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Multi-Family and Apartment Investing

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Arn Cenedella
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  • Greenville, SC
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The value of coaching and mentorship

Arn Cenedella
Pro Member
  • Real Estate Coach
  • Greenville, SC
Posted Apr 14 2024, 07:00


Remember your first bike ride without training wheels? 

Your first day at a new school or job?

Your first date with someone special? 🚲💼❤️

Even with 40 years in real estate, I felt the same way about buying my first apartment building. I'd been to a few rodeos as a residential broker in Silicon Valley and had a big single-family rental portfolio. 

But multifamily? That was uncharted territory.

I wanted to cross the finish line, but I wasn't sure I could do it. 

That's where my mentor, Reed, came in. I first "met" Reed while listening to a podcast about his journey from Australia to the US - a place he never visited before. 🌏

Laura and I had a similar "stranger in a strange land" journey when we left Silicon Valley for South Carolina - 2,800 miles across America. We took a leap of faith and moved where we knew no one. Now, 9 years later, we couldn't be happier. We had a vision of the life we wanted and didn't let the naysayers derail us. 🌟

When I first got into multifamily, I felt like the new kid on the block. Shy and afraid to express my own opinions. Reed talked me off the ledge when due diligence revealed surprises. He assured me we'd get through the frustrating process of securing a loan.

And we did. Three years later, that property is exceeding expectations. Since then, I've acquired 6 or 7 more multifamily properties.

The greatest periods of growth in my life occurred when I was willing to be uncomfortable and vulnerable.

Think back to all the times you were nervous or afraid. Remember how good it felt when you pushed through and succeeded.

If you've been spinning your wheels for the past 6 to 12 months, maybe it's time to get some help and support. You don't have to do it alone. Don't let fear hold you back from achieving your multifamily investing goals. With the right guidance, you can overcome obstacles and succeed. 💪

#multifamilyinvesting #mentorship #realestateinvesting #overcomingfear #success

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Anthony Chara
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Anthony Chara
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Replied Apr 15 2024, 09:47
Reed is awesome!

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Jay Hinrichs#1 All Forums Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs#1 All Forums Contributor
  • Real Estate Broker
  • Lake Oswego OR Summerlin, NV
Replied Apr 15 2024, 10:30
Quote from @Arn Cenedella:


Remember your first bike ride without training wheels? 

Your first day at a new school or job?

Your first date with someone special? 🚲💼❤️

Even with 40 years in real estate, I felt the same way about buying my first apartment building. I'd been to a few rodeos as a residential broker in Silicon Valley and had a big single-family rental portfolio. 

But multifamily? That was uncharted territory.

I wanted to cross the finish line, but I wasn't sure I could do it. 

That's where my mentor, Reed, came in. I first "met" Reed while listening to a podcast about his journey from Australia to the US - a place he never visited before. 🌏

Laura and I had a similar "stranger in a strange land" journey when we left Silicon Valley for South Carolina - 2,800 miles across America. We took a leap of faith and moved where we knew no one. Now, 9 years later, we couldn't be happier. We had a vision of the life we wanted and didn't let the naysayers derail us. 🌟

When I first got into multifamily, I felt like the new kid on the block. Shy and afraid to express my own opinions. Reed talked me off the ledge when due diligence revealed surprises. He assured me we'd get through the frustrating process of securing a loan.

And we did. Three years later, that property is exceeding expectations. Since then, I've acquired 6 or 7 more multifamily properties.

The greatest periods of growth in my life occurred when I was willing to be uncomfortable and vulnerable.

Think back to all the times you were nervous or afraid. Remember how good it felt when you pushed through and succeeded.

If you've been spinning your wheels for the past 6 to 12 months, maybe it's time to get some help and support. You don't have to do it alone. Don't let fear hold you back from achieving your multifamily investing goals. With the right guidance, you can overcome obstacles and succeed. 💪

#multifamilyinvesting #mentorship #realestateinvesting #overcomingfear #success


I share the same sentiments about Charleston Sc.. I also grew up in Cupertino and lived in Palo Alto Napa valley prior to Oregon..

I found Charleston in 2012 when one of the fix and flip gurus I knew wanted me to fund a fixer for him on Ashley st.  I was used to doing deals in jackson MS and Birmingham so I was a little shocked when i saw the as is price there in Charleston.. 6X or more higher than other parts of the deep south. So I funded 3 deals for them there they went OK for  him went fine for me.. But I made it a point to fly out there and check it out.

I was looking at what Luxury simplified was doing on my trip and thought I think I can jump into this as well. I brought a GC i knew from Vegas and set him up and we started buying lots on the wrong side of America st.. for 20k or so.. I sold my first spec to Shep of Southern charm.. anyway 40 some spec houses later its been a wonderful ride for us.. I would have moved there but with Grand kids all on the west coast it was not an option.

I love that city.. Then when I was at Halls Chop house ( were i would always have dinner at least one night on my trips there.. Got to talking to Billy Hall turned out his dad was the GM of Silverado and they lived right down the street from me when I lived there.. SMall world.
Anyway I share your enthusiasm of Charleston by far the best city in the South in my mind.
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Anthony Chara
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Anthony Chara
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Replied Apr 15 2024, 11:27

Hey @Arn Cenedella, are you a member of Upstate Carolina REIA?

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Arn Cenedella
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Arn Cenedella
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Replied Apr 15 2024, 11:54

@Anthony Chara


I am not a member of UCREIA but have presented to the group before at one of their meetings. I think you teach there too. Is that right?

Arn

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Anthony Chara
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Anthony Chara
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Replied Apr 15 2024, 11:59
Yes. I'll be there tonight talking about apartment investing and I come back on Saturday, April 27th to do an all day workshop.

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Anthony Chara
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Anthony Chara
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Replied Apr 16 2024, 12:28

Hey @Arn Cenedella, I missed you last night. Rick Baldaramos wanted me to tell you "Hi" for him. I'll be in south Jersey later this year too.

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Arn Cenedella
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Arn Cenedella
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  • Real Estate Coach
  • Greenville, SC
Replied Apr 18 2024, 08:08

@Jay Hinrichs

Yep CA ex pats find joy and happiness in the Carolinas. 

Who knew?
We love Charleston too. When Laura had a 3 month sabbatical from Intel in Santa Clara she rented a carriage house down on Haskins right there in the heart of historic Charleston. 

Ping me if you come to Greenville again, happy to get together for some food and drink. 

Arn

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Kabilan Nathan
  • Wholesaler
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Kabilan Nathan
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Replied Apr 19 2024, 07:42

@Arn Cenedella congrats on your journey! I've started my own journey about a year ago in wholesaling and I'm working towards the ultimate goal of multi-family and commercial investing. Just the stuff I needed to read, so thank you.

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Arn Cenedella
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Arn Cenedella
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Replied Apr 19 2024, 07:56

@Kabilan Nathan

Thank you. 

Wholesaling is a great way to get started in REI. Not much capital is required just lots of Hustle.

Good luck!

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Ariel Gonzalez
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Ariel Gonzalez
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Replied Apr 22 2024, 04:59

@Arn Cenedella Thank you for this post! 

I'm starting out my apartment investing journey and it's been about 6 months since I joined a mentorship program. I've benefited a lot from it and my mentor has been very beneficial throughout this journey. I'm still working on getting my first deal which gets a little frustrating at times. Sometimes I question whether I made the right decision to do this in the first place but when I read success stories like this, it makes the process that much more exciting! 

Congratulations on your success!

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Arn Cenedella
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Arn Cenedella
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Replied May 5 2024, 05:03

@Ariel Gonzalez

Hey don’t despair.

It’s a tough market out there.

In most cases, seller pricing expectations are still out of line with the current cost of debt.

I’m proud of you that you just didn’t buy something to buy something - that takes discipline.

It’s important that your first deal is a success or at least not a train wreck.

I’d encourage to start small finding a 6 to 10 unit building and buy that with a few friends. Gain some experience and some REAL confidence not just false bravado. Get your feet wet. Learn and then scale.

My advice: Don’t look for the home run deal, look for a solid line drive base hit deal. Just a solid deal that will make sense ove a 5 to 7 year hold.

Good luck, hope this helps.

Arn

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Ariel Gonzalez
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Ariel Gonzalez
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Replied May 5 2024, 12:11

@Arn Cenedella Thank you very much! I truly appreciate the advice. 

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Joe S.
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Joe S.
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Replied May 5 2024, 19:51

I’ve been doing single-family housing for years.  i’ve considered multifamily multiple times, but finding the right person to help me that wasn’t just trying to sell mentorship seemed overwhelming.

One of the things that I would want to do in an apartment purchase is to do more than simply syndicated. I would like to own it :-)

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Replied May 5 2024, 22:07

Basic questions for all the ones that have mentors to recommend?

Will the mentor introduce and vouch for you with his investors?

Will the mentor personally be investing in your deals as a client of yours?
Will the mentor introduce you to LPs and vouch for you within those connections?
Will the mentor introduce and vouch for you with brokers?
Will the mentor co-sign the loans?
Will the mentor help throughout the business plan?

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Arn Cenedella
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Arn Cenedella
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  • Real Estate Coach
  • Greenville, SC
Replied May 6 2024, 02:58

@Joe S.

There are ways to syndicate a deal initially wherein the GP lead sponsor can buy all the investors out a few years into the deal generally thru refinance after the business plan is executed and value increased. Some call this the infinite return model.

Pending the amount of capital you have to invest, I can also help you buy your first building individually.

I started with a 12 unit and am now GP in over 1000 units worth $130M.

After 46 years in the industry, I am opening up a few spots on my mentoring program wherein students will have direct access to me and all I can provide. 

Reach out if you would like to learn more.

Thank you,


Arn



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Arn Cenedella
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  • Real Estate Coach
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Arn Cenedella
Pro Member
  • Real Estate Coach
  • Greenville, SC
Replied May 6 2024, 03:05

@Sky Shade

Each program is slightly different and also varies from student to student.

In general, the mentor will 1. Introduce and vouch for you with brokers 2. May act as KP (co-sign) on loans in return for a fee and part of the GP 3. Help with business plan.

None of my mentors invested their own capital in my own deals.

None of my mentors provided access to their investor database.

But some might.

After 46 years in the real estate industry, thru all types of markets - good and bad - from Silicon Valley to Austin TX to Charlottesville VA and now Greenville, SC, I've successfully invested and now want to help others. Accordingly I am starting a new coaching mentoring program where you will have direct access to me. Trust me, having someone supporting you every step of the way is critical.

Reach out if you would like to learn more.

Thank you,


Arn