What it Really Means to Underwrite Conservatively with Justin Goodin, Ep 119

Journey to Multifamily Millions

Welcome to the Journey to Multifamily Millions podcast, where we speak with professionals on financial topics!

Justin Goodin, the founder and CEO of Goodin Development, a company dedicated to helping busy professionals passively invest in real estate development so they can live a life by design now, instead of waiting until they retire.

In this episode, Justin talks about how he started out in real estate with fix-and-flip properties before moving into multifamily complexes and commercial real estate. The topic of conversation includes Justin's strategic shift to development, the difficulties and competitiveness of the value-added sector, and the significance of forming solid alliances with local governments to bridge project funding gaps.

Justin also emphasizes the importance of cautious estimates and realistic underwriting in the commercial real estate market. Listen here to hear Justin's thoughts on risk reduction in development projects, building relationships with local communities, and effective real estate tactics.

Don't pass this up!

Episode Topics

[001:18] Meet our guest, Justin Goodin
[03:32] Transition to Multifamily Development
[04:59] Challenges and Lessons in Real Estate
[08:02] Insights on Conservative Underwriting
[14:47] Focus on Indiana Market
[20:10] Development Strategies and Partnerships
[30:06] What is one red flag every investor should look out for?
[30:55] What is a myth about the real estate business?
[32:51] Connecting with Justin

Notable Quotes

• "I started like many others with fix and flips and rentals… I didn’t know that apartment investing and raising capital were even options." – Justin Goodin
• "I immersed myself into commercial real estate—listening to podcasts, reading books, watching YouTube videos… all to learn about apartment investing." – Justin Goodin
• "If you want to learn a business, go work in it." – Tim Little
• "The word 'conservative' gets thrown around a lot. I really like to use the term, 'realistic'… under promising and over delivering." – Justin Goodin
• "Taxes and insurance have been far above what was in pro formas, and that’s obviously having an impact on the overall projections." – Tim Little
• "Stability is very attractive... my most consistent and boring – in the best possible way – deal that I have." – Tim Little

👉Connect with Justin Goodin

• LinkedIn: Justin Goodin
• Website: Goodin Development
• Telephone: [phone]

👉 Connect with Tim

• Linkedin: Tim Little
• Instagram: @tim_at_zana
• Email: [e-mail]
• Visit www.ZANAinvestments.com for more info on Tim and how you can passively invest in multifamily real estate
• Get your Passive Investor's Cheat Sheet FREE

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https://podcasts.apple.com/us/podcast/journey-to-multifamily-millions/id1634643497