Starting your real estate investment journey with single-family is a good way to get an understanding of all the moving parts. However, it's not scalable or passive and often requires more work than a larger project. Our guest today, Agnes Wong, saw this first hand, which is why she transitioned from single-family solely to include multifamily. Her portfolio now consists of single-family, multifamily, and she's a limited partner of over 1,000 doors for larger multifamily projects. She has designed and project managed over 35 million dollars of residential developments in the San Francisco area. Agnes also hosts a real estate meetup group in San Francisco, where she shares her passion for real estate and creating financial freedom. In this episode, Agnes shares more about her fix and flip business and why she pivoted to multifamily. She gives us insights into how she found her first operator to work with as well as what she did to vet them. It is important to put a lot of work into background checks and educating yourself about the syndication landscape generally. Along with this, we also discuss the tax benefits of multifamily, what financial freedom means to Agnes, and the impact COVID-19 has had on her portfolio. Be sure to tune in today!
Key Points From This Episode:
- Learn about Agnes and her background as an interior designer and real estate investor.
- What drew Agnes to multifamily and insights into landing her first syndication deal.
- How Agnes found an operator for her first deal and the importance of vetting them properly.
- Agnes’s favorite part of passively investing and what she expects from the sponsors.
- How Agnes’s sponsors have reacted to COVID-19 and how her properties are performing.
- The effect that the COVID-19 crisis is having on Agnes’s investment strategy going forward.
- Learn more about the two major tax benefits of multifamily.
- What financial freedom means to Agnes and why it’s so important for her.
- Final four questions with Agnes: her biggest real estate mistake, growing to the next level, and more.
Tweetables:
“The most appealing thing about passive investing is most of us don't have a lot of time. Time is precious. We have work, we have family, so how do you make your money work harder with not a lot of time?” — Agnes Wong [0:06:55]
“Don't wait if something's not working out. You should just cut it loose and just move on.” — Agnes Wong [0:15:06]
Links Mentioned in Today’s Episode:
SparkPath Investments on Facebook
Wayne Patton’s Asset Protection
Passive Income Through Multifamily Real Estate Facebook Group