Oct 31, 2017
Vinney Chopra came to the US from India with $7 in his pocket, and now he can raise $10 million in a day or two. Known for his friendly and engaging personality, Vinney has earned the affectionate nickname of Mr. Smiles. As a multifamily sponsor he has facilitated over 26 successful syndication deals and manages a successful real estate investment portfolio worth over $200 million. On this episode of Target Market Insights, he shares his thoughts on which markets are emerging and how to identify them.
Key Insights
- Started in multifamily in 2006, did not know the meaning of LOI, NOI, IRR or Cap Rate
- 24 of his 26 syndications are in Texas, with the other two being in Georgia
- First deal was 14 units, later that week they bought 109 units
- At the time, Midland-Odessa, TX had the lowest unemployment rate, flew there and met with brokers
- Mentored by Dave Lindahl, author of Emerging Markets
- Emerging Markets: Utah, Dallas, Sacramento, Columbus, San Diego, Portland, Reno, Atlanta, Houston, San Antonio
- Have the business plan & pitch ready for brokers and investors
- Looks for cash flow day one
- 12 syndications in the last two years
- Can raise $6-10 million in 1-2 days, investor base of 128 investors
- Selecting the right target market is the key to deliver investor returns
- Figured out how to have the syndication break up into TICs for reinvestment
- Creating a $50 million, 506(c) fund for investors
- What to look for when seeking an emerging market: job growth, population growth, path of progress, where are new businesses, how many units are coming on the market, what are major attractions and retailers?
- To find topline info on a market, look at an offering memorandum and send info/articles to your investors
Bull’s Eye Tips:
Winning Your Market: Focus
Market Changes: IRR Reports, Chamber of Commerce, market
reports, talk to the mayor (mayor’s office)
Daily Habit: Meditate in the morning and pay gratitude
Resources:
How to Determine Emerging Markets eBook by Vinney Chopra
Best Business Books:
Emerging Real Estate Markets by Dave Lindahl
Rich Dad, Poor Dad, New Edition by Robert Kiyosaki
Law of Attraction by Michael Losier
The Secret by Rhonda Byrne
Digital Resources
YouTube, Google, Podcasts
Tweet This:
“Focus is similar to a magnifying glass”
“If you are unfocused, you can not give your full energy”
“Ask brokers to call owners they sold properties to 6 years ago and tell them you want to buy”
Places to Grab a Bite:
Texas Roadhouse Steak - https://www.texasroadhouse.com/
Connect with Vinney:
Website: www.vinneychopra.com
Phone: 925-766-3518
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