All Forum Posts by: Scott Skinger

@Ivan Barratt First, congrats on your success. I went to your website and I love what you're doing on all fronts. Second, please send me a PM to set up a call, I would love to hear more about your syndication deals and what you have in the pipeline.

+1 on Michael Blank content. I've been reading, listening and actively using his content for about a month now and it has been more helpful and informative than anything else that I have consumed. I watched a live webinar on Wednesday that breaks down and analyzed an apartment deal. He has about 30 more of these archived that I'm slowing going through. 

I think you need to be part of his Mastermind Group to get access to these, but we're talking $9 trial and $49/month after that...not prohibitively expensive. Anyway, I have become a Michael Blank fanboy because the content is solid and he has a great attitude...without all of the salesy guru ********.

Let me know if you're interested in more details...happy to share. 

I'm not a lawyer and have no desire to be one, but:

A. I agree with @Salvatore Lentini, run it by your experts. I'm sure waiting for a response won't kill the deal.

B. From a "what does this mean, should it be stressing me out?" perspective, my gut says no. I think it is a minor detail that will have no bearing on you. It seems to be protection so the IRS doesn't determine that something within the building is personal property valued at "$x" and not part of the apartment sale, thus requiring tax to be paid on it. This clause basically says all personal property on premises is worth no more than $1000. Better to add this detail than let the IRS determine it. Plus, the CPA has to justify his existence/fee. 

Here is an article from a lawyer that relates to this issue, https://ronwebster.com/content/sale-furnished-prop...

Good Luck! 

I'm in and very much looking forward to this event!

I'm looking to connect with others that are in the multi-family space (mostly apartments but interested in learning about other verticals). Investors, fund managers, mentors, sponsors, product hawkers...please reach out! I would love to meet you and hear about what you have going on in your world. 

Thanks @Mike Dymski, I appreciate your insight and information. I've subscribed to The Old Capital podcast but have not had a chance to listen yet. I will check it out as I would like to learn more about investment clubs.

Regarding Yonah's advice, I've considered this myself. I would love to invest with a sponsor and then shadow them to learn the ins and outs by participating in a large deal. But how realistic is this? Does a sponsor want to deal with the mentoring, time and general hassle of an apprentice? Maybe some or willing to take this on every once in awhile but it seems like a distraction from their core focus.

Does a larger investment, say $250K instead of $50K, make a difference to the sponsor and "buy" some clout and the willingness to mentor the investor? 

@Brian Burke Thank you for the detailed answer as always. I think there is something appealing or mesmerizing about Crowdstreet's marketing, website and the point and click nature. Having the buffet of offerings and then the pretty investor dashboard helps too. Mesmerizing...especially to someone like myself with limited experience in REI and syndication.

Everything you've stated makes sense. My conclusion is that crowdfunding sites are:

1. For inexperienced investors who don't have contacts with the REI world yet and maybe just find comfort in the point and click interface versus having a conversation with a live sponsor.

2. For investors with limited capital. $10,000 can get you into some deals on Crowdstreet, whereas I don't see $10K getting you into a deal with an experienced, quality sponsor. $50K minimum?

3. For lazy investors who don't want to do their DD, or are just wowed by the front end marketing and promised returns.

Thanks again,

Wow! This is really a great thread if you're interested in investing with a sponsor/syndicate. I've spent an hour or so reading through the thread and the posts that @David Thompson shared but well worth it.

Question for @David Thompson, @Brian Burke or anybody else who would like to chime in. What differentiates you (a private sponsor) from a crowd funding site like www.CrowdStreet.com? I get that Crowdstreet (and other platforms) are just giving exposure to private sponsors through a more visible platform. Ultimately, this business is about trust and relationships but I'm curious if there is more that we should know. 

Thanks to all for the great education and valuable content. Your time and effort is greatly appreciated.

Troy,

Congrats on your success so far, very exciting! Take a look at Michael Blank’s website...lots of great information on syndication and his $100 spreadsheet will allow you to build a variety of syndication investment models out relatively easy.

Just came across these articles and wanted to add them to this post for future reference. One is somewhat related but still very important. The other is directly related to including or not including capex reserves above/below the NOI line.

Calculating Replacement Reserves for your Proforma - https://www.propertymetrics.com/blog/2014/07/24/un...

Budgeting CapEx and Replacement Reserves - https://www.biggerpockets.com/renewsblog/2011/10/2...

Cheers!

Scott