The Multifamily Wealth Podcast #89: Overcoming Adversity on The First Deal and Rapidly Building a 200+ Unit Portfolio in Phoenix with Michael Garcia
We have a great episode this week with Michael Garcia, a San Diego-based investor who is buying multifamily throughout Phoenix and Tucson, AZ. In his previous career, Michael worked in trading and developed a strong feel for the financial side of the business.
We dive into Michael's first deal, a 12-unit in Oregon, and discuss how he dealt with the curveballs that were thrown his way. We talked about how Michael met his partner, how they are sourcing deals in the competitive AZ market, and how they are going above and beyond to win deals in today's market. If you are in multifamily or planning to get into multifamily, especially if you're competing in a hotter market, this one's for you!
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.
Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.
TIME STAMPS:
04:26 - researching the model of multifamily, listening to podcasts, reading, “confidence breeds confidence”
07:28 - We talk about Michael's first deal, a 12-unit in Oregon
08:19 - We discuss how investors can move past the fear that prevents investors from doing early deals
09:26 - We learn all about what Michael learned on his first deal
12:50 - Michael and Axel talk about how competence breeds confidence and how important it is that investors understand their market and asset class
15:46 - We talk about how important speed is when making offers on deals
21:00 - We discuss scaling your business and taking down larger deals
27:51 - We dive into capital raising and how Michael put together his first few deals in Phoenix
36:00 - We learn more about Michael and his team is finding deals in the competitive AZ market
Connect with Michael:
Connect with Axel:
Follow him on Instagram
Connect with him on Linkedin
Learn more about Aligned Real Estate Partners