What’s stopping you from doing your first multifamily deal?
Whatever your perceived weakness may be, you can overcome it and achieve the same kind of success in commercial real estate that you’ve had in other areas of your life.
English is Jonathan Wei’s second language and he’s a quiet, introverted guy. And yet, he’s raised millions of dollars for real estate syndication deals. What’s his secret?
Jonathan serves as Cofounder and CEO of Greystone Capital Group, a commercial real estate firm that focuses on multifamily and self-storage assets. He left a successful career as a CPA to become a full-time investor, quitting his job in February 2022.
On this episode of Financial Freedom with Real Estate Investing, Jonathan joins cohost Garrett Lynch and me to share his fears around raising capital, explaining how he got comfortable talking to brokers and investors with the help of a mentor.
Jonathan discusses how the connections he made at Deal Maker Live led to JV partnerships that helped him build a portfolio of 500 multifamily units and another 500 in self-storage.
Listen in for Jonathan’s insight on overcoming limiting beliefs by leveraging prior personal and professional successes—and applying the same work ethic to real estate!
Jonathan’s experience of quitting his job as a CPA
- Boss and coworkers surprised to see him go
- Feeling of relief to be own boss
What inspired Jonathan’s interest in multifamily
- Got start in real estate buying condos in NJ
- Realized couldn’t scale quickly enough
How Jonathan knew he could succeed in multifamily
- Overcame other challenges as an immigrant
- Apply same work ethic to real estate
What Jonathan did to overcome his limiting beliefs
- Invest in mentor (work with Drew Whitson)
- Helped build confidence, provide support
How Jonathan benefitted from having a mentor
- Minimize mistakes, inspire massive action
- Accelerate timeline to financial freedom
Why Jonathan decided to pursue multifamily
- Fed up with job, unhappy with commute
- Desire to build legacy for family
How Jonathan overcame his fear of raising capital
- Mentor support re: what to say
- Start with friends/family, build platform
Jonathan’s advice for introverts on raising money
- Be genuine and educate investors
- Not selling but offering unique opportunity
Jonathan’s first multifamily deal as lead
- $1.8M for 56-unit deal in OKC
- Money raised from network and partners
How Jonathan got brokers to take him seriously
- Share track record of success as CPA
- Establish trust, long-term relationship
How Jonathan has grown his commercial portfolio
- Second deal = $3M 72-unit in OKC
- Added self-storage during pandemic
What’s next on Jonathan’s real estate journey
- Build self-storage, work off-market deals
- Support other investors as KP
Jonathan’s team for finding off-market deals
- Brokers, loan guarantor and underwriter
- Partner with other investors for capital
Connect with Jonathan Wei
Email [email protected]
Email [email protected]