Ep 64: Transitioning From a W-2 to Full-Time Syndication with Kyle Mitchell
Many of us in the syndication space did not start in real estate. While for some, leaving a W-2 and diving headfirst into full-time syndication was the right move, for others a slow, more considered transition was necessary. Today’s guest, Kyle Mitchell, chose the slower path and began his real estate journey through house-hacking and single-family investments. However, he realized that it would never be able to scale the way he wanted, prompting his foray into syndication. In this episode, we find out more about this transition. Armed with operations and management experience, Kyle's background in the golfing industry gave him a unique head-start in syndication because he understood what it took to run business. We then discuss the massive mindset shift that comes with leaving a W-2 to pursue your own venture. As an entrepreneur, you’re often doing unpaid work and going the extra mile in the hopes it will pay off. Along with this, we delve into why a fund model is better for most investors than they think, the hard work that goes into building an investor list that truly aligns with your ethos, and how the team sport of syndication makes it such an attractive business model. If you need some inspiration to finally take the leap and pursue syndication, then this is the show for you. Be sure to tune in today!
Key Points From This Episode:
Learn more about Kyle’s background and his real estate journey so far.
How previous experience of running a business has helped Kyle in syndication.
Teaching an old dog new tricks: Getting property managers to comply with new systems.
The importance of being proactive when hiring a property management team.
Kyle’s transition from his W-2 to full-time syndication and the mindset shift it required
Why finding capital is both harder and easier than you think it will be.
Some of the benefits of a fund model and why Kyle’s considering it down the line.
The two reasons it’s important to find investors that align with your goals.
Kyle’s tips on building an investor base: Build up a team with a track record.
How to find teammates who complement your weaknesses.
“There’s a lot of things that go on in a day-to-day operation, and nothing goes perfectly right. There’s always a wrench thrown into it. And so, you have to follow up.” — Kyle Mitchell [0:07:01]
“Being an entrepreneur is doing all the work upfront for a hopeful good ending on the back end.” — Kyle Mitchell [0:12:16]
“You get a peek behind the curtains of people’s lives when you’re raising money.” — Kyle Mitchell [0:19:32]
“A great operator can make a bad deal good, and a terrible operator can make a great deal bad.” — Kyle Mitchell [0:28:58]
Links Mentioned in Today’s Episode:
AM Summit 2020
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