Our guest today is Reed Goossens, a real estate investor with more than $250M worth of assets. In this episode, we talk about how he became successful in just 8 short years, the pros and cons of multifamily investing, and the different roles you have to play as an investor. If you are ready to take the leap and become a powerhouse multifamily investor, then this episode is for you. Learn more about Reed and his journey at reiclarity.com!
“What drives me is the fear of regret.”
Reed was born in Australia and started his career as a structural engineer in London. In 2012, he moved to New York and started his real estate investor journey.
He was always adventurous and knew the importance of taking risks. This is one of the reasons why he got successful in his real estate investor business.
“You got to understand that the higher the cap rate, the higher the risk.”
After moving to the US, Reed realized that the real estate opportunities were much better here than in Australia. He got interested in multifamily investing after reading Rich Dad, Poor Dad, and 6 months after arriving, he already made his first deal. It was a triplex for $38k in Syracuse, New York.
The big lessons he learned from his first few deals:
- Always do your due diligence and find out why a deal is unexpectedly cheap.
- Diversify your portfolio to spread out the risks and get a more balanced stream of cashflow.
- Know your ideal clients and the direction for your business.
- Focus on your personal branding. Let your clients know who you are so they can trust you.
- The team is the most important in your business, so be very specific about their roles and responsibilities.
“The bigger the pie, the more to share.”
Reed likes to invest in larger multifamily deals because they are more scalable. According to him, the benefit of that is that when there’s more money involved, it tends to attract more professional contractors.
It also comes with a lot more risks, so Reed works in syndications where the risk is shared.
Reed’s advice on how to take the leap from single-family investing to multifamily:
- Build a reliable and strong team.
- Invest in a good coach or mentor to get clear on the process.
- Work with someone on the first couple of deals who has more experience, so you can learn and share the risk as well.
Mentioned in the show:
- His LinkedIn
- 10000 Miles to the American Dream
- Investing in the U.S. book
- Kevin Harrington, Daniel Priestley – Key Person of Influence
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Reed Goossens for taking the time to share so many great insights with us
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Show produced by Eni Horvath