All Forum Posts by: Scott Morongell

@Account Closed I would hire neither. I would get a company to do property management vs an individual. If your goal is to buy more property and ramp up aquistions then outsource property management. It is a distraction and bringing it in house will not save you enough money to justify it. It will slow you down on the aquistions side. 

@Jonathan Trimboli run with what you know. Software is compatible across all platforms. Most people use cloud based softwares and excel.

@Travis Watts another option is to find an operator that has been struggling to syndicate deals do to the high prices in the market and buy something together. You can structure the agreement so that you are still active but in such a minimal role that your time would not be overtaken by the asset. I'm not sure how much capital you would plan on placing but if it's a smaller amount you could run into scale issue which is probably one of the reasons why you like large MF projects in the first place. 

NC is good. Go where jobs are and people follow. Stay in the larger markets so you always have a strong renter pool. 

Excellent. I have heard of mailing directly to 5-40 unit properties worthwhile as they are typically mom and pops that may be willing to sell directly to you.

@Trey Wheeler not much left to comment on with all the fantastic responses above. At the end of the day, sponsors want to keep as much of the pie as possible yet still be able to raise capital and offer fair returns. 

@Brian Burke @Ben Leybovich what order do you prefer to do?

@Eric Oszczypala depending on your overall investments goal you could buy a smaller deal yourself or invest passively in a syndication. That being said, having cash right now is not a bad choice. If you choose the syndication route, make darn sure you properly vet the sponsorship team. Just because they blast social media content and fluff does not make someone credible. Cheers

@Jonathan Trimboli YOU do not need experience, however, people you bring on your "team" will need some. Freddie SBL is a non recourse loan designed for newer investors. One of the easiest ways to get around the experience piece is by hiring a rockstar 3rd party property management company. By doing this, it will allow commercial lenders to feel more comfortable with loaning you and your business plan some $$$$. Just hiring a 3rd party management company may not get the job done in some cases. You can bring on someone who has been part of larger deals to your "team" and give them a piece of the pie to further strengthen your chances of getting lending from a bank or agency. I am also in Charlotte. There are a few meetups here that could help you find someone that might be willing to sign on your loan with you.

@Caleb L. @Josh Oaten I personally do not see a place for a bird dog in the world of large apartment complexes. Operators already have relationships with the brokers and are much more likely to see an off market or "pocket listing". 

As far as the legal side goes I would recommend speaking to a real estate attorney in Texas as they will be able to give you the best advice. 

I have heard of bird dogging in the single-family space for flippers and wholesalers. I would just speak to an attorney first so you can appropriately conduct business. 

@Jilliene H. There are many syndicators on BP. Many will join together or do a few deals a year on their own. I personally syndicate B/C deals in NC/SC currently. Returns are subjective to your investor base but we raise capital just under or close to the industry average. The MOST important piece to a syndication is the sponsor. The deal is second. Why? a GOOD sponsor won't bring you a bad deal to invest in.