Building Wealth In Minority Communities - With The Michael Blank
It was dope to be on the Michael Blank podcast recently and have the opportunity to spread our message. While it is our absolute goal to create wealth building opportunities for EVERYONE, we have a laser focus to bring these opportunities to our minority communities. The facts are the facts. There is a wealth inequality looming, and even though it can be argued that it is a class issue, the numbers show that it is a racial issue as well.
Special thanks to Michael Blank for inviting me on.
From the Show Notes:
A 2017 Forbes headline reads, ‘Median Wealth of Black and Latino Families Could Hit Zero by the Middle of the Century.’
That hit home for Puerto Rican-born Duamel Vellon. And he’s made it his mission to raise awareness in his community, making multifamily investors out of his friends and peers.
Duamel Vellon is Cofounder of Ten15 Capital, a multifamily investment firm with assets in Florida, Georgia and the Carolinas. A former engineer in the theme park industry, Duamel quit his job in December of 2021 to be a full-time investor, and he currently manages a 203-unit portfolio.
On this episode of Financial Freedom with Real Estate Investing, Duamel joins cohost Garrett Lynch and me to share the ‘chess versus checkers’ mindset that helped him transition from flipping to multifamily.
Duamel describes his grassroots approach to raising capital, discussing how he grows his network and educates potential investors before he has a live deal.
Listen in for insight on Duamel’s mission to serve the Black and Latino communities and learn his uncommon strategy for ensuring regular deal flow.
What inspired Duamel’s interest in real estate
Loved work as theme park engineer but hated hours
Tired of giving best of self to someone else’s dream
How Duamel got started in real estate investing
Initial strategy = flipping and short sales
Wanted more passive income and control of time
Duamel’s transition to investing in multifamily
Shift away from scarcity mindset (chess not checkers)
Serve others, create investment opportunities
Duamel’s grassroots approach to raising capital
Talk to friends and family as well as local seminars
Present sample package deal at REIA meetings
How Duamel found and closed his first deal
Cold called owners (paid for list from CoStar)
Found motivated seller of 11-unit property
JV with 5 people from investor database
How Duamel raised $2M for his second deal
Grab cards at networking events, add to spreadsheet
Constantly follow up with everyone in database
What Duamel says to potential investors before he has a deal
Zoom call to present sample deal package
Educate around best way to invest in real estate
Where Duamel finds potential investors in the community
Intentional conversations with everyone he meets
Friend’s BBQ and kid’s sporting events
How Duamel and his partner share roles and responsibilities
Duamel hunts deals, negotiates and raises capital
Partner is operations-driven, likes analytics
What Duamel does to ensure regular deal flow
Outsource cold calling duties
Cultivate broker relationships
Duamel’s mission to serve Black and Latino communities
Educate on real estate as investment vehicle
End trend to negative net worth by 2050
CONNECT WITH DUAMEL VELLON
We are Ten15 Capital, and we are innovating the world of real estate investing via apartment complexes. We create lucrative opportunities via syndication or joint venture projects.
To learn more, please go to our website: www.Ten15.co