ð¥ On this Real Estate Hustlers Podcast episode, we will be talking with Jennings Smith CEO at My First Million in Multifamily, Entrepreneur, Multifamily Real Estate Investor. Key Focus: Making it easy for people to buy their first apartment building while providing a stable environment for investors to generate consistent, passive returns. Jennings is the CEO of My First Million in Multifamily, co-creator of the coaching and mentor program The Deal Room and the host of Unlock Your Life Podcast. In 2013, Jennings started to purchase rental real estate, and in 2019 moved into commercial real estate, amassing a portfolio of apartment complexes, self-storage, and mobile home parks. In three years, his portfolio has grown to over $60,000,000 in value, comprising over 1500 rental units, with $800,000 a month in rents collected. Jenningsâ passion for real estate and business has blossomed into the education company, My First Million In Multifamily. Boasting the fastest-growing and most engaged community on Facebook, the group has over 24,000 members in less than 2 years. With over 300 subscribers paying monthly, his courses and educational products have broken $750,000 in revenue in less than a year. Jennings and his business partner, Yeadon Smith, host a weekly show in the group, as well as running their mentoring program, The Deal Room. Applicants who are accepted into this elite program gain access to their full multifamily course, with live mentoring.
What actionable value will you provide to our listeners?
The common reason why people hold most people back from getting into real estate
The scariest thing that's happening in the economy right now.
The most opportunity to generate passive income in the next 2-3 years
The biggest failure you've learned from If everything written or recorded about you was deleted,Â
The 2-3 things you want to make sure get passed down
Jennings wished you had known in your 20s
Key Takeaways:
âRight now, you still got to keep your portfolio in balance, right, with your asset management and implementing your rent raises and doing all that stuff. And so you need to have somebody or you need to be spending time doing that, but you need to be as you can before stuff starts to break. Right? So for work balance, if you're in balance all the time, you're really never going to get exceptional results. You're just not you're going to get average results because everything's always perfectly aligned and you're not in growth mode.â
âWhy would I not do that? Deal? Because if I can break even and there's a value add, I know I can get the dollars up and I know I can amortize debt. Is this going to be a home run slam dunk deal that's going to generate 2020 5% IRR to the investors? No, but it doesn't have to be because all I got to do is just generate a little bit of return to pay the mortgage note to the seller and the bank and I'm amortizing debt and I'm writing inflation up. And if my property is appreciating value two to 3% a year, and I can hold that for five years, ten years, I can suddenly make ten years:is 30% on 2 million is 600 grand, right? Plus debt amortization for no cost of capital other than just operating the property.â
Connect with Jennings:Â
Facebook: Jennings.smith.50
Instagram: jenningsfostersmithjr
Twitter: jenningsfoster
Connect with Josh Appelman:
Facebook: â https://www.facebook.com/josh.appelman.108/â
Facebook group: https://www.facebook.com/groups/realestatehustler
Linked in: â https://www.linkedin.com/in/josh-e-appelman-97767973/â
