All Forum Posts by: Adam Lacey

@Kenneth Zavala welcome to BP! There are a ton of investors in the Houston area so you should have no shortage of opportunities to network. If you're ever interested in discussing syndications, reach out. Enjoy it!

@Sheri Fluellen LP in a syndication is probably your best option for a truly passive investment. You'll just have to make sure you communicate with the sponsorship that you want to 1031 into the deal and they'll have to set it up as a TIC. Most groups are open to that as long as you're bringing $1m+ to the table, but it sounds like you have that covered. Sounds like you have a clear path to an amazing year with your family! Enjoy it!!!

Hi @Andy Sabisch. No doubt that people have been paying a lot of money for properties the last few years, and a lot of them are overpaying in my opinion. However, there are a lot of variables and assumptions that go into underwriting a multifamily property, so it's possible their using different assumptions in their UW than you are. And maybe they're just being overly aggressive with their assumptions or it's possible that they have the experience and systems in place to operate the property more efficiently. I know from my experience, I used to underwrite properties very (overly) conservatively, based on info I was getting from 3rd party PMs. Then, I started partnering with a guy that owns a property management company and realized that once we had the PM piece in-house, we were able to trim our expense ratio and therefore increase offer prices. This has been a game-changer.

Having said that, stick to your criteria, but keep exploring possibilities with different PM companies/partners), and just keep UW deals. You're bound to find a gem eventually. Especially with blood in the water...

That's great @Charles Tucker Kimbrough. Any tips on what has seemed to work well for you so far or what doesn't?

Hey @Austin Johnson - there are a lot of mastermind/mentorship programs out there these days. From my experience, with any of these programs (including Blank) you will find people that have had great experiences and poor experiences. Where are you at on your MF journey and what are you looking for in a program? Happy to connect to discuss my experiences if you think it will help.

@Ali Mirabzadeh those are two great options for long-term appreciation plays. I live in the Denver area and would be happy to connect and answer any questions that you have about the market. Feel free to message me to set something up if you're interested.

@Jarrett Douma He's not in Richmond, but Byron Elliott at 3 Pillars Law is a great attorney that specializes in SEC matters and subscription documents for syndications. He's going to be a guest on a webinar that we have coming up on June 20. Reach out if you would like an invite.

Hi @Ian Jimeno. I'm not planning to attend Rod's event, but I am a multifamily investor that lives in Castle Rock and have attended one of his virtual boot camps before. Happy to connect sometime if you're open to it.

Adam

I would build relationships with at least two loan brokers that work with syndicators as well as local banks in credit unions if you're planning to invest in your own backyard. Having a local banker that trusts you and has an appetite for commercial real estate can pay off in a big way if you're willing to go with a full recourse loan.

@Jason Shackleton I invest with sponsors that are transparent and that I trust will go to bat for their investors. As a syndicator myself, I've had the opportunity to meet a lot of other syndicators and have been able to find some true gems to invest passively in using my retirement account.