If you missed the Multifamily Mastery Meetup this month (3/5), you missed an incredible event. This month we featured Jake Lord who spoke about his experience building his portfolio and a successful property management company.
Jake is Co-Founder and Principal of Wedgewood Capital Group and its affiliate property management company, Ethel Street Management. Jake met his partners Jason and Josh while studying Mechanical Engineering at Penn State University. The trio joined forces shortly after graduation to invest in real estate. They cut their teeth on small multifamily investment properties in upstate New York, North Jersey, and the Lehigh Valley, leveraging such strategies as BRRRR to maximize on their capital and grow their portfolio. Today, Wedgewood Capital Group owns 43 units of Class B mid-size multifamily in prime submarkets of the Lehigh Valley. Meanwhile, Ethel Street Management's portfolio comprises more than 325 apartments, as well as commercial spaces, garages, and storage units, totaling over $45MM in assets.
Jake dove into a ton of great insights, from forming proper partnerships, transitioning into a full-time investor from a W-2, the importance of active income and side hustles, and more. We talked about the key factors when raising private capital and the transition from small multifamily to mid-sized multifamily.
Lessons Learned:
Partnerships are like a marriage. Make sure you date first.
Active income is paramount to success. REI is a slow burn
You have to start somewhere, small multifamily is an excellent intro
Transitioning to larger properties is a natural progression
Learning how to run a team is critical to long-term success
In order to be successful, you need to be obsessed
Never quit. You only lose if you quit
Business Book of the Month: "Sell Like Crazy" by Sabri Suby
What's coming up!?
THURSDAY May 2nd @ 6:30 - John Becker
Also...
Real Estate Moguls
Industry Professionals and Panels
More to come...
