Inspired Money Podcast: Investing in Boston Multi-Family Real Estate

Listen to the show - http://www.inspiredmoney.fm/135

Willie Mandrell was recently a guest on the Inspired Money podcast. He talked about real estate investing in the Boston area, creating his own path, and the power of niching down.

Here are three key takeaways from the interview:

Starting a New Venture During a Crisis

In the wake of the financial crisis, Willie’s boss told him that he was lucky to have a job. It was an historic time to be in financial services when 85-year old investment bank Bear Stearns collapsed and Bernie Madoff’s billion-dollar ponzi scheme revealed. Shortly after, Willie left his corporate job to make his own path as an entrepreneur.

Given the timing, he felt that he had little to lose. “One of the reasons I was able to jump in and start my own business in 2010/2011 is because I said to myself, ‘Let's just go do it.’ Because if it doesn't work, I can just blame the market because everybody's getting foreclosed on right now. People are losing their jobs left and right.” Willie bought his first rental property and hasn’t looked back.

The Power of Niching Down

Entrepreneurs are always learning. Willie recommends building one’s expertise and sticking to a niche – for him, it’s investing in multi-family real estate.

You have to “carve out a niche for yourself and really master that. I think that the real money in any businesses is made in the upper 10 to 15% of the nuances, the details.” He continued, “I would say creating your niche and finding your specific focus in the real estate business is really where the real money is made.”

Value of Leading a Meetup Group

Willie started the Boston Wealth Builders Meetup group, and it has grown to over 2300 members. The group welcomes new and seasoned investors interested in networking, education, and achieving financial freedom.

“It's just been eight years, and it’s kind of blown by. For me, it's the connections, the amazing connections that you get.” While the group is free to join, the value is great. Willie recalled, “I was financing with hard money not too long ago, paying 12%. A friend of mine within the group said, “Hey, why don't you look at commercial financing or look at construction financing. You have the credit. You have the backing to get it done. It's been amazing just making connections like those that have saved me a ton of money and made me a ton of money as well.”

Find the show notes at www.inspiredmoney.fm/135 and subscribe to Inspired Money on your favorite podcast app or wherever you listen to podcasts.

About Inspired Money: Improve your money mindset with host Andy Wang, named a top influential financial advisor by INVESTOPEDIA, as he interviews actors, entrepreneurs, non-profit leaders, and even a former WWE wrestler to help you get inspired, shift your perspectives on money, and achieve incredible things. Whether you want to launch a side hustle, pay down debt, or give money to charity, listen to Inspired Money because big things begin with just a little inspiration. For more information, visit www.runnymede.com.