Mon, 2 November 2020
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.
What inspired Barry’s interest real estate
Barry’s initial real estate investing strategy
How Josh funded his early real estate investments
How Barry and Josh structure their partnership
How Barry raised $2.8M for his first 144-unit deal
Barry’s advice on making a capital raise less stressful
How Barry benefits from focusing on the Detroit market
Barry’s advice for aspiring investors without a track record
The #1 thing new syndicators need to do to be successful
Barry’s insight on having in-house property management
How Barry thinks about adding to his team
Barry’s take on goal setting for multifamily
Barry’s advice to his younger self
Barry’s advice for aspiring multifamily investors
Connect with Barry Flavin