All Forum Posts by: Chris Salerno

Looking to connect with investors/operators who have invested in co-working space. Looking to just gain some knowledge. 

@Yonah Weiss Great question!

1. Yes, I did feel having my KP/sponsor on the call was a big factor in securing the deal. The sellers did like that I was local and lived in Charlotte 13+ years.

2. They did co-sign the loan and bring capital to the table. It is a team effort when it comes to closing deals. 

I believe for people first getting into Multi-Family they should give up some percentage of the GP to the KP and sponsor to gain the knowledge. Knowledge is power in the world. 

Happy Thursday BP, I wanted to write my first Blog on BP about my first Multi-Family Deal. I am located in Charlotte NC. I have a back round in residential real estate. I feel my back round in residential real estate helps me communicate better with the brokers. I was touring a 91 unit here in Charlotte that checked all the boxes. During my tour, I noticed a property adjacent to the property that I was touring. I asked the broker if that property was available. He stated its a different owner but I will check. Come to find out the owners are local to Charlotte and wanted to sell. YES! That property was a 44 units complex, all two bedrooms two bathrooms. That means I could have 135 units. I submitted an LOI for the 91 units. I started my underwriting process on the 44 units. The broker gives me a call a couple of days later and says I am in best and final. It's me and another group. I was excited. I had submitted my final LOI and had a call set up with the owners. I finished the call and felt very confident I got it. A couple of days pass and the broker calls me and tells me the owners really likes me but feels I needed to have a stronger track record. I lost the deal in the best and final round. I never gave up! I call the broker back in a week and ask him if the 44 units were still available. He says yes, My criteria for acquiring multi-family is 100+ units. This 44 unit was a deal I just couldn't pass up. I knew the market extremely well from my history of selling residential real estate. I submitted an LOI, We had a final call with the seller. I made sure that my KP/sponsor was on this call. I did not want to lose this deal. They accepted We then started negotiating the PSA. I hate to do this but I will be finishing this whole story next week. Thursday, July 8th. Looking forward to building stronger relationships with everyone!

I would invest in yourself! Buy book! Gain knowledge. I bought my first 44 unit apartment complex with no money down!

NEVER GIVE UP!! No matter what is going on keep pushing through!! You need to look at every situation from multi-angles before making a decision! I was put into a bad situation and I had to look it the situations in multiple angels. It helped big time!!

Message me personally if you want to chat more!

Investment Info:

Large multi-family (5+ units) other investment.

Purchase price: $16,500,000

144 unit value add. Located in Greenville SC. 5 Year hold

@Greg Dickerson YES! I agree I have built strong relationships with my investors! Great answer! I think this will help a lot of people who are thinking about starting in Multi-Family. Thank you for the great advice!

I would love to connect and hear everyone success story in Multi-Family. 

How did you gain passive investors, deals and how did you get started?

Looking forward to hearing your story!