Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
Hello BP,
I'm an investor from Miami, FL with some buy-and-hold experience locally as well as investing in one syndicated deal (296-Unit Apartment Complex) in Dallas, TX as a limited partner.
My goal for 2017 is to buy at least one mid-size apartment complex in an above-average growth market in partnership with a like minded investor with a passion for value-add multi family investing and syndication.
I have extensive education and knowledge about apartment complex investing but no first hand experience yet. I currently lack the credentials to secure financing for the deal but I'm under contract to sale one of the properties I'm holding and will have at least $200k available to put into the purchase.
If anyone is interested in chatting further, sharing goals and vision, and exploring the possibility of a partnership don't hesitate to reach out.
Also, I would love to hear all your comments on this idea of doing a JV with another investor in order to join forces and go bigger right off the bat.
Investor · Dallas, TX · Member since 2016 · 168 posts · 195 votes
9y
Hi Lennon!!! We have over 1300 units (Apartments) with 454 more closing this month... mostly in Dallas and the new one in Atlanta. We are more than capable of doing deals on our own without a partner...but we really like the acronym T.E.A.M. (together everyone achieves more). Have you had any multifamily education? In general, JV partners each bring something to the table such as...
(1) Broker Relationships for the deal flow
(2) Investor Relationships for the money flow
(3) Knowledge or connections in a desirable market that your JV Partner does not currently have
(4) Your own capital
(5) Lender experience such as Fannie Mae, Freddie Mac, etc.
Investor · Anaheim, CA · Member since 2014 · 242 posts · 81 votes
9y
Hi Lennon,
All my deals have been with partners. I own apartments in 3 different states, including Texas. All were syndication and partnerships. I don't know you're investor identity or what you're goals are, so I can't tell if our company's are compatible. If you think it makes sense for us to talk further let me know. Send a direct message and we can do a telephone call and get acquainted.
Lender · Morrisville, NC · Member since 2015 · 610 posts · 131 votes
9y
@Lennon Lee - Financing is always a herd thing to peg down. However; you may be in better shape experience wise than you giver yourself credit for. I'd love to hear more about your strategy and what kind of partners you are looking for. Please feel free to reach out.
Investor · Dallas, TX · Member since 2016 · 168 posts · 195 votes
9y
Hi Lennon!!! We have over 1300 units (Apartments) with 454 more closing this month... mostly in Dallas and the new one in Atlanta. We are more than capable of doing deals on our own without a partner...but we really like the acronym T.E.A.M. (together everyone achieves more). Have you had any multifamily education? In general, JV partners each bring something to the table such as...
(1) Broker Relationships for the deal flow
(2) Investor Relationships for the money flow
(3) Knowledge or connections in a desirable market that your JV Partner does not currently have
(4) Your own capital
(5) Lender experience such as Fannie Mae, Freddie Mac, etc.
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@Account Closed Let's get in contact via and since you are in the Ft. Lauderdale area we can maybe grab some coffee and discuss our real estate goals and find ways to collaborate. Share your contact info via PM.
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@Omar Ruiz I would definitely like to get in contact and share our goals and vision and find ways to collaborate if possible. Will message you directly to your inbox. Best!
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@Nathan Click Thanks for replying. I would love to hear the financing options (if any) that I might have at the current moment and share my partnership goals. Will definitely reach out to you soon. If you have a particular time and day that you like to be contacted let me know.
Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
9y
Lennon,
So, I like what Tamiel is getting at, what are you bringing to the table? $200K is great but what skills, resources and experiences are you bringing to the table? You can have a great deal, solid market but w/no experience, then no investors nor lenders will be interested. So, would suggest if you don't have that make a plan to get it. You can learn by partnering w/experts and leverage their credibility. Once you've done it a few times, got your name on the loan, developed some broker relationships, perhaps learned to do deal analysis, then you can add value.
Have you thought of getting an apartment mentor or coach? What training in analysis, markets, etc are you receiving, have received or plan to receive ? Have you read some good books out there? There's a lot of folks w/money, but start putting some of the pieces together by assessing your resources and what value can I add to a partnership. What are your interests, what are you good at? Maybe its raising capital. If that is the case, have some ideas for you. Check out some of my podcast interviews on my profile page. Bottomline, desire is great, but combine that w/some knowledge and partner w/experts to gain the experience and you can go far much faster than you think.
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@Tamiel Kenney Thanks for replying! It's always impressive to me how this community allows us all to get in direct contact with and get to know people that are in the position that we aim to be at one day. I just think that's invaluable. I mean 1,300+ units? wow!
I totally agree with the whole T.E.A.M concept and that is why I decided to seek out a partner to join forces with and hopefully start stronger than I would on my own.
I'm 100% with you on that every partner should bring as much value to JV as possible. The goal is to build a team where the weakness of one is the strength of the others.
What I bring to the table:
I have a lot of multifamily education in the form of hundreds of hours of podcasts, books, an investment on a 296 unit apartment complex, and an ongoing consulting program with the principal of a multifamily investment company with $100MM+ in assets under management.
I will be bringing a minimum of $200k of my own capital to the deal and I have access to a small network of investors from where I'm confident I can raise another $500k to $1MM for future deals.
Access to market knowledge and brokers connections in Dallas, Tx and Cincinnati, OH through my consultant/mentor. Relationship with local brokers in Miami, FL.
Being a Bachelor in Engineering and Masters in Engineering Management I'm very detail oriented and have very strong analytical skills.
What I don't bring to the table (Yet):
First hand experience purchasing and managing apartment complexes.
Strong balance sheet and liquidity.
Lender experience
Tamiel, I hope this information helps to paint a more detailed picture of what I'm about and maybe opens up doors to collaboration with you and your company.
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@David Thompson David thanks for posting! I've heard some of your interviews and I really have to tell you that I admire what you've been able to accomplish in the apartment investing realm.
As I mentioned in my reply to Tamiel, I do bring some value to the table other than some money. I'm really confident in my strengths as well as really aware of my weaknesses.
I'm currently receiving mentorship through a great consulting program and I have analyzed more that hundreds of multi family deals just to practice. I've read several books, lots of articles and listened to hundreds of hours in podcasts. I have access to brokers and successful property management companies in Texas and Cincinnati by leveraging my relationship with my mentor.
Partnering with an expert and leveraging his/her credibility while providing as much value to them as possible is exactly what I'm aiming for.
If it's ok with you I would like to contact you directly and further hear your thoughts on how to build a strong value-based business relationship with a potential partner.
Rental Property Investor · Washington/Texas · Member since 2016 · 104 posts · 12 votes
9y
@Lennon Lee can you elaborate on your mentoring program- do you pay for the same or do you help with some tasks for mentor. how is it helping for your multi family investing?
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@Prasad J. The mentoring program is a paid program and it has a pretty simple straight forward structure taking you from Zero to your first syndication as soon as possible (It will of course depend on how hard you work towards that first deal).
I find it extremely helpful to have access 24/7 to someone that has done and currently does what you want to do at a high level. Books and podcasts can only take you so far in terms of answering the day to day questions that will arise when building your investment company.
Contact me directly if you have any other questions or would like to chat further. I'm by no means an expert in the subject (yet) but would be more than glad to share what I've learned so far.
Rental Property Investor · Miami, FL · Member since 2015 · 179 posts · 292 votes
9y
@Lane Kawaoka thanks for sharing the markets you are looking at Lane. I actually coincide with you on some of them. It would be great to chat further and share investment criteria and maybe explore ways to collaborate.
Real Estate Investor · Fort Lauderdale, FL · Member since 2014 · 158 posts · 100 votes
9y
@Lennon Lee glad to hear from another south Floridian. We buy and re-position small-mid size apartment buildings primarily in the Broward market. We just find better returns there versus Miami. Happy to meet up with you if you are interested, and happy to show you some of the projects we are working on also. Regardless of the outcome, it's always great to meet local like minded people. Feel free to PM me.