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Strategies for Thriving in the Multifamily Space During Uncertain Times w/ Andrew Cushman of Vantage Point Acquisitions

Apartment Investor's Club Podcast

Release Date: 02/22/2023

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The Multifamily Wealth Project connects you with influential leaders, deal makers, investors, brokers and peers in the multifamily industry. 👉 Book your spot HERE http://multifamilywealthproject.com/

Andrew Cushman is a former chemical engineer who found his entrepreneurial calling in real estate. In 2007 Andrew left his corporate position to start a business in real estate investment, starting off flipping single family properties in Southern California. Sensing a shift in the market, in 2011 Andrew transitioned to multifamily acquisitions and has successfully syndicated and repositioned over 2,600 multifamily units. He is a frequent guest and panelist on Real Estate podcasts and educational forums, and recently launched The Multifamily Accelerator: a multifamily mastermind group for active and experienced Real Estate investors. Outside of the business world, Andrew has been a certified alpine ski instructor and when not working in real estate enjoys surfing, backcountry skiing, and trying to not be outwitted by his two young children.

In this episode, you will learn the following:

1. How did Andrew Cushman and his wife transition from house flipping to buying and syndicating multifamily deals

2. What strategies does Andrew and his team use to identify properties in markets that will outperform in a recession?

3. How do Andrew and his team manage a portfolio of 1400 apartments across the US from Southern California?

4. With experience from the 2008 recession under his belt and another one potentially coming up now, what has Andrew learned and how is he preparing?

"There's no such thing as a bad market, just a bad strategy.”

Some key points:

(01:29) Andrew got into house flipping around 2007, right before the crash. Eventually he started a syndication business with his wife, around 2011.
(02:58) What is it like to enter the real estate game during one of the worst recessions of our times? Money is made when everyone else is fearful, but the difficult part is taking action
(04:51) There's no such thing as a bad deal, only bad strategies and wrong prices
(05:12) In 2023, we are once again headed into uncertain times. What lessons is Andrew using from the experience he has from the previous recession? Make sure you are in the right sub-markets and that you are using debt correctly
(08:14) What type of debt instruments is Andrew using? Flexible, long-term loans which are adaptable to the market and not tied to one specific outcome
(09:14) In Andrew's view, how are sellers reacting to the rising interest rates environment?(11:07) Andrew uses CoStar and is tracking properties that have maturing loans coming up around mid-2023; this will allow him to set up deals proactively
(11:57) C-class properties during a recession. In Andrew's view, C-class properties are a dangerous niche to get into at the moment, unless you plan to hold for 10+ years
(15:05) Andrew's business pivoted away from C-class properties well before there was a new recession on the horizon
(18:48) The logistics of running a multi-family business from across the country
(21:39) Tips for finding a great management company: Make sure you ask around locally and conduct some due diligence
(25:38) Andrew describes how he found investors for his first syndication deal in 2011
Andrew is somewhat of a stranger to social media, so initially he had to do it the long and hard way, but building relationships organically
(30:55) Once the money was raised, Andrew then had to start finding deals
(32:28) Andrew's process for vetting properties for potential deals. It's not always about the money
(42:02) The outlook for the coming 5 to 10 years
(43:32) How to reach out to Andrew

🌎Reach out to Andrew Cushman
LinkedIN https://www.linkedin.com/in/andrew-cushman-959471a
Vantage Point Acquisitions https://www.vpacq.com/
Bigger Pockets https://www.biggerpockets.com/users/andrewc58

🌎Reach out to Jonathan Twombly
LinkedIn: https://www.linkedin.com/in/jonathandtwombly

Loved this episode? Leave us a review and rating on Apple podcasts by clicking here.

Make sure to also check some of our previous episodes:

Going From Working In Hospitality To Multifamily Investing & Hotel Conversions With Charlie Rushton

Hotel Conversions To Multi Family Housing With David Peters

🎤 Podcast production Everglade Media