All Forum Posts by: Kelly Iannone

1031'ing into an apartment syndication is an option. You'll need to be a tenant in common but for the $$$ you're talking that shouldn't be an issue for operators. Unfortunately, we just closed on one 170-unit and are not yet ready to bring our next deal to market. Good luck! 

Hey @Justin Moy, Asset Management and Investor Relations are key roles I've played on deals. From my experience EVERYONE raises capital, some folks are just better at it then others. 

In regards to what we look for in operators: track record, communication style, transparency, and their mission. Unfortunately, there will likely be surprises that come up as you cannot vet everything before going into a partnership. For me, ensure the deal is outstanding provide buffer for issues that may arise.

Be sure to check out Jake & Gino's program too with @Gino Barbaro and @Jake. 

While I'm not in their program I have listen to TONs of their podcast, spoke to Gino personally, and attended (2) of their Multifamily Mastery conferences they attend each October in Orlando. 

I'm an active syndicator who has partnered with folks in @Michael Blanks program, Think Multifamily (hi @Jeffrey Donis - and he's right Mark is VERY accessible), and under contract with a Jake & Gino student. Have had positive experiences with each of these programs students. 

I don't think you can go wrong with any of them provided you're ready to put in the work as no program offers a golden ticket. Find the one that aligns with your values and feels right. Good luck! 

We're in the process of setting up our first 506(c) fund are working with Michael Fugler at https://syndicationattorneys.c.... They were one of the two recommended SEC attorney for the platform we're using. 

As a couple other folks have mentioned, Mauricio Rauld has a TON of great content out there and host weekly (?) live webinars. I believe another attorney at their firm offers "office" hours once a week where you can ask any questions. Definitely check it out. 

@Shayla Corley - Hopefully we'll see you tomorrow at the Saturday meeting up @Bernadeau C.@Tyler Gibson host. The topic is self storage so it should be interesting...not pitching allowed. 

@Luis Borrego, are you in San Antonio? I am an active syndicator and have ~600 doors across FL, GA, and TX (Dallas). Our "buy box" is value-add, 85+ units, in C+ to B areas. If what you're seeing fits in this box, let's chat. 

Hmmm "because that's where the crazies are"....thanks...I think 🤷🏻‍♀️

Investment Info:

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

Purchase price: $320,000
Cash invested: $171,000

Acquired distressed 6-unit to BRRRR. Fully vacated the building, completed a full gut renovation, stabilized with vetted market rate residents, and excited a cash-out refinance. Left $171k in the deal largely due to the appraisal calculating property taxes at market rate rather than our lower locked in rate due to acquiring through a land trust (for estate planning purposes). Final apprised value was $650k (expected $750k but appraisal calculated taxes based on market rate which is $8k above current tax rate).

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

Saw the value and efficiencies of investing in mid/large multifamily real estate in addition to the larger cash flow numbers being more material in offsetting living expenses

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

MLS

How did you finance this deal?

Hard Money Loan and personal capital

How did you add value to the deal?

Full gut renovation and turnover of tenant base

What was the outcome?

Fully stabilized asset with 9% CoC return post cash-out refinance. Solid base hit with lots of learnings to grow from!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, iFundCities who was our hard money lender was great to work with!

New Smyrna Beach is a good area too - you will find a map on there county/city website of approved STR zones.

*1st Saturday of each month