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Episode 34
What you will learn from this episode:
Living off from your corporate job will only last for as long as you are working with your employer.
When you stop working, no money comes in, and you are left with nothing.
Have you thought of thriving and surviving even when not working?
In this episode, Prashant Kumar shares how mindset plays a big part for him to create something for himself in this lifetime through real estate investing, making big decisions and scoring big.
Leveraging his experience, contacts, and network helps him develop enough confidence to engage in enormous deals and navigate markets not many venture into. Let’s learn about how he brands and markets himself in syndication. How it pays to always give value and invest in relationships more than anything else.
And in all that he believes and does, let’s find out why meditation is at the core of it.
Prashant Kumar is a successful Multifamily Operator. He applies his 25+ years of experience in corporate America to analyzing Income & Expenses, calculating Net Operating Income (NOI) and calculating Purchase Price based on NOI and Market Cap Rate.
He acquires and holds stable, income producing multifamily apartment complexes in emerging US markets with long term capital appreciation. He does JV and Syndication deals. Along with Multifamily, he has passion to purchase Assisted Living Properties. In addition to his personal 84 units, Mr. Kumar currently holds equity ownership in more than 1200 units.
He runs meetup in NY and runs online masterminds with many groups.He lives in Long Island with his wife, daughter and son.
3Rs Read Resource Reflect
Read:
Best Ever Apartment Syndication Book by Joe Fairless
Resource:
Resources from his CCIM designation
Reflect:
"The more I do, the more I realize how little I do." - Prashant Kumar
Topics Covered:
03:03 - What made him quit his corporate job and focus on real estate investing?
07:29 - How mindset play a big part in thinking and scaling big straight away
10:00 - Why he is looking into the assisted living space and why this portfolio is easier from a competition standpoint
13:32 - The need to have mentors
15:51 - Branding yourself in a syndication
17:04 - What he does to build a 'know-like-trust factor'
17:49 - His target market
18:29 - Marketing strategies and systems he created
20:02 - What he would say to an eighteen-year-old or someone who would like to invest in real estate
22:38 - Making the most of virtual meetups
24:23 - What it means to add value to others
25:01 - A brand he loves and why?
25:51 - How big is meditation in his life?
28:19 - Books he loves to read about meditation and apartment syndication
29:23 - A favorite business tool he uses to look at the demand and supply
30:23 - A couple of markets he is looking in to expand
31:41 - What is his favorite quote?
Key Takeaways:
"When I quit my job, I was thinking, what have I created for myself, I mean, is that what I really wanted to do all my life? I said Listen, I have to have something on the side which makes money for me, to survive even if I'm not working. Yes, I want to work for as long as I can. But I didn't want to be dependent on the money that comes from my job. So that helped me to think, and started me getting into real estate." - Prashant Kumar
"I started connecting with the right people, right mentors, a lot of people had me, I helped a lot of people on the way. And I jumped into multifamily, where I could scale my portfolio just by one building, even if I buy one building in a year, that's good enough, you know, it can create me some income, or I'm in syndication, whatever, it creates more income for me than just buying a single family home." - Prashant Kumar
"I don't want to start my career from the bottom. I have started from, where can I utilize what I have gained in this life? I mean, my contacts, my experience, my mindset, that's the most important part, my mindset to scale it to a different level." - Prashant Kumar
"It is very important to have a good mentor; you can make bigger decisions easily. When you are in a group, then you have access to the network. It is easier to be in a group and and do the things with consent, rather than you making a mistake and finding yourself that you made a mistake." - Prashant Kumar
"In syndication people have to trust you. And your branding is very important. I think one important thing is organic growth. As you come in contact with new people, you help them out, you create an aura of knowledge sharing. And that's how people invest with you." - Prashant Kumar
"I would not suggest to an 18-year old to go and invest. What I would suggest is learn your ropes first. Finish your education, do your homework, work with somebody for a year or two, so that you understand how it works." - Prashant Kumar
Additional Resource:
Connect with Prashant Kumar:
Connect with Paul Copcutt:
Music: Thank you to Zoax for the intro music
