Marine Corps veteran Wesley Yates didn’t even learn about syndication until he attended his first commercial real estate event in 2019. He started his group, VFR Capital Investments, that same year.
Wesley once misjudged a new team member’s capital-raising abilities, and it almost cost him a $1.5M deal. After that close call, he learned how crucial it is to thoroughly vet new team members before jumping into a commitment on a deal. In this episode, Wesley shares what he’s learned when it comes to putting together a winning team:
- Seek partners, not employees. One unique thing about VFR is that they don’t currently hire employees — instead, they join together with other veterans and first responders who become junior partners. Wesley says it’s because he wants new team members to have ownership in the company, which in turn gives them more motivation, tenacity, and grit — the exact qualities he’s looking for.
- Make sure you know who you’re working with. That means tracking down and speaking with other people they’ve partnered with, as well as looking into previous projects they’ve worked on. As the old saying goes: “Measure twice. Cut once.”
- Put boots on the ground in each of your markets. By utilizing virtual systems, Wesley can connect with acquisitions reps who are experts in the markets where they live. You can only learn so much from reading market reports and data analyses, he says. “Being there and knowing what’s happening — you can’t top that.”
- Never stop scheduling appointments. Wesley has learned to check in with co-sponsors regularly and frequently. He gets to know them, has face-to-face conversations with them, and takes time to get their opinion on deals before entering into a contract.
- Provide high-quality educational resources. Fun fact: Wesley requires new VFR Capital team members to read the Best Ever Apartment Syndication Book by Joe Fairless as part of their training.
Wesley Yates | Real Estate Background
- Co-founder and CEO of VFR Capital Investments, a real estate investment and acquisitions company that is owned and operated by veterans and first responders.
- Portfolio: GP of 1,510 units for $150M in AUM
- Based in: Fort Worth, TX
- Say hi to him at:
- Best Ever Book: The 7 Habits of Highly Effective People by Stephen R. Covey
- Greatest Lesson: Take your time picking your team.
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