Doing your first syndication can be daunting, but Kyle Mitchell (along with his wife Lalita) dove deep into the learning process to complete their first syndication. He faced various challenges managing all of the steps but is already on to his next deal. He shares his key lessons from his first syndication, info on the Arizona market and more on his podcast, Passive Income through Multifamily Real Estate.
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Key Insights
- Started in the golf industry and started investing in passive rentals
- Invested in SFR in California, but had challenges because it was not landlord -friendly and sold that property
- Invested in turnkey rentals in Arkansas, Ohio and Chicago
- Likes to diversify markets and asset classes for added protection
- Focuses on Arizona syndication is in Arizona – Tucson and Phoenix
- Purchased an online program and coaching which helped him take action
- Gaining Credibility with brokers: Started several meetups, podcasts and quit his job so brokers knew he was serious
- Needed a new lender with only 29 days left to close
- Tapped a contact from his meetup that helped him close the deal
- Starting the meetup and podcast were critical to help him build his network
- Looked in Columbus, OH initially but would have been difficult to get to the market frequently from the west coast, so settled on Phoenix and Tucson
Bull’s Eye Tips:
Most Recommended Book:
Miracle Morning by Hal Elrod
Most Recommended Digital/Mobile Resource:
Hubspot
Daily Habit:
Going to the Gym
Wish I Knew Starting Out:
Overcommunicate with lenders
Real World Advice:
Take action and get out of your comfort zone
Advice to Ignore:
All the naysayers
Current Curiosity:
Playing tennis
Best Place to Grab a Bite:
Raising Cane’s – AZ
In and Out – SoCal
Tweet This:
“You want to diversify, not just with different asset classes, but within the asset class as well”
“You don’t have to be a master at what you do to start an educational platform”
Connect with Kyle:
Passive Income Through Multifamily Real Estate Podcast
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