The Multifamily Wealth Podcast #60: A Former General Contractor Grows a Large Portfolio Using Virtual Assistants with Charlie Wessel
This week I chatted with Charlie Wessel of Cordell Capital, a real estate investor based in Charleston, SC. Charlie began his career in real estate as a general contractor, and eventually shifted his focus to raising capital and becoming an investor. He is now the founder of Cordell Capital, an investment firm, in which he raises private equity to purchase multifamily real estate.
In this episode, Charlie and I discuss multiple topics, including his transition from construction to commercial real estate, how Charlie uses virtual assistants to scale his business, and why he focuses on mobile home park/multifamily assets. We spend a good chunk of this episode discussing how virtual assistants can help you scale your business - Charlie is really passionate about using VAs and has done so since the very beginning stages of his business. We delve into the preconceived notions that people typically have about VAs and try to eliminate some of the myths that are commonly shared. We also discuss other topics including mobile home parks, and multi-family investing, and overall provide insights into different areas in the real estate industry. This is a great episode to listen to for all individuals looking to get into real estate investing!
Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.
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Show Notes:
3:10 Charlie shares his background and explains how he got into the real estate business.
7:03 Charlie discusses his first steps into the industry and shares the challenges he went through when completing his first deal.
10:14 Charlie shares his advice on how to transition from a different career into being a full-time real estate investor.
11:06 We discuss virtual assistants and Charlie’s reasoning as to why he uses them, along with the common misconceptions that people typically have about VA’s.
14:25 Charlie shares how he increases his efficiency by outsourcing "smaller tasks" to virtual assistants.
20:02 We discuss the work quality of VA’s and how Charlie efficiently manages VA’s to get the most high-quality work.
24:08 Charlie shares the types of deals he is looking to purchase, as well as the structures he typically uses to close larger deals.
28:22 Charlie shares a piece of advice he would give himself before starting his real estate career.
29:52 Charlie discusses one of the best decisions he has made while growing his business.
30:08 Charlie shares one of the biggest mistakes he’s made in his career so far and what he learned from it.
32:00 Charlie gives one skill/trait that he attributes his success to.
33:00 Charlie shares his short-term goals for his business and what he is looking to achieve over the next 6-12 months.
CONNECT WITH CHARLIE:
843-200-9552
Conne