Andrew Cushman is a former chemical engineer and alpine ski instructor who jumped into real estate by flipping homes starting in 2007. After successfully flipping houses right through the big crash, in 2011 he transitioned to apartment syndication, and in the last 6 years has acquired 1,646 units.
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- Vet anyone that you think you are going to depend on.
- Rip-off and duplicate—it’s the fastest way to success.
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Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [01:25] – The great thing about apartment syndication is that it allows the pooling of resources, which leads to gains that would otherwise be untenable
- [02:08] – Andrew’s expertise is finding undervalued B&C apartments with 100-200 units and repositioning them to create greater value for investors
- [03:11] – Andrew shares his story about revamping an apartment complex
- 55 – Cleaned up a crime laden community, evicted a drug dealer, fixed utilities and provided overall better amenities
- [04:27] – Get the local police involved to ensure your safety when dealing with a crime-laden property or neighborhood
- [04:48] – “It is just as easy to go big as to go small”
- [05:38] – A property greater than 75 units should have a full-time, on-site staff
- [06:05] – Worst Entrepreneurial moment: Andrew was about to transition from single family homes into the apartment business. He needed to raise $1.2 million for a 92 apartment complex in 2011. Andrew had already invested a six figure amount when a couple of weeks before closing two of his biggest investors backed out and Andrew was short by $800,000. It took Andrew six months of struggle to raise the full amount.
- [07:38] – “Raise 150% of what you think you are going to need”
- [08:05] – “Vet anyone that you are going to depend on”
- [09:47] – Entrepreneurial AH-HA moment: Andrew had a hang-up about paying for masterminds and mentors when he was starting his career. His wife convinced him to change his mind, and Andrew ended up paying for a mentor. That, according to him, has made a world of difference in his business.
- [10:52] – Joining GoBundance, a mastermind, gave Andrew a chance to connect with 130 multi-millionaires
- [12:34] – What are you most fired up about right now? “I just love the opportunity that each day presents”
- [15:53] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “I didn’t know what my entrepreneurial calling was”
- What’s the best piece of advice you’ve ever received? – “Don’t make snow angels in a Dog Park”
- What’s a personal habit that contributes to your success? – “Every night before I go back to bed, I review all my goals, update them with the progress I made that day, and then finish planning out in detail what the next day is going to look like”
- Share an internet resource, like Evernote, with Fire Nation – Todoist
- If you could recommend one book to our listeners, what would it be and why? – How to win friends and influence people
- [19:15] – Always practice R&D: Rip-off and Duplicate
- [20:00] – Connect with Andrew on his website, LinkedIn and podcast
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