All Forum Posts by: Sam Wilson

@Chris Levarek - Wow!  Great post!  Thank you so much for taking the time to share your journey with us!  I love reading success stories like yours! They are both inspiring and a reminder that even though everything doesn't always go as expected that is also a learning tool for future success.

I also love all the ways you incorporated partners and partnerships - even including your spouses (My wife and I often joke that there real needs to be a support group for spouses who work together!)

Keep up the great work!

@Wesley Thompson -  Thanks for taking the time to share all of that!

My wife is from the middle Tennessee area.  We love it there!  She still has a lot of extended family in Chattanooga; she and her siblings and her mom were all born at Erlanger!  

My brother was an Airforce officer and his last job was ROTC at Purdue.  He too chose that in order to be closer to family.

Think that the coffee business is just a great niche and cool way to brand yourself.  My wife feels the same way about owning a laundromat!

Please report back when your project is completed!  I'd love to hear how the numbers worked out.

@Alan Martin -  Maybe I am missing something, but why would you not just buy the house from him?  or is there more to the partnership?

@Wesley Thompson - your coffee company website is great!

@Wesley Thompson - congrats and congrats!  First that you were able to get the house less than 20k than originally priced.  That is a challenge in most markets and I know Chattanooga has been hot for a while.  

I have lots of questions for you!  

One:  why did you chose Chattanooga?

Two:  Why didn't the findings from the inspection scare you off as it did the others?

Three: How did you become involved in the coffee business? (military, REI and coffee!? Love it

@Luke Grieshop - @Taylor L. and @Jack Martin already gave you some great advice, but all add my two cents and hope it helps too!

I too was an LP in several deals before I started being a GP. Those were invaluable learning experiences and I'm thankful that my GPs were always willing to answer my questions regarding the investment. I was one of the rare folks who read the PPM, subscription docs etc line by line. You'll learn a ton just by doing that.

And I could not agree more with Jack regarding investing in the people before the project!  I've invested with several syndications only after I got to know the people involved, their investment history, and investment philosophies.  I would add that those who invest with us do so for the same reasons.

All that to say is I there are three things I believe you must evaluate in this order:

1) The Team

2) The Market

3) The Deal

While the deal should obviously be examined, if you have picked the first two correctly, then the third will be less important. Better a "B" deal with an "A" team than the other way around.  The deal/project may change as it progresses and as improvements are needed (ex.  we are LPs in a storage project that has had several government reg setbacks but because we chose a solid team, they have handled them all well and the project is moving forward)

Your question about added benefits? Sure. You get a front row seat to how the deal is structured, what you like, don't like, etc. You get to see OM's, the reporting, be on investor calls, etc. It's all right there in front of you and you get to see how it is done and learn along the way.  

Personally, my investors take a much more passive approach than I do as an LP, but that is because I truly love getting into the weeds with this and investing is my full-time job.

If you have any other questions, please reach out to me.  I have a had so many people share their wisdom with me, I'm always happy to share what I have learned.

@Dimas Rinarso - Actually, we started out doing everything related to single family (flips, BRRRR, foreclosures, lease option,etc) so all my rentals in Memphis have been single family.

But haven't added any in a couple of years.  I transitioned to doing solely commercial work.  Still think rentals are great investments, but as a full-time job commercial fit my background better.

Let me know if I can be of any other help!

Hi @John Moisa.  I have not but I think it is a worthwhile idea.  If I were you I'd start meeting with local architects and contractors just to see what is possible and the costs involved.

Have you checked with codes and zoning yet?  If not, I'd recommend that as well before putting more money and time into the deal.

@Dimas Rinarso - Congrats on making the jump into real estate!!

My biggest suggestion is go visit multiple turnkey companies in each city and ask them to speak with some of their clients.  Once you narrow down the companies then you can post on BP and get some other feeback from people who have worked with them.

I can only speak from Memphis perspective but there are lots of amazing turnkey companies here who would love to help provide you with a home.  (so many that I'm not even going to start listing names because I'd leave them out!)

But also post your question in the Memphis forum and that might reach more people

I have not done turnkey in Memphis but have owned several rentals; it is a good market.

Reach out to me when you come visit and we can grab some famous Gus's fried chicken!

@Tim ORourke - not sure if this would help or even fit, but what about reaching out to any local, large REI related company (property management, development, investing, etc) and see if they will let you do an efficiency audit in one of their areas. The reason I suggest this is that most companies don't even realize where they can make vast improvements because the work has become so routine.

If nothing else, that might get them thinking of where they do need help and that could lead to a discussion on what you can do to help them.

I look forward to hearing what others have to think about your project.