Tue, 5 September 2017
Most of the time, careful planning is a good thing. It is smart to develop a strategy first, and then take action on your goals. But the one situation in which it might be better to just put the blinders on and jump in? Multi-family real estate investment.
Pili and Jason Yarusi have a background in running restaurants and bars as well as experience in the family construction business. So when they were starting a family of their own and wanted to get out of the grind, real estate investment seemed like the perfect fit. They started doing capital-intensive flips and had success with out-of-state duplexes, but soon realized that flipping was a job that would have to be repeated time and time again. If the Yarusis wanted to achieve cashflow, apartment building investing was the way to go.
After doing a lot of reading and reaching out to mentors with multi-family experience, Pili and Jason found a quality property management company in Kentucky, and made use of the firm’s expertise to find a deal that fit their criteria. The Yarusis sold investors on their background of success in other businesses, and raised the $800K necessary to close on a 94-unit property. Today they share how their willingness to jump in without a clearly defined strategy paid off in the end and how they overcame the mindset challenges around multi-family investing. Listen in for Pili and Jason’s advice about reaching out to mentors and learning as you go.
[1:39] The circumstances that motivated Pili and Jason to invest in real estate
[4:25] Pili and Jason’s start in-house flipping
[7:40] Why Pili and Jason shifted to multi-family
[10:49] How the Yarusis moved forward once the decision to do multi-family was made
[12:50] The mindset challenges around multi-family
[14:09] How to overcome mindset challenges
[16:28] The hurdle of raising capital
[18:24] How Pili and Jason chose the Kentucky market
[21:58] The Yarusi’s outlook when it was time to sign the contract
[23:36] How much capital Pili and Jason raised for their first multi-family deal
[25:27] How the 94-unit property is performing
[26:45] The lessons Pili and Jason learned in their first multi-family deal
[28:34] What’s next for the Yarusis
[29:56] Pili and Jason’s advice for aspiring apartment building investors
Connect with Pili and Jason Yarusi
Email Jason at firstname.lastname@example.org
Email Pili at email@example.com
Direct download: MB_077__How_We_Took_Down_Our_First_Multifamily_Deal_94-units__With_Pili__Jason_Yarusi.mp3
Category:Commercial Real Estate -- posted at: 2:04pm EDT