The Wealth Clock With Steven Weinstock

Andrew Freed: From W2 to 400 Multifamily Units in 4 Years - EP22

• steven weinstock • Season 1 • Episode 22

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Andrew Freed is known as “The Multifamily Guy” — and for good reason. After starting as a W2 project manager in Boston, Andrew used a HELOC on his condo to buy his first property. Just four years later, he scaled to more than 400 multifamily units and launched Freedom Management.

In this episode of The Wealth Clock with Steven Weinstock, Andrew shares:
• His Rich Dad Poor Dad moment that sparked the shift
• How he leveraged credit unions in Massachusetts to secure better financing
• Creative financing structures, including seller-held notes
• Why vertical integration is key to scaling multifamily operations
• Lessons learned from flips, syndications, and managing 20+ employees

Andrew’s story is one of velocity, discipline, and modeling success. If you’re an investor looking for strategies to scale, this episode is packed with actionable takeaways.

Connect with Andrew Freed:
LinkedIn: https://www.linkedin.com/in/andrew-freed-msm/
Phone: 781-964-3200
Email: AndrewFreedRealEstate@gmail.com
Instagram: @InvestorFreed
Facebook: Andrew Freed

Send The Host, Steven Weinstock, a comment


🎙 About Steven Weinstock
Steven Weinstock is a real estate investor and founder of WeCapital and the Goethals Capital Fund. Since 2001, he has built a diverse portfolio of residential and multifamily assets while helping investors access passive income through strategic real estate opportunities. On this podcast, he shares real-world insights on investing, capital raising, and what it really takes to build and scale in today’s market.

📩 Want to invest or get in touch?
Visit: www.WeCapitalX.com

📱 Connect with Steven:
LinkedIn: www.linkedin.com/in/stevenweinstock1

Instagram: https://www.instagram.com/wecapitalx/
YouTube: https://www.youtube.com/@TheWealthClockPodcast


Steven Weinstock:

Hi everybody and welcome back to the Wealth Clock podcast with Steven Weinstock. I've been investing in real estate for over 20 years, a single family, multi-family. I now have a real estate investment fund that I call the goethals Capital Fund. I purchase properties in cash, I eliminate the mortgage risk, and after a year, I refinance in order to scale and buy more properties in cash. So I can get a tremendous discount. Today I am excited to have Andrew Freed. Thank you for visiting Andrew. Of course, Andrew is known as the multi-family guy and investor freed. He started his career as a W2 project manager. After he read a book, I guess it was called Rich Dad poor dad, that I never heard of that book, but okay. I'm joking. I've read it. Just about every real estate guy puts it in their top five. You pulled the line of credit on a condo that you owned in Boston and he used it to buy your first deal. I'll ask you about that. And within a few years, you scaled to 400 rental units. While still working a full-time job. Did I get that right?

Andrew Freed:

Yeah. I quit my full-time job about a year ago at this point.

Steven Weinstock:

Okay. Today you own Freedom Management. I like how you used the word Freedom. Again, your last name is freed. You've syndicated to larger properties, including a larger 65 unit deal in New Bedford. You've been featured on BiggerPockets. Okay. The best ever show. Great podcast. Dozens of other podcasts and now you are on my podcast. Thank you very much. I really appreciate it. Andrew, welcome to the show.

Andrew Freed:

I am extremely honored to be here. You are a wealth of knowledge. Steve, I'm gonna learn just as much as your listeners.

Steven Weinstock:

Okay. It's we're 30 seconds in and you're already giving me compliments, but no, we had some conversations off screen and Andrew was kind enough to allow me to rant to him. Andrew, tell me where you're from First.

Andrew Freed:

So I am from a little suburb outside of Boston called Randolph, Massachusetts, 20 minutes south of Boston. Got

Steven Weinstock:

it. Okay. So you're in the Northeast. Boston is definitely a high real estate value area. I'm assuming the suburbs are also as well. Yeah, absolutely. Definitely. Okay, so tell me you're working your job. What kind of job did you have at the time?

Andrew Freed:

So I was a project manager, I manager. I was actually specifically a grant manager and I helped researchers get funding from federal sponsors. Oh wow. Okay. But this is a desk job, correct? It was a desk job. I was more or less a project manager, doing paperwork, submitting applications, doing budgets, making sure people, , the finances are on track. But more or less it was very much a desk job. Yes.

Steven Weinstock:

Okay. You want to get into real estate at this point. How'd you get into real estate?

Andrew Freed:

I was really sold this false narrative growing up that, if I get a bachelor's, if I get a master's, if I get a good job, a nice six figure salary, a swanky condo in the city, like I made it, right? Like I literally did it step by step, right? And I got to the end result. I worked at the Broad Institute of MIT and Harvard prestigious organization. I was making, I believe,$125,000 at that point. Like I essentially made it, I had a condo in the city, right? When I came home, I really felt empty. I really felt like I was locked in a prison. Like I, every single day I had to go to this job. I had no control over my time and I really wanted to find a way out. And it was right during COVID and thankfully, I don't know who gave me this book, but whoever it is, I owed them my life. They gave me Rich Dad poor dad. And when I read this book, it literally opened some sort of it was like a hidden language that I realized that literally I learned everything wrong about money. And this is everything right about money. And in there were little inklings of real estate. So at that point I was like, looking at my net worth, which is about a quarter of a million dollars.$200,000 came from this one bedroom. That one bedroom condo I completely forgot about. It literally took me 10 years to save up $50,000. I was like, holy crap. Like maybe there's something to this real estate thing. So at that point I essentially decided to yolo and I, HELOC'ed my one bedroom condo and I used that as a workshop to start house hacking some three or four units in Worcester, Massachusetts, buying commercial property. Running outta my own cash and figuring out how to raise money from investors. And here I am today, four years later at 400 doors.

Steven Weinstock:

Okay, so let's just slow down for a second. So you have a condo. You're taking a HELOC that's a home equity loan or a line of credit, and you're using that to buy another property or a down payment for another property.

Andrew Freed:

That's exactly correct. So at that point, I believe I went to Citizens Bank. They gave me an 85% line of credit. So I had about, I had some equity in there. They gave me a line of credit for about$200,000, and it was right during COVID. So I think the rate on there was like 3%. My thought process, and I don't know this I, this is my thought process, like I'm borrowing it a three. If I can find investments that pay me higher than a three, like I'm gonna win out. I'm gonna use this concept of arbitrage to build my net worth, right? So I've been like, okay, so my thesis was, I'm gonna take this three, I'm gonna borrow it out through, I'm gonna put in these real estate assets, providing me a 10 to 15% return. I'm gonna collect the delta. And that was my thesis going into real estate.

Steven Weinstock:

Got it. Okay. What, when you purchased your first property you're buying your sec the first property is the condo. You're living in it. Yep. You're tapping into the equity, you're buying another property. What kind of properties are you buying and are you flipping, are you selling, you're rehabbing, you're doing tons of work. What are you doing with the, with with these next purchases?

Andrew Freed:

I am primarily buying value add multifamily, buy and hold multifamily. So these are multifamily in Worcester, Massachusetts, which, thankfully it's honestly the mecca for multifamily. 30 to 40% of the housing stock is multifamily. And for my first deal, I obviously bought a turnkey asset. It was, I brought a low risk asset. But the idea behind what I'm doing out here is more or less I'm buying these value add multifamily, 20 to 30. Percent discount on a price per unit basis. With 40 to 50% depressed rents, right? I'm going in there, I'm increasing the rents, getting them up to market and then essentially doing a cash out refi, or potentially 10 31. I'm using velocity of capital, suck up that equity to buy more and more property. That's how I've been able to scale so quickly, is I'm, I'm stabilizing these assets quickly. Doing cash, r refis, buying more assets, stapling the asset, quick, quickly doing cash. R refis. Buying more assets.

Steven Weinstock:

When you're doing a cash out refi, what's the typical LTV loans that you're getting?

Andrew Freed:

Typically, I'm getting between 75 to 80% LTV in Massachusetts, and the one gripe I have with the investing community. And don't get me wrong, I love everybody here, right? But everybody craps on Massachusetts as a market to invest in. I think everybody is freaking crazy. I think Massachusetts is absolutely one of the best markets to invest in, and one of the main reasons for that is the competitive landscape. There is over 300 small local credit unions and banks, right? So as a result, like you get really competitive terms. I buy properties at 75% of the purchase price, a hundred percent of the construction at 6.5% from these small local credit unions all the freaking time. But combined with that, vacancies are very low. Growth rate is high, it's very hard to build. So the preexisting construction is extremely easy to rent, for a multitude. I love Massachusetts and I think it's a great place to invest in.

Steven Weinstock:

It's you actually brought up a good point I never thought of before. At first when you were starting to say that Massachusetts is a great state to invest. I was inclined to agree thinking, New York City is also, if you know how to do it, and LA as well. I had a guy on here who's developing and buying and doing very well in Los Angeles. But then you mentioned that some of the, one of the reasons that Massachusetts was so great was because of the, overabundance of credit unions, and I know local banks et local banks. Their charter is to lend locally, and for the most part they are. Doing tons of local mortgages, chase Bank and Bank of America.

Andrew Freed:

These guys

Steven Weinstock:

have, tons of, a hundred million credit cards out there. And Wall Street guys, they don't have to do so many loans. But a, a, a bank or a credit union with like 10 branches or less, they have to do loans. Totally. And are you saying that you're able to get, better financing being in an area that just has an overabundance of lenders? I never even thought of it that way.

Andrew Freed:

That's exactly correct. That's exactly what I'm doing. And on top of that, to your point, you know these credit unions have things in their charter. One thing in their charter is they can't do prepays, right? So I can go to these credit unions, I can buy a value add deal, they can gimme essentially all the construction money, and then I can just refi it out and I don't have to pay any prepaid. It's better than hard money. And it's literally, the rates are like in the sixes. Wow. So it's like I can do, de value out on some of these commercial multis at extremely competitive debt rates.

Steven Weinstock:

You mentioned before that you read a book, rich Dad, poor dad. I know I made a joke about it in the beginning, but tell me what specifically about that book that really, got you into this game.

Andrew Freed:

I think the main thing that really, you know. That rich, there was so many great concepts in there. Obviously, it's about accumulating assets and not liabilities, and realizing what an asset is versus what a liability that was absolutely huge. I think the whole thing was the mindset, right? in rich dad poor dad, it's not about making excuses, it's about being, have some self-sufficiency and always finding an answer, right? There's never, there's it there's a way that it kind of pushes, pushes you to have the entrepreneurial spirit to always get the job done. And that's what really stuck with me with rich dad poor dad. Obviously all the other great points, but that kind of, that thread. Really stuck with me.

Steven Weinstock:

So I have my own rich Dad Poor Dad story. So I never read the book till I was in real estate for five or six years. However, I was tremendously influenced by him way before when I was a kid. In the nineties I didn't have cable TV at home, or it wasn't as common. It used to be something called infomercials. You might be too young for that.

But basically after 1:

00 AM on channels, they ran outta programming and they would show these 45 minute commercials and it would be my god, people selling blenders jewelry a computer and, tons of like self-help and and all that stuff. And it was when. Rich Dad poor dad that the book was launched and they had these rotating 45 minute commercials with him selling the book again, it wasn't a big hit at the time, or it was brand new. It was, maybe that's why it became so big. But he was basically sold and spoke about the different concepts in the book for 45 minutes straight. He had three or four of these rotating over the, a couple of years. And I used to watch these and I would learn every concept about the neighbor whose father, was considered the rich dad, even though he didn't have a job. And my father has a job, he's the poor dad. It really stuck with me, W2 income versus investment income. And I got into real estate because of those infomercials. So I didn't read the book. I didn't. I didn't splurge on, I, as a kid, so I didn't order the book. I didn't, it wasn't credit cards like you have now. Every kid has one and, but I watched these and I learned so much from them. So that's my Robert Kiyosaki.

Andrew Freed:

Yeah, to your point, I think the best way to describe it, it's an epiphany, right? Like you just realized that everything you learned in, in the school system about money and finance is absolutely wrong. And this is the truth.

Steven Weinstock:

Yeah. Yeah. It's so amazing. It, like you said, it's an epiphany. It really changed the way I look at money. Same here. Yeah. Let me ask you this. You went from, one unit to close to 400 units.

Andrew Freed:

Or

Steven Weinstock:

400 units plus. And how'd you scale so fast? Are you buying it? Are you. Self-managing it. Do you work with great third party operators vertically integrated, gimme some details on this?

Andrew Freed:

Sure. So I am vertically integrated, so I, freedom management also self-manages a majority of those doors. And I have about 20 employees that work underneath me. That, that helped manage them. That helped with, managing my investors. So the way I scaled so quickly, essentially I got up to 30 units by myself leveraging my HELOC that I mentioned through house hack. When that ran out, I start leveraged my 4 0 1 KI leveraged promissory notes and at that point I ran out of all this cash, but I was getting all these great deals my coming my way. Like at that point I start established the largest real estate meetup in Worcester. Like I had really great deal flow. And right at that. But very moment I got on the BiggerPockets Rookie podcast. So I had all these great things going for me, and then somebody brought me a 65 unit portfolio and they like, they're like, I great got this great deal, but I have no means of taking it down. So at that point I thought I had the ability to raise the capital. I came to find out that I didn't, and I had to call my mentor last minute to save the day, which he did. But we raised about 1.1 million on my first capital raise, which I thought was pretty good. We had to raise about 1.8. And then at that point, once we had some momentum behind us, deals start coming our way and we were able to just, raise for a lot of these deals and do a lot of joint ventures, and do you know, syndications? And more or less, I probably have about 70 to 80 partners across all of my deals.

Steven Weinstock:

These properties that you're self-managing, these are all local. How far is the distance from like furthest to.

Andrew Freed:

So they're all within an hour of me. So I own a couple hundred in Worcester, Massachusetts, which is my home base. I own 50 to 60 in winsocket, Rhode Island, which is probably 30 to 45 minutes away from Worcester. I probably own 30 to 40 in Lowell, which is, 30, 30 minutes north of Worcester. I own 50 in New Bedford, that's a third party manager, about an hour and a half. So most of my units are. Local. And honestly, that's our competitive advantage of we're vertically integrated. And honestly, when it comes to value add multifamily and multifamily in general, the money is made in the operations, right? Like our vacancies probably down to, three, 4% our collections, 95%. You have to run these things with a fine tooth. You have to run them extremely efficiently to really make money off these things.

Steven Weinstock:

So you're hiring good people obviously.

Andrew Freed:

Yep.

Steven Weinstock:

What does your typical day look like? Like the average nine to five? I know, I say nine to five, very facetiously. I know it's almost like a 24 hour type of grind.

You see an email at 2:

00 AM you're inclined to at least be thinking about it, whether you're responding or not. What's your typical day? Are you sitting in an office all day? Are you looking at boilers, shelf life? What's your typical day?

Andrew Freed:

Early on in our development we did hire a consultant and he really helped us intentionally build our organization. So we utilized a framework called the Cultural Index, which is a personality type test. And that really allows us to get good talent and put them in the right seat. And we have started implementing EOS, the Entrepreneurial Organization system that allows you to. Essentially how, it allows you to do vision planning for your entire organization and distill that down to the individual level via KPI. We've been very intentional about the way we build our organization, and I more sit as the CEO, as the visionary in the organization. And my partner, Zach Gray, my 50 50 partner, he's very much the integrator. So what my day looks like, say on Monday, we have our all team meeting where we go over every single property. The vacancy, the bank balance, the delinquency, any open work orders, what can we do to fill the vacancy? We go through every single project and get my team on the same page. At that point, I might have talk, have a call with a lender an investor, be on a podcast, walk a property that we have under contract and help, and do the, and, create the rental budget with my partner Zach, underwrite a property. Ensure we get our loan request packages out, appraisal packages manage aspects of the disposition. More or less I'm not really managing the day to day. I'm managing growth activities. I'm managing acquisitions, I'm managing dispositions, I'm managing ways we can grow our business long term. So that's a day in my life. But yeah.

Steven Weinstock:

You ever use any creative financing in any of your deals?

Andrew Freed:

I have used some creative financing. We closed on a how many units was that? I believe it was. I believe it was, we closed on 21 units in Lawrence, Massachusetts, where the seller gave us a 800 K note for the down payment. So we only had to bring two or 300 K, which we 10 31 another underperforming six unit in Worcester into, so we essentially traded a six unit for a 24 unit in Lawrence, Massachusetts, a a million dollar asset to a $3.4 million asset. That was one way we did that. We've also had, like you said, the seller hold back a second lien, so we bring less money down. We did that on a what five units sorry. Six units. In Charlton, Massachusetts, the seller held a 10% note allowing us to only bring 10, I think 15% down. So we've done things like that. But in regards to a full seller finance buy, we have not done that.

Steven Weinstock:

When just for example, these two deals that you mentioned where the seller held back helped you out with some down payment money. Sure. Was that was that advertised or marketed upfront? Was that something after going back and forth maybe you couldn't come to an agreement or a good structure where, either you made the ask or he made the offer or the broker came up with it. Like how did it come into play?

Andrew Freed:

The way it really came to play was they wanted more money, they wanted the price, and our numbers didn't make sense. So it's give us this term and make it make sense for us. Like that pretty much happened in both of those opportunities. Like the property I paid 3.4 for, in Lawrence, I think proforma rolls, 40 grand, 42 grand, so it makes sense. But we offered 3 million and we're like, all right, we'll give you 3.4. If you hold back an 800 k note. We gave 'em the price they wanted it, but we had to bring very little money down for that property. Those were the situations where it made sense. For us.

Steven Weinstock:

One of the biggest criteria I have when I ask when someone sends me a property, one of the first questions I have is, how long do they own the property? Now, if somebody owns it for a year or two. And this may be typically more in the larger multifamily, but if they only own it for a year or two, I feel that there's less wiggle room. When it comes to a potential creative financing or a creative structure. I find that when they own it for 10, 12 years or plus I guess it's because they have so much equity in there where their base is so much lower that they could afford to. I'll take a higher price and wait, an extra year or two for, part of my money. They see the tax benefits of the seller financing instead of taking all their profits up front in one year. They could split it out over a couple of years. Yeah. One, one of my big questions, I always, if I if it's, if somebody sends me a property and the email and the subject says, owned by the same guy for 15 years, I'm instantly opening that because that to me means this guy could. Have so much flexibility to be creative and I really love creative financing. It's really helped me out in the past helps me out even in the multifamily I've done, creative structures for millions of dollars and it's such a boom. It's such a boom. It's such a great tool to use when it comes to structuring a deal, yeah,

Andrew Freed:

You're so right. Equity creates options, right? I could, I totally agree with you and I definitely could learn a lot from you and on the best practices for seller financing. Thankfully, like I have such great like debt terms out here that, a lot of times I can make it work with just bank financing, but I would love to learn more strategies along those lines.

Steven Weinstock:

Where do you see yourself with the business in five years?

Andrew Freed:

So I see a self-sufficient business that's growing on its own without my intervention, and I, and I, probably work five to 10 hours in a week. I'm traveling the world probably six months outta the year. I have a family and I'm helping other people reach financial independence. That's where I see myself in five years. And I'm not that far off, but yeah, yeah, it's been a, it's been a fun journey the last four years. It's definitely has,

Steven Weinstock:

What do you do for fun?

Andrew Freed:

So I love hiking. I love tra, I love traveling. I've been to Italy the three times this year. I go to a lot of conferences. I went to a Tony Robbins event. I love self-development. I go to a lot of abundance events, which is a mastermind group I'm part of. I enjoy working out. I'm a big workout kick. I think I've, since December I've lost like 30 pounds. Oh, wow. Okay. So yeah, so I got a really good coach there. Yeah, I just loved, growing myself into a better version every day. I think the meaning of life is growth.'Cause when you stop growing, what happens? You wither away. And I just want to keep, growing and being better every day.

Steven Weinstock:

Any dream travel spot that you haven't been to yet? Tokyo,

Andrew Freed:

absolutely. Wanna visit Tokyo. I'm very I'm very intrigued by the culture. The anime, the manga the sushi, the food culture. There's so many aspects of the Japanese culture, which I love. I can't wait to visit Tokyo.

Steven Weinstock:

Any any big mistakes you made in real estate that you wanna, in hindsight, you could talk about without breaking into hives.

Andrew Freed:

I would say, one of the, one of the mistake stakes that I would've avoided is, shiny object syndrome, right? I am really good at value add multifamily. I'm fantastic at stabilizing these underperforming assets and getting them performing. Kicking out cash flow, I am less good at flipping. And I, I think in the beginning of the year I did take a lot on the flips, like we're exiting them. Like most of them are making money. Maybe some are losing 10, 20 K here. But the issue is it's just taking my attention away from what I'm really good at, which is buying value add multifamily. So I just need to get back to the basics and just stick with kind of what I'm a genius in.

Steven Weinstock:

I happen not to like the flipping business. I never did ever. I just it's very taxable and every month or every day that you're holding it longer. And you want to, is like really costing money

Andrew Freed:

And it's a job. It's a job, right? And then, when I stabilize a an asset it takes very little time to manage it, right? But like these flips require so much oversight that it's just, I think it probably my flips probably take a good day and a half away from my weekly work, which I could spend that toward buying more, buying hundreds of more units.

Steven Weinstock:

So it it takes away for me it takes away, like Headspace. Yeah, exactly. My

Andrew Freed:

mind. It's really yeah, totally. Exactly. And like you said, the longer you have the note, the less your profit goes down.

Steven Weinstock:

Exactly. Exactly. Best piece of advice you got from a mentor? You mentioned you had a mentor. What's a good piece of advice you gave you?

Andrew Freed:

I would say, be conscientious. Of the concept of modeling, right? If you want to be exceptional in anything, all you really have to do is find somebody who's exceptional in that thing and model them. I did that with buying hundreds and hundreds of units. I got mentor loaned hundreds and hundreds of units, and I saw what he did on a daily basis and I'm emulated him, right? It's the same with anything in life, right? If you really wanna get great at something, find a way to provide somebody who you wanna model. Immense value, expecting nothing in return. At a certain point, the concept of reciprocity will kick in. They are gonna want to help you and, send, then you should just be a sponge at that point. If you want success, that is the easiest way to success.

Steven Weinstock:

Today is August 27th, 2025. If you had a crystal ball are rates gonna go down in 12 months from now? Within 12 months. From 12 months from now, will rates be down?

Andrew Freed:

If I had to crystal the ball, I would say no. The reason, and the reason why I would say no is because based off my experience in this world, if you think, if the prediction is things are gonna go left, it's gonna go right. That's the fact of the matter, right? I if the consensus rates are gonna go down, I believe the opposite. I'm, I don't know, maybe I'm a contrarian thinker, but either way I'm underwriting all my properties where the rates are staying consistent. I'm not making assumptions that rates are going down in any near future.

Steven Weinstock:

So a couple years ago I took a bridge loan at the exact worst time and thank God I was able to get out of it. But I took a bridge loan where at the time of closing my payment was around 5% 5% interest rate. And by the time I got out of it, it was pushing 11. It wasn't 11, but pushing 11. The question is today, would I take that same loan and assuming, I dunno, if it would be 11, it might be seven or eight, would I still take that loan today for fear of going back up? Or could I be confident that it's gonna go down? The bridge loan is typically two years, three years. Typically,

Andrew Freed:

I would take that loan all day if there's enough equity. Yeah. If you're walking into, if you're buying at 50% of the value I even if values drop 10, 20%, you're still in the green. So it's to, I'm taking out I'm taking out a hundred percent loan on a five unit right now. I only had to bring $7,200 to close. That's 12%, two points. But we got this thing at 5 25. It needs 200 K worth of work, and the thing's gonna be worth 1.1. Like even if the values went down by 20%, I'm still in, I can still sell that and make a hundred grand.

Steven Weinstock:

When I took that bridge loan, I mentioned we were at 5%. And I think for our pro forma, we underwrote conservatively that it may go up to 8%. And even when we're doing 8%, we're like laughing like 8%. And when it hit 8% plus it really hurt us. It really hurt us. Our only saving grace was that. When I say saving grace, that I didn't have to do a capital call in order to refinance out was because right before the closing of this original loan, the fund decided to lower their LTV. Originally it was at I think at 70 and then like at the last minute they lowered it to I dunno, 67 point something. And they said it's within their metrics. They need it, it has to be, it's they're funded by some insurance company, whatever it was. And at the time, we were pissed and we had to raise extra money, but it ended up saving us because when we got out of the loan, we only had to replace now. A smaller balance effectively. And most of my, oh, sorry. A lot of my peers in my shoes at that time were stuck in these loans and they couldn't get out because they couldn't afford to bring money to the table on a refinance. And they were avoiding a cash call and, they're just holding onto it. And some of 'em are riding it out and some,

Andrew Freed:

are no longer on the horse. So let me ask you this. That asset you're referred to, was it a bigger asset? Was it a smaller asset? Like what? What's it look like? Sure. The reason why I'm asking is 'cause larger assets are like a large boat. They're they bring a lot of force, but they're very slow to turn versus the smaller assets they're like more like an agile boat, they can move quicker. So I'm just curious like what kind of asset that was.

Steven Weinstock:

Sure. So this was 180 units and the loan was about $8 million. Okay. Yeah. So

Andrew Freed:

yeah, so I'm referring to I'm talking about a five unit, like 5, 6, 7 unit. So it's like I can get in and outta that thing in six months.

Steven Weinstock:

Because worst comes to worse. Worst comes worst, you could just somehow pay it off or figure out how to pay it off or it's just, the percent is crazy, but the actual dollar amount is not too absurd

Andrew Freed:

per correct. But to your point, would I take that loan out on 190 unit portfolio right now? No. I think to your, so I think I just wanna put that in context,

Steven Weinstock:

got it. Yeah. Yeah. I'm just always curious what people think about rates. Yeah. I'll tell you, for the last three years, I keep saying that within six months I think it'll be lower. So we'll see what happens. My, my take is, I'm optimistic it's not gonna get raised. I am optimistic that sometime in the next two or three years, it'll get lowered. I think I know the president is trying to get it done. I think if he, claps hard enough. Somehow or another

Andrew Freed:

It's definitely gonna happen with Donald Trump. There's no if and or buts, right? The guy gets what the guy wants lower rates, right? But, I'm not gonna, I'm not gonna bet on that, it's, I'm just gonna play with the cards I have and if I get a better delta, be hand. It's what it is.

Steven Weinstock:

Andrew I had a great time talking to you. I spoke with you off camera. I spoke with you on camera. A lot of fun to talk to talk to you. I follow you on LinkedIn. You're putting out some great content, so I really enjoy that. You're having great success in what you're doing. And tell our audience, you know exactly how they could reach you if they wanna do anything with you put your LinkedIn phone number, email. You could say it, I could put in the notes. We could do both. Just tell everybody.

Andrew Freed:

Sure. It's Andrew freed. You could find me on Facebook or LinkedIn, or you could find me on Instagram at Investor Freed. I buy value at Multifamily in Worcester, new England. Starting to raise a fund for that, the Path to Freedom Fund. So if you're interested in that sort of asset, definitely feel free to connect with me. But otherwise it's been an absolute blast. Steve you're a wealth of knowledge and I'm definitely gonna stay in touch off camera 'cause I definitely have a lot of questions to ask you.

Steven Weinstock:

Okay, great. I'm gonna put some contact info, some of your links on the show notes. Andrew, thank you very much for joining us. It was a real privilege to have you on my podcast the Wealth Clock podcast with Steven weinstock. I appreciate the insights that you've shared using velocity in order to scale taking that capital and really speeding it up. I like how you verbalized that so that that was pretty good. You've been featured on BiggerPockets now you've been been featured on my podcast. It's been a real honor. Everyone else listening if you enjoyed it, please subscribe, share it tag it on social media. Andrew, thank you very much for joining me and I will see you. It's been a privilege. Thank you.

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Steven Weinstock

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