MB 056: Do Whatever It Takes To Do Your First Multifamily Deal - With Jordan Madewell

If you’ve listened to the show before, you’ve probably heard me talk about the power of the first deal. Your first multifamily deal will be the smallest, the longest, and the hardest deal you will ever have to make. However, the power of the first deal is that the second and third, which follow in rapid succession, are almost automatic. Jordan Madewell, my guest on this week's show, knows all about the power of the first deal. Closing on his first multifamily, a 23-unit complex, with his business partner in 2016, Jordan is on the fast-track to completing his next two deals, which he hopes will help him reach his 2017 goal of 100 units. I can’t wait to see how he gets on in the next 12 months, but in the meantime, let’s listen as Jordan talks about his drive, how he got started in real estate, and most importantly, how he nailed that all-important first deal. Key Takeaways [02:53] Jordan’s start in real estate investing Jordan’s parents and grandparents always had rentals In 2007, while still in college he bought and rented out his first single-family home [04:05] The moment Jordan realized that he needed to be investing in multifamily Released that It takes the same amount of time and effort to do a deal 10X bigger [06:40] Jordan’s goal and his “why” $5000/month passive rental income [14:23] How Jordan built a network of investors Established contacts before the deal was in place Started conversations early to build investor trust [15:20] Jordan’s first deal. “lucked upon it” 23 units built in 2006. [16:30] Raising the money for the first deal Syndication Called network of investors Raised needed funds in 72 hours [26:47] What’s next for Jordan Actively looking for more and bigger deals [36:00] The power of the first deal There is enormous power and potential in completing the first deal It’s the smallest, takes the longest, and is the hardest to pull off The second and third deals follow in quick succession [45:28] Jordan’s advice for new real estate investors Calculate your ‘Rat race’ number and reverse engineer it Learn as much as you can, but always follow it with action Find a mentor or peer group to guide and help you on your journey Connect with Jordan Phone: 806-570-0264 Email: [email protected] Web: madewell-construction.com Resources Mentioned The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges richdad.com biggerpockets.com Old Capital Real Estate Investing Podcast