Manage episode 284542152 series 2394211
He was supposed to close the next day and the private equity firm decided they no longer wanted to do the deal. Talk about overcoming obstacles. Prashant Kumar is the CEO of MyRealtyGains.com. He is a spiritually-minded, multifamily operator based in Long Island, NY. He focuses on his mindset and spirituality to create abundance and overcome setbacks. He began investing in real estate, and in his first year, he acquired two single-family homes, a 24-unit, and a 72-unit multifamily apartment. He ran out of his own money and decided to start working with other investors through apartment syndication.
His strategy is to acquire and hold stable, income-producing multifamily apartment complexes in emerging US markets with long term capital appreciation. He likes Midwest and Southeast markets such as Indianapolis, Louisville, Huntsville, and Atlanta for their balance of cash flow and appreciation potential. He shares how he manages deal flow across multiple markets and the importance of building strong relationships with brokers, property managers, and investors.
Prashant focuses on doing JV and Syndication deals in both multifamily and assisted living properties. He spends a lot of time teaching others through his meetup in NY and his online mastermind groups. In this episode, he talks about going from a corporate job to real estate investing, what he looks for in investing markets, and how he overcame that last-minute change by the private equity firm.
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Insights on Thinking Bigger, Helping Others, and Overcoming Setbacks
- Moved from India in 1999 with $45.00 in his pocket
- How Prashant scaled his real estate business for better cash flow
I wanted something that would work (produce income) for me, even if I’m not working.
- Finding and purchasing his first two multifamily deals (24 unit + 72 unit in the same year)
- How Prashant analyzes markets (Indianapolis, Columbus, Louiseville, Atlanta, Huntsville Alabama)
Finding a good deal has been a challenge last year and this year as well.
- A process for staying on top of all multifamily opportunities
- Creating strong relationships and building trust with brokers and property managers
- How to manage multifamily properties across multiple markets
- His educational platform, My Realty Gains
- The many benefits of hosting a Real Estate Meetup
When I do things without expectation and selflessly, that’s when I get the best deals.
- Why being a thought leader/mentor is beneficial for him and his business
- Answering questions on passive investing
- How Prashant dealt with a private equity firm, bringing $4MM to table, when they backed out of the deal at the last minute
Partner: Download our Sample Deal Package
Apparent Failure:It’s not about the failure, it’s about what I learned.
Most Recommended Book:
The Heartfulness Way: Heart-Based Meditations for Spiritual Transformation (Kamlesh Patel)
Wish I Knew When I Was Starting Out:
I get, what I get/need, at the right time
First meeting of the day at 6:30 am with his accountability partner
When he can quit working and start doing only what he loves.
Best Place to Grab a Bite in Long Island, NY
Get in Touch with Prashant: