MB 271: Start with Belief & Build a Multifamily Business – With Timothy Lyons
What does a multifamily investor look like? If you grew up in a working-class family that didn’t talk about money, let alone investing, you may have a hard time seeing yourself as a successful syndicator. But you don’t have to be a Wall Street guy to build a multifamily real estate business. You can raise millions of dollars for deals no matter where you come from… But you’ve got to BELIEVE you can.
Timothy Lyons is a 15-year veteran of the New York City Fire Department and Principal and Managing Partner at Cityside Capital. He invested in his first 3-family property at the end of 2019, and today, he has been involved in 5 syndications worth over $100M. Tim is also a contributor to Bringing Value, Solving Problems and Leaving a Legacy, a collection of powerful stories of transformation from thought leaders, entrepreneurs and real estate investors.
On this episode of Apartment Building Investing, Tim joins cohost Garrett Lynch and me to discuss the power of belief, explaining how he overcame imposter syndrome to build a portfolio of 720-plus units in 12 months. Tim shares why he was skeptical about investing in a coach and how he realized the value of aligning with a network of people who are successful at what you want to do. Listen in for Tim’s amazing story of going all-in on multifamily at the start of the pandemic and learn to push through YOUR limiting beliefs and achieve financial freedom with real estate!
Key Takeaways
Why Tim got into real estate investing
- Working 90 hours/week as firefighter and ER nurse
- Missing out on time with wife and 3 kids
Tim’s first 3-family property
- Financed with own money for proof of concept
- Rehabbed units, achieved cashflow soon after
The next steps Tim took to go bigger, faster
- Invest in education and mentoring
- Learn as much as possible about money, taxes
How Tim overcame his resistance to investing in a coach
- Talked to students in different programs
- Realized value of aligning with network
The timeline around Tim’s multifamily education
- Separated from family (first 7 weeks of pandemic)
- Crush through material in coaching program
How Tim realized the power of multifamily syndication
- Invited to join coach’s deal, follow process
- Raised $200K from personal network
How Tim overcame limiting beliefs re: raising money
- Identity shift to see self as investor
- Share power of investing with network
How Tim is raising $2.5M for his fifth syndication
- Talk about what he’s doing with everyone
- Build online thought leadership platform
Tim’s advice for aspiring multifamily investors
- Education = antidote to fear
- Surround self with right people and take action
What Tim did to overcome imposter syndrome
- Develop willingness to fail forward
- Connect with fantastic coaches
Connect with Timothy Lyons
Bringing Value, Solving Problems and Leaving a Legacy by Tim Lyons et al.
Resources
Invest in Michael’s Deal Maker Certification Training
Learn More About Michael’s Mentoring Program
Download Michael’s Free eBook: The Secret to Raising Money for Your First Apartment Building