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!

[Anthony Angotti]

My primary question would be how well you know the area you are investing in? And how strong are those connections. 

I'd be prepared to answer those questions and I'd probably approach someone that you had a personal connection or referral to first. 

I'm not a guy with the cash though. So that's just coming from people talking to me that I've partnered with (not on large MF though).