In this episode of Zen and the Art of Real Estate Investing, Jonathan welcomes Andrew Cushman, a former chemical engineer who left his 9-to-5 in 2007 to pursue real estate full-time. What started as a flipping business with his wife soon transformed into a full-fledged multifamily syndication operation. Today, Andrew leads Vantage Point Acquisitions and has helped investors place capital in over 3,000 multifamily units across the Southeast.
The Jump from Flipping to Multifamily
After experiencing the grind of house flipping, Andrew realized it wasn’t scalable. Wanting to build a long-term investment business, he sought mentorship and acquired his first multifamily asset—a 92-unit property in Georgia. That early experience taught him the value of starting big, assembling the right team, and managing operations at scale.
What Makes a Syndicator Sustainable
Jonathan and Andrew dig into what separates high-performing multifamily operators from the rest. In Andrew’s view, the key difference isn’t flashy marketing or fast deal volume. It’s execution. Many operators who launched during the post-COVID boom are now facing major challenges because they didn’t have the systems or experience to operate well. Discipline in underwriting, a deep understanding of the market, and developing long-term relationships are what create staying power.
Passive Investing Isn’t Always Passive
One of the biggest myths in real estate is that syndications are hands-off from the start. Andrew explains that passive investing still requires active vetting. You need to understand deal structure, risk, timelines, and the operator’s track record. It’s not until you place your money with confidence that it becomes passive.
Geographic Focus and the 2025 Outlook
Vantage Point Acquisitions only invests in specific markets: North Florida, Georgia, the Carolinas, eastern Tennessee, and parts of Alabama. Andrew emphasizes that staying in a tightly defined region leads to stronger deal flow, more reliable operations, and better risk control.
Looking ahead to late 2025 and beyond, Andrew expects more opportunities to emerge as banks shift from extensions to foreclosures. He’s also seeing signs of operator fatigue, which could bring quality properties to market, especially those that have been mismanaged or overleveraged in recent years.
What Listeners Will Take Away
- How to grow from flipping to syndicating large-scale assets
- The importance of relationships in sourcing off-market deals
- Signs of a strong operator vs. a risky one
- Questions to ask before becoming a passive investor
- Why geographic discipline creates long-term success
- A forecast for distressed multifamily opportunities in 2025–2026
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out https://zenandtheartofrealestateinvesting.com/podcast/258/.