All Forum Posts by: Ashish Mike Angelo

Hi Gopinath,

Appreciate your questions. I'm one of the managing partners at Nimble Capital Group. Happy to share our track record and experience. If you'd like to jump on a call to discuss. Here's my calendar link if you'd like to schedule a call. 

https://calendly.com/nkd-mikeangelo/introcall?month=2023-12

Check out our website for more details: 

www.nimblecapitalgroup.com

@Jonathan Giglio Congratulations on getting started. I’m 13 months ahead of you and still working towards closing my first deal as a syndicator. It’s been a challenge finding and then actually winning deals because of where prices have gone too. Having a team is key.

A few points I’ll share as I reflect on my journey:

-Education: If you want to build credibility with your brokers, investors, and partners, you have to know the language. Bring a skill to the game.

-There are many programs out there. Some good some bad and many have quite the cost to them. Lots of research.

-Define your criteria:Type, size, of property. Example: 4-10 units, B-C class area, 1980s build, mostly 2bd/1 bath mix, partially renovated, etc

-Expand your geography. I’m in Phoenix and still cannot not find a deal where the returns make sense.

-Once you hone in on a few markets, contact every broker in that market and tell the your criteria.

-Build your team. This is not hiring people, but finding experienced people you can partner with.

-You have to bring something to the table whether that’s money (access to other people’s money), the ability to find and underwrite deals, property manage,etc

-Connect with as many investors as possible via BP,LinkedIn, IG,FB. Build a network and see where there’s a match of complementary skills. Set expectations and go after it. To me, this is a team sport if you want to scale, even if your looking at 1-2 units or single family at first.

Cheers!

Bennett, this is not atypical. In fact most JV (joint ventures) are this way. Structure can be based on equity contributed but it doesn't have to be. If you do the "sweat equity" work, then you can justify getting 20-30% of the deal. He would still take the lion's share. I would be ok with that if the deal is big enough. 25% of a $3MM deal is a better than 50% of $500k deal. Just my input.

Brian, I know a few operators (syndicators) in the FL and SC markets who focus on large MF if you're looking to be passive. Great track record and you can put your capital to work as well as some potential tax benefits. I can message you their info so you can validate. We're always looking to grow our investor base so if you'd like to dabble in the Southwest (Arizona and New Mexico), I'd love to connect with you. 

This is a great thread and the input has been fantastic. We're under contract on a large complex in the NE neighborhood near Sandia High School, so I'm glad to hear so many positive reviews. It validated our in depth research. The market seems to be quite hot for rentals and the investors are overpaying for deals in my opinion. I'm seeing C class properties (60' and 70's build) go for well over $100k per door. It's hard to make the math work even with low interest rates. The cushion is thin. Also hiring a property manager vs a family member may be the most important thing you do being out of state. There's a lot that goes into being a land lord whether it's 1 house or a 100 apartments. Same amount of effort but potentially smaller returns. 

Hi Sanjay,

How did it go renting out these units? Were you able to get your asking rates? 

Great advice from above. I too would have the meeting. You are bringing the opportunity and expertise so I feel you have an advantage. You could still do a syndication but the others would have a small slice of the GP (controlling interests). It's all in how you structure your entity with your attorney and who has the ultimate authority. You can still be a primary and run the deal, but they are bringing the majority of the equity and could command greater input. Figure out what they want in the deal. Who will manage the day to day activities? Do they want to be active? Or is a straight return with frequent updates good enough to keep them in their business? 

Investing with family can be tricky too if things go south, so keep that in mind. While you will be locked into the entity for the number of years you hold the property, it's only specific to that deal. It's not a permanent structure for your business, just that specific deal. If it works, repeat, if not, move on and exit the deal when it makes sense. 

Nic,

I'm in Chandler too! Great opportunity. Nice work securing land in Arcadia. It's getting hard to come by, especially at that price. I would say you may want to look at 30-40% on expenses for a A/B class new build. From my experience, older buildings tend to run 40-50% of total income. I like your conservative cap rates, but can tell you for that area and class of property, you may be closer to a 5%-5.2% in 24 months. 

Wow. Awesome! Great work. I've been a little nervous about Florence since it's so far out there but that's a steal and then some. 

@

@Jon Zhou, I'm actively working on several deals right now with the goal of syndicating 3 of them. Still raising capital, and noticing that certain brokers are sharing more information and pricing guidance than ever before. For those sellers that did not underwrite conservatively enough for times like these, it may create an opportunity for a ready buyer. Time will tell, but you should be ready. 

Mike