Working for a multifamily investing group?

Question

Hey BP! I was interested in learning more about multifamily investors and read some threads that others have worked with an existing group that is investing in multifamily deals to start learning the ropes.

Can anyone share their experiences with working for a group like this? I was thinking about reaching out to groups like this to get more hands on instead of just videos on what to do.

Thanks as always!

Emily Houser · Answer

Hi @Kevin OBrien!

We started our multifamily journey about 2-1/2 years ago.  My number one advice would be to find a mentor!  As you mentioned, working with an existing group who are already investing in multifamily deals is the best way to learn the ropes.  We live in Portland, Oregon, and found our mentors in Dallas, TX.  We joined Think Multifamily back in 2017 and started passively investing in a couple deals with them as we were learning about syndication and got to know our mentors and the people in the group!  We've been able to help out on the GP side of several deals since then and it has been an exciting journey.  Finding mentors totally changed the trajectory of our business!  I'm not sure if you are familiar with Think Multifamily based out of Dallas, TX? Mark and @Tamiel Kenney are amazing mentors and incredible individuals.  Since we live in Oregon, we travel a lot to events in Dallas and other states.  That has also been a key to our success.  Going to events, meeting people in the business who are actively investing in multifamily has really helped us learn and grow.

Besides finding mentors, I agree that listening to podcasts and audio books is a great way to educate yourself, as well as attending events and meeting people local in your area who are real estate investors.  My husband and I attend several Real Estate Meetups in our area and have started our own Meetup that meets regularly.  This has been a really positive experience!

The multifamily podcasts I listen to regularly are the Think Multifamily Podcast, the Best Real Estate Investing Advice Ever with Joe Fairless...and there are so many other good ones to listen to on iTunes...I'm subscribed to possibly too many :)  Also finding some resources on mindset has been key for us as well!

Hope this helps and Best of luck on your multifamily journey!  Happy to share with you more details of our experiences in the past couple years if that would be at all helpful to you.

Happy Friday,

Emily

AJ Shepard · Answer

Joe Fairless has a ton of information on Syndications through podcasts, it's pretty amazing!  If you are looking for just investing into syndications I would try to find an operator in the market that is doing that.  If you are looking to purchase MF real estate on your own or forming syndication definitely want to start relationships with local brokers in the area that you are focusing.

Most of the podcasts will tell you that you have to focus in a market and really dig in deep.  Finding deals can be very hard at first just because it takes a lot of time to do, networking and get the process down.  Like any business, the first time you do something inherently just takes longer.  After a few progressions you are able to refine your process and get better.

Roni E. · Answer

I would check out local meetups. It seems your goal is to work with someone local. If you are looking for books and some guidance. Get Joe Fairless Apartment Syndication book, and Michael Blank SDA.

Kevin OBrien · Answer

@Evan Polaski Thank you for clarifying that. Yes, I was interested in working with an existing operator. From my past careers, diving in and learning to correct your mistakes and stay on course makes a world of difference in progression.

Kevin OBrien · Answer

@AJ Shepard Thank for those tips. Seems like some great content from Joe Fairless. Im excited to read this and apply it. ANy podcasts you recommend?

Rodney Miller · Answer

@Kevin OBrien I would start with reading books, listening to podcasts, and finding a local meetup group where you can be around folks that are doing deals.  You might also want to start attending some multifamily conferences. I just returned from The Best Ever conference and there was a good mix of experienced and inexperienced multifamily investors.  The R2R in Dallas happens every few months and is geared towards new investors.  You'll get great information and meet a lot of experienced and new investors in the multifamily business.  When you are ready to jump in you might want to do a handful of passive deals with an operator that you have vetted and trust. Investing passively in a few deals will give you great insight into the nuts and bolts of larger syndication deals.   Finally,  when you feel ready, seek out an experienced operator to partner with.  You can bring value by sourcing the deal, helping to raise capital, etc..... What I have outlined here is precisely how I made the transition from SFH's to Multifamily.  Good luck!

Evan Polaski · Answer

@Kevin OBrien  Your title says working for, and your post talks about working with.  I would classify those as two different approaches.

Do you want to learn the ropes, while collecting a paycheck, i.e. working for?  Or are you looking to learn from, partner with, etc an existing operator, i.e. working with?

I clearly work FOR Ashcroft, and have loved every minute of it. I learn from arguably one of the best syndicators in the business, while also having a great job with them I love.  But that process entailed them having an opening, me interviewing for it, and ultimately being offered and accepting a position. Just like any other career.

If you are looking to meet people who do what you want to do, and potentially shadow or partner, with them, meetups are your best option.  REIA groups in your area are another great place to meet people.  From there, just let them know what you are looking to learn.  Many people are nice and love to teach others about what they do.

Ronan Donnelly · Answer

Hi @Kevin OBrien, I think that your question really has two parts, what to invest in and how to invest. One approach would be to decide on an asset class and market e.g. multifamily in central Florida, and then secondly decide on how to invest whether directly, via a syndicate, REIT etc.

I have invested in a number of syndicated multifamily deals as a LP and GP so if you want any specific insights please feel free to DM me. Good luck!

Kevin OBrien · Answer

@Marlen Weber Thanks for that. I know from podcasts and books about syndication that even though its a guide, what is currently applied to MF investing can be dated in publications since they take a significant amount of time to actually get to market.

Do you have any suggestions or resources you recommend?

Marlen Weber · Answer

@Kevin OBrien I would recommend checking out books on this topic and listening to podcasts. There are plenty of resources out there on this topic. Best of luck.

Working for a multifamily investing group?

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