Eric Bowlin is a 31-year-old real estate professional and founder of IdealREI.  He has been investing in real estate for almost 10 years. Eric currently owns over 470 units of rental property in two states.  He started investing at the age of 24 and was able to achieve the goal of financial independence by the age of 30.

PEAK Multifamily Funding Podcast

Find Your Niche and Use that as Your Method for Success with Eric Bowlin

Eric Bowlin is a 31-year-old real estate professional and founder of IdealREI.  He has been investing in real estate for almost 10 years. Eric currently owns over 470 units of rental property in two states.  He started investing at the age of 24 and was able to achieve the goal of financial independence by the age of 30.   TIPS: (10:46) Key tip is knowing your local market well (11:05) Find a system that works for you and take advantage of that my replicating it (12:30) Working with local banks can allow for different loan options; especially if you build a personal relationship with the bank (13:38) The faster you can get over to commercial financing the faster you will be able to grow when it comes to your investments (18:00) Find the right partners; partnering can increase the level at which you are investing (20:05) Start the syndication process in advance by building your list based on your network and connections (23:32) Teamwork often plays an integral role in making a deal go through (25:07) Closing deals help to increase your reputation in the marketplace making future deals easier (25:59) Adding value and refinancing is a great way to get cash out of deals and keep producing as well (26:40) Sharing knowledge and networking helps build your business; real estate is about cooperating and building a team (28:30) Try to keep business and personal separate (29:38) One tip from Psychology of Selling by Brian Tracy - “A salesperson, generally earns plus or minus ten percent than they think they’re worth.” (30:31) If you want to grow you have to change your self-perception (31:57) Don’t just do a deal because it kind of makes sense, it really needs to stand on its own to be worthwhile (35:15) Stay focused on what you are good at and know Be sure to check out Eric’s website idealrei.com and use his contact form there to reach out.

Juan Vargas is a full-time entrepreneur, real estate investor with a focus on multifamily and host of the podcast Commit to Wealth.  After a long stint in the corporate world working 60-70 hours a week at BMW, Juan decided he wanted more and began looking for ways to create passive cash flow.  Within a few months, he purchased his first rental property. Two years later he had built a portfolio of 34 units. Juan has now invested in 618 units as a limited partner, individual owner, and as a general partner.

Guidance on Transitioning from Single Family to Multifamily with Juan Vargas

Juan Vargas is a full-time entrepreneur, real estate investor with a focus on multifamily and host of the podcast Commit to Wealth.  After a long stint in the corporate world working 60-70 hours a week at BMW, Juan decided he wanted more and began looking for ways to create passive cash flow.  Within a few months, he purchased his first rental property. Two years later he had built a portfolio of 34 units. Juan has now invested in 618 units as a limited partner, individual owner, and as a general partner. TIPS: (4:30) Investing in single-family homes requires being able to handle up front expenses on an ongoing basis (5:53) Single-family home investments don’t necessarily translate directly to investing in multifamily properties (7:43) Consider what the owner of the property you are looking to invest in or purchase needs and focus on that (8:17) You can go through brokers but if you have the time and energy you can do some direct mail or direct contact with smaller properties (8:36) You can start with larger investments by seeking out a good partner who has a good track record in multifamily investing (11:25) Loan amounts above one million open up more financing options than do smaller loan amounts (13:30) Big or small loan you need to have all information, business plan etc. ready to go because the lender is ultimately your biggest partner (15:10) Do your homework on the market (16:54) Smaller properties require more time investment for less return, so bigger investments offer longer-term advantages (19:36) Why you should be conservative and plan for the worse (26:30) Join a mentoring group (29:00) Areas to do your homework on to avoid bad deals include checking the property fundamentals and the state of the market Check out Juan’s website at committowealth.com and be sure to download his podcast called Commit to Wealth.  Or email him at juan@committowealth.com.

Mark Kenney is a seasoned real estate investor, entrepreneur and founder of Think Multifamily. Mark started his real estate career over 20 years ago and has extensive experience in property valuation, acquisition, and operations. He has a passion for helping others succeed in the multifamily arena.

Expert Multifamily Investing Advice from Mark Kenney

Mark Kenney is a seasoned real estate investor, entrepreneur and founder of Think Multifamily. Mark started his real estate career over 20 years ago and has extensive experience in property valuation, acquisition, and operations. He has a passion for helping others succeed in the multifamily arena. Mark has invested in over 3,500 units and has a top-notch reputation among the multifamily investment community a trustworthy and highly experienced sponsor and syndicator. His coaching program helps aspiring investors making the jump from single family to multifamily investments and guides them through properly syndicating deals. TIPS: (5:42) Network and build relationships with prospective investors well before your first investment (meetups, social media, conferences, etc.) (11:01) Do not cut corners when building your deal team, from attorney, mortgage broker and lender, insurance broker, contractor, property management company, etc. (14:51) Partner up with more experienced investors if necessary to qualify for loan (16:10) Do not submit a LOI (Letter of Intent) without underwriting and physically visiting a property first. (22:01) Choose your team members wisely... (32:52)Every deal can look good on paper… (23:06) Never buy an existing entity - always structure your property investments as asset purchases (26:28) Be aware of and prepared that a lender may change the terms a few days before closing (lowering loan proceeds, reducing interest-only period, etc.) (27:40) Compared to bank and agency loans, bridge loans come at a much higher cost (29:20) Do not shop a deal with multiple commercial mortgage brokers or insurance brokers - Brokers not only seek out the lenders that are the most suitable for a transaction, they are your advocate and fight behind the scenes to get a deal closed. (30:02)BiggerPockets is a good outlet for someone starting out and get ideas/feedback from members (35:15) Not all commercial property investments are equal; learn about the risks and intricacies of each asset type such as hotels vs. multifamily (36:40) Do not be afraid to audit the books prepared by a property management company Please do not forget to sign up for Think Multifamily’s F.I.R.E. event on September 22 and 23:  https://go.thinkmultifamily.com/fire-summit-home Use code MEETUP to save $100 off the regular price!   Mark@thinkmultifamily.com https://thinkmultifamily.com/ Facebook: https://www.facebook.com/multifamilyinvestors/

This is the place to learn how to finance multifamily deals and build a multifamily property portfolio.

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PEAK Multifamily Funding Podcast

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