All Forum Posts by: Colby Fryar

@Rahul Punj There is a lot of great information out there.  You might look into Hunter Thompson's book on raising capital.  He has a chapter on structures.  Also David Lindahl discusses in multifamily millions the Hands-off investor by Brian Burke.  These are must reads in this business.  

I agree with Todd on doing it as a syndication since you have lps.  As for partners (gps), make sure that these folks are serious about multifamily, that they have experience raising capital and in asset management/investor relations.  Also make sure they are committed and have adequate time to devote to the effort.  Finding good partners is very difficult but also critical in this business.

We had a great turnout for the Tucson Multifamily Meetup last Thursday. Thank you everyone that joined us last Thursday. Monica and Kenneth Sykes, Will Martin, Matt Justice, Alex Bock, Keith Kleimola, German Suarez, Holly Boss and Brian Madicgan. Looking forward to the next one in December!

Join us for our next Tucson Multifamily and BRRRR Investing Meetup at Ten55 Brewing Company Downtown Tucson. Thursday Nov. 4th 2021. This is a great venue for networking and learning the multifamily business. This month I will be talking about our latest deal in New Mexico that we just closed last week. Woohoo! It is exciting but it has also been an awesome learning experience and testament of will. I can't wait to share it with everyone. Don't worry I won't sugar coat anything- I am happy to share the good and the bad. The meetup starts at 6:00 PM. Parking is available in the Pennington parking garage- only $3 for 3 hours. Can't wait to see everyone.

IMO the most important thing is to get a mentor- I don't think you can go wrong with any of them.  Rod Kleif, Brad Sumrock, Michael Blank, Jake and Gino- all awesome programs with great track records.  There are other lesser know ones as well that can be really good. 

Just do it-  don't listen to those that say the programs are not worth it. I have learned that the networking is the most critical part.   I am under Jens Nielsen.  It is a phenomenal program and of the main reasons for my success to date.  Good luck. 

@Danny N.  I want to echo much of what Senate stated.  

1.  I would start with the broker.  

2. Find banks in the area you are wanting to buy. They are typically more helpful and willing to go to work for you- credit unions, regional banks, local banks that do commercial lending. 1.25 is typical for the DSCR. They are also going to want to see some strong experience, especially on the larger deals. One of the big things is that the net worth of the borrowers needs to be at least the size of the loan for the property. On bigger deals, they will want you to have a key sponsor and this person will need to sign on the loan. Another factor is whether the loan is recourse or not.

4.  It is important to nail down the responsibilities of everyone operating agreement.  This is an internal document that can be modified at any time.

Appraisers will look at sales comps but they will also look at the cap rates.  DM me for brokers in Phoenix. 

Those are very competitive markets!  Write lots of offers.  Good luck.  DM me if you would like more info.

Please disregard the title.  The meetup is Thursday, Oct. 7th at 6 PM>  

Join us for our next Tucson Multifamily and BRRRR Investing Meetup Ten55 Brewing Company Downtown Tucson. Thursday Oct. 7th 2021. This is a great venue for networking and learning the multifamily business. Last month we had Allan and Conrad from Picor. It was awesome. This month Phil Fileccia, property manager and experienced real estate professional here in Tucson will be joining us. If you want to hear the latest market news about real estate and discuss all aspects of apartment investing, you have come to the right place. The meetup starts at 6:00 PM. Parking is available in the Pennington parking garage- only $3 for 3 hours.

@Brandon P. Have you thought about the southwestern states like Arizona and New Mexico.  Tucson is starting to be crazy hot, but there are still some decent deals to be found.  

We have $600k left to close a deal.   Any thoughts on creative strategies to fund the deal or find investors?

We had a great time at the last meetup at Ten55 Brewing Downtown Tucson  Thank you everyone for attending.  Brian Madigan presented his 12 unit right here in Tucson.  This is a great story of how he took this down while holding a full time job.

This month we will have Allan Mendelsberg and Conrad Martinez of Picor. Join us for an evening of great networking, beer and food. No hard selling- just networking and learning about multifamily and BRRRR investing.

Worried about parking downtown-  no problem.  Park in the Pennington Garage just up the Street on Scott Ave and East on Pennington. The map of parking is below and it is only $3 for 3 hours.