Chris Lento, founder of EM Capital, recently shared his multifamily real estate journey on The Jake and Gino Show. Chris transitioned from working for a defense contractor to building a successful real estate investment portfolio. He emphasizes the importance of education, networking, and strategic thinking in achieving real estate success.
Key Highlights:
- Engineering Beginnings:
- Chris started his career as a mechanical engineer working on defense projects for the US Navy.
- While living in a Boston three-decker apartment, he recognized the potential of real estate investment.
- First Investment:
- Purchased a three-decker in Boston with an FHA loan, generating positive cash flow from renting out units.
- Continued to expand his Boston portfolio over the next few years.
- Navigating Challenges:
- The 2008 financial crisis temporarily halted his real estate ambitions, but provided valuable learning opportunities.
- Managed Boston properties remotely after moving to Washington, D.C., and transitioned to third-party property management.
- Discovering Syndication:
- Discovered the syndication model, allowing him to pool resources from multiple investors.
- First syndication deal was a 67-unit property in Kentucky, entered as a capital raiser.
- Expanding Horizons:
- Focused on value-add properties in the Carolinas and the greater Atlanta area.
- Formed strategic partnerships to acquire and improve larger properties, delivering strong returns for investors.
- Lessons Learned:
- Stressed the importance of education, networking, and persistence.
- Highlighted the need to understand market dynamics, build a reliable team, and adapt to challenges.
Chris Lento’s journey underscores the transformative power of real estate investing, driven by vision, perseverance, and strategic planning.
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