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The Academy Presents podcast


Jun 20, 2022

This is part 1 of my conversation with Phil Capron! Phil Capron is a real estate investor who has learned a lot about the industry over the years. Phil learned that real estate was the wealth builder for him after purchasing his first home in 2010 using a VA loan while on active duty. He cut his teeth in the business as a real estate agent and by flipping properties in Coastal Virginia. He wrote his first book “Your VA Loan and How It Can Make You A Millionaire” in 2019, and in 2021 created the first 100% veteran-owned and operated fund backed by real estate First Capital.

 

In this episode, Phil shares his knowledge with us and discusses how to be successful in the real estate market. He discusses how to flip houses, and then he finally buys first multifamily building. He teaches middle school students about the difference between investing and selling, and explains that most of what he does is buying. Phil encourages listeners to take their time when making investments and to make sure that deals are done carefully so that relationships with friends are not damaged in the process. Listen in!

 

[00:01 - 06:39] A Better Understanding On Valuation and Underwriting When Buying A House

 

  • Phil shares his knowledge on real estate investing and how he started out flipping houses and he bought his first multifamily building in 2017
  • He discusses how adults don’t understand the difference between being a realtor and being an investor
  • He had to explain it to them himself
  • He explains that school teaches you how to establish good relationships, but you don’t learn about financial literacy in school
  • He talks about how flipping is similar to another job and how you need to learn skills for it if you want to do it successfully
  • Flipping houses has helped him financially
  • He teaches how it can be done successfully if done correctly
  • He discusses the importance of understanding valuation and underwriting when buying a house

 

[06:40 - 16:43] Single-Family Homes Are Easy To Manage

 

  • Phil recommends refinancing the complex to take advantage of tax-free money or selling it for a larger sum of money, which would give them more equity in the property
  • He says that some people are hesitant to sell their single-family homes because she likes the returns they provide and doesn’t want to lose money on them
  • He recommends to sell a single-family home on the open market and getting market value for it
  • He says that it’s okay to own some single-family homes as long as you have the systems and processes in place to manage them
  • Single-family homes are easy to manage

 

[16:44 - 22:55] Trust Is The Key To Success In The Multifamily Market

 

  • Phil discusses how your client’s trusts you with their money

 

    • They trust you to go within your network and get the best vendors
    • Get professional help
    • They are going the passive investor route
  • Phil understands that there is some fear associated with apartment syndication and deals, but it is a similar experience to skydiving
    • You have no idea if deals are going to go off without a hitch and make good returns
  • Phil discusses how the key to success in the multifamily market is mitigating vacancy risk, which can be difficult to do in smaller properties
  • Real estate is a cyclical industry and even in the midst of a downturn, there is still potential for growth

[22:56 - 28:04] Closing Segment

  • Phil invites us to visit his website: https://missionfirstcapital.com/ 
  • He still believes that even if someone is living in a difficult area, they can still achieve their dreams if they are willing to work hard.

 

Tweetable Quotes:

 

“Go within your network, get the best vendors, get the best professional help, and you figure it out because when you take other people's money, that's your job.” – Phil Capron

 

“I'm an avid skydiver, so sponsoring or being on the active side of an apartment syndication or apartment deal. It's not so much different, it's the same as skydiving. It's probably going to be scary there's some things that you don't know, but there's other people like millions of people that have done it and they've lived.” – Phil Capron

 

 

Connect with Phil through his website at https://missionfirstcapital.com/

 

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Connect with Lorren Capital, LLC. for syndicated multifamily investments, https://lorrencapital.com/.

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