All Forum Posts by: Gwyeth Smith

@Kevin Ferguson.  Yes, most LP opportunities I come across provide quarterly distributions.  I was able to find a syndicator who does monthly distributions and I put a lot of value on that when deciding where I was going to invest.

My PM uses Appfolio and sends P/L reports via that platform.  I have a hard time "following the money" and after discussing this with my PM company, was told that Appfolio can pretty much generate any report based on my liking.  I was going to create a template to show how I would like to see the financial information but decided to bring it to the forums first.  Does anyone else have a hard time following their Appfolio reports?  Has anyone customized those reports in a way that is easier to follow (i.e. doesn't require assumptions and/or Magnum PI - Tom Selleck version - on your team)?

I closed on a 13 unit in Pittsburgh at the end of September and paid 5.12% on a 30yr amortization, 10yr term.  It was a Fannie Mae product.

I personally prefer a 30 minute-ish podcast to a 60+ minute one.  I also enjoy hearing a personal stories from guests as opposed to a "how to" episode from the host(s).  

@Danny Randazzo .  Great pieces of advice.  Congratulations on the acquisition!

I came across this situation recently when applying for a Fannie Mae Loan.  I listed myself as a percentage owner of the asset I was a LP on based on what my contribution was against the purchase price.  I listed the value of the asset as the purchase price.  It was early enough into the deal that I figured I wasn't short-changing myself on any forced equity or value-add component.  I felt that was the most honest was to classify it for the purposes of net worth.  Had it been further along into the deal I probably would have conservatively estimated the value based off the most recent financials from my LP deal vs how they were performing against their initial projections.

@Kevin Ferguson, to be honest I'm not sure I had "minimum requirements" for my passive investments.  I wanted to be familiar and comfortable with the sponsor.  Somebody once told me to bet on the jockey over the horse.  No matter how good the deal, you need the right person implementing the business plan.  The next most important aspect for me was monthly distributions.  I'm financing these investments from a line a credit and wanted a certain spread on a monthly basis to be comfortable in doing so.  The preferred return on my passive investments is 8% which gives me a positive spread that I am comfortable with on a month-month basis.  I figure if I can stagger these investments so that they mature for me in consecutive years and keep re-investing that it will provide a nice source of income that I can add to the 'kitty.'

Hey @Gary B..  The laws for implementing RUBS vary from state to state.  I don't know what CA tenant law says but when I looked into doing it for PA I was disappointed to find that it wasn't allowed.

Hey @Kevin Ferguson.  I don't know if there is a right answer here. I too would like to get in on the GP side of a syndication and have taken the approach of investing as a LP first.  I invested in two syndications this year as a LP.  I don't think that alone will lead me to the GP side of a deal but figured it was at least a way to earn a good return with the added benefit of learning a thing or two along the way.  Good luck.

Usually the lender will be able to call the loan if they see non-compliance. I've seen some in these forums say that you can transfer to an LLC without issue and others say that their loan was called. I had two properties under my name and and refinanced them into my LLC. My biggest pain point in that transaction was that I had to pay the transfer tax again which was 4% of the value.