Ep #116: The Lessons Learned After Buying a Mostly Vacant 92-Unit Apartment Building as His Very First Multifamily Deal - with Andrew Cushman

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 14 June 2016

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our guest for this week’s show is Multifamily Investor and full-time syndicator, Andrew Cushman.

In today’s show, we’ll be speaking with Andrew in detail about how he went from being a full-time chemical engineer to a full-time multifamily syndicator who has amassed 1,470 doors in just over 5 years.

Andrew will share with us intimate details on his first deal, which was a 92-unit apartment in Macon, GA that was 75% vacant and the lessons he learned from this first experience. He will also share the exact systems and processes that he uses to find deals in todays marketplace so that you can replicate these same ideas in your own business. Andrew’s story is both inspirational and motivating as it truly shows what true grit and raw determination can afford us in this business. I’m positive that you’ll enjoy and gain huge amounts of value from our show today.

In this show with Andrew you’re going to learn:

How Andrew transitioned from being a chemical engineer to a full-time fix and flip real estate investor before deciding to focus on syndicating multifamily properties.
Learn about the trials and tribulations he experienced with his first multifamily deal, which was a 92 unit property in Macon, GA which was 75% vacant at the time of purchase and more than 2,700 miles away.
How he was able to continue to thrive as an investor, even during the downturn of 2007 and 2008.
How he found his first mentor who trained him in the multifamily space.
How he found funding for his first multifamily deal through the relationships he had built while fixing and flipping residential homes.
Why he’s attracted to the Southeastern states and feels there are multiple secondary and tertiary that are experiencing positive growth.
What underlying fundamentals Andrew looks for in the markets he invests in. For example; population, median house prices, median incomes, crime rates, job growth, etc and which websites he uses to perform this research.
The step-by-step process he goes through to find high quality property management companies in markets where he has no presence or existing relationships.
What relentless persistence means to Andrew and how it took him 4,576 calls to get his first deal.
And much more

Recommended Resources:

Grab a free copy of my latest book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them MobileHomeParkAcademy.com
Download my free success guide, “7 habits of highly successful multi-family investors” by going to KevinBupp.com/guide
Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
Looking to invest in Mobile Home Parks? Want to JV with me on deals? If so, schedule a call with me and let’s talk. Click here https://www.timetrade.com/book/KT36S

Transcript

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0:00.0	You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it.
0:09.4	But you're tired of all the so-called gurus who are all talk and no substance.
0:15.3	Get ready to celebrate because Kevin Buck has spent 14 years successfully making it happen.
0:21.8	This is the Real Estate Investing for Cash Flow podcast.
0:25.2	Now, here's Kevin Bup.
0:30.1	Hey guys, Kevin Bup here with episode number 116 of the Real Estate Investing for Cash
0:35.2	For Cashflow podcast.
0:36.4	Our mission is to help you build and maintain massive amounts of cash flow
0:40.0	through income producing real estate investments.
0:43.1	Our guest for this week's show is multifamily investor and full-time syndicator
0:47.4	Andrew Cushman.
0:49.1	And in today's show, we're going to be speaking with Andrew in detail about how he went
0:52.8	from being a full-time chemical engineer to a full-time multifamily syndicator who has amassed 1,470 doors in just over
1:01.9	five years. And Andrew is going to share with us the intimate details of his very first deal,
1:07.0	which was a 92 unit apartment in Macon, Georgia that was 75% vacant and the lessons that he
1:14.0	learned from this very first experience. He also shared the exact systems and process that
1:19.0	he used to find deals in today's marketplace so that you too can replicate the same ideas
1:24.2	in your own business. And Andrew's story is both inspirational motivating as it truly shows what true grit and
1:30.2	raw determination can afford us in this business.
1:33.1	And I'm positive that you'll enjoy and gain huge amounts of value from the show today.
1:37.2	And in the show with Andrew, you're going to learn the following.
1:39.6	You're going to learn how Andrew transitioned from being a chemical engineer to a full-time
	...

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