Text Summary:
Today we are joined by Vinney Chopra. With a nickname of “Smiley” Vinney brings his positive attitude to every situation and person he encounters. In this interview Vinney talks about having a positive mindset, the importance of “Pre-selling” to capital investors and how it is important to recognize that every person you interact with has the potential to grow your business through referrals and recommendations.
Biography:
When Vinod Chopra came to the United States from India more than 40 years ago, he had only $7 in his pockets. With a bachelor’s degree in mechanical engineering, he entered The George Washington University to seek a master of business administration degree in marketing and advertising. He sold Bibles and educational books door-to-door to support his studies, excelling both in the classroom and outside because of his work ethic and overwhelmingly positive attitude.
Vinney turned his attention to multifamily investing and syndication a few years after becoming an active commercial real estate broker in California in 2004. Building his business from the ground up Vinney has done 26 syndications – 12 of them in the last 24 months – and now in many cases is able to raise $5 million to $10 million for his offerings in only a few days. He is a systems guru (in the best sense of that term!), having designed proven systems of underwriting, acquisition, team building, presenting, syndication and management of multifamily investment properties. Vinney’s companies have controlled more than $172 million in multifamily assets.
What you will learn:
How did Vinney get his nickname “Smiley”? (9:20)
What lead Vinney to Real Estate investing after spending 36 years as a business consultant? (12:00)
After doing all his research what was it about Multi-family that got Vinney excited? (17:20)
How did Vinney find his first deal and how did he find the confidence to pull the trigger? (21:00)
What were some of the major hurdles Vinney encountered on his first deal that he didn’t anticipate? (25:35)
How much money does a person need to get started in Multi-family (Ideally and at a bare minimum)? (26:52)
How much money has Vinney raised in 8 hours for a syndication? (29:50)
Why is it important to look at everyone who walks through the door as a $40,000 prospect? (33:59)
Based on Vinney’s experience what is his view on the current market and what changes does he foresee coming in the future? (39:40)
Where would he recommend the new investor get started in Multi-family? (44:20)
Quotes:
“Don’t worry about who is behind the door, just knock on it and then handle the situation after that door opens.”
“I don’t watch too much TV and I don’t like negative things. I like to use my power of listening, especially in the car. I call it automobile university.”
“When the crash came in 2007-2008 it was Multi-family that didn’t get too hurt, banks were still lending for it.”
“Unless YOU feel that you are going to make it work, it will not work.”
“Yes I look at the deal, but I invest in the operator.”
Resources:
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How to connect with Vinney:
His Website: http://vinneychopra.com
