All Forum Posts by: Mason Fiascone

Hey @Jonathan Farber, I abandoned AirTable a few months ago. I am now fully integrated with Google Docs and Asana. This is working way better with a team and doesn't require as much finessing and learning of a new platform like AirTable. I found AirTable was unnecessarily complex without any added benefit, and would rather just work in Sheets, Docs, Slides and manage workflows in Asana. Hope that helps!

Thanks! Ah yes, I've heard too many nightmare stories about PMs that having a trusted PM was almost more important than the market question. Gratefully I had a few markets to choose from and it narrowed down my search from "everywhere in the US" to a few markets.

One thing I forgot to mention is I'm also looking only at metro areas with 250k+ population, so typically no tertiary markets.

Ah, I like that metric. I was using rent % of income, and Rent vs. Own % (from datausa.io), but I like the idea of comparing to the mortgage payment vs. the home price or income since that would give a strong indication of if there are long-term or just short-term renters in a market - great addition! Thanks, Tyler.

@Tyler Kastelberg happy to share, there were a few key factors:

1. I was looking for markets where my trusted property manager already operates, removing a significant barrier to entry (finding the right PM, or moving the right PM to a new market)

2. I looked at all the available markets and stacked up the following characteristics to determine the Top 2 (of 7) markets to go after. Based on where Kansas City stands with all these metrics (and in particular the blue highlighted ones), I identified KC as the #2 priority market.

Hope that helps, let me know if you have any questions on my methodology!

 Hey Colin, thanks so much! Someone else just recommended I reach out to Logan as well - he must be great! I'd love an introduction if you're willing to make it. I'll Private Message you now with my info.

@Rich Thomas that is perfect! Thanks so much! Glad I brought this post back from the dead ;)

Hey @Jason Hawk, this particular thread didn't seem to take off, did you get traction anywhere else? I'm looking to enter the KC market as a multifamily syndicator, and am looking to learn from local experts to get started!

Sure wish someone would have responded to this @Rich Thomas! I'm now asking the same question..

Did you every find any answers, can you recommend a commercial multifamily agent in the Kansas City area?

@Account Closed, that's great to hear! Glad I could bring this back. Sounds like you took a whole lot of action and it's working out great for you - congrats! Thanks for sharing your story!

I began to learn about "contrarian" finances and investing through the podcast Cash Flow Ninja when I was 21. Since the first mention of how traditional investment vehicles don’t provide the return they promised, I was hooked on learning more about how to grow my/my future family’s wealth outside of Wall Street. Thus began my 3-year learning journey which brought me to multifamily apartment investing! I was starting my career (with a long commute), got married at 23, moved across the country, and just now have the time to start taking action in real estate! I wish I got started at first mention of it when I was 21, but I feel much more prepared to take down a larger deal to start than I did 4 years ago.

I'm negotiating the contract on two, 18-unit complexes in Dallas now and raising the money from private investors - things are going well so far but a long journey ahead! Cool to hear you're looking into syndication as well.

Mason

 Makes sense! Glad you're asking the questions as it's great for me to see the responses as well.

I've found even the motivation to go to sunny Florida is a good one - it's all about the exact deal in a good market if all the other factors turn out equal.

Hey @Grace Kim, welcome to BP! Glad you're getting started, you're in the same boat as a lot of people here. 

I am a multifamily syndicator and the partnerships vary based on each and every deal. On a 200+ property it may be necessary to bring on 4-5 General Partners for money raising, management, signing on the loan, etc. In this case a new LLC is formed for the property and for the management team, but that happens once we're moving through due diligence towards closing. On a smaller deal, all that may not be necessary as it could just be 1 GP.

You've likely thought through a lot already if you're considering creating an LLC, but I'd say it's important to consider what your overall strategy is. Are you looking to be an active investor in a general partnership on an apartment deal? If so, you might want to create a "Investment LLC" that becomes a part of future GPs. In this case, I'd say you don't have to form the LLC and pay to do so until you have a partnership and a property lined up/under contract. Then you can turn it on in a day or so.

If you're looking to be a passive investor, you may not need an LLC as the property and managing LLCs remove you from liability, but I'd definitely consult an attorney and/or CPA here. Again here, I'd say wait until you've vetted a syndicator and they have a property under contract and ready to go until you form the LLC.

You're definitely in the right place to ask all your questions and hopefully the above is helpful!