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My journey into multifamily investing has been a wild ride, including significant health battles and career switches. However, with each twist and turn, I have gained unique perspectives and invaluable lessons that I apply to my multifamily investment business today.
Turning Challenges into Opportunities
My earliest experiences in the corporate world were as a turnaround consultant for PricewaterhouseCoopers (PwC). I helped troubled companies regain a sense of financial direction while building a new organizational foundation. The experience of working with ailing companies showed me the value of persistence and the role of strategy and long-term visionary thinking.
When you’re in the thick of saving a company, you learn to see challenges as opportunities. This mindset has been crucial in my real estate ventures, especially with regard to learning how to navigate the ebbs and flows of the multifamily market.
Stepping into Real Estate
In 2015, my father passed away, and I inherited a commercial medical building. Managing this property was my first real experience with real estate. I took my PwC experience and quickly restructured the leases, changing an ailing asset into an income-producing business. This exposure showed me the potential for generating passive income with distressed properties and opened my eyes to real estate's financial stability and growth potential.
The Need for Passive Income
Suffering from diabetes and several heart attacks, it became evident that I needed a truly passive income source for myself and my daughter. After much research, I found nothing compared to a multifamily syndicate's potential scale and steady income flow. I quickly realized this would create the kind of lifestyle that would support my family no matter my health challenges.
Building Strong Partnerships
After deciding on multifamily as the vehicle for passive income, I knew I needed help to succeed. My partnership with Tim Welting (a financial specialist) propelled us to where we are today. He complements my financial skills with his multifamily expertise. Once we began working together, our transactions became smarter, and our decisions became more strategic. Together, we’ve tackled the complexities of multifamily investments far more effectively than I ever could have on my own.
Lifelong Learning
With the multifamily real estate market constantly changing, a commitment to lifelong learning is necessary to stay on top of the game. I've invested time and money to educate myself and find mentors who could teach me multifamily investing strategies. By attending conferences, reading books, and learning from experienced mentors and partners, I continue to implement broad new methods into my real estate business.
Learning from Past Challenges
Looking back, I realize that every challenge has prepared me for future success in multifamily investing. The resilience I developed in corporate consulting and the strategic planning skills I gained managing my father's property are the foundation of my real estate approach. These experiences have given me valuable insights that guide my investment decisions today.
Moving Forward
Although the multifamily business is full of both challenges and opportunities, with a dose of ‘grit,’ a network of good partners, and a focus on ‘passive income’ as your guiding factor, you can have a successful journey, too.
