Our guest today on your daily Real Estate Syndication Show is Jonathan Wei. After reading Rich Dad Poor Dad, Jonathan knew that he needed to somehow get his foot in the door with real estate investing. He decided to launch into it part-time, buying condos and flipping houses. While this cultivated his love for real estate, he soon realized that this model was not scalable.
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This prompted him to hire a mentor to guide him and make a transition to syndication. Jonathan shares the process of finding a mentor along with the value that his mentor, Drew, added to his life. Without his mentor, Jonathan would not have been able to grow his syndication portfolio as quickly as he has. This is because his mentor provided him both with an education and also credibility when he was starting out. Real estate syndication is a team sport and Jonathan stresses the importance of surrounding yourself with the right people. He now has a team that he teaches, passing his education forward to future syndicators. Jonathan is a self-starter and does not shy away from a challenge. If you’d like to hear more, tune in today!
Key Points From This Episode:
- How Jonathan got into his first syndication.
- Jonathan chose syndication over other investments because he wanted financial freedom.
- By getting a mentor, Jonathan managed to scale his portfolio very quickly.
- How long it took Jonathan to land his first deal from the time he hired a mentor.
- The criteria Jonathan used to decide to join Michael Blank’s program.
- What Jonathan did to find his first deal.
- A mentor can provide education and be a guarantor for your first deal.
- The particulars of the first deal that Jonathan underwrote.
- Brokers trusted Jonathan at the start because of his profession and position at his company.
- What Jonathan did to raise capital on his first deal.
- Why the tax benefits of multifamily are far greater than with single-family homes.
- An explanation of the term ‘paper loss.’
- Networking, building your brand, and sharing your knowledge are all keys to success.
- In terms of a recession, multifamily is a relatively safe investment according to Jonathan.
- Syndication is a team sport, so continue to train and educate your partners and employees.
[bctt tweet=”The most difficult part is raising capital because it takes time. It takes trust and it takes a series of steps. — Jonathan Wei” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Jonathan Wei
Jonathan Wei is a CPA, with a Masters in Taxation from Rutgers University. He has been a real estate investor since 2003 and has acquired, renovated and managed a portfolio of residential properties on the East Coast. Along with this, he co-owns a multifamily apartment complex with Night Hawk Equity and has co-sponsored as a general partner on a multifamily apartment in Atlanta, Georgia. Jonathan has also successfully syndicated a multifamily complex in Oklahoma City. He worked on Wall Street for 15 years as Head of Tax, Americas. During his tenure, he managed and oversaw the tax department on complex transactions including tax planning and structuring on syndication loans, mezzanine debt, notional principal contracts, and structured financing.
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