So, you’ve got some money set aside to jumpstart your real estate career. What should you invest in?
An apartment building? Mobile home park? Something else?
The answer is no. Don't do any of those things. If you have money to invest, the first thing you should invest in YOURSELF.
John Manfredy has over 30 years of real estate experience as an architect where he was responsible for design, project management and construction supervision for projects budgeted over $500 million.
But when John was laid off during COVID, he transitioned to multifamily investing and development, and today, he serves as Principal at Manifest Multifamily Group.
On this episode of Financial Freedom with Real Estate Investing, John joins us to explain how our mentoring program helped him transition from a W-2 to real estate quickly and avoid mistakes ‘with a lot of zeros behind them.’
John describes how he raised $1.7 million in three days, challenging us to share opportunities with potential investors months in advance and build a team with skills complementary to our own.
Listen in to understand the benefit of sticking with old deals and learn how John reached his real estate goals faster by investing in himself!
Key Takeaways
What inspired John’s interest in real estate
- Successful career creating real estate as architect
- Lost W-2 job during COVID
Why John chose real estate over another 9-to-5
- ·Wife took him through vision exercise
- Better option than traditional investing in 401(k)
How John’s life is different as a full-time investor
- Control time and freedom to watch kids grow up
- No longer living paycheck to paycheck
Why John decided to invest in mentoring
- Don’t have time to learn on own
- Avoid mistakes ‘with lots of zeros behind them’
What limiting beliefs John struggled with early on
- Asking people for substantial amount of money
- Lack of confidence in underwriting
What gave John the confidence to do his first deal
- Built team with complementary skills
- Training and support of mentor
The fundamentals of John’s first deal
- Initially passed on 200-unit portfolio deal
- Opportunity to replace 6-unit with 16-unit
How John raised $1.7 million in 3 days
- Share plans with circle long before raise
- Share opportunity vs. ask for money
John’s top lessons learned from his first deal
- Talk about balance between debt and equity
- Stay in touch with deals
What’s next for John and his team
- Pick up new markets
- Analyzing deals in Atlanta and Indianapolis
Related Articles
How to Transition into Multifamily Syndication
Connect with John Manfredy
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Email [email protected]
Resources
Explore Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
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Buy Michael’s Syndicated Deal Analyzer
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Financial Freedom with Real Estate Investing by Michael Blank