Rental Property Investor · Port St. Lucie · Member since 2013 · 140 posts · 99 votes
After quite a bit of looking, my partners and I finally have a great multifamily deal under contract in Tampa, FL!
Now the fun begins...raising capital, due diligence, and financing, among other things. After passively investing in several multifamily syndications and learning the ropes, I am looking forward to being on the GP side of a Real Estate Syndication. I will keep those that are interested posted on this journey.
Congratulations. I'll be following along to see what happens. I've now invested in two syndications, I'm hoping to learn a lot from my passive investments and see where I go from there.
Congrats on the deal, @Ismael Reyes! Happy to hear your hard work is paying off. Would love to hear more details (submarket, portfolio breakdown, how you found the deal).
@Theo Hicks It might not be appropriate to discuss particulars before the deal closes escrow. In fact, it seems a bit premature to even mention it at this juncture.
@Henry Kaldenbaugh, et al. Thanks for the feedback and well wishes. I will definitely keep everyone posted as we progress, and do so in a way that informs, yet protects the deal's particulars. It's possible that the deal falls through tomorrow, but the fact that we made it beyond an LOI is progress a newer commercial investor should celebrate. Onto the next hurdle...
You are in the position I would like to see myself in the future. I know little about the syndication process at the moment but the concept is intriguing. I have recently ordered the "Best Ever Apartment Syndication Book" by Joe Fairless and hope to get a better understanding, as to learn and be able to ask better questions in these forums. How many people do you have in your team of investors? Any resources you would suggest to dive more into Syndications? And, is there a minimum amount to invest to become a partner, or a minimum amount of experience before being considered?
I will definitely be following this and hope to see future posts as your deal progresses! Best of wishes.
@Ismael Reyes that’s so awesome!! I’m from Tampa as well, and just finished my very first flip (small accomplishment compared to yours). I hope to one day get to your level! Definitely keep up to date with your journey, I’d love to follow and learn.
Good evening. I haven't posted in a while because I wanted to ensure we went through the Due Diligence in one piece; I am happy to say that things are going very well. We just got great loan terms and hope to lock in later this week.
The one hiccup we've had is that the roofs were in worse condition than believed - the owner mentioned that some of the roofs were recently done, but during due diligence, the inspection came back with a majority of roofs needing significant work; this was verified by the fact that there were no permits pulled. As such, we went back to the owner and negotiated a credit at closing a few days before EMD went hard. There are also some fees that the owner must settle with the county before closing - found through a municipal title search. We extended the due diligence period to take care of these items and are now looking at an early June closing date.
There are deals still out there folks...you just got to work for them.
Sorry, I missed this. I invested as an LP in two deals, primarily because I was going to be overseas for at least 2 years. Previous to that I'd done SF investing, one fix/flip, and partnered with hard money lender to lend capital to fix/flippers. What's your current focus?