All Forum Posts by: Pankaj Sharma

@Jonathon Weber spot on !

@Calvin T. Correct. He’s def a danger to those that are naive. Thx for your post.

@Nigel Ford I hope you didn't listen to Grants BS and started anyway. He's not the all knowing God of REI. He's the God of sales and marketing and he's selling people on himself everyday.

@Joe Splitrock you hit it exactly right. Too many are awed by Cardone’s flash and haven’t followed him long enough to see how full of it he is. I listened to him a few years back and was inspired because I was already into apartments but now if he comes across my radar he just seems so fake. His numbers are always escalating and he’s getting rich off of suckers handing over capital and credit card numbers. He even sued a guy for making truthful videos about him just to shut him up but it didn’t work.

@Jeff Cagle This is a super important topic. I see so much of this type of thing. People showing deals they’re closing left and right. It seems all the scammers are now raising capital for multifamily deals and/or selling courses on how to do it. Not saying all courses are scams but most are esp the costly ones. Buyer be aware.

@Yonah Weiss  Thanks so much.  Our overall goal with this deal is much like we have always have done.  First we work towards stabilization of the property along with increasing the value through capital expenditures.  We could fix and flip it in a few years but that's not our style.  We're into creating generational wealth by having solid income producing assets to pass down to our children.  We remain hands on and personally manage our properties as well which is never ending work but has it's own rewards.  Have a great day!

@Danny Randazzo GREAT question!  Honestly sometimes in this business you never know what to expect even if you've been doing it a while.  I have never ever made an acquisition like this where the former owner owed everyone tons of money.  Vendors were coming after us left and right but the most difficult challenge was dealing with utility companies and fending off shut off notices.  We had to put 10,000 in escrow with UGI for 3 years because of the performance of previous owner.  The phones were shut off in our one office in our high rise building with 273 units.  It was non stop drama so much so we decided to start a reality show around it but as soon as we hired a crew to video everything chilled out quite a bit thankfully.  Our youtube channel we started a few weeks ago is  Sharma's Karma 

He also wrote Untethered Soul which is big on audible but I recommend the Surrender Experiment in terms of growing a business and the magical process of life

Thx TJ. Hopefully one day we will land a deal where it’s warmer like Tampa. 😊

@Hunter Plescia we’ve always done 15/15 year loans in multifamily. Cash flow is lower no doubt but you gain equity faster end and are able to pull out money again if needed. Cash flow isn’t always the most important thing but it depends on the vehicle and type of investment. For 3 units he’s prob better off following your advice unless he can forgoe the cash flow to build equity and build for the long term.