BiggerPockets Podcast 170: The Journey From Flipping Houses to Owning 1,470 Units with Andrew Cushman

BiggerPockets Podcast 170: The Journey From Flipping Houses to Owning 1,470 Units with Andrew Cushman

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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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This Show Sponsored By

We just waRealtySharesnted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!

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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

Books Mentioned in this Show

Tweetable Topics:

  • “This system will work so I’m going to make it work.” (Tweet This!)

Connect with Andrew

Windy Hill Manor Deal

windyhillmanor

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