EP. 29 // How to buy $1,000,000,000 Worth of Real Estate by 30 Years Old w/ Allon Avgi
On today’s episode we have a true renaissance entrepreneur, CEO and real estate investor Allon Avgi. Allon is the CEO of AVGI, a company he started at just 21 years old when he acquired his first real estate investment. On today’s show, Allon talks about how he began entrepreneurship from an early age, how real estate investments kept his family afloat during the 2008 recession, and how 1 billion dollars worth of real estate isn’t that far-fetched an idea when you’ve built the right team!
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Key Points from This Episode:
Allon talks to David about the complexities of investing in art and how there are parallels to real estate in the ways that he finds good deals
Allon has been an entrepreneur for as long as he can remember; selling supplies on the bus, and quickly began using the internet to sell furniture via dropshipping. Since he was so young he quickly learned that most things are materialistic and are useless; winners don’t spend money on these things because there is no end.
When his family was hit by the 2008 recession, two multi-family homes kept his family afloat. This is how he was introduced to the power of real estate
Allon started with a hard money loan of 14% in order to buy one house, replicated that process, started raising money by his fifth project, and now has over 60 houses, hundreds of houses, and industrial properties. He’s currently scaling as fast as possible.
Allon was able to hire his father and get his parents out of the furniture business
Allon pays for an office, pays the salaries of very capable people, and pays coaches to teach his team on new asset classes and to make sure the company doesn’t fail in these classes. He has 24 people on salary, full time.
It isn’t absurd to get to one billion dollars AUM with 40 people on staff; it’s only absurd if you have a small team
People need to leverage what they have; if it’s money, if it’s connections, if it’s your social skills: leverage it!
Relevant Links from Today’s Episode:
ABOUT ALLON AVGI
Allon is the Founder and CEO of AVGI. Allon started the company at 21 years old when he acquired his first real estate investment.
Allon has since developed a diverse real estate holding company that has reached $50,000,000 in AUM within only 4 years using his own capital and that of a select few individuals. As Allon starts to open the firm’s investments to outside capital and build strategic partnerships he has set a target to acquire and manage a $1 billion real estate portfolio by the time he hits 30 years old!
In his free time Allon loves reading, creating content for his social profiles, finding new art for his collection and in his words “envisioning the future”. Allon is a strong believer in giving back, both to his alma mater, Hofstra University & Chabad Lubavitch.
