A 2017 Forbes headline reads, ‘Median Wealth of Black and Latino Families Could Hit Zero by the Middle of the Century.’
That hit home for Puerto Rican-born Duamel Vellon. And he’s made it his mission to raise awareness in his community, making multifamily investors out of his friends and peers.
Duamel Vellon is Cofounder of Ten15 Capital, a multifamily investment firm with assets in Florida, Georgia and the Carolinas. A former engineer in the theme park industry, Duamel quit his job in December of 2021 to be a full-time investor, and he currently manages a 203-unit portfolio.
On this episode of Financial Freedom with Real Estate Investing, Duamel joins cohost Garrett Lynch and me to share the ‘chess versus checkers’ mindset that helped him transition from flipping to multifamily.
Duamel describes his grassroots approach to raising capital, discussing how he grows his network and educates potential investors before he has a live deal.
Listen in for insight on Duamel’s mission to serve the Black and Latino communities and learn his uncommon strategy for ensuring regular deal flow.
Key Takeaways
What inspired Duamel’s interest in real estate
- Loved work as theme park engineer but hated hours
- Tired of giving best of self to someone else’s dream
How Duamel got started in real estate investing
- Initial strategy = flipping and short sales
- Wanted more passive income and control of time
Duamel’s transition to investing in multifamily
- Shift away from scarcity mindset (chess not checkers)
- Serve others, create investment opportunities
Duamel’s grassroots approach to raising capital
- Talk to friends and family as well as local seminars
- Present sample package deal at REIA meetings
How Duamel found and closed his first deal
- Cold called owners (paid for list from CoStar)
- Found motivated seller of 11-unit property
- JV with 5 people from investor database
How Duamel raised $2M for his second deal
- Grab cards at networking events, add to spreadsheet
- Constantly follow up with everyone in database
What Duamel says to potential investors before he has a deal
- Zoom call to present sample deal package
- Educate around best way to invest in real estate
Where Duamel finds potential investors in the community
- Intentional conversations with everyone he meets
- Friend’s BBQ and kid’s sporting events
How Duamel and his partner share roles and responsibilities
- Duamel hunts deals, negotiates and raises capital
- Partner is operations-driven, likes analytics
What Duamel does to ensure regular deal flow
- Outsource cold calling duties
- Cultivate broker relationships
Duamel’s mission to serve Black and Latino communities
- Educate on real estate as investment vehicle
- End trend to negative net worth by 2050
Connect with Duamel Vellon
Email [email protected]
Call (407) 402-0480
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Resources
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Learn More About Michael’s Mentoring Program
Access Michael’s Free Resources in the Freedom Vault
Financial Freedom with Real Estate Investing by Michael Blank
Rich Dad Poor Dad by Robert T. Kiyosaki
Multi-Family Millions: How Anyone Can Reposition Apartments for Big Profits by David Lindahl
Apartment Investor Network Facebook Group
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