How a Newbie Raised $6 Million in 30 Days with Josh Ferrari, Ep. 276

Raising money for real estate can be daunting for many investors, especially when you are a newbie. How do you get people to trust you when you have no track record or credibility as an investor? These were the challenges facing Josh Ferrari when he went from newbie to raising millions in just 30 days. apartment investor by raising $6 million in 30 days.   Josh is based in Mobile, Alabama and has a background in aerospace. His first real estate deal was a house-hack, where he lived at the property and handled all of the renovations. Then he scaled up to commercial apartments and tapped into his network to raise $6 million.    Josh shares how he was able to raise so much money as a newbie investor with actionable tips that any investor can employ. He also covers the challenges he faced getting started as a newbie investor. He also highlights the Mobile market and why he sees opportunities there going forward.    Key Insights   Using podcasts, real estate meetups and a mentor to learn about multifamily real estate investing  House hacking (living in one of the units) and syndicating his first 4-unit property investment    The “syndication” portion of my first multifamily deal was from my parents and my brother-in-law.   Understanding FHA 203K loan restrictions and how it can affect your investment The process and impact of firing contractors that tripled their timeline and doubled the budget. How Josh finally closed on a 42-Unit multifamily syndication deal that was hit by two hurricanes  Working with brokers as a newbie in multifamily investing   When I asked brokers what I could do to beat my competition, as a newbie multifamily investor, their advice was to live in the market I was investing in.    The criteria Josh looks for in a good multifamily deal The benefits of investing in the Mobile Alabama real estate market The biggest challenge to raising capital as a newbie  Working with partners who have more experience and success The power of Facebook live videos  How Josh was able to raise $6 million in 30 days during a money raising challenge   I found that raising capital wasn’t difficult, you just had to be genuine and have the investors best interests in mind.   How to get and work referrals to raise capital   Apparent Failure:My first 4-unit wasn’t a success in my eyes, as I didn’t get what I wanted for my investors. But the experience and getting my feet wet in multifamily was priceless.    Digital Resource: Hootsuite (social media marketing scheduler)    Most Recommended Book: Extreme Ownership (Jocko Willink)   Daily Habit: 90-Day Intention Journal & Miracle Morning    Current Curiosity: The COVID vaccine    Wish I Knew When I Was Starting Out: Raising money is easy, because it’s all about relationships    Best Place to Grab a Bite in Mobile, Alabama: Osman’s Restaurant     Get in Touch with Josh: Ferrari Capital @ferraricapital (IG)