All Forum Posts by: Michael Anspach

hi @Chris Breezy pm me and let's connect.  I've been in NYC construction for 18years and can provide some guidance and connections with others for you to speak with to help make a decision. 

Anyone have costs to add pitch framing and roofs to an existing mansard building?  Average floor plan square footage is 7,400 and there are 18 buildings total.   Thanks so much!

Hi Guys,  I'm in a similar boat here and am in year 4.5 of my 7 year plan to leave the rat race.  While I think it would have been possible for myself to do it quicker, family and kids took priority so the conservative (long term) route was taken.  I'm proud to say so far I've been involved with 7 multifamily properties ranging in size from 19units to over 240units.  In addition my roles have varied on them from pure equity investor to cosponsor (a small group of us pooling money to buy and manage) to full syndicated deal sponsor. 

In addition to these 7, I've been directly involved with a couple of other deals and management decisions but due to time allocations of that J O B was not a true sponsor of the deals.  

I have to say every deal I've been involved with has been different and a fantastic learning experience. I'm also proud to say we have completed one project full circle and recently sold it (almost 50 unit property) and significantly surpassed our proforma expectations and investor returns!  

To get to the original post, while all these deals are making money and creating wealth, I do see a need for a longer than a 1 year timeframe to quit that J O B.  Of course that is also determined by what you need.  If you are living rent free and have no expenses 1 year is no problem but if you live in an expensive area with crazy taxes and are supporting a wife and a couple kids, 1 year might be aggressive. 

Anyway best of luck @Marty Summers and thank you BP!

Hi Guys, in process of selling first syndicated multifamily property.  While there is a ton of information about buying and managing, looking for some recommendations on the winding down process of a multifamily syndicated deal.

For example:

1.  How fast after closing to return investor money?

2.  How much to hold back temporarily for unexpected costs after sale?

3.  For how long?

4.  When to cancel insurance?

5.  When to close up LLCs?  (Operating and Mgmt)

All answers, suggestions and anything else to be aware of are all greatly appreciated.  Thank you!

Congrats Carlos!  How did the 8 unit Reno come along?  Can you share the trials and tribulations?  Thank you.  

@JonathanMakovsky can you share what did you end up getting?

Hi Michael, every deal we've seriously considered we reached out to a broker and got actual quotes.  There are so many variables with insurance and using seller's number is not always best since they might not be carrying insurance foe everything you, or your lender require.  

@Marc C. Thank you for posting.  I've listened to some of all of these different podcasts.  Wondering what app people are using for Samsung phone.  Haven't found a great one yet to juggle all the podcasts.  And again!

Wasn't it signed 364 days before the expiration date.  Signed 12/21/2016, expires 12/20/2017.  What am I missing?

Wasn't it signed 364 days before the expiration date.  Signed 12/21/2016, expires 12/20/2017.  What am I missing?