How do you jump into multifamily and quickly build credibility to grow?
After launching a successful eCommerce site called DropCatch, Joe Walsh and Kent Frayn faced this challenge. They had built a portfolio of smaller multifamily properties before turning to a growth hack to scale quickly and add credibility. They knew their own experience was limited so they added an experienced mentor to their team to launch HomeCatch Holdings.
In this episode, Joe and Kent share the inspiration for the initial eCommerce business, the transition into real estate, best practices for securing mentors and partners, and other tips to get into multifamily syndication.
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Launched DropCatch to grab beer bottle caps
Raised $50,000 on KickStarter and quit their jobs
Wanted to diversify and add income outside of eCommerce
Treats online rental listings like a product
Big differences: eCommerce is more backend focused, real estate is face to face
Interested in syndication, brought on partner with experience
Know what you want, be open to ideas of how to do it
When approaching a mentor, go to them with a plan
Easier to ask someone to oversee than to teach
Challenge with new partner: disagreement on management plan
Are there great 3rd party management options?
Created a mastermind group to help hold each other accountable.
Kent and Joe use Reonomy to find off-market deals
Partner: Download a Free Sample Apartment Deal Package
Bull’s Eye Tips:
Had a rent to own deal, where they had to change financing terms
Most Recommended Book:
The 10x Rule by Grant Cardone
Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks
12 Rules for Life by Jordan Peterson
Most Recommended Digital/Mobile Resource:
Morning Routine, Audiobooks and Podcasts
Advice for College Students:
Focus on building relationships with people who are business oriented;
Prepare yourself and take action
Best Place to Grab a Bite in Chicago:
Connect with Joe and Kent:
Email: firstname.lastname@example.org, email@example.com
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