Building Wealth Through Investment Real Estate With Kyle Mitchell
“I think that's what real estate is about, is about reducing the risk. It's never risk-free, but there are definitely strategies that you can take to help reduce risks. And that's really cash flow on day one with the new debt on the property, locking up long-term debt so that you don't have to sell during a downturn.”
Kyle Mitchell is a real estate entrepreneur who has a focus on Multifamily Syndication and currently has $41MM AUM. He is the Managing Partner and Co-Founder of APT Capital Group and the Asset Management Summit, where their mission is to positively impact the lives of their investors and the communities in which they invest through the highest level of transparency and fiduciary responsibility.
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Brett:
Our next guest is a specialist when it comes to building wealth through investment real estate most investment real estate owners or investors. They really struggle though with connecting and building wealth and helping those who are most in need. And so our guests have a passion for doing just that. He helps low-income neighborhoods and or folks who are looking for housing. And he does this by using class A housing and really instilling a sense of community while inspiring others to do the same. He's the co-founder of Limitless Estates and also the co-host of Passive Income through Multifamily Real Estate investing. He's been investing in income properties since 2015 and currently owns nine single-family homes in three different markets, three different States, which he'll tell you about totaling about $1 million. Hey, welcome our next guest to the show, Kyle Mitchell. Kyle, welcome to the show.
Kyle:
Thanks. Happy to be here.
Brett:
And by the way, you can find Kyle at limitless-estates.com. And he has passive investors guide there you can sign up to receive if you want to learn more about Kyle and what he does. So Kyle, please share a little bit about what you do and a little bit about your story.
Kyle:
Yeah, absolutely. Thanks again for having me on. Excited to be here. And I actually started investing back in 2013 when I bought my first single-family home and now we're in a multi-family. But when I got started just looking for a way to create some passive income, I had a full-time job that I was not planning on leaving at any time. I was very happy with it, and I just knew that the stock market wasn't for me. For some reason, I was just really geared towards real estate. It appealed to me, I love the business model of it, and it just made sense. So I started investing there, but I quickly learned that California was not a place that I wanted to invest. Just landlord-tenant laws out here, very difficult. And it took me actually eight months to evict the first tenant that I had in. And I said, "Man, I've had enough of this. I'm going to another state." And so that's when I started investing out of state. So I did buy nine single-family homes, quickly learned that it was very difficult to scale and build the wealth that I wanted to build. And so I started looking for other alternatives. And at the same time, I started to look for alternatives for my career as well. My company was shrinking and I wanted to always be growing. And so I found multifamily real estate by just looking at some books and listening to some podcasts on the way to and from work. And I fell in love with it and I quit my job 11 months later to basically pursue it full time, even before we had had our first multi-family property under contract. But now we have about 17 million worth of assets under management and doing well. But that's kind of how I got started in my real estate journey.
Brett:
Excellent. Bumps and bruises along the way and learning through some challenges and now to $17 million in multi-family investment real estate. I think that's a great, great story to dive into. Now, before we go there, though, I'm curious who was Kyle growing up? And I think we're all given different gifts in this world and some superpowers, but really, I think they're just gifts that are given different strengths that we have. So who was Kyle growing up? What strengths or gifts were you given and how does that help you help others today?
Kyle:
I think my ability to focus... So I was a golfer growing up and it was one of those things where as soon as I found the sport, I dropped everything and I was just addicted to it and super hyper-focused kind of like I was with multi-family. Once I found my passion, I really hone in on it and I really focused on it. And really where it takes us today is I'm all about adding value back to people and helping them out and focusing on getting someone from a point of zero education to the point where they feel very comfortable with where they're at to be able to take the next move in their life. So I would say it's just hyper-focus.
Brett:
Hyper-focus. Yeah. And was that something where your parents always just said, "Hey, Kyle, he kind of zeroes in on something." Or was it something you developed along the way or is it kind of a natural gift? What would you say about that?
Kyle:
I was always someone that had to have something a certain way, whether it was like the way I ate food was like this way or which sport I played was this one. It was always like one thing that I was doing and I always stuck to it. And so I that's as far back. I haven't been asked that question. It's a fantastic question. And it brings me back to my childhood, which is awesome. But yeah, that's kind of just how I grew up. And I was always that way.
Brett:
Yeah. My wife and I were doing homeschool for our kids, we have five kids and we're studying just that exact thing. Being able to focus on their strengths and what they're really good at doing. I know from my childhood growing up, I was good at certain things, math, and history, but other things I wasn't so good at, right. But we were taught to learn all of these different things, but it's not always the easiest or the most enjoyable thing. As adults, you kind of get to choose that part of it. I'm curious about your journey for education and maybe what you really excelled at, or maybe what you had to grit your teeth to actually just get by with. But were there certain subjects or certain parts of your educational experience where you said, "Yeah, I was just really good at that."
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