Episode 92: How Positivity and Enthusiasm Can Make You Wealthy (With Vinney Chopra) >
Vinney Chopra’s success in real estate investing and syndication is a testament to the power of enthusiasm, passion, persistence and positivity.
He came to the United States from India more than 40 years ago with only $7 in his pockets.
But he knew without a doubt that the opportunities offered by this country were within reach because he had a vision for his life plus the commitment to learn, work hard and sacrifice to achieve those goals. He has successfully completed 26 multifamily syndications controlling 3,100 units valued at $172 million. 12 of them were accomplished in last two years!
Time Stamped Show Notes
[3:03] A mechanical engineer turned real estate investor, Vinney has been investing in real estate since 2004.
[4:59] Life is short, so fo Vinney it’s better to live it simple and smile a lot.
[6:45] Vinney’s business is now thriving, but in 2015 he bought a 150 units property that was turned by the seller from a C class to an A class.
[10:10] The area of the house is near to NASA and is one of the best areas. That’s what makes it easy to make it an A class.
[11:15] Vinney’s broker brought the property to him in november 19, 2014. He bought it the next day after looking at some numbers.
[13:18] The owner wanted to close the deal on Friday to avoid paying the management company more days.
[14:00] The management company gave Vinney just one work order and the next after after taking possession, the water supply was shut off.
[15:59] On the next Wednesday, a sewage problem arose. The due diligence team did their work, it was the management who cleared the problem only on the surface.
[17:20] This led to Vinney spending $160,000 in fixing the sewage lines on all the buildings.
[18:21] Instead of looking at the problem, Vinney looks for solutions. That’s the way he approached the sewage problems.
[19:50] The residents were not what Vinney wanted in his buildings, and after several experiences, he had to requalify all of the residents that were to live there.
[22:56] A quarter million dollars was put into fixing everything that needed fixed. Vinney took charge of paying his investors first and him last.
[25:55] There were 34 more work orders that were thrown away at the storage room by the past management company and Vinney found about them later.
[29:07] This deal will double the investor’s equity in 3 years, on top of the cash flow.
[31:50] Failing Forward Segment
- Why did this failure experience happen to you?– “I was naive. Since then I’ve already made up my mind to get the plumbers to bring the cameras into the sewer lines and I bought three more properties after this one, very successfully, and it worked out great.”
- What is the single most important lesson you learned from this?– “The biggest things is that I need to hire the best due diligence team that is out there. And don’t take the report for granted, I need to be there shaking the trees and talking to the residents. Now my in-house team does the due diligence.
- How do you protect yourself from failing in this way again? – “The big thing is look for the ways what could go wrong.”
- Who do you turn to when you need help?– “To be truthful my team members and mastermind group are really great. I have 5 real estate attorneys. I do everything through my attorneys.”
- What advice would you give to someone in a similar position?– “Make a complete decision to just protect the residents and the investors.”
[37:32] Connect with Vinney at http://vinnychopra.com/ where you can learn more about his multifamily investing academies.
[39:08] Vinney’s final thought: “Thanks to you Josh and Paul for doing a wonderful podcast and bringing so much value to the audience.”