Financial Freedom with Real Estate Investing MB 229: Commit, Don’t Quit 3 Feet from Gold! – With David Acosta
We’re told that our goals have to be time-bound. That we have to give ourselves a deadline if we want to achieve. The problem with that is too many of us quit three feet from gold, as the saying goes. But how do you stay committed when a year has gone by and you still don’t have your first multifamily deal?
David Acosta was a mentoring student in The Michael Blank Investor Incubator. With no money and no background in investing, David leveraged his mentor, Drew Kniffin, and our Deal Maker’s Mastermind investor network to partner on his first venture, a 220-unit deal orchestrated by Ben Risser’s team. Six months later, David closed on a 48-unit deal in Lexington, KY, this time serving as lead syndicator!
On this episode of Apartment Building Investing, David joins me to discuss how he did his first multifamily deal—without any money or previous real estate experience. He explains how having a mentor helped him build confidence and stay committed when his first deal took a few months longer than expected. Listen in for David’s insight on partnering with others to earn credibility and learn why it’s crucial to commit to the outcome you want, not the timeline.
Key TakeawaysWhat prompted David’s interest in multifamily investing
- Background in restaurants, wanted to control time
- Real estate investing research led to TMB course
What made David think he could skip SFH investing
- Mentor to look over shoulder through process
- Took course to get educated + build confidence
Why David felt having a mentor was the right choice for him
- No background in real estate (shorten timeline)
- Invest in education to be taken seriously
David’s frustration with missing his 12-month goal
- Deflating to fall short, temptation to walk away
- Mentor encouraged to commit to goal vs. timeline
How David finally found his first deal
- Connect with others in Deal Maker Mastermind
- Partner as GP with another investor’s team
How the Law of the First Deal worked for David
- Competitive advantage in closing second deal
- Had confidence to serve as lead syndicator
What’s next for David as a real estate investor
- Build out team, efficiencies in processes
- Scale and grow business from there
David’s advice for aspiring multifamily investors
- Develop persistence to commit to outcome
- Get educated and consider hiring mentor
- Join an ecosystem, JV to build track record
Connect with David Acosta Resources
Purchase the Replay of Deal Maker Live
Learn More About Michael’s Mentoring Program
Check Out Michael’s First Deal Maker Profiles
Explore Michael’s Products & Programs
Connect with Other Investors in the Deal Maker’s Mastermind
Ed Hermsen on Apartment Building Investing EP225
Drew Kniffin at Nighthawk Equity