Goodin Development

Goodin Development is an Indianapolis based multifamily development company that builds premium, market rate communities throughout Indiana. We partner with busy professionals to build these projects so they can invest in real estate without having to deal with tenants, toilets, or termites.

👋 Hey! Thanks for checking out my LinkedIn profile.

I'll save you from reading a long and boring intro.

Back in 2020, I thought I was doing everything right...

I had a finance degree from a top 20 business school, married, had a house, worked at a bank, and was investing in a 401K.

Working at the bank, I analyzed commercial multifamily deals. 

I saw everything -
• The borrower's tax returns where they paid $0 in taxes. 
• Huge net worth on their balance sheets. 
• The passive income they were collecting every month from the cash flow. 

I saw just how lucrative (and rewarding) apartment investing could be.

I quickly learned I was on the WRONG side of the deal. 

So I founded Goodin Development. 

We build new apartments from the ground up in Indiana and give busy professionals the opportunity to invest alongside us. 

Our team handles everything! We make it a truly hands off investment for our investors. 

It's a great way to earn all the benefits of real estate, without the time commitment of being a landlord. 

𝗛𝗼𝘄 𝗜 𝗖𝗮𝗻 𝗛𝗲𝗹𝗽 𝗬𝗼𝘂 🡳
Do you have a busy career and a family to support? Do you want all the benefits of owning real estate, but don't want to be a landlord? 

We help busy professionals earn passive income through real estate. Check out GoodinDevelopment.com for more info.

𝗟𝗲𝗮𝗿𝗻 𝗛𝗼𝘄 🡳
Take our FREE 7-day passive real estate investing 101 email course. 
Go to GoodinDevelopment.com/course

𝗜𝗻𝘃𝗲𝘀𝘁 𝗪𝗶𝘁𝗵 𝗨𝘀 🡳
Want to get notified when we have our next passive investment opportunity?
Go to GoodinDevelopment.com/invest

Justin Goodin

You won't make any $$ on your first multifamily deal. 

Most new investors think the first deal is where the money is made.

It’s not.

Here’s what actually happens:

1st Deal: 
You get the experience.

You learn the full process: finding, underwriting, financing, and closing.

You stop guessing and finally see how multifamily works in the real world.

2nd Deal: 
You earn more equity and make a little money.

You avoid beginner mistakes.
You structure better partnerships.
Your equity and momentum start to grow.

3rd Deal: 
You build your track record.

Lenders trust you.
Sellers take you seriously.
You’re not “trying" to buy apartments anymore. You’re a closer.

4th Deal: 
You build lasting wealth.

Your portfolio begins to compound.
Cash flow increases. Previous deals start to sell.
You finally see how generational wealth gets built.

It all comes down to making that decision to start. 

Don't worry about making a ton of money on your first deal...

You just need to get that first deal closed.

That’s where everything starts.

Invest in real estate, without the headaches. | Founder of Goodin Development | Multifamily Developer | $58M+ Projects Built

Microsoft Excel sucks compared to this

I created the ultimate custom GPT that analyzes a multifamily deal in seconds 💪

This is going to save me so much time (and headaches)!

I trained the GPT to be a commercial multifamily financial modeling expert. 

✅ Input your purchase price & predefined assumptions 
✅ The GPT can model renovations and a value-add scenario
✅ Instantly calculate your IRR and equity multiple

I spent the last 3 weeks training this GPT to be my expert multifamily analyst and do a back-of-the-envelope analysis in seconds. And it's 100% free for anyone to use 🚀

Goodbye Excel...

Anyone want to try it?

Happy Thanksgiving everyone! I have a lot to be thankful for this year.

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Check out my article in Multifamily Dive! I highlight how we are collaborting with municipalties to bring our high quality, mixed-use communities to life to help combat Indiana's housing shortage.

Don’t forget to get some exercise in today. Stay healthy and have a great day! 💪

Dream Believe Achieve Capital Group

• Advise family offices on due diligence, risk management, and governance structures.
• Consult passive investors to help them navigate through the complexities of the deal structure, offering documents, the underwrite, or capital call situations.
• Coach investors new to multifamily on how to effectively and efficiently underwrite deals.
• Manage ~$80MM AUM commercial real estate portfolio of active and passive real estate investments.
• Build strategic relationships with multifamily operators in markets with strong fundamentals and collaborate on curating, structuring, and sharing investment opportunities for passive investors. Personally underwrite each investment leveraging my prior commercial lending experience. Lead investor relations and additional operational/asset management projects during the investment hold.

Founder and Managing Partner

Wells Fargo

Results-driven and internationally minded finance professional with extensive industry experience in global markets, credit management, and international deals. Demonstrated success in commercial real estate, working capital lines of credit, cash flow lending and asset-based lending, structured trade finance(including Ex-Im), and acquisition finance. Clear communicator, team player, and leader.

• Oversaw and risk-managed a portfolio of international middle market clients and global commodity trading companies - $1.3BN in aggregate commitment. 
• Managed a team of Portfolio Managers. Developed & expanded the credit team’s skill set through training and coaching.
• Provided guidance and global credit expertise to in-market Global Advisors and local Commercial Banking Offices on underwriting new opportunities that are international in nature.

Senior Vice President - Loan Team Manager, Global Advisory - West

•	Oversaw and risk-managed a portfolio of 73 middle market clients/$750MM in aggregate commitment. 
•	Managed a team of Portfolio Managers and Financial Analysts (credit team).  Developed & expanded the credit team’s skill set through training and coaching
•	Led and actively participated in the underwriting, structuring, and completion of credit transactions.
•	Utilized direct and operating credit approval authority to approve transactions with credit risk.
•	Acted as risk control officer for credit and operational risk for the office and coordinate with Risk Asset Review (internal credit audit). 
•	Coordinated timely loan approval, credit review and workout functions.
•	Managed on-going dialog with Regional Vice President (RVP) and Loan Supervision on new loan opportunities and problem loan management.
•	Developed procedures and managed process to ensure that the office is adhering to the regulatory compliance requirements.
•	Partnered with senior management/loan supervision to develop and execute business plans, including meeting or exceeding the office's PTPP goal.
•	Assisted with business development efforts while exhibiting leadership and ownership of credit processes, underwriting, and portfolio management.

Loan Team Manager, Los Angeles-West Middle Market Banking Office

• Managed a portfolio of 40 middle market clients (30 credits), $280MM in aggregate commitment, and $5.1MM in PTPP.  
• Grew portfolio from $337.5M in 2009 to $3.5MM in 2014 and continuously met or exceeded PTPP growth targets. 
• Took initiative and was not afraid to be a trailblazer in unchartered territory for Global Banking: e.g. first cross-border deal, first UK formula line of credit and real estate term loan; booked the first OPIC deal under the new OPIC framework agreement.
• Responsible for loan structuring, negotiating documentation, monitoring credit quality, and cross-selling other banking products.
• Actively involved in profiling and negotiation of new business opportunities including pricing, deal structuring, covenant establishment, legal documentation/negotiation, preparation and submission of recommendations for approval and closing.
• Promoted an environment that supports teamwork, diversity and collaboration.
• Provided guidance to and mentor financial analysts.
• Completed timely and through evaluations or reviews of financial and operating risk for all credits.
• Analyzed and monitored credit risk based on financial statements, performance projections, cash flow, business and industry evaluation.
• Identified opportunities for cross-sell of other bank products and services, as appropriate, including treasury management, foreign exchange, insurance, financial and investment products.
• Maintained high standards of credit underwriting and monitoring across the existing client portfolio and completed thorough due diligence for new lending propositions.
• Ensured early identification of problem credit accounts and proper action on potential or existing problem accounts.
• Maintained quality service for all customers and manage relationship profitability.
• Ensured compliance and operational risk controls are in accordance with the Bank’s or regulatory standards and policies.

Vice President - Senior Relationship Manager, Wells Fargo International

Vice President - Relationship Manager, Wells Fargo International

Assistant Vice President - Relationship Manager, Wells Fargo International

Relationship Manager, Wells Fargo International

•	Participated in a four-month advanced credit management training program to enhance credit underwriting skills, client relationship management, and business development techniques
•	Performed credit analysis including: quantitative risk assessment, financial statement analysis and projections, industry and business risk evaluation, management assessment, and loan structuring

Credit Management Training Program Associate

Unilever

•	Analyzed and evaluated internal hurdle rates relative to customer expected hurdles. 
•	Developed recommendations for adjustment of hurdles and ways to improve profits and promotional effectiveness. Information was to be used as a guideline for decision making.

Finance Summer Associate

Nestlé Purina North America

•	Customer relationship management
•	Translated market and competitive trends into business insights
•	Co-managed the financials of the business
•	Evaluated all aspects of promotions, profitability, and pricing
•	Analyzed category trends and proposed recommendations for sales and profit growth
•	Collaborated with key operational divisions - marketing, supply chain, finance
•	Assisted with new item presentations

Business Development Manager

Real Estate Entrepreneur || Multifamily Investor || Private Lender || Commercial Loan Underwriting Specialist

I grew up behind the Iron Curtain dreaming of the life I would someday build if only I could get to America.

When I finally arrived, it was like stepping into a world of unlimited possibility and responsibility.

I followed the traditional path: school, corporate career, hard work, becoming a high performer. 

I climbed the corporate ladder, putting in 60+ hours a week.

But no matter how hard I worked, I was not actually getting ahead because at the end of the day, I was simply trading my time for money.

My future was tied to a single source of income and the volatility of the stock market.

It was not until I discovered real estate investing - and later, the importance of risk management and strategic investing - that everything changed.

Since discovering the power of real estate investing, I “retired” from my corporate job and now I am on a mission…

A mission to help other high achieving professionals create optionality, stability, and legacy in their financial lives.

Here’s how I serve investors and family offices:
1. I help high achieving professionals and business owners generate additional passive income streams and achieve tax efficiencies through well-vetted, cash-flowing investments in commercial real estate. To learn more, visit: www.dbacapitalgroup.com

2. I consult passive investors to help them navigate through the complexities of the deal numbers and structure, offering documents, or capital call situations. To learn more, visit: www.dbacapitalgroup.com

3. I help beginner investors in multifamily learn how to effectively and efficiently vet apartment deals in five easy steps even if they have never underwritten a deal before in order to minimize the risk of loss. To learn more, visit: www.MasteringMultifamilyUnderwriting.com

4. I advise family offices and private companies on strategic investment due diligence, risk management, and governance structures - helping them safeguard capital, optimize decision-making, and build sustainable multi-generational wealth.

Grounded in deep underwriting expertise and my former commercial lending background, my mission remains simple: 

Protect the downside. Grow the upside. And empower investors to build lasting financial security - on their terms.

Vessi Kapoulian

That 8% check you're getting? It might not be real.

If it is not from operating cash flow, it is just smoke and mirrors.

THE DISTRIBUTION ILLUSION
On paper, it looks like you are making 8% a year.

Checks are coming in.

Your dashboard is green.

Everything feels fine.

But under the hood?

Some sponsors are funding "preferred returns" from reserves or even new investor capital.

That is not income ... it is financial engineering.

And it is your capital being recycled back to you.

Here is the problem: 

False Security
 – You assume the asset is performing
 – But the property has not generated real cash flow
 – It is a distribution illusion

Ponzi-Like Risk
 – New investors fund old investor payments
 – It creates a fragile structure
 – The moment growth slows, the model collapses

No Margin of Safety
 – Reserves get depleted
 – There is no cushion for downturns
 – You are left exposed when the music stops

Want true passive income?
1. Ask the hard question: Is this funded by actual operating cash flow?
2. Follow the cash: Not the marketing decks.
3. Protect your downside: Because financial engineering doesn't pay the bills.

Real investors chase cash flow.

Not clever spreadsheets.

➡️ What red flags do you look for in a deal?

Real Estate Investments & Due Diligence Consultant || Family Office & Board Advisor || Commercial Loan Underwriting Specialist || Multifamily Investor

"We are in a relationship trust recession. As AI grows more advanced, authenticity becomes even more critical. People won’t just want to know your track record - they’ll want to know you are real, that you’re human, that you're trustworthy. That’s why in-person connections will matter more than ever."

Vessi Kapoulian

Not all “value-add” projects actually add value.

Too often, investors get excited by new cabinets, quartz countertops, and fancy lighting packages but forget to ask the most important question:

How much rent lift am I getting for the dollars I am spending?

If the math does not work, those upgrades are not “value-add.”

They are lipstick on a pig - good-looking, but bad business.

When I underwrite renovation projects, I always apply two simple benchmarks:
- ROI of at least 20%
- Payback period of 3–4 years or less

Why? Because if you cannot recoup your investment before the typical 5-year hold, your “value-add” is actually a value drain.

In my latest article (tap the link below), I walk through two real-world examples showing how the same deal can go from diluting returns to enhancing them - just by adjusting your CapEx budget and rent assumptions.

P.S. LIMITED TIME OFFER
Want to finally feel confident reviewing multifamily deals — without second-guessing every number?

Take advantage of the Thanksgiving Sale (link below):
🎁 Get 1 Year of Free Access to the Mastering Multifamily Community with the purchase of the Mastering Multifamily Underwriting Self-Paced Course.

This offer expires soon — do not miss it!

[Missed my last LI Live event on the Hidden Risks Of Multifamily Loan Data? You can catch the replay HERE.] [Want to finally feel confident reviewing 

Open article: The Renovation Reality Check: When Value-Add Becomes Value-Drain by Vessi Kapoulian • 3 min read

The Renovation Reality Check: When Value-Add Becomes Value-Drain

One of the biggest mistakes passive investors make is...

... assuming all operators are created equal. 

The truth? Who you invest with matters just as much as the deal itself.

Join me for an engaging discussion with Pasquale (Pat) Zingarella, founder of Invest Clearly, as we dig into what separates great operators from those you should avoid and tools you can use to vet them before you wire a dollar.

We will cover:
- What most passive investors overlook when vetting an operator
- Red flags that reveal poor alignment or weak execution ability
- How to distinguish substance from style in sponsor pitches
- Why due diligence on the operator is as important as diligence on the deal
- How LPs can now rate and review sponsors on Invest Clearly

 📆 When: November 12th, 2025 (Wednesday) at 5PM PT 

📌 Where: Virtual event (link to reserve your seat is below)

If you are a passive investor (or planning to become one), this is your chance to sharpen your due diligence process and gain an insider’s view of tools designed to protect your capital.

Want to finally feel confident reviewing multifamily deals, without second-guessing every number?
 
Most new (and even experienced) investors struggle with underwriting not because they lack intelligence, but because they lack structure.
 
That is exactly why I created Mastering Multifamily Underwriting (MMU) — a self-paced course and community designed to help you move from uncertainty to clarity.
 
Inside MMU, you will:
✅ Learn a proven 5-Step Framework to analyze deals from A to Z
✅ Access templates, checklists, and case studies used by real investors
✅ Join a private community with monthly live calls and underwriting tips
 
And, equally important, you will avoid:
⚠️ Overpaying because of aggressive assumptions
⚠️ Missing red flags buried in the numbers
⚠️ Relying solely on the sponsor’s spreadsheet without independent validation
 
If you have been meaning to level up your deal-review skills — now is the time.
 
🎁 Enrollment at this special rate is open for a limited time and will close after the Thanksgiving holiday. Spots are limited to the first five students who enroll!
 
💬 DM me if you have questions or click the LINK below to join and start mastering multifamily underwriting today.

👉 Go to https://lnkd.in/gZitVtDP for more information on the course or take a sneak peak into my students' success stories.

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Justin Goodin

Vessi Kapoulian

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The Battle

Justin Goodin

Vessi Kapoulian

Followers

Posts

Engagements

Likes

Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Justin Goodin's LinkedIn Performance

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