German & Oscar Buendia – brothers and co-founders of Good Day Capital, talk to Neil Henderson, the host of The Road to Family Freedom podcast. German and Oscar were both serving in the military, but only recently began investing in multifamily. Sparked by a family scare while deployed, Oscar and German decided to build up a multifamily portfolio to provide some flexibility. After overcoming limiting beliefs, they built relationships online to do their first deal in Ohio, a 20 unit multifamily portfolio.
They’ve got a great story about how they overcame a lot of their limiting beliefs and found their first multifamily deal through networking and the decision that they faced when taking on a property that size, and whether or not they should try to bring on private capital.
- Key Lessons Learned. Hire out what you aren’t good at. If you aren’t great on the phone but you are great at analyzing deals, find someone who’s great on the phone to partner with. Take stock of where you are lacking and find a partner who supplements what you don’t have.
- How did they acquire their knowledge or what knowledge did they need to acquire? They hired mentors who were experts in multifamily.
- How much money did it take to get started? It took them a little over $200,000 to purchase an $821,000 property. They chose to use their own money for this deal while they learned the ropes, rather than risking the capital of outside investors.
- How much time does it take now? It’s pretty much a full-time job, which is true of many syndicators. Between looking for deals, raising capital, and managing the asset, it adds up.
- Could they do this strategy from anywhere in the world? Yes, they currently live in Colorado and California, but they invest in Ohio and they are about to start investing in Florida.
- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecall
- Why they chose to tackle a 20-unit property right out of the gate rather than starting small
- The choice to use their own money and not bring in private capital
- How relentless online and then in-person networking led to them finding their first deal
- Red flags that indicate people you shouldn’t be involved with
- And much more…
Books and Resources Mentioned
- The Road to Family Freedom: roadtofamilyfreedom.com
- Website: Good Day Capital
- Instagram: @rei_brothers
- LinkedIn: Oscar Buendia
- LinkedIn: German Buendia
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