190 | Why Real Estate Syndication is an Enticing Model for Farm Owners with Mike Downey

Mike is a business partner at Next Gen Ag, an agriculture consulting firm specializing in farm transition and legacy planning. He and his wife are also the founders of Farm Raise Capital,  an investment platform for professionals and the Ag community. Mike started investing in the late 2000s in single-family and small multifamily and later transitioned to passive syndication investments. He has 3500 units across the US between self-storage and multifamily, and as of late, he has been a general partner in 174 multifamily units in Florida and Texas. 

During this episode, you will learn about;

[00:28] Episode intro and a quick bio of the guest; Mike Downey 

[01:30] Mike’s background and how he got into the real estate game  

[05:34] Mike’s learning curve from the beginning to real estate syndications

[9:11] Limited partnership and how Mike advocates that in multifamily and self-storage

[12:34] How Mike handles people investing passively in their syndication deals 

[16:27] The opportunity that Mike created that allowed him to leave his W2 job 

[18:30] How Mike runs his family farm transition planning firm and multifamily business  

[20:09] Leveraging the equity in family farms and getting into the cash flow

[23:34] The tax bills and benefits and how you can leap from them 

[25:37] What inspired Mike to do business in the farm and real estate spaces

[22:38] Rapid Fire Round

[35:01] How to reach out, connect and learn more about Mike

●      There is risk in everything and every investment, but as a limited or a general partner, you are leveraging the expertise of others instead of putting everything on your shoulders. [07:33]

●      “If you don’t make a decision and a career change by the time you’re 40 or 45 years old, you will probably never do it.”  [19:35]

●      The pursuit of a goal is better than actually getting there; try to have a list of the next thing. [30:29]

●      To make a decision to grow, look at it as a 2 to 3 years commitment that you have to grid through and be driven.  [33:01]

Mike AHA moment one page read: http://whatwealthmean.com/

Company Website: https://www.nextgenag.us/

LinkedIn: https://uk.linkedin.com/in/mike-downey-ba6a9410

*****Thank you so much for listening to the Making Money in Multifamily Real Estate Show! This show covers everything to do with Multifamily Real Estate Investing to help you, the listener, become an expert in your real estate ventures. The host, Dave Morgia, brings on guests who are already experts in their respective fields to discuss what principles and practices they follow that have helped them achieve their success so far.