All Forum Posts by: Robert Reardon

Syndication is a type of funding and crowdfunding is a method of finding investors. 

I'm downtown SRQ and invest mostly in small to medium multifamily - with a flip here and there. Happy to meet for coffee to discuss local market insight. 

^ that gave me a good chuckle. Good ol no shirt no shoes Nokomis.

Oddly enough there is higher-end new construction on Colonia. I forget the developer's name but it's on the water. There's some decent pockets around Colonia where homes back up to Shakett Creek. Agree to stay clear of the area with prefab homes. 

I grew up in Nokomis. Happy to jump on a quick call to share my experience and knowledge. 

Inbox me if interested. 

Would like to get this community's opinion on a concept I'm exploring.

The idea is to convert 70s/80s vintage motels (Gulf Coast of Florida) to economical housing for low income tenants. These properties are often under performing and difficult for the owner to refinance or sell, providing a cost basis including capex that is well below the going rate for garden style multi-family.

I would be collaborating with a team that has direct experience re-positioning these properties. They have been successful with gaining approval from municipalities and securing debt. 

Proposed rent is $625 including utilities. The intention is for tenants to not receive housing subsidies and to have steady income and employment.

It seems very attractive due to the cost basis and would aim to refinance all, or nearly all of invested capital once the property is stabilized and financials seasoned. My concerns are the potentially high churn related to low income studio apartments and more management intensive style property.

Has anyone participated in a project like this? Is it something you would consider? 

I'm focused on small to medium size multifamily on the Gulf Coast and it's quite competitive.  It's been challenging to find good deals in decent neighborhoods. 

No platforms I'm aware of are doing deals for unaccreds. Not all brokers / service providers support those exemptions and the unit economics make it difficult to pursue. 

Congratulations! Looking forward to reviewing your product offerings. 

As an aside, did you embed a tracking cookie in your links above? I'm getting a weird redirect.

No, but higher cap is preferred. 

I am looking for small-to-medium size multi-family property on the Gulf Coast of Florida. Up to $4M purchase price, 25 - 75 units and 7% minimum cap rate. Class B/C. Please inbox me if you are aware of opportunities that fit this criteria.

Has anyone dealt with restrictions of transferability of membership, ownership or beneficial interests under Fannie or Freddie loan covenants? Specifically when the sponsor is providing bridge equity in order to be opportunistic and acquire properties prior to syndicating equity?

My questions relate to best structure to avoid triggering a sale; avoiding additional fees (transfer and legal); what eligibility requirements accredited investors would be subject to (eligibility, credit, management or other).

Thanks in advance.