MB 264: Faith, Family & Multifamily Investing – With Lee Yoder

You take that promotion at work because you want to provide better for your family. But then you’re working MORE hours and seeing even LESS of the people you love. So, what if you could stop trading time for money? 

What if you didn’t have to decide between realizing big dreams for your family and spending quality time with them?

Lee Yoder is the Founder and Managing Partner of Threefold Real Estate Investing, a multifamily investing firm based in Lebanon, Ohio. Lee was working as a physical therapist when he started investing in real estate, and by December of 2020, he quit his job as a physical therapist to be a full-time investor. Lee also hosts the Threefold Real Estate Investing Podcast, a show that focuses on leveraging multifamily investing to enjoy a stronger relationship with your family and a better walk with Christ.

On this episode of Apartment Building Investing, Lee joins cohost Garrett Lynch and me to explain how his faith and family inspired him to pursue real estate. He describes how he gained confidence by analyzing hundreds of deals and attracted the help of a mentor to guide him through his first multifamily closing. Listen in for Lee’s take on why the Law of the First Deal works and learn how he is enjoying the flexibility to work when and where he wants as a full-time investor!

Key Takeaways 

What inspired Lee to pursue real estate

• Time freedom to be more present at home
• Coworker offered copy of Rich Dad…

Why Lee took a 30% pay cut to make time for real estate

• Faith and family are top priorities
• Long-term plan to bring in passive income

How Lee talked his wife into ‘the real estate thing’

• Time + believable behavior = trust
• Forced him to slow down, think through choices

How Lee shifted into the multifamily space

• Join local REIA to connect with investors
• Learn to underwrite in Apartment Focus Group

How Lee attracted the support of a mentor

• Coachable and willing to do the work
• Lead with value to get foot in door

How Lee landed his first multifamily deal

• Practice underwriting to gain confidence
• Submitted offer on deal on LoopNet

Lee’s approach to his first multifamily deal

• Jump and build parachute on way down
• Lean on mentor to make it less dangerous

How Lee raised money for his first few multifamily deals

• JV with friends and family on 16-, 8- and 10-unit
• 45-unit deal = first syndication

How Lee led a syndication without a track record

• Reputation of integrity, success in flipping
• Network with local investors in REIA 

Lee’s take on why the Law of the First Deal works

• Personal confidence in team, lending process
• Brokers take you seriously

How Lee decided when to quit his full-time job

• Replace W-2 income with rental income
• Equity from sale of first 2 deals afforded runway

Lee’s top lesson learned in real estate

• Build occupied units into rehab budget
• Consider deferred maintenance costs

How Lee’s life is different now

• Mid-week morning coffee date with wife
• Flexibility to work where, when he wants

Connect with Lee Yoder

Threefold Real Estate Investing

Threefold Real Estate Investing Podcast

Lee’s Free eBook: 5 Steps to Passive Income for the Full-Time Dad

Email info@threefoldrei.com

Resources

Register for Deal Maker Live

Learn More About Michael’s Mentoring Program

Access Michael’s Free Report—What’s the Best Investment: The Stock Market or Real Estate?

Join the Nighthawk Equity Investor Club

Purchase Michael’s Syndicated Deal Analyzer

Rich Dad Poor Dad by Robert T. Kiyosaki

REIA

LoopNet

BiggerPockets

Podcast Show Notes 

Michael’s Website

Michael on Facebook

Michael on Instagram

Michael on YouTube

Apartment Investor Network Facebook Group