All Forum Posts by: Steven Pesavento

Looks like you've got a pretty exhaustive list! 

It's a great market. I personally flew there monthly from Socal when I started my real estate business. Its a trip if you're not on the East Coast, but it can be done. 

I would 1. Provide the agent with a signed NDA. 2. I'd request the info. 3. If they don't provide it, then I'd make an offer based on "my assumptions" letting the agent/seller know this with the offer. 4. If accepted, as a term of the agreement I'd request all the financials to begin the Due diligence period. 

From there you can decide if the property fits the numbers you need to. 

Sometimes sellers are difficult and its upto you to decide if the deal is worth it. Sometimes it is... other times its not clear or to tight with out all the info. 

Each investment will have its own terms. I see some syndicators refinancing LPs out of their deals, while most of the institutional style firms like VonFinch typically keep investors in the deal through sale. This is often better for investors. 

There are different models, that provide investors with different benefits. The key is to begin understanding deal structure, so that you don't get into a structure that isn't pro-investor. I've seen this a lot lately and its something to watch out for. 

The real question is why wouldn't you charge back expenses to tenants if the competitors are doing it? 

Lowering expenses or increasing income, lead to an increase in value. Do it! :) 

What do you want & why do you want it? This is the core question I ask my high-performance clients over and over again... and its the same question I ask my LP passive investor clients too. 

Once you answer that question, its easy to pick the route you want to go. Passive investing is the right path for those who want to leverage other peoples time, experiese, access to debt/capital and network to grow their wealth. Active investing is great for those who look to replace their full-time job, who want to serve active investors and love managing all the details of operating real estate. One is not better than another, simple one is hands on and the other is passive. 

We cover this a ton on the Investor Mindset Podcast too. 

So great to be on the show with the Biggerpockets Multifamily Mentors team. 

If you've never syndicated, I'd recommend syndicating a deal not a fund. A single deal is simpler for an investor to evaluate and a smart choice when investing with a new syndicator. 

Go out and find an experienced partner to bring onto the team, who has the experience and networth required to get agency debt (Fannie/Freddie). 

They key to these projects is ability to execute. If the numbers work, and you have the experienced team to do the heavy lifting they can be profitable. That's the biggest risk for most investors with jobs like this is 1. knowing what numbers are needed to buy it right and then 2. the execution risk involved in getting the job done. 

Learning the Investor Mindset has contributed the most to my growth. By getting surrounded by other succesful people, learning & applying how they think and then taking action!