224. One Connection at a Time with Corey Chonsky

Your WakeUp Call begins when you start to challenge conventional thinking. When you empower yourself to break free from the daily grind. When you choose to design your own lifestyle and economy. 

 

Former Navy Veteran and current Real Estate Investor Corey Chonsky joins host Paul Thompson for this episode of “The Wake-Up Call”. Similarly to Paul’s story in the corporate world, Corey saw a financially secure future for himself outside of the military and took a leap into Real Estate Investing. 

 

Beyond the discussion surrounding Corey’s time in the navy, the two go into detail about best practices for investing, regardless of if it's on your own or with a group through Syndication. Knowing how to connect with others, and who to connect with, is likely to determine the success of your Syndication regardless of what sort of deal you’re planning to do.

 

Key Points From This Episode: 

 

• Measure growth carefully, and don’t bite off more than you can chew.

• Bring in team members who fill in your gaps– know your weaknesses.

• A Deal Might fall through, but you can come out better with the new connections you’ve made, as long as they’re carefully vetted.

• You can’t have someone on your team for the sole purpose of capital– you need an established relationship

• A great way to get into syndication is to offer a team (like Corey’s) help in some sort of way, services, etc.

• Being intentional about increasing connections is important when getting into the syndication world. Conferences, podcasts, social media, etc. are all important.

• “Survive until 2025”... Many people are waiting to see what’s going to happen in real estate in the coming months

• Get in the Game. You can only learn academically for so long until you have to jump in.

 

► Resources

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About Today’s Guest:

Corey Chonsky is originally from Minot, North Dakota. Corey enlisted in the Navy in 1998 and graduated with a Mechanical Engineering degree from the University of Wisconsin-Madison in 2007. He was commissioned as an Ensign in the US Navy and was stationed at Norfolk, VA in 2015. Today, Corey manages commercial real estate syndications across three coastal states. He is a general partner for nine apartment syndications in Virginia, Florida, Maryland, and Texas. Overall, Corey's portfolio consists of $100 million AUM with over $10 million in renovations.