Vinney Chopra’s success in real estate investing and syndication is a testament to the power of enthusiasm, passion, persistence and positivity. He came to the United States from India more than 40 years ago with only $7 in his pockets.
But he knew without a doubt that the opportunities offered by this country were within reach because he had a vision for his life plus the commitment to learn, work hard and sacrifice to achieve those goals. He has successfully completed 26 multifamily syndications controlling 3,100 units valued at $172 million. 12 of them were accomplished in last two years!
Time Stamped Show Notes[3:03] A mechanical engineer turned real estate investor, Vinney has been investing in real estate since 2004. [4:59] Life is short, so fo Vinney it’s better to live it simple and smile a lot. [6:45] Vinney’s business is now thriving, but in 2015 he bought a 150 units property that was turned by the seller from a C class to an A class. [10:10] The area of the house is near to NASA and is one of the best areas. That’s what makes it easy to make it an A class. [11:15] Vinney’s broker brought the property to him in november 19, 2014. He bought it the next day after looking at some numbers. [13:18] The owner wanted to close the deal on Friday to avoid paying the management company more days. [14:00] The management company gave Vinney just one work order and the next after after taking possession, the water supply was shut off. [15:59] On the next Wednesday, a sewage problem arose. The due diligence team did their work, it was the management who cleared the problem only on the surface. [17:20] This led to Vinney spending $160,000 in fixing the sewage lines on all the buildings. [18:21] Instead of looking at the problem, Vinney looks for solutions. That’s the way he approached the sewage problems. [19:50] The residents were not what Vinney wanted in his buildings, and after several experiences, he had to requalify all of the residents that were to live there. [22:56] A quarter million dollars was put into fixing everything that needed fixed. Vinney took charge of paying his investors first and him last. [25:55] There were 34 more work orders that were thrown away at the storage room by the past management company and Vinney found about them later. [29:07] This deal will double the investor’s equity in 3 years, on top of the cash flow. [31:50] Failing Forward Segment