In the world of startups, entrepreneurs take a lean approach early on with an eye to grow quickly. Ellie Perlman applied these principles to real estate, building and scaling a syndication business in a few short years. So, how do you shift from being a syndicator to managing a syndication business?
Ellie is the Founder and CEO of Blue Lake Capital, a real estate investing firm that specializes in value-add multifamily acquisition and management. She also leads REady2Scale, a mentoring program for aspiring multifamily syndicators, and hosts the REady2Scale Podcast. Ellie began her career as a commercial real estate lawyer and later transitioned to the role of property manager, overseeing properties worth more than $100M. She earned her MBA from the MIT Sloan School of Management.
On this episode of Apartment Building Investing, Ellie joins me to explain how growing up poor in Israel gave her the drive to succeed and share her journey from cleaning synagogues to earning an MBA from MIT. She discusses the decision to start her own real estate business, describing how multifamily syndication fulfilled her vision to both scale quickly and earn passive income. Listen in for Ellie’s insight on the magic of scaling a startup and get her advice on how to grow YOUR real estate business—even if you don’t have a budget!
Key Takeaways
How Ellie developed the drive to succeed
- Cleaned synagogues as poor child in Israel to help family
- Sent to youth village at 15, wanted better for own kids
What inspired Ellie to go to law school
- Married at 18, working 3 jobs to provide for husband
- Saw education as ticket out of ‘survival mode’
How Ellie developed an interest in real estate
- Exposed to deals in international real estate department of law firm
- Transitioned to property management to understand business side
What brought Ellie to the United States
- Pursue MBA at MIT to learn how to start companies
- Aunt had moved to US and achieved success
Ellie’s decision to go into business for herself
- Desire to fulfill potential as self-made woman
- Scarier NOT to try than to try and fail
Ellie’s insight on the power of believing in yourself
- Causes to act in way that sets up for success
- Changes other’s perception of who you are
Ellie’s big vision for building a real estate company
- Reverse engineer plan based on net worth goal at age 50
- Multifamily met requirements for scale, passive income
What Ellie would tell her younger self
- Don’t listen to doubters + keep going
- People project their own fear on you
How Ellie thinks about potential discrimination in real estate
- Focus on what CAN change and improve self
- Not productive to get stuck in victim mode
Why Ellie started a training program and podcast
- Build relationships with potential investors
- Learn something new to implement in business
- Rewarding to see other people succeed
Why Ellie is an advocate for scaling your business
- Burn out when try to do all on own
- Magic in scaling to grow + grow quickly
Ellie’s advice for building and scaling a syndication business
- Map out business want to create and define roles
- Choose area of focus, partner or outsource rest
How to build a syndication business on a small budget
- Hire intern through Handshake
- Pay small stipend or offer equity
Connect with Ellie Perlman
Email [email protected]
Resources
Register for Michael’s Free Masterclass: How to Do Your First Apartment Deal
