All Forum Posts by: Scott Szpyrka

As an experienced Multifamily Broker, I can more than vouch for the Multifamily Wealth Nation Team! They are doing this business at the highest level. Connecting yourself to them would be very smart if you’re looking to get in this industry of scale your current investing business.

1 Vote

Quote from @Derick Bonsu:

Congrats. While I'm focused on STR at the moment, then mid-size multi is my ultimate goal. Just a few questions:

1. How many partners and how long did it take you guys to find this deal?

It was me and 4 other partners. The deal was actually on market. I have been getting into multifamily for about a year.

2. Was this on the MLS?

No, in general deals of this size do not trade on the MLS. This was listed with a commercial broker.

3. How much did you contribute to the deal. A percentage is fine if you're comfortable sharing.

I contributed both financially and helped with the deal to have a decent share however I am not the majority partner.

4. Who's going to be managing this?

My mentor and partner on the deal, Jake Stenziano, has a management company where he will be managing it.

5. Are you getting rid of the students or just letting lease expire in the 2-3yr mark you mentioned?

We can not “get rid” of them we have to honor their leases and however we are not renewing their leases. So all the students will be gone within a year of purchasing the deal and we will refinance at the property at the 2-3 year mark of owning.

6. Are you looking forward to another deal soon or taking a break.

I 100% want to do another deal ASAP. I didn’t take all the time to learn this to only do one deal!

Thanks for sharing

1 Vote

Knoxville, Tennessee

Hey BiggerPockets Family!

I wanted to share a big win with all of you. I closed on my first Apartment deal, partnering with my mentors. See below for deal details and the story.

Deal Size: 18 units

Location: Knoxville, TN

Purchase Price: $3 MM (166.6K per door)

Year Built: 2014

𝐃𝐞𝐚𝐥 𝐏𝐥𝐚𝐧:Due to the demand for long-term rentals in Knoxville, we plan to convert the units from student housing to long-term rentals, giving us significant rent upside and better long-term debt options. Because this is a newer deal, there is very minimal cap-ex on it, and most of the play was to increase rents. We purchased this deal using a local community bank. Once all rents are at the market (year 2-3) we plan on securing long agency financing so we can continue to cash flow with longer I.O. periods and amortization. This will also allow us to pull out some if not all of our initial capital investment in the deal. Let me know if you have any questions on the deal or I can help in any way!

6 Votes

Knoxville, Tennessee

All Forum Posts by: Scott Szpyrka

Scott Szpyrka has started 1 posts and replied 3 times.

Post: Experience with Multi Family Wealth Nation

Post: First Multifamily Deal- 18 Unit Apartment Complex

Post: First Multifamily Deal- 18 Unit Apartment Complex