Veena Jetti is the founder of Vive Funds, a commercial real estate firm that curates conservative investment opportunities for accredited investors.
Do you see a controller in her hands? No, because this is not a game to her. She targets 200 units and up, $75 million dollar deals and up, in Texas, Georgia, Florida, both the Carolinas, and Arizona.
She’s transacted on just over $800 million worth of assets. And no, nosy, she doesn’t make her net worth public.
“Multifamily investing is easily one of the most powerful tools to build generational wealth,” Veena said in her keynote speech at Cody Sperber’s Clever Summit.
“Multifamily is not just highly scalable, it has the best risk-adjusted return of any asset class over the last 30 years. And it’s one of the most tax efficient investment vehicles available to everybody out there,” she added.
“Multifamily is not a get rich quick scheme; it is a build wealth slow strategy. It’ll take time but you’re setting up your kids, your grandkids for success.”
But you’ve got all kinds of excuses as to why you haven’t done it yet, don’t you?
- Not enough time.
- Not sure where to start.
- Don’t have the money, the credit, the connections, the confidence.
Whatever it is, doesn’t matter. Here’s what Veena suggests.
Pick five markets you’re interested in. Then go to LoopNet.com. It’s like the Zillow of commercial real estate investing. Do some searches for your target markets and write down every single broker offering memorandum, T12, and pro forma.
Now, one, look for patterns. What trends do you see in those markets?
Two, reach out to all of those brokers and introduce yourself.
Now Google “multifamily property managers” in those markets. Find the top three, reach out to ’em, ask ’em for a corporate brochure. This is now part of your team. Fake it till ya make it – use their credentials.
Seems a little unethical, but okay.
Next you’re gonna go and find sponsors. Like Veena. Invest some money with her at Vive Funds. Cultivate that relationship.
Now it’s time to raise money. Write down a list of 50-100 people that you think might have at least $50-100k to invest. Call ’em up. Like, “Hey Susie, I’ve always admired you, always thought you were a smart individual. I’m in multifamily and I’m really excited about it. Now I don’t have any deals right now but I was wondering if I could send you my next deal to get your feedback and your input on the deal.”
Nobody’s gonna say no to that, right? So then, when you get a deal, you forward it to Susie and she either wants in or she doesn’t.
If Susie’s got objections, you can handle ’em. If it’s just not a good time, you can follow up in six months when you get the next deal. It’s not sexy, but this is how it’s done.
“And I want you to have two takeaways from this,” Veena says. “The first is that it’s never too late to start. Don’t be the person that looks back 10 years from now and wonders why you didn’t start today. And secondly, and I can’t stress this enough, is find a community to help you. Someone to teach you and guide you. A network, a mastermind, something.”
“What we’re seeking here is a mindset, an experience, and access to a mentor who understands investments. Being able to call them up, like, ‘Hey, what do I do about XYZ problem?’ By accessing these networks, these communities, you don’t have to make the mistakes I made.”
“So the question isn’t why should you start today, it’s what happens if you don’t? How are you gonna build that generational wealth without taking these steps? What are you leaving for your kids and your grandkids?” she ends with.
Learn more at ViveFunds.com.