How do you jump into multifamily and quickly build credibility to grow? After launching a successful eCommerce site called DropCatch, Joe Walsh and Kent Frayn faced this challenge. They had built a portfolio of smaller multifamily properties before turning to a growth hack to scale quickly and add credibility. They knew their own experience was limited so they added an experienced mentor to their team to launch HomeCatch Holdings. In this episode, Joe and Kent share the inspiration for the initial eCommerce business, the transition into real estate, best practices for securing mentors and partners, and other tips to get into multifamily syndication.

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Key Insights

• Launched DropCatch to grab beer bottle caps
• Raised $50,000 on Kickstarter and quit their jobs
• Wanted to diversify and add income outside of eCommerce
• Treats online rental listings like a product
• Big differences: eCommerce is more backend focused, real estate is face to face
• Interested in syndication, brought on a partner with experience
• Know what you want, be open to ideas of how to do it
• When approaching a mentor, go to them with a plan
• Easier to ask someone to oversee than to teach
• Challenge with a new partner: disagreement on the management plan
• Are there great 3rd party management options?
• Created a mastermind group to help hold each other accountable.
• Kent and Joe use Reonomy to find off-market deals

Partner: Download a Free Sample Apartment Deal Package

Bull's Eye Tips:

Resources:

Reonomy.com

Apparent Failure:

Had a rent to own deal, where they had to change financing terms

Most Recommended Book:

The 10x Rule by Grant Cardone

Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks

12 Rules for Life by Jordan Peterson

Most Recommended Digital/Mobile Resource:

Squarespace

Liondesk

Daily Habit:

Morning Routine; Audiobooks, and Podcasts

Advice for College Students:

Focus on building relationships with people who are business-oriented;

Prepare yourself and take action

Current Curiosity:

PACE Financing

Best Place to Grab a Bite in Chicago:

Smoque BBQ

Connect with Joe and Kent:

Website: homecatchcapital.com

Email: [email protected], [email protected]

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