Financial Freedom with Real Estate Investing

How do you land your first syndication deal without a track record in multifamily? Well, it all starts with networking. Networking with brokers. Networking with potential investors. Networking with other multifamily operators. And if you can get plugged a real estate investing community, you can leverage the knowledge and experience of investors who’ve been where you want to go and fast-track your success!

Barry Flavin is a mentor with the Michael Blank organization and Managing Partner at New Mission Capital, a multifamily investment firm out of Detroit, Michigan. He got his start in real estate eight years ago, building a portfolio of 30 single family rentals before making the shift to multifamily. Barry has a background in software sales and spent six years working as an air traffic controller before discovering real estate, and today, he owns 387 units, leveraging his expertise in investor relations to grow the business.

On this episode of Apartment Building Investing, Barry joins cohost Drew Whitson and I to explain how an air traffic controller ends up in real estate, walking us through his transition from building a portfolio of single family rentals to raising capital for large multifamily deals. He discusses the advantages of focusing his investments in a single market, describing how he found his partner, Josh, and what they do to secure consistent deal flow. Listen in for Barry’s insight on avoiding expensive mistakes with 1:1 mentoring and find out how YOU can accelerate your success through the Michael Blank community.

Key Takeaways

What inspired Barry’s interest real estate

  • Looking to supplement government pension
  • Desire to travel in retirement

Barry’s initial real estate investing strategy

  • Fix up and sell personal residences
  • BRRRR method (build SFH rental portfolio)

How Josh funded his early real estate investments

  • Start with own cash, retirement accounts
  • Borrow from private lenders and refinance properties

How Barry and Josh structure their partnership

  • Josh finds and underwrites deals + operates portfolio
  • Barry’s focus on investor relationships, raising capital

How Barry raised $2.8M for his first 144-unit deal

  • Lot of phone calls, emails, coffees and dinners
  • Scrambling after few weeks but fell into place

Barry’s advice on making a capital raise less stressful

  • Touchpoints 1, 2 and 3 while still looking for deal
  • Show potential investors sample deal package

How Barry benefits from focusing on the Detroit market

  • Knowledge of best neighborhoods to invest
  • Track record + broker relationships = deal flow

Barry’s advice for aspiring investors without a track record

  • Network with brokers and investors
  • Add value to partner (borrow their reputation)

The #1 thing new syndicators need to do to be successful

  • Deep dive into online content to learn language
  • Get plugged into community

Barry’s insight on having in-house property management

  • Can outsource in beginning, interview for best fit
  • Consider in-house team as business scales

How Barry thinks about adding to his team

  • Weakness around building funnel for new investors
  • May hire admin to streamline marketing strategy

Barry’s take on goal setting for multifamily

  • Don’t have set number of units
  • Consistently do GOOD deals (minimum of 2/year)

Barry’s advice to his younger self

  • Learn to use money as tool much sooner
  • Accelerate real estate with 1:1 coaching program

Barry’s advice for aspiring multifamily investors

  • Be coachable and follow through
  • Don’t get stuck in analysis paralysis
  • Learn from every deal (even if don’t go through)
  • Don’t listen to naysayers

Connect with Barry Flavin

New Mission Capital

Email barry@newmissioncapital.com

Barry on LinkedIn

Resources

Learn More About Michael’s Mentoring Program

Syndicated Deal Analyzer

CDC Moratorium on Evictions

Josh Sterling on Apartment Building Investing EP091

Sample Deal Package

Josh Gozlan on Apartment Building Investing EP078

Deal Maker’s Mastermind

Garrett Lynch on Apartment Building Investing EP231

Podcast Show Notes

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group

Direct download: ABI_238.mp3
Category:Commercial Real Estate -- posted at: 1:00am EDT

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