year. In an effort to spend more time with his family, David enlisted the help of a mentor to fast-track his real estate career and closed on his first 40-unit multifamily deal in October of 2018. Within a year, David had replaced his income, and today, he has a portfolio of 247 units. He runs his own management consulting business as well as Cape Sierra Capital, an apartment building investing firm that focuses on undervalued multifamily properties in the Midwest and Southeast US.
On this episode, David joins me to explain how his daughters inspired him to make time for multifamily and what he did to get started. He walks us through his first 40-unit deal, discussing how having a mentor helped get brokers to take him seriously. David also shares his experience with the Law of the First Deal, explaining how he had two more deals under contract within two months of closing! Listen in for David’s advice to aspiring multifamily investors and learn his action-oriented approach to achieving financial freedom—with or without financial resources of your own!
Key Takeaways
David’s initial real estate goals
- Buy one house per year
- Scale up to build wealth
What made David’s plan change
- Demanding new job as management consultant
- Moved to Michigan with growing family (4 kids)
What inspired David’s shift to multifamily
- Work-life balance suffering
- Replace time spent training for marathons
What David did to get started
- Bought course, started analyzing deals
- Met mentor at Financial Freedom Summit
What David liked about his first 40-unit deal
- Nearby complex rents $100 more (wait list)
- Major employer in area
How David got brokers to take him seriously
- Introductions from mentor
- Use right language to avoid proof of funds
David’s experience with the Law of the First Deal
- Found 18-unit in Chicago within 2 months
- First broker proposed partnership on 37-unit
David’s first multifamily syndication deal
- Fully rented 94-unit in MI college town
- Investors from professional network
How David found time to do real estate with a full-time job
- Wake up early, stay up late
- DECIDE to make time for what’s important
David’s advice for aspiring multifamily investors
- Balance learning with DOING
- Go out and buy multifamily property
What David would have done without financial resources
- Create sample deal package
- Educate potential investors, address objections
Connect with David Kamara
Email [email protected]
Call (773) 263-2657
Resources
The Deal Maker Blueprint Training & Certification
