In this episode, Jonathan Farber interviews Willie Mandrell on his road from househacking his first building through an FHA loan to holding over $10 million across more than 40 units. Willie is a multifamily investor based in Boston. In this episode, we dig into topics like: weathering your first deal, quantifying your financial freedom, ways to raise capital, and more!
Having the confidence for your first deal - 11:40 - 13:30
Your first deal won’t end in catastrophe as long as you have the right mindset
Even if the market crashes shortly after you buy, you get the chance to learn lessons right
Consider the first property your education
You’ll need those skills as the market starts to climb again and opportunity arisesDefining and achieving your financial freedom - 13:40 - 18:45
Once you’ve got your toe in the water, start finding a strategy that works for you
Once you hit a roadblock, reflect on your goals for the future and build a list
Add up the list and you have your desired passive cash flow per year
Break that down to what you need per month
Based on your market and strategy, figure out how many buildings or units you need
That number is your goal, but don’t forget padding for the unexpected
The two ways to raise capital - 28:45 - 00:00
Debt - you get the money in exchange for a promissory note - a promise to repay
Once the property is stable, the lender is repaid and the only payment is to the bank
Equity - you get the money in exchange for a portion of the property
The portion of equity is determined by the ROI and capital provided
ROI is the combination of the appreciation, debt paydown, and cash flow
How to bring value to Willie Mandrell:
Come with a respect for time
Be persistent but polite
Offer your existing skills before asking for helpQuicken Rental Property Manager
biggerpockets.com/users/wmandrell
facebook.com/WillieMandrell
linkedin.com/in/wjmandrell/
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