On this inspiring episode of the BiggerPockets Podcast, we sit down with real estate entrepreneur Andrew Cushman to learn how he went from a full-time job as a chemical engineer to a house flipper and finally a real estate syndicator, buying over 1400 units in less than a decade. You’ll learn how Andrew finds deals, manages the rehabs on a large scale, raises money for large apartment purchases, and more. Don’t miss a moment of this powerful show!
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In This Episode We Cover:
- How Andrew started as a chemical engineer — then got into investing
- Why he trusted his mentor from the outset
- How many flips he has done so far
- Tips for scaling from 0 to 24 flips in 5 years
- The details of his first flip
- A discussion on buying pre-foreclosure properties
- The story of making 4,575 phone calls before getting his first deal
- The importance of believing in yourself and believing in the system
- How Andrew has flipped 24 properties and 1,470 apartments
- How he made money on the first flip
- How to scale by building a system
- How to find pre-foreclosed deals
- The best flip he’s ever completed
- Tips on weird houses
- His first apartment deal
- Why he doesn’t recommend a heavily distressed deal
- The difference between single family and multifamily properties
- How to become a “sophisticated investor“
- How he find apartment deals
- And SO much more!
Links from the Show
- Webby Awards
- Bloomberg
- DowJones
- HarvardBusiness
- Wired
- Forbes
- CNN Money
- BiggerPockets Calculators
- Foreclosure.com
- PropertyRadar
- Realtytrac
- How to Buy a Foreclosure : The Comprehensive Guide to Buying a Foreclosed Home
- General Foreclosure & Pre-Foreclosure Forums
- BRRRR Strategy
- GoBundance
- BP Podcast 157: A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod
- BP Podcast 166: How Modeling Greatness Can Get You To 100+ Deals with Matt Aitchison
- BP Podcast 169: Using Hustle and Persistence to Build Wealth Through Real Estate with David Greene
- 1 Life Fully Lived Organization
- Slack
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert T. Kiyosaki
- The One Thing by Gary Keller and Jay Papasan
- The E-Myth Revisited by Michael E. Gerber
- Emerging Real Estate Markets by David Lindahl
- Multi-Family Millions by David Lindahl
- Start with NO by Jim Camp
Tweetable Topics:
- “This system will work so I’m going to make it work.” (Tweet This!)
Connect with Andrew
Windy Hill Manor Deal
Acquisition
- Purchase Price: $1,300,000
- Units: 94
- Financing: 100% equity
- Investor Equity: $1,675,000
- Acquisition Date: June 2012
Cash out Refinance
- Loan Amount: $1,400,000
- Original Investor Equity Returned: $1,340,000 (80%)
- Loan Date: December 2013
Current Valuation Based on 12 Month Net Operating Income
- At an 8% Cap Rate: $2,989,763
- At a 7% Cap Rate: $3,416,871