What do you look for in an Apartment Syndicator?

[Robert Martinez]

What do you look for when investing your money into an apartment deal? 

What do you look for in your returns? 

Do you diversify syndicators? 

Do you like them to be owner operators as well?

Value or Yield? 

[Evan Polaski]

@Robert Martinez:

Underwriting standards with assumptions that are supported in reality and verifiable 

Transparency and communication: i.e. do they answer my call, emails.  When I ask questions do they give me a straight answer or beat around it.

Returns are contingent on product, but "good" returns.  I want solid singles and doubles, not homeruns

I look at many, across many asset types and risk profiles.  I prefer groups that specialize in one specific product type vs diversified operators

I am indifferent to owner operators vs operating as investment manager.  This is also a function of size, i.e. I don't trust a group that has 500 doors to be as efficient at property management as a group with 5,000 doors.

Biased to value and long term appreciation, as long as the plan to achieve it seems sound.  I want cash flow today as a risk mitigation strategy more than a need for money in my bank account or creating a passive income stream.