Tom K. Wilson sits down with motivator and multifamily syndication guru Vinney Chopra to talk about the apartment complexes and why they are so lucrative. With at least 27 successful syndication deals to his name, Vinney has become an authority in all things multifamily.
Vinney arrived in the United States with only $7 in his pocket about 40 years ago. When went to George Washington University for his MBA. To support his studies, he went door-to-door as a salesman for Bibles and encyclopedias. This experience trained him in the world of selling and helped grow into a successful real estate investor.
Like everybody who’s new to the real estate investing game, Vinney started off small with single-family homes in Danville. He officially became a broker in 2004. At that time, he was looking to expand and diversify his growing portfolio of investment properties. The multifamily sector caught his eye since he was aiming to scale his investments.
From there, he studied relentlessly about multifamily properties and the long, complex processes of acquiring them in places like Georgia and Arizona. He also nurtured a network of lawyers, accountants, brokers, and property managers which were instrumental in his initial successes in the multifamily field.
When he closed his first multifamily deal, he was able to pull out a large amount from its appreciating value through refinancing. He used the cash to finance another multifamily investment property. Vinney hasn’t looked back since. He stayed in the multifamily sector and despite the economic crisis of 2008, the market for apartment complexes remained robust.
Still, it’s never easy to achieve such a feat as acquiring two different properties all in the same week. For Vinney, it takes a great deal of hard work, dedication, and network-building to achieve greater cash flow.