Justin joins us today to discuss rent control, why you shouldnยดt wait to buy, lessons learned in entrepreneurship and the importance of consistency and having a mentor! Hear what he learned from his first deal and why he loves his favorite markets of KC and Michigan.ย
๐๐๐จ๐ซ๐ ๐ ๐๐จ๐๐๐ซ๐ญ๐ฌ: Welcome back, entrepreneurs. Today we have Justin Moy, managing partner of Perpetual Wealth Capital.
๐๐ฎ๐ฌ๐ญ๐ข๐ง ๐๐จ๐ฒ:ย George, I'm excited to be here. Thank you so much for having me on.
๐๐๐จ๐ซ๐ ๐ ๐๐จ๐๐๐ซ๐ญ๐ฌ:ย All right. We're very excited to get started. I understand that you are in the multifamily syndication space. Why don't you tell us briefly how you got there and what you're doing?
๐๐ฎ๐ฌ๐ญ๐ข๐ง ๐๐จ๐ฒ: Yeah, absolutely. So I've I've been an entrepreneur my whole life (whether) I was actually working at W-2 job or not. I actually started off my very first what I call big boy job. I was actually in real estate sales selling single family homes in the East Bay of California, which at the time was either the third or the fourth most competitive market in the country. And so that's really where I saw real estate have a huge impact on people's finances and on people's wealth. And so after a couple of years of selling real estate, I decided, well, I want to be on the ownership side as an investor. I saw how much money they made, I saw how much their properties appreciated and how much they were getting in rents. And I decided, well, that's what I want to do. So when I was digging into the path to buy up single family homes, it just seemed like a really, really long process to build the type of wealth and income that I wanted. And so that's how I stumbled on a multifamily, And it really had the scale I was looking for. I think a lot of entrepreneurs tend to be a little impatient. And I wanted I wanted to get as much done as quickly as I could. And it was a tough pill for me to swallow, to think about buying one or a few homes every year and taking years and years and years and years to build the portfolio I wanted. So I dove in both feet into multifamily, and now I help entrepreneurs invest in multifamily and build their wealth more passively as they continue to build their businesses.
๐๐๐จ๐ซ๐ ๐ ๐๐จ๐๐๐ซ๐ญ๐ฌ: Did you actually go into passive investing first or it sounds like maybe you were one who just leapt straight in?
๐๐ฎ๐ฌ๐ญ๐ข๐ง ๐๐จ๐ฒ:ย No, I leapt straight in. I mean, I do passively invest and I invest in other people's deals and I do invest in other people's deals now. But in the beginning, no, I mean, I didn't really have the capital to invest in other people's deals. So building myself up, I didn't really I wasn't as educated as I needed to be to really be able to relinquish that kind of money or in the spot to do that. So I dove in on the active side and syndications.
๐๐๐จ๐ซ๐ ๐ ๐๐จ๐๐๐ซ๐ญ๐ฌ: Let's move into some of those acquisitions. Can you tell us a story of your favorite acquisition?
๐๐ฎ๐ฌ๐ญ๐ข๐ง ๐๐จ๐ฒ:ย Yeah. I mean, there are so many categories because my favorite ones are boring, right? Like the best investments are boring. So I don't want to talk about a lot of those, but, you know, I think everybody's first really sticks out to them. So the first one for us, it was really interesting. It was a distressed property. It was almost vacant. And so I had a few mentors and I was talking about the property and they said, that's a little bit risky for your first one. I mean, you were never a contractor. I don't think, you know how to take on this project. And I said, well, let me find somebody who maybe is. And so I ended up partnering with somebody on the deal who actually builds apartment buildings, a great partner for it. And once we got into the due diligence of the property, it's actually an interesting story. I tell it's one of my tenant horror stories came to fruition and actually the property on
