All Forum Posts by: Justin Elliott

Last week we closed on a 32 unit hotel that we are converting to an apartment building in Craig, Colorado.  It's a joint venture with a few partners with one partner handling the bulk of the workload when it comes to upgrades on the interior and exterior upgrades necessary.   Here are a few reasons we think this deal has potential.  

• Craig NEEDS housing. There are a-lot of mining and ski resort jobs nearby and Craig is the main hub and county seat. 
• Hotels like this have struggled in the past year or so with COVID 
• This building is simply worth more as an apartment building.  Purchase price was $700k.  Although it appraised at $1m.  We are planning to put $300k in improvements. We believe we can refinance in the $2m-$2.5m range.  
• We're excited to execute the business plan on this one to hopefully bring more opportunities like this to our investors.  Stay tuned!
• Justin

Couldn't resist. 

In August we are excited to have John Boriack discuss the 264 unit property, built in 1960, located in Pasadena, TX.

John Boriack started investing in Single Family Real Estate immediately after graduating high school. After successfully learning the single-family market, he began his career in multifamily apartment communities in 2008.

He earned a Bachelors degree in Business Administration through Thomas Edison State University as well as the Independent Rental Owner Professional (IROP) and Certified Apartment Manager (CAM) Designations from the National Apartment Association.

Since 2008 John has led his team in the acquisition, renovation, and operation of 6 apartment communities in the Houston area totaling 1,308 units. Since 2014, John and his team have won 20 industry awards from the Houston, Texas and National Apartment Associations including the National Independent Owner of the Year Award in 2015 and National Property of the Year in 2017, 2018, and 2019.

John’s company, Veritas Equity Management, has earned a spot on the list of “Houston’s Best and Brightest Companies to Work For” for the last 6 years. He has been a member of the Board of Directors for the Houston Apartment Association since 2015 and is currently serving as the association’s President.

John volunteers much of his time at ministries through his church, his community, and overseas missions trips. John lives in Tomball, TX with his wife Katelin, and their three children Danielle, Bradley, and Ellie.

@Rick Trivedi try setting up a keyword search for syndication. I also do a meetup once a month where we have a different sponsor on to discuss a recent deal.  I can send you that if you're interested. 

A quick note on how you can get started in syndications.

1.). Connect with sponsors (you can find them here on BP).  Get added to their deal distribution.  When they send out new investment opportunities study them closely by reading their deck and watching their webinar (if they have one). 

2.) Level up..... Invest in one of these deals with a sponsor that will take your calls.  Consider using a Solo 401k so that you aren't tying up your own cash.

3.) Another level up.....Raise money for a sponsor.  Do number 2 first so that when you go to raise money from friends and family you will have already put your money into one of their deals.  This really helps your investors connect the dots on your relationship with them. 

Bottom line...syndications are a great way to buy apartment buildings.  Make sure you vet your sponsor and build a relationship.  Let me know if I can help you on your journey.

Justin

I like Wings Credit Union.  We did a 30 unit deal with them that went well.  They like local real estate and are a good retail banking option.  

You may want to look into Fiverr or Upwork. Certainly there are virtual assistants that have done similar work for other STR operators. Philippines is a great country to hone in on when hiring.

I'd say quote it both ways and do whatever is less expensive.  Covered parking is nice in MN but I've had properties that have done very well without it. I don't think most renters will rule a place out if there isn't any. 

Justin Elliott will discuss what is Real Estate Syndication and how you can use multifamily apartment investing as a strategy to create passive cash flow and ways to acquire assets that create cash flow so that you don’t have to always work for your money.

Justin graduated from Miami University with a degree in Finance. After college he spent 10 years working for a Fortune 500 service company where he became a General Manager with complete responsibility for growth and profit in Maple Grove, Minnesota. Since then he has been a top rep selling Medical Devices and has started two successful sports marketing companies.

He started Elliott Multifamily Investments and investing in multifamily in 2016. In his first two deals he was able to increase the value of his assets by 40% providing a great transition into real estate.

Today, he owns 228 apartment units and focuses on real estate syndication finding high yield passive deals for people looking to diversify from typical Wall Street Investments.