Building Trust with Family and Friends with Eddie Symmonett, Ep. 486
Eddie Symmonett is the President of Symmonett Multifamily, a private equity company, which began in 2017. They are invested in over 130 units across 5 properties in Birmingham, AL. They are vertically integrated, also managing these units. He started his real estate investing career in 2016 as a wholesaler, before acquiring his first properties (2-unit and 4-unit) in 2017. In 2019, he raised funds from two family members to acquire a 36-unit multifamily community in Birmingham, AL. We had the opportunity to sit down with Eddie to discuss his insights on the benefits of investing in multifamily properties, how to identify momentum in your portfolio, the importance of building trust with your close network, and bringing in limited partners (LPs) to scale your investments. Announcement: Click here to join me and other top real estate investors for the Midwest Real Estate Networking Summit! Taking Control [00:01] Eddie talks about his background; [05:32] Why multifamily; [07:30] How to see momentum in your portfolio ; [10:01] Building trust with your close network; [15:30] Bringing in LP money and scaling; [17:37] Advice for new investors; [19:09] Building the right team; [21:34] What’s next for Symmonett Investments; Announcement: Download Our Sample Deal and Join Our Mailing List [23:08] Round of Insights Apparent Failure: A deal that took way longer than it should. Digital Resource: EnRoute Most Recommended Book: How to Win Friends Daily Habit: Writing down goals #1 Insight for Multifamily Investing: The sooner you can leverage a team the better. Best Place to Grab a Bite in Birmingham, Alabama: 239 Contact Eddie: Be sure to follow Eddie on all social media platforms! You can find him using the handle @eddiesymmonett. Tweetable Quote: “You go from being able to do the deals yourself to learning that it’s a team sport so you bring people in.” - Eddie Symmonett Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you do not miss an episode.