All Forum Posts by: Colby Fryar

Join us for our next Tucson Multifamily meet-up on Thursday January 5th, 2023, 6:00 PM at Fire Truck Brewing Company! 

Featuring Dr. Brian Madigan who is also a seasoned multifamily investor right here in Tucson. As you have come to know, Brian is always super helpful and loves answering real estate investing questions, especially in regard to the returns and the cash flow. I love Brian's strategy of holding for the long term and not getting so caught up in the get rich/ quick B.S. that we hear from so many people. He is a super straight-up guy! And he does all this while being a heart surgeon. We are looking forward to hearing more about his strategy of investing and how has been able to assemble a nice portfolio over the years. We will ask him about his latest endeavor of investing out of country as well!

4746 E Grant Rd. 

We are super pleased and honored to have Mike Angelo at our next edition of the Tucson Multifamily Meetup. Mike is a very experienced multifamily investor from right here in AZ and currently owns over 500 doors of real estate including a growing portfolio of new development projects. I can tell you this guy is very impressive and is a master at pivoting and finding deals in difficult market conditions. Mike recently had the distinguished honor of sitting on a panel at the IMN Conference in Phoenix and is definitely considered among the elite investors in AZ. He also hosts his own meetup in Phoenix which he will give us more details on. As always I will provide a multifamily tip of the month to lead us off! Join us Thursday Dec. 1st at 6 PM for the Tucson Multifamily Meetup. We meet at the Firetruck Brewing central Tucson location: 4746 E Grant Rd.

Join us on Thursday Nov. 3rd for the next edition of our Tucson Multifamily meetup. We will be joined by local brokers Neil Davis and Mike Chapman of NAI Horizon. These guys always bring a ton of value on the Tucson market trends and potential opportunities in Multifamily and Commercial real estate. We always love having them because they are such down to earth and nice guys. Join us for the next Tucson Multifamily Meetup at 4746 E Grant Rd. Firetruck Brewing Company. Thursday Nov. 3rd, 6 PM.

@Joshua Mark-Warren Landers  Congrats.  That is a nice position to be in and very exciting as well.  I would recommend getting your feet wet and start small if you can.  The other option is to find someone that is already doing larger multi successfully and team up with them.  Syndicators and multifamily investors are always looking for capital and someone to help with all the tasks of asset management.  Larger multi is absolutely a team sport and those that go it alone do it at their own peril!

This month we feature Anthony Tsontakis, a local multifamily investor who invests primarily out of state in Cleveland Ohio/ Erie PA areas. This is a quite a story folks because he is investing using tactics that are not only very interesting but also very much against the grain of common thought. Not to mention he was able to explode his business and leave his full time job! He definitely lives by the motto- "Live where you want to live, but invest where you want to invest!" This is going to be one you don't want to miss. Join us the Thursday Oct. 6th at 6PM at the Tucson Multifamily Meetup - Firetruck Brewing Company, 4746 E Grant Rd..

@Susan W. I think that is a pretty easy answer.  Multifamily will outperform single family in a downturn most every time.  The reason is that single family is more emotionally based and the values are a result of comparable properties in the area when it comes to pricing.  Multifamily is run more as a business and therefore the prices are reflective of the performance of the business.  There is no emotion to it or at least there shouldn't be.  It is simply a numbers game and the better the business performs, the more value that is attached to the property.  There are also great advantages to the scalability, especially in larger multi.  In addition, there is a huge advantage with respect to affordability, as well as having multiple doors under one roof when people move out or rents are reduced.  

I would encourage you to research the great recession and compare the number of foreclosures.  Single family as we all know was decimated during this time but multi help fairly well.  Granted-  every recession is different, so maybe I will eat crow this time!  Multi is definitely not recession proof but the asset class typically performs much better than most asset classes in real estate.

@Alex Khodnev awesome post! I think folks have alluded to it above but I think we really have to adjust our expectations in this time. There are still deals to be had but I think the trick is going to be convincing our investors to take a lower return. Maybe that is doable or maybe not? I have to think that a good stable, cash flow deal would be attractive to investors even if the overall return are lower than normal. I would love to get other peoples thoughts on this and how much lower they think investors are willing to go in terms of IRR and AAR/ equity multiple on a deal.

@Michael Mastantuono  there could be many reasons.  One reason might be the units need to be turned, which you will need to factor in the reno budget and in your due diligence.   Depending on the market, it could be tough to find tenants but not likely.  If it is in Phoenix, this is likely a non-issue but you can get this information from the agents or brokers in the area.

@Jay Ben We like properties that are being mismanaged.  In my mind, these can be the best opportunities. They also tend to be heavy lifts, so not for the faint of heart.

I agree.  There are always deals to be had depending on the multifamily class you are looking at and the markets.  Because there are fewer good deals, we have to look at even more!