Jun 23, 2020
Finding investors and attracting capital for your first multifamily deal can be a daunting challenge for many investors. Leslie Awasom and Tenny Tolofari managed to tap into their network and primed them to invest in a large apartment deal in Atlanta. The two are the managing partners of XSITE Capital Investment, deciding to team up after bonding through the cashflow board game and discussing their business and investing philosophies.
In this episode, they share how they formed a strong partnership, challenges they faced in doing their first deals, and how they are growing their investor network through events and Facebook groups.
Partner: Join Us for the Virtual Midwest Real Estate Networking Summit
Key Takeaways:
- How XSITE was formed by building a strong partnership that started with Tenny and Leslie playing the Cashflow board game to get to know one another and talk business
- How to find the perfect partner for your business
- Their first multifamily deal of 192 units
- Creating opportunity by building relationships and connecting with the right people
- Doing your due diligence when checking out a prospective multifamily property
- Surprising aspects of a multifamily investment deal as a limited partner
- The differences between being a general partner vs. limited partner
- How to find investors and raise capital as a new multifamily investor
- We’ve all heard “find the deal and the money will come” however, pay attention to the nuances of each deal before relying on that advice
- How to start a meetup and the benefits of running these local real estate networking events
- Why multifamily investing is a better investment than single-family wholesaling or fix and flips
- How to use a Facebook Group for networking, ideas, and collaboration
Partner: Download our Sample Deal Package
Bullseye Tips:
Apparent Failure:
Inability to come up with the
capital needed to be a general partner.
Digital/Mobile Resource
Audible
Most Recommended Book:
The Compound Effect (Darren Hardy)
The Entrepreneur Roller Coaster (Darren Hardy)
Daily Habit:
Meditation
Wish I Knew When I Was Starting Out:
Letting people know what you are doing and branding your company from the start
Best Place to Grab a Bite in Waugh Chapel, Maryland
Thai Cuisine of Waugh Chapel
Contact Leslie and Tenny:
XSite Multifamily Apartment Investors Meetup
Facebook Group (The Exciting World of Multifamily Investing)