All Forum Posts by: Jevon W.

@Theo Hicks yes, sir! 

Awesome! Thanks for letting me know @James Wilcox!

Thank you @Taylor L. and @Alina Trigub!  

I agree, @Matt Faircloth and his wife are so knowledgeable and awesome. 

Investment Info:

Large multi-family (5+ units) commercial investment investment in Lexington.

Purchase price: $7,700,000
Cash invested: $50,000

This is my first investment apartment syndication investment with The DeRosa Group. It is a 222-unit complex located in Lexington, KY that closed on June 14.

What made you interested in investing in this type of deal?

I wanted to make the capital I had on hand work as I learned more about the real estate business. Eventually, I want to be general partner on my on apartment syndication deals and this gives me insight into how everything works. Matt Faircloth and team have a solid reputation, this was an opportunity that I could not pass on.

How did you find this deal and how did you negotiate it?

I went to a REI meetup in Arlington, VA and met the underwriter for this deal.

How did you finance this deal?

I used a 401K loan and personal cash.

How did you add value to the deal?

I provided cash.

What was the outcome?

TBD

Lessons learned? Challenges?

What I've learned ranges from how an offering memorandum looks to how to raise funding for deals. The only challenge thus far was pulling the trigger on the investment.

I just purchased it. I wrote a post on it here: https://www.biggerpockets.com/forums/432/topics/710337-90-days-of-intention

I would love to get your feedback and possible bounce ideas off of one another as you embark on your journey. 

Thanks for the response and motivation @Taylor L.! I love those three KEY points! I have a deal I’ve invested in but I’m waiting for it to officially close before I post :). Good luck in your endeavors!

I just ordered my 90 Days of Intention Journal by @Brandon Turner and I’ve identified my three main goals over the 90 days:

1. Find my target multifamily investing market by August 20

2. Build my team in my identified market; to include my deal finder (real estate agent or wholesalers), property manager, lawyer, accountant, etc...

3. Get back in top shape!

I love this journal already because it forces me to think S.M.A.R.T. I wrote out how I’ll achieve each goals and why I want to achieve the goal as suggested and realized that my goal setting muscle needs work. 

I’d love to hear feedback from my BP fam on my goals, as well as some of your top three 90 day goals. 

Congratulations @Julia Rockwell!

This is wonderful @Jay Hinrichs! Thank you!

I was in the same boat @Kelvin Vinston. I had to scramble to rent out my primary residence for deployment and I’d say the best thing to do would be to see if your real estate agent knows of any good PMs. Be sure to match these recommendations with customers of the PMs, if possible. I requested that the PMs provide me with customer numbers in conjunction with my own research. Sadly you may still need to fire and hire after all of this but it greatly reduces your risk. 

Some questions to ask (from @David Greene’s book “Long Distance Real Estate Investing”

What experience they have managing rentals personally, how many doors their company manages, how long they have been in business, and what they feel their company’s strengths are, how they collect rent, how they enforce late fees, what systems they have in place to make things efficient, and how long they have worked for their current company.

I hope this helps. 

Very Respectfully,

Jevon