Looking for the FASTEST way achieve financial freedom? Read on for the top lessons from a new multifamily syndicator who raised $760K for 3 deals in 14 months!
Andy Vaughan started his multifamily investing career just 14 months ago. Somehow, he’s been able to do 3 deals and raise $760K both as a syndicator himself and as a capital raiser for other syndicators.
Are you curious about what he learned along the way to help you fast-track your own journey to financial freedom?
In this week’s video blog, I share Andy’s top lessons to achieve financial freedom faster!
I explain why he encourages aspiring syndicators to go big from the get-go.
You’ll understand why it’s important to talk to investors NOW and learn how joint venturing helped Andy achieve financial freedom in just 14 months!
Watch the video below (or keep reading).
Andy shared these 3 lessons at our annual Deal Maker Live event back in July. So, here are the Cliff’s Notes for you:
Lesson # 1: Go Bigger Sooner
In June of 2018, Andy closed on his first deal, a 36-unit in Greensboro, North Carolina. And while that might seem like a good size for a first syndication, it actually made things harder for Andy and his partner, Seth Robinson (another mentoring student in The Michael Blank program).
Sophisticated investors prioritize deals that are 100+ units, so Andy and Seth struggled to raise the $210K they needed for the deal. Smaller apartment buildings are also more difficult to manage, and Andy was forced to let his first property manager go—which led to a whole host of other problems.
So, while it may seem smart to start small, Andy contends that going after a larger property would have made the process easier—and gotten Andy to financial freedom even sooner!
Lesson # 2: Talk to Potential Investors AHEAD of an Active Deal
Once you get a deal under contract, you don’t have a lot of time to raise money. That’s why you need to talk to investors NOW.
Another reason Andy had a hard time raising money for his 36-unit was because he waited too long. Yes, he’d had conversations with potential investors, but he hadn’t done a good job asking qualifying questions to gauge their level of seriousness.
Andy’s advice to aspiring syndicators looking to achieve financial freedom? Have serious discussions with prospective investors LONG BEFORE you have a deal under contract. And the best way to do that is through a Sample Deal Package where you show investors what a deal might look like. (Download my free eBook, The Secret to Raising Money… for a Sample Deal Package template!)
Lesson # 3: You Don’t Have to Do the Job ALONE!
A big part of the reason Andy closed on 3 deals in 14 months was because he partnered with other investors in our network.
As I mentioned, he worked with fellow mentoring student Seth Robinson on his first deal. 6 months later, he raised $150K for a deal in Gulfport, Mississippi, through our Deal Desk. And just 3 months after that, he raised $400K for a Wake Forest student housing deal in a joint venture with The Michael Blank program alumni.
Getting together with other investors is the best way to get more done faster. And that’s the whole point of our Elite Investors Club: It connects deals with money and experience, helping new investors get to financial freedom faster! (Our mentoring students automatically become members of the Elite Investors network.
Bottom Line: There really is no right or wrong way to do it…just do something!
If you’re looking to achieve financial freedom with multifamily investing, take Andy’s advice:
- Go bigger sooner
- Talk to investors NOW
- Don’t go it alone
Want to be a part of the network Andy used to achieve financial freedom? Take a look at our Investor Incubator mentoring program and schedule a no-obligation call with us to see if there’s a fit!
