All Forum Posts by: Brian Adams

@Jacob Rosenkranz as an operator myself, and I know we are in a crazy market, that IRR seems to be outside of normal and reasonable. You should ask the operator for clarification, maybe a typo.

This is an old post and my PM now uses a program snappt.

I bought a 1,000 unit apartment complex and it works well.

If you know anyone selling, I need to buy a 500+ unit apartment complex and I will pay you a finder’s fee.

I am looking for value-add multifamily properties, prefer off-market, that are built after 1980, B/C class property in B area with pitched roofs, individually metered, with value plays such as low rents, poor management, high vacancy and a motivated/flexible seller. If New Construction, want an asset in the new lease-up phase.

Target markets Dallas, TX and Atlanta, GA and will consider other markets with strong job and economic growth.

@Litan Yahav the sponsor/syndicator/operator can be the same person or group.

Usually, the syndicator/operator has the same meaning, the person or group putting the deal together and will operate the deal post-closing.

The Sponsor could be someone different as they are signing for the loan using their experience, net worth and liquidity to qualify for the mortgage.

@Mason Haley if you are looking for 50+ unit deals, CoStar and Yardi Matrix has owner information.

I bought a 1,000 unit apartment deal using a combo of DM, calling and emailing the seller and I obtained owner info from Yardi.

@William Allen awesome and I am a huge TR fan!!

In 2013 I was fortunate enough to travel to Fiji to work with Tony at Business Mastery, with about 100 other people. It was an incredible experience and my beliefs and business were positively impacted.

I refer to this often:

@Ben Leybovich I guess you should clarify since you used to get paid to teach others. 

@Peter Sable my journey in syndication is exactly as you described: "invest as limited partners with the intent of learning how the deals get underwritten and how they are managed."

I now have my own business, bought and sold 5,300 units valued at over $300 million.

My last purchase was a 1,000 unit apartment complex.

More than 10 years ago I also hired a coach. 

As @Account Closedmentioned, you need to find the right coach or platform as not all will give you what you need.

I am not sure if anyone still reads this long thread, but I wanted to provide an update. Especially for someone just starting out.

10 years ago I quit my CPA job to start my own business and it was the best decision I ever made.

I am so grateful for those that have supported me here on BP.

As I close out 2021 and plan, in the next 3 years, I will be at $1 Billion in transactional value. Today I am at $303 million.

A quick update on the 977 unit deal I bought, when I closed the deal earlier this year, the average rents were $831 per unit.

In October 2021 we had 25 move-ins at an average rental rate of $1,169 or a rent increase of $338 per unit.

My leasing team is very busy getting units leased.

In speaking with the leasing team, they feel we can increase rents another $100 during Q1 2022 when the spring leasing season starts up.

For example, our most popular floor plan, a 2 bedroom, 2 bath townhome with a loft, the rent when I bought was $867 per month.

In October we leased 4 units of this floorplan at $1,350 per month or a rent increase of $483.

Our team thinks we can take this rent to $1,450 per month.

So 2022 is looking very promising.

@DongHui Patel hmm I have syndicated many deals…what do you mean by a “side letter”?