CREPN #118 – Grow Your Network Grow Your Wealth with Vinney Chopra
Grow Your Network, Grow Your Wealth with Vinney Chopra >
If you want to grow your wealth, grow your network.
Vinney Chopra came to America from India with $7 as an MBA student. He worked as a full time fundraiser and he built his network over the years. His wife and he invested in some single family properties along the way. The real estate provided cash flow and appreciated significantly. Vinney recognized that multifamily real estate was a powerful investment opportunity. More people were renting and the banks were agreeable to lend for multifamily. Then he made the decision to get his commercial brokers license and share what he learned about real estate with his network. His network wanted to invest with him. To date, Vinney has completed twenty-six syndications in ten years. His investors have been rewarded handsomely. Some deals have earned annual returns in excess forty percent. Vinney recognizes that his success is due to his network.
Build Your Network
If your real estate investment strategy includes growth, you need to grow your network. Don’t wait, START now. Talk with everyone and let them know what you are doing. The more you share, the more practice you will get, and the enthusiasm will build as you find like minded people.
You have to have investors if you want to go after larger properties. In the beginning, you want to focus on sharing your goals. You will be surprised who is interested and who has money to invest. Regularly call, send emails, meet and educate your network to warm them up for eventual investment with you. Plan to spend at least four months working and meeting with prospective investors. You have to get a sense of the number of potential investors and level of commitment they can invest. Go to free REI groups & Meetups. If there is not one near you consider starting one. Don’t forget social media, join groups, ask questions and offer input to discussions.
Build your team
Real estate is a team sport. You need to have many experts to put together a successful transaction. Commercial Real Estate Brokers are critical to your success. Get to know some. Let them know what you are looking for. It will take some time to develop the relationship, but this is important. When you have a relationship with a broker, that knows exactly what you are looking for, they will share off market deals with you before making available to the public. When you have identified a market to invest in get to know the local professionals. A property management firm is key. Interview several to make certain they are a good fit. They can also introduce you to other off market opportunities from properties they manage. You will also need an attorney and CPA to navigate your investment. Depending on the size of property, investment and number of investors (partnership to syndication) will determine the level of professional services you will need. An experienced mortgage broker will help you navigate financing the balance. Depending on the property, the team you have in place and size of the mortgage, will determine the loan programs available to you.
As Vinney says, build your network and “Jump into multifamily now” to get the long term rewards available to you.