Path To Passive: Real Estate Investing For Technology Professionals

#122 - From Flips to Notes: Predictable Cash Flow with Fuquan Bilal

Steven Arita

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What happens when the market crashes, you lose everything, and you have to start all over again? In this episode, Stephen Arita sits down with Fuquan Bilal, a real estate investor who’s been in the game for 26 years and has seen it all. From flipping hundreds of homes before 2008, to bouncing back through the world of mortgage notes, and now focusing on multifamily rentals and luxury spec homes, Fuquan shares the mindset shifts and lessons that helped him reinvent himself again and again. He opens up about what real estate taught him about personal growth, why cash flow matters more than quick wins, and how he’s building a legacy, not just for his family, but for the communities he serves. Whether you're new to investing or thinking about your next move, this episode will give you clarity, perspective, and probably a few laughs.

Fuquan Bilal is a seasoned real estate investor with over 25 years of experience across residential and commercial markets. He is the Founder and CEO of NNG Capital Fund, a private equity firm focused on alternative real estate investments including multifamily rentals and luxury single-family developments. Fuquan began by flipping distressed properties and later expanded into mortgage note investing, raising over $50 million in capital along the way. Today, his work spans multiple states with a focus on building long-term wealth through strategic, diversified investing. He’s also passionate about educating others, sharing insights on mindset, resilience, and sustainable growth.

Connect with Fuquan:
Website: https://nngcapitalfund.com/
LinkedIn: https://www.linkedin.com/in/fuquanbilal/
YouTube: https://www.youtube.com/c/FuquanBilal

Download his Ebook: https://tinyurl.com/38wrsy43

Episode highlights:
(0:00) Intro
(1:58) Fuquan Bilal and his journey
(4:39) Flipping 200 homes... and the big mistake Fuquan made
(5:59) Growing up in Newark and giving back to the community
(8:44) Discovering the note business (by accident)
(12:31) Falling in love with real estate (and hypothecation)
(15:29) Shifting strategy after COVID: rentals and luxury builds
(19:02) How Fuquan used a 3-part strategy to scale up
(25:37) Why managing large multifamily is a whole different game
(28:38) Where Fuquan’s drive really comes from
(33:32) Building community impact beyond just curb appeal
(36:59) Fuquan’s top book recs for mindset and growth
(38:43) Teaching his kids about money and real legacy
(41:36) “Real estate is therapy” and Fuquan’s final advice for investors
(43:54) Outro

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If you want to learn more, reach out at:

Email: steven@aritacapital.com

LinkedIn: https://www.linkedin.com/in/aritasteven/

IG: https://www.instagram.com/the.real.arita