$250M Operator Reveals: How to Avoid Bad Multifamily Deals w/ Andrew Cushman
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How do you know if your multifamily operator actually knows what they’re doing?
One bad deal can erase years of returns — and in today’s market, picking the wrong GP can be devastating.
Today on The Passive Income Playbook, Pascal Wagner sits down with Andrew Cushman, founder of Vantage Point Acquisitions — one of the most respected multifamily operators in the GoBundance community. Over the past 14 years, Andrew has acquired and repositioned nearly 2,900 units across the Southeastern U.S., focusing on A– to B–class workforce housing between 80–200 units.
With over $250M in assets under management and zero investor losses, Andrew shares how he underwrites deals, evaluates markets, and avoids the traps that have taken down less experienced sponsors.
In this episode, you’ll learn:
✅ How to identify red flags in multifamily deals before you invest
✅ The questions that reveal whether a GP actually knows what they’re doing
✅ Why management efficiency is often the biggest driver of returns
✅ How to verify operator credibility beyond the pitch deck
✅ And how seasoned operators are navigating today’s market volatility
If you’re an LP looking to protect your capital and compound returns safely, this episode is a masterclass in due diligence and disciplined investing.
Chapters:
00:00 – Introduction: Meet Andrew Cushman
02:00 – From Engineer to Multifamily Investor: Andrew's Journey
06:45 – Defining the Niche: Upper Workforce Housing
09:30 – Management Efficiency & On-Site Operations
15:36 – Real Value-Add vs Cosmetic Upgrades
21:12 – Understanding Demographics and Affordability
25:48 – How to Fact-Check Deals in 5 Minutes
30:00 – Market Trends: The Rise of Preferred Equity
45:00 – The Importance of Transparency & Track Record
55 episodes