All Forum Posts by: Cole Baker

Hey Maria, 

A source who has a wealth of knowledge and content on Preferred Equity is Rob Beardsley! He also invests in the Houston , TX MSA!

I would recommend checking out his YouTube channel and his website: "robbeardsley.me" . 

Best of Luck!

I have Rob Beardsley's Underwriting Book as well. That book is hard to understand, but it is a great breakdown of what it takes to underwrite a deal. My thoughts for you on that book is to re-read that book as much as it takes to understand what he is saying, while following along with his free underwriting model that he provides. That book is an incredible snapshot into what it will take to be proficient at underwriting deals. 

Start learning and asking the right questions and the right people will come along. This will take time though, there is a lot of knowledge that will need to build for you to be competent! 

Incredibly excited for you Lorenzo! A big key in the multifamily space is experience. ESPECIALLY in today's market. Luckily for all of us inexperienced folks, you can partner with other WAY more experienced GPs in varying ways. 

When you are looking for a GP , it is important that they have experience in your market. If you have not determined your market, this is where I would start. An incredibly helpful book to buy is Joe Fairless's "Best Ever Apartment Syndication Book". It is a comprehensive, DETAILED book that will walk you through everything you need to know to accomplish your goals in partnering in your first deal. 

Below are a few ways that I have heard that will grab the attention of a GP to partner with when the person bring the value doesn't have any experience (you and I):

1. Connect an investor with capital to a deal that you (or another GP) has sourced. 

2. The reverse of #1 is also true; Connect a GP with a deal to an investor with capital. 

3. Source your own deal through broker relationships and bring that deal to an experienced GP. 

There are nuances to some of the above suggestions. For example, legally you cannot just bring capital to a deal and be given equity, so you would need to work for the GP in some other capacity to "earn" the equity split. 

Do not under estimate the power of connecting people to others!! You got this Lorenzo!! Let me know if you have any other questions!

This is fantastic! Thank you Randy for sharing your experience. 

Such a powerful message made even more so by your experience in executing it!! Thank you!

Absolutely begin looking for a commercial broker. The conversations with the broker on the commercial side is a little different and more complex than the residential side. Lingo, ratios, questions become more in-depth and your need to know what you are talking about increases. Just like anything, your game has got to increase if you want to thrive in the bigger league. BUT the fundamentals are the same. The same way you built up the relationship on the residential side is the same to build those relationships on the commercial side. (GRAIN of SALT ALERT: I have not transitioned from the residential to commercial side; I am simply sharing what I have heard countless times on podcasts/YouTube).  I hope this helps! Happy Hunting!

 @Maurice W. Evans, Bjorn is a legend on BP! Always so insightful and its always exciting to see his answers on a post!

Depending on the market that you invest in, the county will have records of properties that are rented (Texas does not require this record for example). Secondly, this is a great opportunity to build a relationship with a realtor / broker in your market. They will most of, if not all the information that you will need. 

Found some information here: 

https://www.nhlp.org/resource-...

Randy! This is an incredible overview! Concise and to the point! Thank you for sharing!

A great podcast on this is "The Best Ever Real Estate Advice Show" JF2863 "Tips for Navigating Hotel-to-Multifamily Conversion ft. Becca Hint". She has a team out of Texas.