All Forum Posts by: Jeffrey Donis

@Nicole Wang My brothers and I are in Think Multifamily with Mark and Tamiel Kenney. They do deals in Texas, as well as other markets. We were able to do our first 100+ unit deal as LEAD sponsors (meaning we found, underwrote, and negotiated to close the deal) with Mark's help since he partners with students. The group isn't too big, but everyone in the group is a serious investor looking to do deals.  There is a vetting process for members, which helps to keep the quality high, but a downside is that it's not as big as other groups. So if you're looking for a massive group, it may not be a good fit.

Their website is https://thinkmultifamily.com if you want to do more research. 

Good luck! 

Hey @Nick Hulme!

There are multiple other multifamily investment mentors out there. I think it's important to know what questions to ask before joining any of these groups. They are NOT cheap, so these questions will help you make sure the group aligns with your own goals. Of course, you should know your own answers/preferred answer to these questions as well.

Questions:

- Is the group ACTIVELY looking for/doing deals? What size of deals do they typically do?

-Do students get to partner with the "main" mentor?

-Do you get access to the "main" mentor, or do you work with a coach below them?

-Do you get to network and connect with other students? (We've seen groups that don't let you talk to other students, which was an absolute deal breaker for us)

- How many students are in the group? How many have done a deal? 

- Are there any in person events associated with the group, and does my membership fee cover this? There's been groups where you pay a big fee to join, and still pay a sizable fee for tickets to their event. Not a deal breaker, but it's good to know beforehand.  

-How much accountability do you want from the program? (Hand holding vs hands-off).

Now that you've got these, I can only share with you MY experience when looking for a mentorship program. My brothers and I wanted a program that was actively doing 100+ unit apartment deals. We wanted the opportunity to partner with our mentor, and we wanted direct access to them. We also wanted access to a network of other investors who were serious and actively doing deals (not just "learning" about real estate). This led us to interviewing with a few programs, but ultimately, we decided on Think Multifamily with Mark and Tamiel Kenney. This group isn't the biggest out there (so if size matters, might not be a good fit). They also don't take everyone. In this program, we don't have an "accountability coach" checking in on us weekly, but Mark's always a phone call or text message away when we need him and his responsiveness is unparalleled. 

Hope this helps, man! I know it can be a big decision, but as long as you ask these questions, and even speak with another student in the program to get their review, I think you'll end up with the right program for you! 

Best of luck!!

Hey @Mike Garofalo! Joining a group is a good idea, depending on the size of the apartment complex you're looking to buy. While some of these may be expensive, it's really just an investment. With smaller multifamily deals, you might be able to win it by going direct to seller or even through a realtor/broker if you can leverage any experience you've got doing smaller rentals or investing in the single family space. When it comes to larger multifamily, a majority of transactions (over 90%) are done through a broker (as mentioned in Beau Beery's book, Multifamily Investors Who Dominate). These brokers and the sellers they represent want assurance of close. If you've never done a deal of that size, it can be hard to get them to take you seriously. This happened with my brothers and I. It wasn't until my brothers and I joined a mentorship program where we leveraged our mentor's track record and experience in order to partner with him on deals and submit LOIs alongside him. This is how we were able to get our first LOI accepted on a 100+ unit apartment complex, and eventually went on to win it!

So yes, these groups can be expensive. And some are better than others, so it's important to do your own due diligence. Find out what the relationship will be with your mentor, whether they partner with students, what kind of deals they do, etc. My brothers and I identified what we were looking for, and decided Think Multifamily was a good fit for us. But it might not be for you, and you might find that another group is more aligned with your goals. Either way, ask around and interview other students, and as long as you utilize the resources offered through the group, don't see the membership fee as a cost - but as an investment in your career as a multifamily investor!

Best of luck!

@Adelaide Ning,

Congrats on the success so far! Apartment investing was a great pivot for my brothers and I when we first started back in 2021. 

First off, yes - apartment complexes of 5 or more units are considered commercial real estate. 

My brothers and I didn't have the money to buy apartment complexes on our own, which is why we immediately learned how to syndicate. Or rather, we teamed up with people who knew how to syndicate!

I won't give you any advice, but I can share what we did and what worked for us.

Our first step was to educate ourselves about apartment syndication. We bought a course to learn the basics of underwriting multifamily deals, raising capital, sourcing deals, and asset management. 

But the most important step was what we did next - find a mentorship group.

The mentorship group we joined not only provided more education on apartment investing and syndication, but we also got access to a network of fellow investors we could team up with on deals, and our mentor actually partnered with students on deals. This way, we could take action and hunt down deals (and eventually become lead operators ourselves) because we were able to leverage the credibility and track record of our mentor and the group. 

So to sum it all up - you can learn about syndication on Youtube, podcasts, and books (I recommend the Best Ever Apartment Syndication Book by Joe Fairless - it has SO MUCH valuable info on syndications).

But education will only take you so far. We found that investors and brokers only took us seriously once we associated and teamed up with credible partners - who we got access to thanks to the mentorship program we joined. But in full transparency, they don't accept everyone and it really isn't a good fit for every syndicator. 

It's called Think Multifamily - here's more info if you want that. 

https://thinkmultifamily.com/a...

Start with education, then invest in your team and network! Hope this helps! 

Hey Jessica,

We actually are part of Pace’s SubTo Mentorship program, but haven’t been active in it for a while. I do know that Pace has a focus on “subject to” and creative finance properties. He and his students have also done some smaller multifamily, but he’s definitely becoming more involved in the multifamily space. If you’re looking for a mentorship program that will help you learn to structure creative finance deals and with a main focus on single family, I’d say Pace’s program is a great option! I do know they offer multifamily sessions too, but haven’t been on myself.

Now, if you’re looking for a program specifically tailored towards multifamily investing, specifically apartment syndication, then there are a few other programs that will be a better fit in my opinion.

But before you commit to any group, here are some questions you should consider:

- Does the group give you access to other students?

-Do you have direct access to the "Mentor" or are you going to have a “coach” who works under the mentor?

-Does the mentor partner with students, or do they just offer education?

-How many deals is this mentor actually doing?

-What kind of relationship will I have with the mentor?

My brothers and I looked into multiple different apartment investing mentorship programs, and we ended up going with Think Multifamily in early 2022. Before that, we’d done a few wholesale deals and a flip in the single family space.

We decided on Think Multifamily after meeting some of the students, speaking with the founder Mark Kenney, and determining that it was the right fit for us.

Since joining the group, my brothers and I have been partnered on 5 apartment deals and recently closed on our first deal as lead sponsors. I only say this to show you what is possible when you find the right program for you.

Keep in mind that this group (or any group) isn’t for everyone. Some people want direct accountability coaching. Others want a mentor who will partner with them. We chose Think Multifamily because Mark partners with his students. But he doesn’t hold our hand, and any deal we do with him has to meet his criteria. The group has been known to turn people away as well, because it isn’t right for every investor.

Hope this helps you. Good luck!

@Jessica Lontayo

 Hey Joshua! If you aren't able to get pre-approved. by a lender (most people around our age aren't, at least not by themselves) then you can always partner with someone else. This way you are able to leverage their track record/ability to get approved for financing that you could not obtain. In order to find these partners you can attend local meetups, online networking events, be on BP like you are doing, and start connecting with people on SM. Over time you will meet more and more people and a lot of them will be eager to help. Feel free to PM me if you have any other questions or want to connect further! Keep crushing it. 

Hey Billy!

Great question! First off, let me share some general advice on finding a multifamily mentorship program. I'd obviously encourage you to speak with members who are currently in any mentorship program before you join, as a rule of thumb. 

But for starters, here's what my brothers and I looked for in a program.

- Direct Access: We knew we wanted to have direct access to the mentor whose name was on the face of the group. This was essential for us, because we wanted to have the opportunity to get to know this established mentor and potentially work with him.

- Ability to Network with other students: We not only wanted a mentor, we wanted a tribe. The benefits of having access to other students is that you can learn from people who are only a few steps ahead of you. You can also find potential partners, and you can find friends walking on the same path as you. The benefits to a mentorship network are endless! And there ARE mentorship programs out there that don't provide you to other students, so make sure to ask!

- Ability to Partner on Deals With the Mentor: This one sort of builds off the first one, but when my brothers and I started out in the multifamily space, we didn't have a track record or credibility. As a result, brokers didn't really take us seriously. So we knew any mentorship program we were going to join needed to allow us the opportunity to partner with a mentor whose track record and credibility we could leverage. There are no GUARANTEES that he will partner with us, but we do have the opportunity to assuming we find a deal that meets his criteria. It's the NUMBER ONE thing that has propelled us to the place we're at today (partnered on 1,000+ units and are now lead operators on a 100+ unit deal). We're also only in our 20's, and I don't say this to brag, just to express to you that it IS possible to actually do big deals in the multifamily space if you're willing to work and if you invest in the right network/mentorship. https://thinkmultifamily.com/d...

Hope this helps! And if you're wondering, the mentorship program we're part of is Think Multifamily with Mark and Tamiel Kenney. They've got an event coming up in Texas in April called the Deal Analysis Workshop where you can learn how to underwrite multifamily deals. You'll also get the chance to meet other multifamily investors, learn about the program, and learn more about the syndication industry in general.

Hope this helps man!

Hey Sandra!

Sounds like you're on the right track! I'd start out by determining what kind of real estate you want to invest in. The best way to expose yourself to all of the options out there is podcasts, but here are some common ones:

Single family - flipping, rentals, short-term rentals (AirB&B)

Industrial and triple net leases

Multifamily - apartment syndication for larger properties 

Storage units 

Also, if you're interested in being an active investor (doing your own deals as an operator), or being a passive investor is really important to understand! 

It seems like you're also looking for mentorship. As mentioned by others, BP is a great resource! If you're looking for more hands-on mentorship, I'd encourage you to get out there and network! There are plenty of people here on this platform that offer mentorship or are part of a mentorship program currently. You can also attend conferences in person to meet other investors and explore mentorship options.

My brothers and I actually found our current mentorship program here on Biggerpockets! We're in Think Multifamily, which is specifically an apartment syndication mentorship program. They're having a conference called the Deal Analysis Workshop in April too if you're interested in learning about multifamily investing, mentorship, or just meeting other investors. https://thinkmultifamily.com/d...

Hope that helps! 

@Sandra B.

Hey @Jacques Bailey 

-The price per door (~$61) seems to be a good cost basis.-You mentioned 20% down for yourself, do you know for sure that you can get a loan with this amount down? If not it could be 25% or more down, I would verify this with a lender.-Vintage isn't too old-Although the seller is willing to manage this for you as the buyer, I would still get some feedback from other 3rd party property management companies in the area. They can help come up with a budget which would include feedback on proforma rents, and expenses.

-I would look into other apartments of similar vintage and size in the area to see what kind of renovations they're doing and what kind of rents they're achieving with these renovations. This will give you a good idea of where you can push rents.

-You mentioned that some tenants have been there for 35 years. That more than likely means rents are low compared to the market.

If you're looking for some good guidance on underwriting in general, consider getting into a mastermind program, or even DM'ing some successful investors who have worked with that kind of asset. Many people in the industry are happy to help! Or, you could attend a conference that focuses on underwriting. The Deal Analysis Workshop Think Multifamily hosts every year is awesome! They dive into how to underwrite deals and even do a ton of case studies. It's where my brother, Kenneth, learned how to underwrite 100+ unit apartment deals. We go and always learn something (this year will be our third time attending :))

Maybe we'll see you there! https://thinkmultifamily.com/d...

I hope this helps. Best of luck! 

-Jeff