Multifamily Lessons from a 21-Year Old Syndicator with Kyle Marcotte, Episode 203
One of the reasons passive investors like multifamily syndications is to leverage the time and experience of seasoned operators. So how does a 21-year old become a multifamily syndicator, while still being a student at UC Davis? If anything, it shows that you can overcome any obstacle if you are willing to educate yourself, work diligently, and proactively address the challenges.
Kyle Marcotte was 21-years old when he completed his first multifamily syndication. He now has two deals under his belt, with 119 units, valued at $5.5MM. We discussed how he overcame his youth and lack of experience, how he built credibility, despite having no experience, how his father’s work ethic inspired him.
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Hard work does not necessarily mean financial success, which he learned from his father (amazing story!)
How Kyle mapped out his life
Understanding the 5 layers of wealth:
1. Trading time for money (working hard).
2. Starting your own business.
3. Investing your money
4. Diversifying your investments.
5. Circulating capital
Money is circulated not exchanged
From a neurosurgeon student and athlete to wholesaling, Kyle immediately knew that multifamily was where he would gain more time flexibility and wealth
The first strategic steps Kyle took to start in multifamily investing
Utilizing meetups to break into real estate investing
How Kyle began his multifamily syndication career with no experience at 20 years old
Borrowing credibility: Building a strong team and how to delegate
The details of Kyle’s Louisville, KY deal
First deal surprises: Didn’t have a good investor questionnaire of where their money was coming from which is vital
Nurturing investors during the deal process
Key lesson learned: Always ask about the story of the property
The second deal: Atlanta, GA. (good tenant laws)
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Was working on a 9-unit deal in Austin, TX pre-Covid19, but didn’t buy it, which he is thankful for, as it would have been a headache had he done so.
Most Recommended Book:
Letters From A Stoic (Seneca)
Wish I Knew When I Was Starting Out:
People are just people no matter their “status” and shouldn’t be feared or idolized
What’s going to happen to the economy and AI
Best Place to Grab a Bite in Austin, TX: