Andrew Cushman is a Chemical Engineer turned real estate investor who started flipping houses in Southern California during the Great Recession. He’s since moved on to multifamily syndication, acquiring B and C class value add properties throughout the South East United States. He’s since acquired and re-positioned over 1800 units to date.
It took Andrew 4576 calls before getting his first deal. He knew it was possible, and he had to do was develop the skillset and to put in the work. It’s the difference between being interested or committed, and it enabled him to leave his corporate position in 2007 to start a business in real estate investment.
What You’ll Learn In Today’s Episode:
- Sometimes to be successful, you have to have faith in yourself, know that it can be done, and then possess the grit to push through it. It took Andrew 4576 calls before he got his first deal, over 6 months of effort, but he persisted. He knew it was achievable because others had done it, so he put in the work and developed the necessary skills.
- Now is an excellent time to focus your energies on your current properties, and really hone your business processes and systems so you can hit the ground running when the market starts to turn.
- When vetting a deal, the number one thing you are betting on is the sponsor. Look at their track record, and ask lots of questions. A good sponsor can fix a bad deal, but a bad sponsor can take a great deal and run it into the ground.
- C (or D) class deals may look great on spreadsheets, but that rarely tells the full story. While there is opportunity, they often require more time and cause more headaches than B or A class assets.
Ideas Worth Sharing:
“Nowadays, that vast majority of our portfolio is B class.” – Andrew Cushman
“We’re still looking at acquisitions, but really we’re trying to be patient and wait for what we expect to be better deals down the road.” – Andrew Cushman
“It took me 4,576 phone calls to get that first deal, which was six months of misery. But the things is, is I persisted, because I knew it worked.” – Andrew Cushman
Resources In Today’s Episode:
Books Mentioned In Today’s Podcast
- Never Split the Difference by Chris Voss
- Start With No by Jim Camp
- How to Win Friends and Influence People by Dale Carnegie
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