Underwriting myself/Partner evaluation

[Maxwell Manatt]

I am committed to breaking into big multi family investing. Looking to get into 100+ unit deals as quickly as possible. After Months of education and research and a trip to Little Rock AR (first market I am targeting) I have just submitted my first LOI on an off market property. It is small (21 units) but I am viewing it primarily as a way to get my foot in the door and show the community I am a closer.

Have made the decision to partner up and already have 3-4 potential candidates I communicate with on a regular basis. 

I wrote out this list of what I can bring to the table and what I need. Would love to get any relevant feed back from the experts in this community.

What I bring:

-Broker relationships with detailed notes in Little Rock, ability to get brokers to call owners of specific properties about potentially selling in many cases.

-Points of contact with multiple banks, a few of which I have met in person

-Lawyer relationships in Little Rock

-Detailed notes and research on Little Rock, Understanding of which sub markets are desirable and why

-Property management relationships (often the same firms as brokers in Little Rock) Detailed notes on their policies and notes on some of the specific properties they manage.

-Ability to replicate this data and relationship foundation for other markets, given time and resources

-Sales, relationship building and negotiation skills

-Spreadsheet of 70+ potential passive investors that I have started the warm up process for investing. Have called most and left a VM, Emailed 30+ with sample deal package after speaking over the phone or in person. Continuing to grow this list and reach out on a daily basis.

-Ability to read and understand most contracts and financial documents

What I need:

-Money to fund deals likely 400k-1.2 million for first acquisition

-Multifamily Experience for the loan and to make raising the money easier (probable possible without, but much better with)

-Net worth and Liquidity requirements to qualify for the loan

-Experience in turning around a value add in 12-18 months successfully

-Experience in Underwriting deals and due diligence

-People who are very good at organizing and systematizing

-People who excel at operations and administration

-People who have a great understanding of construction and contractors (Boots on the ground is a huge plus)

All honest feedback is greatly appreciated.

Thank you!