All Forum Posts by: Adam Lacey
Adam Lacey has started 16 posts and replied 278 times.
Post: Which website is best to create a list of off market multi units
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
Reonomy is great, but it's a little pricey. I've used Propstream before as well. It's not quite as smooth as Reonomy, but a lot cheaper.
Post: Career Path in Real Estate Investing
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks is a great starting point to learn about building an apartment syndication business. I would also recommend The ABCs of Real Estate Investing by Ken McElroy and Raising Capital by Hunter Thompson (...no, not that Hunter Thompson).
Podcasts are also a great place to learn. Some good ones include:
Target Market Insights with John Casmon
Wheelbarrow Profits with Jake and Gino
Lifetime Cashflow through Real Estate Investing with Rod Khleif
Think Multifamily with Mark and Tamiel Kenney
Best Ever Real Estate Investing Advice with Joe Fairless and Theo Hicks
Originally posted by @Karl Dela Cruz:
@Justin G.
Thanks Justin, just read your bio and I’m actually majoring in finance and supply chain as well. I am on my fourth year starting my last semester in January so I am thinking of just finishing.
Question:
What are some books you can recommend and are you still working as a lender today?
Thank you,
Karl
Post: New Into Syndication
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
Hey @Doonie Johnson. It sounds like your on the right path. Education and networking are huge pieces for a strong foundation. I would also suggest trying to find a mentor, whether that be somebody you meet organically through local/virtual meetups or a paid mentorship. There are a ton of options out there, so finding the right fit for you may take a little time, but will be worth it in my opinion. Having somebody with experience on your team is key for larger multifamily deals, because most brokers are going to source the good deals to the people that have experience closing. Most lenders will also require someone on the team to have experience with similar business plans. Good luck on your journey and reach out if you have any questions. I'm somewhat new on the multifamily journey myself, but would be happy to share what I've learned.
Adam
Originally posted by @Doonie Johnson:
Im a young and hungry entrepreneur whose getting into the multifamily space! I’ve been doing real estate investing (flipping/wholesaling/turn keys) all things Sfh using other peoples money for about 2 years now! Like many I’m realizing the advantages of economy of scale, and Sfh are hard to scale. I first got exposed to idea of multifamily when I went to 10X growth in vegas last year. After that I went through grant Cardone course on apartments 2 times, and read through Joe fairness book best damn syndication(in process of going through 2nd time, this time taking action as I go through). I listen to podcasts almost daily, and with that being said, My education I feel is there.
Now I’m looking to network like crazy and chat with as many successful operators out there doing what I want to do, as well as getting my thought leadership platform up and going!(thinking interview based podcast). I’ve learned relationships are way more important and valuable than almost anything in this industry, so that’s why I’m wanting to do this next. If you disagree please let me know what you’d do next and why!
Love to connect with anyone in the multifamily space, and would love any advice people out there have for me!
Post: How are you finding deal in this competitive market?
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
@Justin G. We have been solely relying on brokers but are starting to venture into the world of the direct to seller campaign. We are working on content for our campaign that will include postcards and targeted Facebook ads. I am also working with a broker who is going to cold call a list of owners that I provide him.
Post: Engineering Degree and Real Estate
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
I'm working on increasing deal flow as well. Let me know if you ever want to share war stories.
Originally posted by @Dustin Beam:
Originally posted by @Adam Lacey:
You've probably considered this, but...if you can increase your deal flow but still lack capital, you could consider wholesaling the ones you can't afford to take down. I'm sure your market is full of investors looking for multifamily properties below retail.
Originally posted by @Dustin Beam:
Originally posted by @Daniel Doan:
Hi All, First post on the forums, just joined as a pro member.
@Dustin Beam how has it been for you financially after the full move over.
Things are starting to ramp up. We bought our first home last year, and I am soon starting on my first investment property. Also an Engineer, but want to see if down the line, we can make this work as a full time investor.
Financially, it's been fine but I didn't quit my W2 until I had replaced my income. Some might say I should have kept working, but I had come to despise my work life. It was an emotional /psychological decision, not a financial one. On the flip side, I did better with some flips than I would have if I kept working. I wouldn't have done the flips if I was working a job, so new opportunities presented themselves because I wasn't working.
Can I repeat that? I don't know. The hardest part for me is trying to decide which direction to point my ship. I have extended dead periods between purchases due to either lack of deal flow or lack of capital. So I need to decide what to do to either build capital, increase deal flow, or both. Something to consider for yourself if you don't already have those answers.
You're not wrong, but I'm not chock full of either. I'd much rather have too many deals than with not enough money than the other way around haha. But the reality is I need to work on increasing both leads and capital generation.
Post: Engineering Degree and Real Estate
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
You've probably considered this, but...if you can increase your deal flow but still lack capital, you could consider wholesaling the ones you can't afford to take down. I'm sure your market is full of investors looking for multifamily properties below retail.
Originally posted by @Dustin Beam:
Originally posted by @Daniel Doan:
Hi All, First post on the forums, just joined as a pro member.
@Dustin Beam how has it been for you financially after the full move over.
Things are starting to ramp up. We bought our first home last year, and I am soon starting on my first investment property. Also an Engineer, but want to see if down the line, we can make this work as a full time investor.
Financially, it's been fine but I didn't quit my W2 until I had replaced my income. Some might say I should have kept working, but I had come to despise my work life. It was an emotional /psychological decision, not a financial one. On the flip side, I did better with some flips than I would have if I kept working. I wouldn't have done the flips if I was working a job, so new opportunities presented themselves because I wasn't working.
Can I repeat that? I don't know. The hardest part for me is trying to decide which direction to point my ship. I have extended dead periods between purchases due to either lack of deal flow or lack of capital. So I need to decide what to do to either build capital, increase deal flow, or both. Something to consider for yourself if you don't already have those answers.
Post: Converting Hotels to Multifamily
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
@Petro B. I have seen a lot of hotel conversions going on lately. I am currently looking at two properties like this myself, but have never actually done one. It seems like a great idea if you can get it at the right price and it's in an area that could use more mf units.
Post: Engineering Degree and Real Estate
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
@Arta Montero I'm an engineer transitioning into a career in real estate investing myself. There are many ways to do it, but my approach (which wasn't necessarily my original plan) has been to invest passively in syndications while I network, educate myself and get to know other operators. I am now moving over to the GP side after partnering with some operators that I met at a local meetup. I am still working my engineering job, but hope to be out of that by the end of 2021. It is a lot of work to get a real estate business going on the side, but I enjoy it and think it will be well worth it in the long run. Feel free to reach out if you want to discuss. Good luck on your journey.
Post: How to find apartments
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
I regularly monitor both of those sites, but the majority of my leads come from brokers at this time.
@Adam Lacey the lead is good, but I went and rode through the community and its unappealing. I'll have to get a heck of a deal to buy. I'm not even going to pursue.
Did you guys get all of your leads from those 2 websites?
Post: Do I Care Where My First Apartment Building Is?
- Investor
- Castle Rock, CO
- Posts 297
- Votes 159
@Luke Carl I would spend a lot of time vetting property management firms. If you have a broker that you like and trust in the market, ask them for PM recommendations. Better yet, ask 3 or 4 brokers and see if they mention some of the same companies. This will save you a lot of time weeding out the bad ones.