Multifamily syndication can seal you million dollars if done right. In this #Highlights episode, we look back at our conversations with successful real estate entrepreneurs and authors Kenny Wolfe and Mike Simmons. Kenny is the author of Investing In The Dream and the President of Wolfe Investments, and Mike is the producer and host of Just Start Real Estate, one of the top real estate podcasts in the world, and the author of Level Jumping: How I grew my business to over $1 million in profits in 12 months.
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Kenny speaks on how he closed a deal in El Paso worth $13 million to $14 million, sharing the business plan for this specific deal and how long it took to execute, hold, and market the property. Meanwhile, Mike shares a bit about his background and his personal story, how he got started, and how he took his business to where it is today. Enjoy the show!
Key Points From This Episode:
- Kenny shares his background in real estate and how he got started in multifamily syndication.
- Kelly elaborates on vertically integrating his business.
- Kelly details the deal he closed in El Paso, a 309-unit built-in 1964. It is an old property made out of cement blocks that is worth $13 million to $14 million.
- The business plan for this specific deal and how long will it take to execute it.
- How long does Kenny plan to hold this property?
- Mike introduces himself and explains how he went from the service industry to real estate.
- Mike continued with real estate investing after his first deal tanked with his wife’s support.
- How Mike got started and how he took his business to where it is today.
- The importance of hiring a team of people that are experts in the things you’re not good at.
“We’ve grown quickly and it was a great time to get started in real estate. Part of it is also learning the business and we’re starting to integrate as well vertically. That helped push our count up and get us more efficient at being a good operator.” – Kenny Wolfe
“I’ll tell you what, I know people that have spouses that are not totally into this real estate investing world, and they’re not convinced, and it’s 10 times harder. I won’t lie, I had an advantage that my wife was behind all of this and she was into it, but bringing her into the world was what it took.” – Mike Simmons
“Life rarely makes decisions for you, that you don’t have any control over, that you love. Usually, things happen to you when you let them happen to you. But when you take charge, you’re in charge, right? That was number one.” – Mike Simmons
“Trust me, there are creative ways to bring people onto your team and build a team that helps you grow.” – Mike Simmons
Links Mentioned in Today’s Episode:
About Kenny Wolfe
Kenny Wolfe has 3,576 units across 5 different states. He is also the author of Investing In The Dream. And, he co-hosts The Commercial Cash Flow Show (YouTube and Facebook Live).
About Mike Simmons
Mike Simmons is a real estate investor, podcaster, and speaker who shared the stage with Gary Vaynerchuk at his Agent2021 Conference in Miami Gardens, Florida, in 2018. He is the producer and host of a popular podcast called Just Start Real Estate and a partner in 7 Figure Flipping – one of the nation’s largest real estate mastermind groups. Note: Mike is not involved in the commercial real estate business but his experience can certainly translate to help investors in that industry.
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