On this week’s episode, Kent is joined by Andrew Cushman. Andrew shares his journey from chemical engineer to full-time multifamily investor, with more than 3,000 units syndicated and repositioned. He explains why chasing “rough C” properties created more risk and headaches than reward, why class B assets offer the best risk-adjusted returns, and how probabilistic thinking guides his underwriting and debt strategy.
Andrew also dives into the importance of fixed-rate financing, downside protection, and why he takes pride in never losing investor money even through volatile cycles.
Where to find Andrew:
LinkedIn: https://www.linkedin.com/in/andrewcushmanvpa/
Website: https://vpacq.com/
Key Takeaways
– Don’t get stuck doing everything yourself—hire earlier to scale smarter.
– Class B assets often provide stronger long-term returns with fewer operational headaches than older class C properties.
– Think probabilistically: account for non-zero risks (like rapid rate hikes) and eliminate them where possible.
– Fixed-rate debt and properties that cash flow from day one provide critical downside protection.
– Always underwrite conservatively with cap rate expansion and realistic rent growth to create “lots of ways to win.”
Books mentioned
How to Win Friends and Influence People — Dale Carnegie: https://www.amazon.com/How-Win-Friends-Influence-People/dp/0671027034