In this episode of The Multifamily Wealth Podcast, I dive into the acquisitions piece of the multifamily syndication business with John Okocha of the Elevate Commercial Investment Group. John is the Vice President of Acquisitions at Elevate CIG and we learn about his background in single-family investing and how he transitioned his career into the multifamily sector. John shares some great tips as it relates to building relationships with brokers, quickly underwriting deals, as well as finding partners to work with!
Show Notes:
3:20 John shares his background and how he got into real estate so early in his career.
5:55 We discuss what John learned early on as he scaled his real estate business.
8:17 John shares the differences in acquiring single-family properties vs. larger, multifamily assets.
10:35 We discuss how John uses the 1% rule when quickly underwriting deals (even in large multifamily) and why average rent is important.
13:40 John shares how he uses LoopNet to build relationships with brokers.
16:43 We learn why paying attention to brokers and making them your friend is the best way to gain access to the deals.
22:19 John shares his day to day role in his business and what he does when he finds a property with his team.
25:18 We learn why surrounding yourself with people that have achieved your goals is essential to be successful.
28:18 John shares the tools he uses to track conversations and elevate his business as a whole.
31:53 John shares his biggest business-related failure and how he turned it into a learning experience.
32:17 We discuss John’s short term goals within the next year.
CONNECT WITH AXEL
https://www.instagram.com/multifamilywealth/?hl=en
https://www.linkedin.com/in/axelragnarsson/
Download my investor toolkit (cash flow calculator, investor pitch deck, scope of work template, and renovation checklist) here.
CONNECT WITH JOHN
https://www.linkedin.com/in/john-okocha-0132a55a/
https://www.elevatecig.com/
https://www.instagram.com/johnnyequity/?hl=en
