I’m thrilled to share the complete journey of my first real estate investment—a 44-unit multifamily property in Lawrence, KS—from acquisition to exit.

Balancing a full-time legal career and fatherhood, real estate seemed like an impossible dream. But in late 2019, I set a bold goal: close my first deal in 2020. Through relentless self-education on platforms like BiggerPockets, networking like crazy (over 200 Zoom calls in 2020!), and joining a mentorship/mastermind group, I bypassed smaller deals and jumped straight into multifamily investing.

Shortly after the purchase, I shared my journey on BiggerPockets (www.biggerpockets.com/forums/88/topics/921192-my-first-ever-44-unit-mf-apartment-closed-in-dec-2020#p5370534), and the community’s support was incredible. Now, as I exit this investment, I’m excited to revisit this journey with you 3 years and 8 months later.

Acquisition:

In December 2020, I closed on the 44-unit property for $1.725M. This was a massive leap for someone with zero prior real estate experience. I had to crush limiting beliefs—like thinking I needed to start small or that investing out of state was too risky. Surrounding myself with like-minded partners and mentors was key to taking this first big step. Again, you can check out the detailed post I made on BiggerPockets after closing clicking the above link.

100% Cash-Out Refi:

By April 2022, our hard work began to pay off. Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal. This enabled us to execute a 100% cash-out refinance, returning all initial capital to investors while still generating cash flow. We all know what this means: infinite returns! On top of that, we transitioned the loan from a community bank to a Freddie Mac agency, making it non-recourse—a significant upgrade.

Exit:

Today, on August 15, 2024, I’m proud to share that we sold the property for $3.15M. My initial investment was fully returned during the refinance, and the sale has provided an additional return, bringing my equity multiple to over 3X. This journey has been a testament to the power of action and perseverance.

Key Takeaways:

1. Education is Essential: Invest in your knowledge and seek guidance from experienced mentors. Joining a mastermind/mentorship program was a game-changer for me.

2. Partnerships Matter: Align yourself with motivated, positive people who share your vision and work ethic.

3. Take Action: Don’t just learn—apply what you know. Network, underwrite deals, and practice your pitch until you discover your role within a team.

4. Enjoy the Journey: Real estate is a marathon, not a sprint. Fall in love with the process, and success will follow.

Reflecting on the Journey:

What happened to me during this full cycle, including the 3-4 years of the pandemic as a RE investor?

• I became a GP in 21 multifamily syndication/JV deals — one of which was sold today.

• I hosted monthly multifamily virtual meetups and in-person meetups in NYC with my partner Nico, featuring amazing guests like Jake & Gino, Rod Khleif, Sandhya Seshadri, Yonah Weiss, Marco & Hadar and more.

• I appeared on over 40 podcasts, talking with incredible investors including Michael Blank, Joe Fairless, Whitney Sewell, Jake & Gino and more.

• I was featured in a book by Lauren and Lindsey.

• I even diversified by purchasing a café/bakery in Flushing, Queens.

Looking back, it’s amazing how all these dots connect. This journey from a busy attorney to a real estate investor has been transformative. The lessons I’ve learned will undoubtedly guide my future investments - this journey is continuing!

I hope this inspires someone who’s in a similar position—managing a busy profession and family life—who dreams of building wealth for their family while pursuing a purpose-driven lifestyle.

I’ve already set my next big, scary, and audacious career goal—stay tuned, I’ll share more in the future!

Special thanks to Marco, Hendra, Joe, Mercy, Hadar, Chris, krista, Remo, and my other partners in deals - Greg, Darren, Ray, Christina, Debbie, Keoni, Dmitriy, Jonathan, Vlad, Jaideep, Alex, Jason, Christine and many more for letting me be a part of their journeys.

New York City, New York

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Replied August 15, 2024 19:01

Quote from @Yosef Lee:

My First Multifamily Full Cycle Success Story: From Busy Attorney to Real Estate Investor

I’m thrilled to share the complete journey of my first real estate investment—a 44-unit multifamily property in Lawrence, KS—from acquisition to exit.

Balancing a full-time legal career and fatherhood, real estate seemed like an impossible dream. But in late 2019, I set a bold goal: close my first deal in 2020. Through relentless self-education on platforms like BiggerPockets, networking like crazy (over 200 Zoom calls in 2020!), and joining a mentorship/mastermind group, I bypassed smaller deals and jumped straight into multifamily investing.

Shortly after the purchase, I shared my journey on BiggerPockets (www.biggerpockets.com/forums/88/topics/921192-my-first-ever-44-unit-mf-apartment-closed-in-dec-2020#p5370534), and the community’s support was incredible. Now, as I exit this investment, I’m excited to revisit this journey with you 3 years and 8 months later.

Acquisition:

In December 2020, I closed on the 44-unit property for $1.725M. This was a massive leap for someone with zero prior real estate experience. I had to crush limiting beliefs—like thinking I needed to start small or that investing out of state was too risky. Surrounding myself with like-minded partners and mentors was key to taking this first big step. Again, you can check out the detailed post I made on BiggerPockets after closing clicking the above link.

100% Cash-Out Refi:

By April 2022, our hard work began to pay off. Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal. This enabled us to execute a 100% cash-out refinance, returning all initial capital to investors while still generating cash flow. We all know what this means: infinite returns! On top of that, we transitioned the loan from a community bank to a Freddie Mac agency, making it non-recourse—a significant upgrade.

Exit:

Today, on August 15, 2024, I’m proud to share that we sold the property for $3.15M. My initial investment was fully returned during the refinance, and the sale has provided an additional return, bringing my equity multiple to over 3X. This journey has been a testament to the power of action and perseverance.

Key Takeaways:

1. Education is Essential: Invest in your knowledge and seek guidance from experienced mentors. Joining a mastermind/mentorship program was a game-changer for me.

2. Partnerships Matter: Align yourself with motivated, positive people who share your vision and work ethic.

3. Take Action: Don’t just learn—apply what you know. Network, underwrite deals, and practice your pitch until you discover your role within a team.

4. Enjoy the Journey: Real estate is a marathon, not a sprint. Fall in love with the process, and success will follow.

Reflecting on the Journey:

What happened to me during this full cycle, including the 3-4 years of the pandemic as a RE investor?

• I became a GP in 21 multifamily syndication/JV deals — one of which was sold today.

• I hosted monthly multifamily virtual meetups and in-person meetups in NYC with my partner Nico, featuring amazing guests like Jake & Gino, Rod Khleif, Sandhya Seshadri, Yonah Weiss, Marco & Hadar and more.

• I appeared on over 40 podcasts, talking with incredible investors including Michael Blank, Joe Fairless, Whitney Sewell, Jake & Gino and more.

• I was featured in a book by Lauren and Lindsey.

• I even diversified by purchasing a café/bakery in Flushing, Queens.

Looking back, it’s amazing how all these dots connect. This journey from a busy attorney to a real estate investor has been transformative. The lessons I’ve learned will undoubtedly guide my future investments - this journey is continuing!

I hope this inspires someone who’s in a similar position—managing a busy profession and family life—who dreams of building wealth for their family while pursuing a purpose-driven lifestyle.

I’ve already set my next big, scary, and audacious career goal—stay tuned, I’ll share more in the future!

Special thanks to Marco, Hendra, Joe, Mercy, Hadar, Chris, krista, Remo, and my other partners in deals - Greg, Darren, Ray, Christina, Debbie, Keoni, Dmitriy, Jonathan, Vlad, Jaideep, Alex, Jason, Christine and many more for letting me be a part of their journeys.

So awesome @Yosef Lee

3 Votes

Yosef LeePoster

New to Real Estate
New York, NY

Yosef LeePoster

New to Real Estate
New York, NY

Replied August 15, 2024 19:32

Quote from @Erica K.:

Quote from @Yosef Lee:

My First Multifamily Full Cycle Success Story: From Busy Attorney to Real Estate Investor

I’m thrilled to share the complete journey of my first real estate investment—a 44-unit multifamily property in Lawrence, KS—from acquisition to exit.

Balancing a full-time legal career and fatherhood, real estate seemed like an impossible dream. But in late 2019, I set a bold goal: close my first deal in 2020. Through relentless self-education on platforms like BiggerPockets, networking like crazy (over 200 Zoom calls in 2020!), and joining a mentorship/mastermind group, I bypassed smaller deals and jumped straight into multifamily investing.

Shortly after the purchase, I shared my journey on BiggerPockets (www.biggerpockets.com/forums/88/topics/921192-my-first-ever-44-unit-mf-apartment-closed-in-dec-2020#p5370534), and the community’s support was incredible. Now, as I exit this investment, I’m excited to revisit this journey with you 3 years and 8 months later.

Acquisition:

In December 2020, I closed on the 44-unit property for $1.725M. This was a massive leap for someone with zero prior real estate experience. I had to crush limiting beliefs—like thinking I needed to start small or that investing out of state was too risky. Surrounding myself with like-minded partners and mentors was key to taking this first big step. Again, you can check out the detailed post I made on BiggerPockets after closing clicking the above link.

100% Cash-Out Refi:

By April 2022, our hard work began to pay off. Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal. This enabled us to execute a 100% cash-out refinance, returning all initial capital to investors while still generating cash flow. We all know what this means: infinite returns! On top of that, we transitioned the loan from a community bank to a Freddie Mac agency, making it non-recourse—a significant upgrade.

Exit:

Today, on August 15, 2024, I’m proud to share that we sold the property for $3.15M. My initial investment was fully returned during the refinance, and the sale has provided an additional return, bringing my equity multiple to over 3X. This journey has been a testament to the power of action and perseverance.

Key Takeaways:

1. Education is Essential: Invest in your knowledge and seek guidance from experienced mentors. Joining a mastermind/mentorship program was a game-changer for me.

2. Partnerships Matter: Align yourself with motivated, positive people who share your vision and work ethic.

3. Take Action: Don’t just learn—apply what you know. Network, underwrite deals, and practice your pitch until you discover your role within a team.

4. Enjoy the Journey: Real estate is a marathon, not a sprint. Fall in love with the process, and success will follow.

Reflecting on the Journey:

What happened to me during this full cycle, including the 3-4 years of the pandemic as a RE investor?

• I became a GP in 21 multifamily syndication/JV deals — one of which was sold today.

• I hosted monthly multifamily virtual meetups and in-person meetups in NYC with my partner Nico, featuring amazing guests like Jake & Gino, Rod Khleif, Sandhya Seshadri, Yonah Weiss, Marco & Hadar and more.

• I appeared on over 40 podcasts, talking with incredible investors including Michael Blank, Joe Fairless, Whitney Sewell, Jake & Gino and more.

• I was featured in a book by Lauren and Lindsey.

• I even diversified by purchasing a café/bakery in Flushing, Queens.

Looking back, it’s amazing how all these dots connect. This journey from a busy attorney to a real estate investor has been transformative. The lessons I’ve learned will undoubtedly guide my future investments - this journey is continuing!

I hope this inspires someone who’s in a similar position—managing a busy profession and family life—who dreams of building wealth for their family while pursuing a purpose-driven lifestyle.

I’ve already set my next big, scary, and audacious career goal—stay tuned, I’ll share more in the future!

Special thanks to Marco, Hendra, Joe, Mercy, Hadar, Chris, krista, Remo, and my other partners in deals - Greg, Darren, Ray, Christina, Debbie, Keoni, Dmitriy, Jonathan, Vlad, Jaideep, Alex, Jason, Christine and many more for letting me be a part of their journeys.

So awesome @Yosef Lee

Thank you @erica =)

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