All Forum Posts by: Derek Loda

@Lawrence Kutsovsky I think the biggest factor to consider is what is your goal, who do you want to be around, and who do you NEED to be around in order to achieve what you want to in real estate. To be upfront, I am a Jake and Gino student, and it has certainly been worth the investment. While @Grant Thompson is certainly correct in saying that there are tons of free resources and meetups available, and that should absolutely be utilized, how long will it take you to meet the right people or absorb the knowledge needed to succeed in multifamily? Years? The biggest plus with the J&G community is the people: I instantly grew my network with fantastic people with great experience in this space. Jake, Gino, and their staff are far different than other educators in the space, and truly care about their students and network, and it shows from the quality of the people around. 

It's an investment, not a "cost", and you have to treat it that way.

Happy to chat more if you'd like, send over a DM. 

Hi @Jeremiah Schwersenska, great space to be in, challenging, but deals are happening every day. I'd encourage you to connect with a couple of contacts of mine: @Brock Mogensen, @Matt Wise, @Josh Jensema. Brock is in the MKE area, Matt and Josh are up by the Fox Valley.

1. Similar to what's been mentioned already, get the comps narrowed down as close as possible in location, age, size, and condition. Are the units similar in size/condition? If no on the condition, how much would it take to improve them to be in the same tier as said comps. 2. Insurance-many variables depending on the location. If it's in a flood zone, it's obviously going to be very high, but otherwise, I'd expect somewhere in the $300-350 range. Again, many variables to consider. 3. You said you plan on raising them $65/year. Is that recurring? If so, do not underwrite assuming that much of a bump year over year, since it's close to 10%. Underwrite as if you only get it up to market rate and then no rent increases over 2% per year. Assuming consistently high rent bumps to make a deal work will lead to trouble. 

@Hayden Wright 1st letter: business letter, handwritten envelope that is a more introductory. Who are you, what are you looking to do (meet other owners in said market),etc. After two weeks, phone call, follow up from the letter "see if you got it" but repeat the tone of getting to know them. Month later, same type of letter format, but gradually build in your interest to purchase.

This is more for mom and pop properties, larger companies typically respond better when it's to the point. Remember, it's a relationship business. 

@Ricky Schmidt as mentioned above, I think it comes down to whether you are an appreciation investor or cashflow. I know people in both markets that can better speak to each markets individual merits. Happy to connect you with them, just shoot over a DM.

@Hayden Wright I've had good success with the following method: Professional typed letter, handwritten envelope. Send out a letter, two weeks later give a phone call (truepeoplesearch.com is quite accurate, otherwise skip trace, I've used batchskiptracing.com), another call one month later, letter another month after that. Repeat the process.

I've gotten responses from 16 unit owners to a VP of holdings for a real estate company with $11 Billion in holdings about a 428 unit portfolio. It can work, but each market tends to have it's own success groups. I to agree with @Spencer Gray that you will likely have better success in that 'mom and pop' range, usually under 100 units. 

I agree with @Dave Spooner on having a cashflow investment. I'd also look at a 'flight to quality' and stay away from the 60's and 70's assets that will have the inevitable deferred maintenance and system replacements coming due, especially plumbing. In lean times, the last thing you want to have to do is dump huge sums into non revenue generating replacements.

Joe Seegers has been investing in real estate for over 34 years and had built a portfolio of over 155 units and $10,000,000 in asset value. Joe has great insight in property management and scaling from duplex and single family properties into larger multifamily projects.

Alice Ng along with her sister, Doris Ng, are known as the 2Savvysisters. They own single family and multi-family units in northeast Wisconsin as well as being both limited and general partners in multifamily syndication in Alabama, North Carolina, and Georgia. They are currently partnered on over 300 units across the country.

This will be a great event to gain insight on both building your portfolio over time from scaling gradually, as well as a dive into the real estate syndication space. Come with your questions for these two fantastic guests!

Event starts at 6:00 with our discussion beginning at 6:30, networking to follow.

I went through the challenge of finding the right mentorship/coaching program for me last summer. I was (am) looking to pursue the syndication model, so that certainly was a focus for me in a coaching program.  I was torn between them and another program that had extensive syndication experience, and I was a bit hung up on the syndication experience since J&G had recently expanded into that space.  After speaking more with Josh, my direct coach would be Bill Ham who comes with a long history with syndication, 13 years I believe. I did end up making the investment with Jake & Gino, and I've been beyond  thrilled.

Now six months into the community, I can say it has certainly been worth the investment.  While the academy and coaching are fantastic, what has really stood out to me is the community.  They do a fantastic job in vetting those that come into the community and it is a group of genuine, driven, and helpful individuals that are all there to help one another, and when the opportunities present themselves, partner on deals. 

At the end of the day, all of the pieces are in place that if you implement them, you can certainly be successful. The key is implementation, you have to show up to the events, training, and weekly calls to maximize the value, and connect with other members in order to form relationships and partnerships. Take the action to set yourself up for success, and get out of your comfort zone.  

I have to get that first multifamily deal closed yet but I can say that from what I've learned, and who I've met thus far, I have gotten my return on investment, and that is only going to increase.  If you want to be in a community of high integrity,  be around many successful investors and industry experts, and are willing to implement what you learn, you won't regret it.  Jake and Gino, and the staff they have built are very genuine in their desire for all to succeed, and have gone above and beyond my expectations.

Send me a message if you have any specific questions/concerns and I'd be happy to give you more insight.  I know from experience, it's stressful making this decision, so I'm here to help if I can!

Hope to see you join the community, it's a great place.

@Matt Wise We have meetups each month on the third Wednesday, our February meetup will be on the 19th!