The stigma around the syndication business probably stems from people who have never done real estate investing. Coming out from that negative view, Vinney Chopra – a multifamily syndicator with over 35 years of experience in real estate – breaks down the misconceptions surrounding it, believing that if done right, syndication is nothing short of being legal. Vinney shares the ways we could achieve that ourselves to make the most of the business, starting with how he started digging and eventually developed strategies with multifamily syndication. Then, advising those new to this, Vinney shares how you can make money, and investors follow you.
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JC shares three things that revolve around the profitability of a multifamily business: have a happy and committed onsite staff, make sure to give a fantastic customer experience, and it is all about key performance indicators (KPIs). He also highlights the importance of doing the basics brilliantly. So listen now and start making more profits!
Key Points From This Episode:
- Syndication is pooling money together legally.
- Vinney shares how to overcome intimidation in talking to investors.
- As a syndicator, you must know to do things right, keeping the investors in mind.
- Vinney gives tips on where to start if you’re a new syndicator.
- As a syndicator, the money has to follow you.
- The three things revolve around the profitability of your multifamily business.
- Your profitability as a syndicator revolves around a happy and committed onsite staff.
- JC gives tips on how to take advantage of technology to provide the customer with an immediate response to take action and eliminate back-office work so your onsite staff can focus on getting the service requests done.
- Hiring VAs can eliminate unnecessary work for your onsite staff.
- Be on top of your game by doing the basics brilliantly.
- What are the processes in property management that can be automated?
- Syndicators and operators must provide an amazing customer experience.
- When a resident is happy, they are going to renew their lease.
- Customer experience is a key to driving profitability.
- JC shares how to simplify KPIs to maximize profitability.
“If you do [syndication] right, if you learn it right, there is nothing like this business.” – Vinney Chopra
“As a syndicator, you got to have the knowledge and you got to have the gumption to do things right. Keeping the investor in mind.” – Vinney Chopra
“No matter what, profits are not just good for the owners. They’re actually great for the residents because when you have a profitable property, you as an owner are able to put money back into the asset and give the residents a great customer experience and a great place to call home.” – JC Castillo
“A happy resident means they’re gonna renew their rent. When they renew their rent, that means thousands and thousands of dollars right into your pocket, every time.” – JC Castillo
“You have to have a simple set of KPIs (key performance indicators) that tells you — am I tracking my metrics for this year, for the budget?” – JC Castillo
Links Mentioned in Today’s Episode:
About Vinney Chopra
Vinney “Smile” Chopra, a mechanical engineer, MBA, Author of two Top #1 Amazon Best Sellers, Host of Two Podcasts & Two weekly Live Shows, and founder of 5 companies came to the US from India with $7 in his pocket. He sold encyclopedias and bibles door to door as a student. His hard work paid off when he graduated from George Washington University with an M.B.A. (In Marketing). He realized then he would make his career in the “relationship building and networking” field. A strong believer in the power of positive thought and selfless actions, Vinney’s life has been a highly inspiring rags-to-riches story.
There’s a reason Vinney’s nickname is “Mr. Smiles” and “Mr. Enthusiasm” which is evident even through just hearing his demeanor in his voice. He has always believed in individuals’ ability to shape the world around them through positive thought and selfless actions.
As a multifamily syndication expert, he has facilitated over 30 successful syndication deals. He has acquired and managed a very successful real estate investment portfolio worth over $400 million. More than 4300 doors.
In 2020, His passion increased for developing new businesses in Luxury Assisted Senior Living ground-ups and Hospitality spaces along Multifamily like before. He also got on the boards of two Startups. Vinney currently manages five successful companies including Moneil Investment Group, Moneil Management Group, Multifamily Academy, Moneil Senior Living, and Moneil Hospitality. Over the years, he has developed multifamily syndication strategies that have worked very well for his clients.
Vinney (Smile) Chopra is an international best-selling author “Apartment Syndication Made Easy: A Step by Step Guide” is a concise account of the author’s journey from $7 to $250 million. In this book, the readers will find a step-by-step guide on how to make apartment syndication easy and take a business to the next level. His second book is “Positivity Brings Profitability – A guide to Positivity and Mindset”.
Vinney also hosts two podcasts of his own called “Apartment Syndication Made Easy” and “Mr. Smiles Motivation Talk show”. He has given over 11,000 speeches and now has been interviewed over 130 times on various podcasts and radio shows.
He likes to make everyone feel very special and believes that “we are entrusted to do good in life for the people we come in contact with each and every day”.
Vinney Chopra believes in total clarity and proper communication with his valued investors, so they are aware of what is happening with their assets at all times. He is passionate about making difference in the lives of people around him and people often refer to him as Mr. Smiles and Mr. Enthusiasm. He enjoys giving seminars to larger groups of investors and helping them explore their great avenue of Building Wealth through Commercial Investing from the funds in self-directed retirement plans including IRAs, 401(k), and other tax-deferred alternatives. His companies are built on a philosophy of “Delighting the Investors, Residents, Team Members, Vendors and Associates around him” with utmost attention paid to listening, analyzing, relationship building, and total transparency of operations with Integrity, Trust, Loyalty, and Clear Communication.
He believes in the concept that “Great People build Great Businesses” – especially employing 4-5 full-time team members at each of his MONEIL Premier Communities. He along with his top team leaders hold weekly/monthly meetings regularly with all staff and has an Open-door communication policy with them.
About JC Castillo
JC Castillo is the President of Velo Residential, a third-party property management company servicing multifamily owners in Dallas Fort Worth. JC helps owners take control of their operations so they can stop stressing out and start making more money. Over the past 15 years, his companies have acquired, repositioned and property managed thousands of apartment units in Texas. Be sure to check out his podcast – Operate for Profit Real Estate Podcast.
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