If you missed the Multifamily Mastery Meetup this month (2/6), you missed a rare occasion. This month we featured yours truly (me - Cole) who spoke about my experience closing my first out-of-state apartment complex.
I am the Founder of Volcan Capital where we focus on acquiring value-add apartment buildings and implementing strategic business plans. We currently manage over $4M in apartments. I am also the founder and CEO of the Multifamily Mastery Meetup (MMM) and host the Lehigh Valley Chapter.
We focused primarily on the lessons learned from acquiring an out-of-state apartment complex. This building is 12 units situated in the Winston Salem MSA of North Carolina.
Deals are found or made through relentless outreach and follow-up
Raising capital during the holidays is a bad idea
If you pre-raise, expect 50% or less to commit to the deal
Your team is critical. This is what makes or breaks a deal.
Always have a backup for everything.
There will be unexpected challenges. Count on it.
Focus on markets that have inventory. (Built, not available)
Understand your financing plan and requirements before getting a deal (aka liquid cash, experience, net worth)
Stick to your guns, believe in yourself, and be relentless.
In my interview, I hammered home the importance of perseverance and desire. Building anything substantial will entail overcoming countless obstacles and challenges, and it will take grit and willpower to keep pushing. As long as you never give up, you will accomplish your goal.
Business Book of the Month: "Best Ever Apartment Syndication Book" by Joe Fairless
What's coming up!?
March 5th @ 6:30 - TBD...
Real Estate Moguls
Industry Professionals and Panels
More to come...