Mon, 2 April 2018
Ben Risser had a bad case of entrepreneurial ADD. He knew that the corporate environment was not a good fit for his personality, and he knew that real estate was the route he wanted to take. But Ben couldn’t get focused on a single strategy. He looked into several different single-family alternatives and even pursued lease options for awhile, but he couldn’t seem to stick with one strategy long enough to see it through… And then he landed on multifamily.
Ben enrolled in the Ultimate Guide to Buying Apartment Buildings with Private Money course and started networking at local REIA meetings. Through a random series of events, he ran into his partner, Matt Faircloth, and started underwriting deals. Matt’s broker connections led the team to a 198-unit deal in Fayetteville, NC—a D property in a B neighborhood with big value-add potential. It took six months and lot of legwork, but Ben and Matt closed in January of 2018, and they are actively pursuing other multifamily opportunities in the southeast US.
Ben sits down with me to explain how he came to realize that he is an entrepreneur at heart, despite his background as an aerospace engineer. He discusses his lack of focus early on and how he finally made the commitment to multifamily. Ben shares the story of his unintentional leap into full-time investing and the value of his wife’s support in pursuing the real estate business. Listen in for Ben’s insight around perseverance, focus, and finding a partner with a complementary skill set.
Ben’s introduction to real estate
Ben’s initial real estate strategy
Ben’s shift to multifamily
How Ben found his partner
Ben and Matt’s partnership
Ben’s first multifamily deal
Why it took 12 months to close on the property
The complications Ben encountered in his first deal
How Ben and Matt raised money for the deal
Ben’s transition to full-time syndicator
What’s next for Ben and his partner
Ben’s advice for aspiring real estate investors
Connect with Ben
Rich Dad Poor Dad by Robert Kiyosaki
Direct download: MB_102_-_Curing_Entrepreneurial_ADD_with_a_Focus_on_Multifamily__With_Ben_Risser.mp3
Category:Commercial Real Estate -- posted at: 12:41pm EDT