Vinney (Smile) 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://www.vinneychopra.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.”