All Forum Posts by: Hayden Harrington

Makes a lot of sense! I'm assuming you are a part of the Sumrok program? There are definitely a lot of great resources in the couching programs around here and they can be a great way to plug into a team. If you want to invest in Michigan, then it may not be a bad idea to build a team there, but if you are looking to invest in markets like DFW, then Id suggest focusing on building a team there. Having boots on the ground for your first syndication is going to be very important, so I'd suggest being highly focused on where you want to start investing. 

If you'd like to connect with other operators, we have a FB group that has a lot of local operators in it as well. If you just search Momentum Multifamily on FB and groups you should find us and you're welcome to connect with the members! We do zoom networking with the members every other week as well so its a great way to connect with people from all over. 

It is definitely doable! Dallas is an extremely competitive market right now, so just landing a deal is a battle on its own (I'm based here). To echo what Bruce has mentioned, multifamily is a team sport and the key here is to have a team that you can rely on and trust. Spend a lot of time vetting your potential partners and don't just jump into a deal because you can. Interests must be aligned and everyone needs to be on board for the game plan going in. I spent two years getting to know my business partner before we did a deal together, but patience pays off! 

Know your market, have a good team and you can make it happen. I have not syndicated a deal out of state, but I have worked with co-GPs that are out of state, so I know it can be done well. 

Welcome to Dallas, Talia! You're in a great spot for real estate and wish you much success! 

Welcome to Dallas, Sam. You're in a great spot for real estate and there is plenty of networking to go around here! 

Network, network, network. Deal size is an important factor here to point you in the right direction. If your goal is a large syndication, I'd focus on building a team and trying to add value where you can. The bigger the deal, the more value you need to bring to justify a seat at the table. The partnerships you create and the people you surround yourself with is the most important factor in my opinion. It takes time to lay a solid foundation, but its well worth it in my opinion. 

From: Dallas, TX

Initial Goal: Close on first multifamily asset

Progress: Closed on a 228-unit, class A- multifamily deal in Houston, TX at the end of January (Was under contract in Q4 2020). 

Next up: Goals ahead are to do a large multifamily deal per quarter! 

Brandon, could you give everyone a little more detail about what you are trying to accomplish? You don't necessarily need a lot of capital to get started, but you do need a vision for what you'd like to do (asset class, niche, volume, locations, etc). Once we understand what you are looking to do, I am sure members of the BP community will be able to give you some great advice to point you in the right direction. 

@Carlos Montoliu

One way to get an idea is to just start pricing items out from Home Depot. I would then talk with local contractors and get bids for what it would cost to get installed.

Prices are going to vary largely dependent upon the finish out that you are looking for.

Hi Peter,

I think you hit the nail on the head by wanting to focus on landlord friendly states. Even though times are a little strange at the moment, that's a good long term criteria to have. First question for you to get a better idea of where you are at is, have you managed a rental before in your local market? 

Being based here in DFW, I think Texas is a great market to focus on due to the affordability coupled with the job & population growth that we are continuing to experience. If you have any questions about Dallas or Texas in general, feel free to send me a DM. 

Good luck! 

Brian, welcome to the BP community! 

My advise would be to be patient and focus on who you surround yourself with. Take time to build substantial relationships with people and find someone that you would truly love to work with. 

Multifamily is marriage. This is a team sport and you will be tied to your partners for years most likely, so it is imperative that you put in the time to cultivate the RIGHT relationships. There are plenty of people out there that are willing to jump into a deal together because they get excited. 

I'd also recommend building out your network and your ability to raise capital. The name of the game is deal flow & capital. Brokers aren't going to give anyone green a sweet deal, so my advice would be to build up your investor database so you can add tangible value to a team. You're in a great market. I grew up in The Woodlands and currently have a 228 unit deal under contract down in Houston at the moment. Happy to connect if you'd like to DM me. 

Good luck!