All Forum Posts by: Brian Adams

@David Chappell I have bought and sold 5,300 apartment units valued at over $300 million.

I went from buying a duplex in 2008 to buying a 1,000 unit deal in 2021. If you want to learn more about my story here is a link:

I quit my CPA Job to buy Large Apartment Buildings

What you are describing does exist as I provide consulting services to a select few who will do whatever it takes. 

Feel free to message me to see if we are a fit.

@Samuel S. I used Yardi Matrix to buy a 1,000 unit apartment complex. Yardi, I don't think, has a section for assets currently listed for sale, but I could be wrong.

As @E. C. "Stony" Stonebraker mentioned, you should have the sales rep give you a demo. Each software will have pros and cons and your budget will be a factor.

Before the demo, I would suggest you have a list of things you want to extract from the platform to help you go direct to the seller.

Here was my list when evaluating Yardi vs. CoStar. Several years ago, CoStar didn't have the best data for debt, so I went with Yardi.

• Name of owner
• Address of the property
• Address of the owner
• Phone number
• Email address
• Number of units
• Last sale date
• Amount of sale
• When debt is coming due
• How long owned
• Self-managed

@R Durney, last year I bought a 1,000 unit apartment complex and raised $40 million in a month.

I sent you a message and look forward to connecting with you. 

@Alex Khodnev I have had this situation before as the Seller and the Buyer and it depends on what was agreed to in the PSA (purchase and sales agreement).

Last year I bought a 1,000 unit deal and the PSA stated that any delinquency collected belonged to me (Buyer). There were some payments sent electronically (ach'd) to the Seller. My PM made the Seller aware and they wired us the money.

@Bob Stevens I get it and I am sure your message was trying to be helpful.

Last year I bought a 1,000 unit apartment complex and I am still learning. 

@Bob Stevens

Yes - it is important to know the basics, but You learn by doing.

I don't know this asset, or @Celeste Carter-McAfee, he is trying to learn, so let's try to help him.

@Celeste Carter-McAfee your PSA should address this situation when units are not rent-ready. In my PSAs, the language states that the seller gives a credit at closing ranging from $750-1500 per unit. I recommend that you lease the unit instead of the seller.

There is a difference between rent ready and a down unit. A down unit is one where there might have been a leak and all the drywall needs to be replaced, flooring, etc. This is negotiated differently, and a credit at closing could range from $15k to $25k per unit depending on the shape of the unit. 

@Jonathan Hernandez thank you and I am glad the information in this long thread is helpful to you.

@Jonathan Hernandez thank you and I am glad the information in this long thread is helpful to you.

@Jensen Escobar the more underwriting you do the more it will make sense.

Repetition is the mother of skill.

Last year I bought a 1,000 unit deal and have my underwriting dialed in. 

If you would like to learn the process, I have a couple of deals in my pipeline that need to be reviewed, and I will give you some feedback.

Feel free to message me.