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Updated 3 months ago, 10/04/2024

User Stats

234
Posts
264
Votes
Yosef Lee
  • New to Real Estate
  • New York, NY
264
Votes |
234
Posts

My First Multifamily Full Cycle Success Story: From Novice to Real Estate Investor

Yosef Lee
  • New to Real Estate
  • New York, NY
Posted

My First Multifamily Full Cycle Success Story: From Busy Attorney to Real Estate Investor

I’m thrilled to share the complete journey of my first real estate investment—a 44-unit multifamily property in Lawrence, KS—from acquisition to exit.

Balancing a full-time legal career and fatherhood, real estate seemed like an impossible dream. But in late 2019, I set a bold goal: close my first deal in 2020. Through relentless self-education on platforms like BiggerPockets, networking like crazy (over 200 Zoom calls in 2020!), and joining a mentorship/mastermind group, I bypassed smaller deals and jumped straight into multifamily investing.

Shortly after the purchase, I shared my journey on BiggerPockets (www.biggerpockets.com/forums/88/topics/921192-my-first-ever-44-unit-mf-apartment-closed-in-dec-2020#p5370534), and the community’s support was incredible. Now, as I exit this investment, I’m excited to revisit this journey with you 3 years and 8 months later.

Acquisition:

In December 2020, I closed on the 44-unit property for $1.725M. This was a massive leap for someone with zero prior real estate experience. I had to crush limiting beliefs—like thinking I needed to start small or that investing out of state was too risky. Surrounding myself with like-minded partners and mentors was key to taking this first big step. Again, you can check out the detailed post I made on BiggerPockets after closing clicking the above link.

100% Cash-Out Refi:

By April 2022, our hard work began to pay off. Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal. This enabled us to execute a 100% cash-out refinance, returning all initial capital to investors while still generating cash flow. We all know what this means: infinite returns! On top of that, we transitioned the loan from a community bank to a Freddie Mac agency, making it non-recourse—a significant upgrade.

Exit:

Today, on August 15, 2024, I’m proud to share that we sold the property for $3.15M. My initial investment was fully returned during the refinance, and the sale has provided an additional return, bringing my equity multiple to over 3X. This journey has been a testament to the power of action and perseverance.

Key Takeaways:

1. Education is Essential: Invest in your knowledge and seek guidance from experienced mentors. Joining a mastermind/mentorship program was a game-changer for me.

2. Partnerships Matter: Align yourself with motivated, positive people who share your vision and work ethic.

3. Take Action: Don’t just learn—apply what you know. Network, underwrite deals, and practice your pitch until you discover your role within a team.

4. Enjoy the Journey: Real estate is a marathon, not a sprint. Fall in love with the process, and success will follow.

Reflecting on the Journey:

What happened to me during this full cycle, including the 3-4 years of the pandemic as a RE investor?

• I became a GP in 21 multifamily syndication/JV deals — one of which was sold today.

• I hosted monthly multifamily virtual meetups and in-person meetups in NYC with my partner Nico, featuring amazing guests like Jake & Gino, Rod Khleif, Sandhya Seshadri, Yonah Weiss, Marco & Hadar and more.

• I appeared on over 40 podcasts, talking with incredible investors including Michael Blank, Joe Fairless, Whitney Sewell, Jake & Gino and more.

• I was featured in a book by Lauren and Lindsey.

• I even diversified by purchasing a café/bakery in Flushing, Queens.

Looking back, it’s amazing how all these dots connect. This journey from a busy attorney to a real estate investor has been transformative. The lessons I’ve learned will undoubtedly guide my future investments - this journey is continuing! 

I hope this inspires someone who’s in a similar position—managing a busy profession and family life—who dreams of building wealth for their family while pursuing a purpose-driven lifestyle.

I’ve already set my next big, scary, and audacious career goal—stay tuned, I’ll share more in the future!

Special thanks to Marco, Hendra, Joe, Mercy, Hadar, Chris, krista, Remo, and my other partners in deals - Greg, Darren, Ray, Christina, Debbie, Keoni, Dmitriy, Jonathan, Vlad, Jaideep, Alex, Jason, Christine and many more for letting me be a part of their journeys.

User Stats

17
Posts
15
Votes
Erica K.
Pro Member
15
Votes |
17
Posts
Erica K.
Pro Member
Replied
Quote from @Yosef Lee:

My First Multifamily Full Cycle Success Story: From Busy Attorney to Real Estate Investor

I’m thrilled to share the complete journey of my first real estate investment—a 44-unit multifamily property in Lawrence, KS—from acquisition to exit.

Balancing a full-time legal career and fatherhood, real estate seemed like an impossible dream. But in late 2019, I set a bold goal: close my first deal in 2020. Through relentless self-education on platforms like BiggerPockets, networking like crazy (over 200 Zoom calls in 2020!), and joining a mentorship/mastermind group, I bypassed smaller deals and jumped straight into multifamily investing.

Shortly after the purchase, I shared my journey on BiggerPockets (www.biggerpockets.com/forums/88/topics/921192-my-first-ever-44-unit-mf-apartment-closed-in-dec-2020#p5370534), and the community’s support was incredible. Now, as I exit this investment, I’m excited to revisit this journey with you 3 years and 8 months later.

Acquisition:

In December 2020, I closed on the 44-unit property for $1.725M. This was a massive leap for someone with zero prior real estate experience. I had to crush limiting beliefs—like thinking I needed to start small or that investing out of state was too risky. Surrounding myself with like-minded partners and mentors was key to taking this first big step. Again, you can check out the detailed post I made on BiggerPockets after closing clicking the above link.

100% Cash-Out Refi:

By April 2022, our hard work began to pay off. Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal. This enabled us to execute a 100% cash-out refinance, returning all initial capital to investors while still generating cash flow. We all know what this means: infinite returns! On top of that, we transitioned the loan from a community bank to a Freddie Mac agency, making it non-recourse—a significant upgrade.

Exit:

Today, on August 15, 2024, I’m proud to share that we sold the property for $3.15M. My initial investment was fully returned during the refinance, and the sale has provided an additional return, bringing my equity multiple to over 3X. This journey has been a testament to the power of action and perseverance.

Key Takeaways:

1. Education is Essential: Invest in your knowledge and seek guidance from experienced mentors. Joining a mastermind/mentorship program was a game-changer for me.

2. Partnerships Matter: Align yourself with motivated, positive people who share your vision and work ethic.

3. Take Action: Don’t just learn—apply what you know. Network, underwrite deals, and practice your pitch until you discover your role within a team.

4. Enjoy the Journey: Real estate is a marathon, not a sprint. Fall in love with the process, and success will follow.

Reflecting on the Journey:

What happened to me during this full cycle, including the 3-4 years of the pandemic as a RE investor?

• I became a GP in 21 multifamily syndication/JV deals — one of which was sold today.

• I hosted monthly multifamily virtual meetups and in-person meetups in NYC with my partner Nico, featuring amazing guests like Jake & Gino, Rod Khleif, Sandhya Seshadri, Yonah Weiss, Marco & Hadar and more.

• I appeared on over 40 podcasts, talking with incredible investors including Michael Blank, Joe Fairless, Whitney Sewell, Jake & Gino and more.

• I was featured in a book by Lauren and Lindsey.

• I even diversified by purchasing a café/bakery in Flushing, Queens.

Looking back, it’s amazing how all these dots connect. This journey from a busy attorney to a real estate investor has been transformative. The lessons I’ve learned will undoubtedly guide my future investments - this journey is continuing! 

I hope this inspires someone who’s in a similar position—managing a busy profession and family life—who dreams of building wealth for their family while pursuing a purpose-driven lifestyle.

I’ve already set my next big, scary, and audacious career goal—stay tuned, I’ll share more in the future!

Special thanks to Marco, Hendra, Joe, Mercy, Hadar, Chris, krista, Remo, and my other partners in deals - Greg, Darren, Ray, Christina, Debbie, Keoni, Dmitriy, Jonathan, Vlad, Jaideep, Alex, Jason, Christine and many more for letting me be a part of their journeys.

 So awesome @Yosef Lee

  • Erica K.
  • User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Erica K.:
    Quote from @Yosef Lee:

    My First Multifamily Full Cycle Success Story: From Busy Attorney to Real Estate Investor

    I’m thrilled to share the complete journey of my first real estate investment—a 44-unit multifamily property in Lawrence, KS—from acquisition to exit.

    Balancing a full-time legal career and fatherhood, real estate seemed like an impossible dream. But in late 2019, I set a bold goal: close my first deal in 2020. Through relentless self-education on platforms like BiggerPockets, networking like crazy (over 200 Zoom calls in 2020!), and joining a mentorship/mastermind group, I bypassed smaller deals and jumped straight into multifamily investing.

    Shortly after the purchase, I shared my journey on BiggerPockets (www.biggerpockets.com/forums/88/topics/921192-my-first-ever-44-unit-mf-apartment-closed-in-dec-2020#p5370534), and the community’s support was incredible. Now, as I exit this investment, I’m excited to revisit this journey with you 3 years and 8 months later.

    Acquisition:

    In December 2020, I closed on the 44-unit property for $1.725M. This was a massive leap for someone with zero prior real estate experience. I had to crush limiting beliefs—like thinking I needed to start small or that investing out of state was too risky. Surrounding myself with like-minded partners and mentors was key to taking this first big step. Again, you can check out the detailed post I made on BiggerPockets after closing clicking the above link.

    100% Cash-Out Refi:

    By April 2022, our hard work began to pay off. Through strategic renovations and tenant management, we forced appreciation, increasing the property’s value to $3.4M according to the lender’s appraisal. This enabled us to execute a 100% cash-out refinance, returning all initial capital to investors while still generating cash flow. We all know what this means: infinite returns! On top of that, we transitioned the loan from a community bank to a Freddie Mac agency, making it non-recourse—a significant upgrade.

    Exit:

    Today, on August 15, 2024, I’m proud to share that we sold the property for $3.15M. My initial investment was fully returned during the refinance, and the sale has provided an additional return, bringing my equity multiple to over 3X. This journey has been a testament to the power of action and perseverance.

    Key Takeaways:

    1. Education is Essential: Invest in your knowledge and seek guidance from experienced mentors. Joining a mastermind/mentorship program was a game-changer for me.

    2. Partnerships Matter: Align yourself with motivated, positive people who share your vision and work ethic.

    3. Take Action: Don’t just learn—apply what you know. Network, underwrite deals, and practice your pitch until you discover your role within a team.

    4. Enjoy the Journey: Real estate is a marathon, not a sprint. Fall in love with the process, and success will follow.

    Reflecting on the Journey:

    What happened to me during this full cycle, including the 3-4 years of the pandemic as a RE investor?

    • I became a GP in 21 multifamily syndication/JV deals — one of which was sold today.

    • I hosted monthly multifamily virtual meetups and in-person meetups in NYC with my partner Nico, featuring amazing guests like Jake & Gino, Rod Khleif, Sandhya Seshadri, Yonah Weiss, Marco & Hadar and more.

    • I appeared on over 40 podcasts, talking with incredible investors including Michael Blank, Joe Fairless, Whitney Sewell, Jake & Gino and more.

    • I was featured in a book by Lauren and Lindsey.

    • I even diversified by purchasing a café/bakery in Flushing, Queens.

    Looking back, it’s amazing how all these dots connect. This journey from a busy attorney to a real estate investor has been transformative. The lessons I’ve learned will undoubtedly guide my future investments - this journey is continuing! 

    I hope this inspires someone who’s in a similar position—managing a busy profession and family life—who dreams of building wealth for their family while pursuing a purpose-driven lifestyle.

    I’ve already set my next big, scary, and audacious career goal—stay tuned, I’ll share more in the future!

    Special thanks to Marco, Hendra, Joe, Mercy, Hadar, Chris, krista, Remo, and my other partners in deals - Greg, Darren, Ray, Christina, Debbie, Keoni, Dmitriy, Jonathan, Vlad, Jaideep, Alex, Jason, Christine and many more for letting me be a part of their journeys.

     So awesome @Yosef Lee


     Thank you @erica =) 

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    User Stats

    2
    Posts
    3
    Votes
    Sapphire Wilder
    • Kennesaw, GA
    3
    Votes |
    2
    Posts
    Sapphire Wilder
    • Kennesaw, GA
    Replied

    Congratulations!! This is awesome!!! Happy to be a part of this family.

    User Stats

    11
    Posts
    18
    Votes
    Hendra Tambunan
    • Investor
    • Hayward, CA
    18
    Votes |
    11
    Posts
    Hendra Tambunan
    • Investor
    • Hayward, CA
    Replied

    What a journey it has been, Yosef! Thank you for allowing me to be a part of that journey with you. Congratulations! Here's to many more to come!

    User Stats

    1
    Posts
    2
    Votes
    Replied

    You are an inspiration, Yosef! 

    If you host a meet up in Queens in the 718, I'd love to attend and share ideas!

    User Stats

    2,089
    Posts
    1,147
    Votes
    Alex Olson
    • Real Estate Broker
    • Kansas City Metro
    1,147
    Votes |
    2,089
    Posts
    Alex Olson
    • Real Estate Broker
    • Kansas City Metro
    Replied

    I saw this on facebook. Great work man!

    User Stats

    2,317
    Posts
    1,901
    Votes
    Gino Barbaro
    Pro Member
    • Rental Property Investor
    • St Augustine, FL
    1,901
    Votes |
    2,317
    Posts
    Gino Barbaro
    Pro Member
    • Rental Property Investor
    • St Augustine, FL
    Replied

    @Yosef Lee

    The personification of hard work, and dedication. And the willingness to invest in your education and to get into the right rooms!

    Congrats, and continued success

    All the best

    Gino

    User Stats

    2
    Posts
    3
    Votes
    Replied

    Yosef, it's been a great learning experience working together. I appreciate your contributions and partnership. Your hands-on approach was invaluable. I'm excited to see what our next venture together will be...

    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Sapphire Wilder:

    Congratulations!! This is awesome!!! Happy to be a part of this family.


     Thank you Sapphire!!!! Keep up your great work!! =) 

    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Hendra Tambunan:

    What a journey it has been, Yosef! Thank you for allowing me to be a part of that journey with you. Congratulations! Here's to many more to come!

     @Hendra Tambunan Thank you so much Hendra for being such a great partner!!! Let's get more buildings!!! =) 

    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Millie Wang:

    You are an inspiration, Yosef! 

    If you host a meet up in Queens in the 718, I'd love to attend and share ideas!

     @Millie Wang Thank you Millie! Let's meetup! We will schedule one in Queens! 

    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Alex Olson:

    I saw this on facebook. Great work man!

     @Alex Olson  Alex!! Thank you for being a part of my journey as well!! You were one of the very first guest on our virtual meetup!!! Thank you!! 

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    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Gino Barbaro:

    @Yosef Lee

    The personification of hard work, and dedication. And the willingness to invest in your education and to get into the right rooms!

    Congrats, and continued success

    All the best

    Gino

     @Gino Barbaro  You were the very first few I started following on BP!!! Thank you for being such an inspiration, thought leader and amazing role model!! Thank you so much!!!! 

    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Mercy Halim-Tambunan:

    Yosef, it's been a great learning experience working together. I appreciate your contributions and partnership. Your hands-on approach was invaluable. I'm excited to see what our next venture together will be...

     @Mercy Halim-Tambunan  Can't express more gratitude!!! Thank you for being a great friend and a partner!!! Many more to come! 

    User Stats

    1,517
    Posts
    811
    Votes
    Hadar Orkibi
    Pro Member
    • Rental Property Investor
    • USA / NZ
    811
    Votes |
    1,517
    Posts
    Hadar Orkibi
    Pro Member
    • Rental Property Investor
    • USA / NZ
    Replied

    Inspirational results for many. Thanks for sharing @Yosef Lee 🙏🏼

  • Hadar Orkibi
  • User Stats

    7
    Posts
    5
    Votes
    Justin Buckner
    Pro Member
    5
    Votes |
    7
    Posts
    Justin Buckner
    Pro Member
    Replied

    Thanks for sharing! It'd be great to learn more about how you financed the deal (savings, 401k, loan, partnership, etc). How much did it cost to buy into the deal (down payment, closing costs, etc)? How did you finance it?

    The info you provided already is very helpful! I think these additional details would be even more helpful for aspiring investors - as financing the deal is often where people get stuck.

  • Justin Buckner
  • User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Justin Buckner:

    Thanks for sharing! It'd be great to learn more about how you financed the deal (savings, 401k, loan, partnership, etc). How much did it cost to buy into the deal (down payment, closing costs, etc)? How did you finance it?

    The info you provided already is very helpful! I think these additional details would be even more helpful for aspiring investors - as financing the deal is often where people get stuck.

     Hi @Justin Buckner  We, 6 partners, raised $510K among us to cover the down payment & closing cost, and the rest was financed through a local community bank. The deal was 70% LTC. Hope it helps! Thanks.  

    User Stats

    1,613
    Posts
    818
    Votes
    Mohammed Rahman
    Agent
    • Real Estate Broker
    • New York, NY
    818
    Votes |
    1,613
    Posts
    Mohammed Rahman
    Agent
    • Real Estate Broker
    • New York, NY
    Replied

    Dude this is awesome! Thanks for sharing :) 

    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Mohammed Rahman:

    Dude this is awesome! Thanks for sharing :) 


     Thank you Mohammed! Appreciate! Yosef

    User Stats

    112
    Posts
    76
    Votes
    Tanya Maslach
    Pro Member
    76
    Votes |
    112
    Posts
    Tanya Maslach
    Pro Member
    Replied

    Amazing Yosef!  Congratulations! 
    I am just starting, and found myself limiting my potential in the same way you did -- saying to myself "I should just start with 2-4 unit multifamily units".
    but WHY?
    Because I wanted to lower my financial risk.  I was in defensive mode, not OFFENSIVE make-it-happen-BIG mode. :-)
    I'm still new, and trying to find partners to help me with up front capital so I can do this, so joined BP for support there. Your journey is an inspiration and helps me believe I can do this.

  • Tanya Maslach
  • User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Tanya Maslach:

    Amazing Yosef!  Congratulations! 
    I am just starting, and found myself limiting my potential in the same way you did -- saying to myself "I should just start with 2-4 unit multifamily units".
    but WHY?
    Because I wanted to lower my financial risk.  I was in defensive mode, not OFFENSIVE make-it-happen-BIG mode. :-)
    I'm still new, and trying to find partners to help me with up front capital so I can do this, so joined BP for support there. Your journey is an inspiration and helps me believe I can do this.


     Tanya!! You are capable of doing this!!!!! With the right mindset, education, network and action! You can do this. If you would like to get on a zoom call to network, let me know! Yosef 

    User Stats

    112
    Posts
    76
    Votes
    Tanya Maslach
    Pro Member
    76
    Votes |
    112
    Posts
    Tanya Maslach
    Pro Member
    Replied

    hi Yosef,
    You are so generous.
    And - Yes! I would. I would love to get on a zoom.

    I'm most open in the a.m. before 9:00 or after 4:00 pm Mountain standard.
    Feel free to direct message me or call and I'd be happy to help coordinate a call for us.

  • Tanya Maslach
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    User Stats

    234
    Posts
    264
    Votes
    Yosef Lee
    • New to Real Estate
    • New York, NY
    264
    Votes |
    234
    Posts
    Yosef Lee
    • New to Real Estate
    • New York, NY
    Replied
    Quote from @Tanya Maslach:

    hi Yosef,
    You are so generous.
    And - Yes! I would. I would love to get on a zoom.

    I'm most open in the a.m. before 9:00 or after 4:00 pm Mountain standard.
    Feel free to direct message me or call and I'd be happy to help coordinate a call for us.

    Will DM you. 

    User Stats

    1,517
    Posts
    811
    Votes
    Hadar Orkibi
    Pro Member
    • Rental Property Investor
    • USA / NZ
    811
    Votes |
    1,517
    Posts
    Hadar Orkibi
    Pro Member
    • Rental Property Investor
    • USA / NZ
    Replied
    Quote from @Tanya Maslach:

    Amazing Yosef!  Congratulations! 
    I am just starting, and found myself limiting my potential in the same way you did -- saying to myself "I should just start with 2-4 unit multifamily units".
    but WHY?
    Because I wanted to lower my financial risk.  I was in defensive mode, not OFFENSIVE make-it-happen-BIG mode. :-)
    I'm still new, and trying to find partners to help me with up front capital so I can do this, so joined BP for support there. Your journey is an inspiration and helps me believe I can do this.

    You can start small or start larger; I recommend 3-10 units. You want to ensure you get your feet wet on a smaller scale if you do it on your own or find a good partner to "hold your hand" in the first deal. Yosef is a great guy with a lot of experience, so a Zoom call with him is well worth it. Make sure you understand how to analyze the deal properly and understand the upside and the  Market. Solid Due Diligence is very important. 

  • Hadar Orkibi
  • User Stats

    112
    Posts
    76
    Votes
    Tanya Maslach
    Pro Member
    76
    Votes |
    112
    Posts
    Tanya Maslach
    Pro Member
    Replied

    Thank you @Hadar Orkibi!  This means a lot to me. 
    Absolutely looking to do everything you mention in your post.

    And have a call with Yosef set up! :-)

    My focus really is to do this first small MTR, on multi family, with a partner. And am aiming to do so with a stellar member of this community!

  • Tanya Maslach