What It Takes To Acquire A Multi-Family Deal

We leveraged our mentoring group and we brought in a fourth coach who has experience, he owns several large properties in Arkansas and I'm in Oklahoma, he didn't do anything, but we brought him in just for that experience level, so we can hitch our wagon to him. So he kind of brought in the net worth on the deal, the experience and he knew the lender, Meridian Capital and so all that went really smooth. I think what really shocked me is the amount of work that goes into putting one of these deals together up front. It's just a 45 days of just craziness, just trying to get the lender satisfied, working with the brokers, the brokers between the lenders, we had two attorneys, our syndication attorney and then our other attorney raising the capital. 

I hanged up the capital raise, so I accepted the money from all the private investors, send them out all their SEC compliance forms and they would leave one out and I had to get back to them, it was just all kinds of back and forth. It's just, it's like a beehive of activity, I mean you're just firing all cylinders or emails are being shot texts. You've got a million people trying to get this deal closed and it's very stressful. We thought it's going to fall through the last minute, but my coach said these all go down like this, the last minute. They all seem like they're not going to happen, but they do and it went down and then after our closing day it all just stopped. 

The management were ready to take over, they let everybody else go. Everything just stops and then you have a professional managers in there taking over and now we're meeting with them once a week and looking at the numbers on how property is performing. All the work that goes into it up front and then how it just really levels out really quick and stops. That's the beauty of it, you can scale out this business.

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