How This Man Built a $70M Multifamily Portfolio in Just 3 Years | Michael Garcia E25

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 28 February 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Rich sits down with up-and-coming real estate investor and operator, Michael Garcia, who owns and controls $70M worth of multifamily apartments. Previously he worked as a bond trader in Chicago, where he started educating himself on real estate during his downtime. One day out of the blue, his CFO shut the business down and Michael decided to take the leap into real estate investing. They talk about what his portfolio looks like today, the key to getting off-market deals, ...

Transcript

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0:00.0	It was so difficult to raise this capital when we needed it.
0:04.7	If I had built relationships with some of the people that I spoke with
0:09.5	when we needed it six months prior, it would have been a totally different story because these guys would have known me
0:15.8	I would have we would have already been vetted they would have seen what we've been doing
0:19.6	we would have already been communicating they would have been a lot more comfortable with me. There's nothing worse than
0:24.0	someone calling you out of the blue saying I need four million dollars tomorrow what do you
0:27.8	think?
0:28.8	Welcome to the Rich Shummers Report where we talk real estate, business and wealth
0:34.2	building all while keeping it real. No fluff, no BS. I hope that you enjoy the
0:38.6	show.
0:40.6	All right, guys, welcome to another episode of the report. Today I got one of the most exciting up and coming real estate investors and operators in the multifamily space.
0:54.0	He did his first deal in early 2020 and today he owns and controls
0:58.3	70 million dollars worth of multifamily apartments.
1:01.3	I got none other than Michael Garcia. What's up Michael?
1:04.3	Hey how's it going Rich? Thanks for having me, bud. Yeah man I appreciate you coming on
1:07.6	the show. Excited to dig into your story because your story is super unique
1:11.6	just kind of what you were doing before, and then
1:14.2	how you transition over real estate, and now you're just taking down large deals.
1:17.8	So why don't we go back a little bit?
1:19.6	Tell us what you were doing before you got into the real estate.
1:21.8	So I was a bond trader.
1:23.9	I actually lived in Chicago, working
	...

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