Today on Multifamily Monday, we talk to someone who realizes that real estate trumps the stock market, gets into multifamily, and then goes over a deal that didn't go as smoothly as planned but how to overcome it. He talks about how they corrected course however, and also goes over another deal that is going very well.
Key Points to Overcome Painful Deals
- Started out purchasing a single family home
- At time of purchase of the single family home, decided it was not scalable
- Shifted focus onto multifamily real estate
- Joined the Jake and Gino community and built his business
- Joint ventured on a 62 unit property
- 70% occupied apartment complex with lots of renovations needed
- Tenants began vacating property due to new management and renovation rumors
- Had to overcome occupancy and contractor issues to get units ready to rent
- Looking back, realized the project was under-capitalized
- Once stabilized, the property has a $3 Million dollar valuation
- Luckily, a 41 unit deal came along and syndicated it
- Was able to raise money from passive investors into the deal to close
- Who is your success role model? My dad
- What is your biggest success? Marrying my wife
- What does a typical day for you look like? I try to wake up early to meditate and work out, I am very focused with my time.
- What is your favorite quote? "Laugh as much as you breathe" "Love as much as you live"
- What are your hobbies? I really love real estate but I don't think I have a specific hobby.
- What is the best business book you have read? Rich Dad Poor Dad, Fake, Pitch Anything and Flip the Script
- If there was one key piece of advice you could leave our listeners with about achieving success, what would it be? All plans are just plans until you don't want them to be and be prepared to be punched in the face.
About our Guest, John Fortes
Since 2014 John Fortes was a student of real estate investing. From that time, he started connecting and networking with many of the industries heavy hitters. Through the encouragement of his peers, John broke off into his own and formed Community First Investment Group with his two partners. With a portfolio of 103 units valued at a total of $5.2 million spread out between two assets, John’s team focus’ on value-add projects in B & C class assets.
With a desire to give back and through the many conversations with passive investors, John created the only podcast of its kind that speaks specifically to busy professionals seeking to passively invest in real estate. The Passive Investor Show provides a unique perspective from the passive investors point of view to help win back more time to do the things they truly love. That’s how John became known as The Passive Investor Consultant.
John’s focus is helping passive investors find the right opportunities to create passive streams of income to free up more time to contribute to their quality of life. After all, time is our most valuable currency. John is here to help slow down your hour glass and direct it to your passions through passive investments.
- Website: www.johnfortes.com
- Podcast: www.passiveinvestorshow.com
- FB: https://www.facebook.com/jb4tes
- Instagram: https://www.instagram.com/jb4tes/
- Twitter: https://twitter.com/jb4tes
- LinkedIn: https://www.linkedin.com/in/jbfortes18
- Bigger Pockets: https://www.biggerpockets.com/users/JB4tes