Are you still contemplating whether to jump in or not in the multifamily syndication business? Or are you new in this business? In this Highlights episode, we look back at our conversations with Brian Murray and Duamel Vellon. These two real estate investors talk about how they were able to seal success in multifamily syndication.
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Brian shares some tricks on how he made his business work and explains how mistakes can drive you towards learning more about the industry, ultimately revealing why he opted to move to syndication. Brian also points out that the greatest contributor to his success was surrounding himself with knowledgeable people that helped him along the way. Meanwhile, Duamel talks about the role of mentorship, self-study, and getting out of his comfort zone in getting his way around syndication. He unpacks his own past prejudices about coaches and how he was able to overcome them by experiencing their value firsthand. Make sure to tune in now and get valuable tips on how you can get your way around the syndication business!
Key Points From This Episode:
- Brian talks about his transition from his W2 job into the real estate business.
- Brian shares how he ended up investing in a multifamily property.
- Brian emphasizes the need to have the right mindset to grow your business.
- Why do you need to know what you are signing up for in real estate investing?
- How soon from Brian’s purchase until he left his W2 job?
- Brian explains why you just have to jump in.
- Discover why Duamel’s got into multifamily for his own family.
- Find out how Duamel educated himself on multifamily syndication.
- Duamel shares the importance of networking and vision.
- How Duamel came to be a Mastermind student of Vinney Chopra.
- How Duamel changed his entire perception of coaching as a “scam.”
“One of the things that was reassuring is I began to realize that you don’t have to do it on your own. Almost anything that I couldn’t figure out as I analyzed it, I realized that I could ask somebody else. I could pick up a phone and call somebody.” — Brian Murray
“I do believe that if I could pull that off, anybody else could, too. It’s really a mindset.” — Brian Murray
“As someone who’s gone through it and has owned a lot of properties at this point, I will tell you that there’s not that much difference if you have experience with a single-family home and you can figure that out. You could do the same with a fifteen-unit apartment building.” — Brian Murray
“If you’re waiting until you think you know everything, then that’s not going to work either. You actually have to be comfortable saying you’re going to make mistakes. I make mistakes every day.” — Brian Murray
“The more that I learned about multifamily, the more books I picked up and I just started reading them, and the more I just got hooked.” — Duamel Vellon
“These (real estate) opportunities, they don’t just pop out of the blue.” — Duamel Vellon
Links Mentioned in Today’s Episode:
About Brian Murray
Brian Murray is the founder and CEO of Washington Street Properties, a commercial real estate investment and property management company that has been ranked on the Inc. 500/5000 list of the nation’s fastest-growing private companies for five years in a row.
In 2015 Brian was recognized with a Gold Stevie Award for Executive of the Year in the Real Estate Industry.
Brian is the author of the bestselling and award-winning book Crushing It in Apartments and Commercial Real Estate, which has sold more than 50,000 copies since its publication in 2017.
About Jon Bell and Julian Sage
Duamel Vellon started the multifamily investment journey in January 2019 and in June 2019 closed on the first deal. He was one of Vinney Chopra’s Mastermind students, closing on a 324-unit asset on June 27 as part of his first syndication (with Vinney Chopra). Duamel was involved with the property tour, due diligence, passive investor, and transition team. Duamel is a massive action taker and lives in Orlando Florida with his wife and two kids.
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