In this episode, we have as our guest James Eng. James is a commercial mortgage broker and limited partner in over 7 multifamily investments. James shares new financing guidelines from Fannie Mae and Freddie Mac. He also discusses forbearance options if you are having financial difficulties paying the mortgage on your property. Additionally, he also shares tips for people looking to attract investors into their investments. This was a great episode with new information just rolled out after the pandemic and also valuable tips for those aspiring to raise capital for investments.
Tips for Aspiring Sponsors
Don't just go from the boot camp to trying to do a deal. Invest as a limited partner before doing your own deal as sponsor.
Second deal can be lead own deal or co-sponsor deal.
Have education on your website about multifamily investing so investors can easily
Books and Resources
The Most Important Thing by Howard Marks and John FitzGibbon
Basic Finance Books Dave Ramsey, Robert Kiyosaki - Rich Dad Poor Dad & Cash Flow Quadrant
Business Books E-Myth by Michael Gerber
What separates people that are successful from the people that get started?
There are two gaps. The first gap is from Zero to One. Few people do even one deal. Those people typically push through. It is mostly a determination game. They go to all the networking events and meet with all the brokers and they put in offers. Most people stuck at zero have not put in the effort of making offers, doing tours, etc. The second gap, is from One to Ten. Getting the first deal down is like a snowball for some and for others it is there only deal. James has seen people buy one deal and then go on to buy one deal per quarter for 5 years. The reason people do few deals based on what James sees they are doing deals part time versus treating this like a business. To scale this business you need 5-10 properties of size. It takes time to accomplish this as well as a strong team.
You can reach James at the contact info below:
James Eng 214-300-5035
https://www.youtube.com/jameseng