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All Forum Posts by: Thomas Lebens

Thomas Lebens has started 7 posts and replied 14 times.

Post: Should I Pay a Mentor?

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9
Quote from @Evan Polaski:

@Thomas Lebens, I have not paid for a mentor, but I did pay for a business degree with a focus on real estate (if that counts).

That being said, I have talked with many that have paid for mentorships, and thought about this as a business model, overall.

So, IF I was going to pay for a mentorship, first, I would want to make sure this is someone that is actively DOING deals TODAY.  There seem to be a lot of gurus out there that are making more money in their mentorship program than they are living in real estate investing. And if they are really so successful in real estate, why are they spending their valuable resource of time selling a mentorship program?

I would ask what resources they provide AFTER you are done with the course.  Will they meet brokers with you?  Will they help review LOIs?  Will they be an LP in your deal? Will they introduce you to real LPs?  Will the walk properties with you?  Effectively all the nuanced parts of actually putting a deal together.

When was they material they are presenting/providing you last updated?  What worked 12-18 months ago doesn't really exist anymore.  This is a dynamic field, so for materials to be relevant they need continually updated.

Lastly, I would ask WHO is actually teaching what?  Are you getting access and feedback from the person whose name is on the course or are they the marketer and then outsource the work to others?  If it is others, are those others actually doing deals in today's market?  I don't mean to discount having other experts help you, as long as these are people that are living in the industry.  If it is just other former students who are not working in what they are providing feedback on, I would not trust it.


 Thank you! This is great feedback. I will add these questions to my notes!

Post: Should I Pay a Mentor?

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9

Hey Everyone!

I am in the early stages of starting a company that focuses on acquiring large multifamily assets through JV partnerships and syndications. I am considering paying a mentor or purchasing a training program to help me get this started, but I have some questions for the BP community before I make a big investment.

1. If you have paid a mentor or purchased a training program about syndication in the past, was it worth it? (And what program was it?)

2. What questions should I ask a potential mentor and what research should I do before applying for their program?

I have already spoken with someone who I think I would like to work with, but I want to make sure I am not jumping the gun. If you have had success in syndication after working with a mentor, or if you are a mentor yourself, let's get in touch!

Post: Calling All Denver Agents!

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9
Quote from @Ben Rhodin:

Hey @Thomas Lebens! Welcome back to the Denver market, it is great to have you! I am an agent out of the Denver metro, and happy to connect. Is there a certain strategy you are targeting with the 5-10 units, or what are your investment criteria? We have had a good amount of success with the MTR space for the small-medium sized multifamily to be able to produce a bit more cashflow from the. 

Happy to connect, and see if we are a good fit, just let me know!

Thank you for the reply! These would be buy-and-hold long-term rentals, preferably built from 1980-present. I'm open to light cosmetic rehabs. 

I would consider MTR if I can connect with a solid operator in the area, but I have no experience with mid-terms myself.

Post: Calling All Denver Agents!

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9

Hey Everyone!

I'm a former Colorado resident, and I want to get back into the market in Denver (and possibly FoCo). I am a multifamily investor, initially looking at 5-10 units, but interested in scaling up quickly. 

If you are an agent, or if you know a solid one, comment or shoot me a message. Let's get in touch. 

Also, I will be looking for contractors, lenders, and PMs soon, so I would appreciate any referrals you have. 

Thank you in advance!

Jacob, I am finishing up my own financial model, and I would love to compare notes. You definitely have more experience than me on this topic, and your model seems more extensive, but I would love to trade ideas. 

@Rhett Streelman, same goes for you! I would love to get more eyes on my UW model if you want to take a look at it, and I would love to see the tool you developed!

Post: Help Reviewing My Underwriting Model

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9

Hey guys! I am almost finished building my multifamily UW model, and I would love to get as many eyes on it as possible to check my work before I start using it for real deals. Shoot me a message or comment if you are able to take a look at it!

Am I missing any important data points? Should I add any new functions? Do you think it's ready for action?

Also, once it's complete, I'm more than happy to share it with anyone who is interested.

Thank you in advance!

Post: Startup Costs of Creating a Syndication Fund

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9
Quote from @Percy N.:

@Thomas Lebens typically, the term syndication refers to a vehicle for a single asset investment and a fund refers to a vehicle for investments in multiple assets.

For a "typical" syndication, the cost could run anywhere from $15k-$20k with a $5k-$10k ongoing yearly charge. Blue sky filings can be in the $3k-$7k range depending on how many investors you have and where they are located.

For a Fund, it can range from $25k-$50k for the initial setup and $25-$60k depending on whether you use a Fund Admin, Auditor, etc. 

Reg CF or Reg A+ can range quite a bit.

As others have indicated, there are also other costs like marketing (for a 506c or Reg CF/A/A+), deposits for the deal and lender, etc which can run several hundred thousand into the millions depending on the size of the deal you are pursuing.


Thank you for the clarification! For syndications, would those expenses be required for each individual asset? Or would some of these be one-time costs? 

For example, when I put together a second, third, or fourth syndication deal, would I have all of the same setup costs?

Post: Startup Costs of Creating a Syndication Fund

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9

Hey everyone!

I am having trouble finding reputable sources of information regarding the costs associated with forming a 506(b) or 506(c) fund. 

If you have done this before, or know someone who has, what costs are associated with the formation of a syndication?

Book recommendations? YouTube video recommendations? Podcast recommendations?

Thank you!

Post: Finding On- and Off-Market Seller Financed Deals

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9

I'm a new investor, and I want to scale to a dozen units in the next couple years, but my biggest constraint is capital. I have professional experience analyzing deals and managing properties, I am new to creative finance and I have trouble keeping consistent deal flow.

What are the best strategies you have used to consistently find seller financed deals both on- and off-market?

Post: Looking for a property manager in Cincinatti

Thomas LebensPosted
  • Investor
  • Atlanta, GA
  • Posts 14
  • Votes 9
Quote from @John Wright:

Hey if anyone is still looking for an investor friendly property manager in Cincy let me know and I can send you my list. 


 Just hopping in this thread. Can you send me that list, too?