Most of us get into real estate investing because we want to quit our jobs. But Burnie Lund is different.
Though he’s already achieved financial freedom, Burnie has no intention of leaving his ministry work. In fact, he got into multifamily so he could give more to the missions he believes in.
Burnie is a pastor and multifamily real estate investor with a portfolio of 105 units. He focuses on the ‘common man’ as his target market, allowing people to invest as little as $5,000 in his deals.
Burnie is also a former mentoring student of ours and served as the subject of our deal analysis at Deal Maker Bootcamp 2023.
On this episode of Financial Freedom with Real Estate Investing, Burnie joins Garrett and me to explain how a desire to give back fueled his interest in real estate and why he invested in the support of a mentor early on.
Burnie discusses the role his faith plays in running his business and describes how he pitches passive investors by appealing to their sense of stewardship and desire to do good in the world.
Listen in to understand how relationships win real estate deals and get Burnie’s advice on committing and then taking consistent action every day to amplify your impact with real estate!
Key Takeaways
What inspired Burnie’s interest in real estate
- Giving 30% of income to missions with young family
- Choice to stop giving as much OR increase income
Burnie’s initial real estate investing strategy
- Follow friend’s path in single family rentals
- Used up capital, realized timeline too slow
- Heard about multifamily on BiggerPockets
- Invested in mentorship to avoid mistakes
How a mentor helped Burnie get his first deal
- Gave confidence he did not have
- Provided access to network
Burnie’s first multifamily deal
- 29-unit complex with SFH for $1.4M purchase price
- Found through relationship with property manager
What gave Burnie the confidence for multifamily investing
- Support of wife, business mentor and senior pastor
- Feels he’s doing what God wants him to do
The role Burnie’s faith plays in his entrepreneurship
- Moral imperative to be ethical and keep his word
- Different motivation for being in business
How Burnie raised money for his first deal
- Reach out to friends and family (fellow pastors)
- Found JV partners through mentor
The challenges Burnie faced in closing his second deal
- Difficult seller who wasn’t always up front
- Under contract 11/2020, didn’t close until 2/2022
Burnie’s atypical multifamily investor
- Caters to pastors and full-time ministry workers
- ‘Common man’ rather than HNWI ($5K minimum)
Burnie’s message to potential investors
- Responsibility to be steward of resources you have
- Investing increases influence, ability to do good
Burnie’s advice for aspiring multifamily investors
- Commit
- Be consistent
What practices helped Burnie build momentum
- Hard charge on first deal
- Time block on Google calendar
Related Articles
How My Multifamily Journey Started
How I Got Started in Real Estate
Connect with Burnie Lund
Email [email protected]
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Explore Michael’s Mentoring Program
Learn More About Deal Maker Bootcamp
Join the Nighthawk Equity Investor Club
Access Michael’s Free Resources in the Freedom Vault
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank
Michael Blank on BiggerPockets Podcast EP324
Ed Hermsen on Financial Freedom with Real Estate Investing EP225