All Forum Posts by: Jesse Daconta

@Andrew Grace

Best of luck! It's a lot of work but it will be worth it. :)

We're in Portsmouth, Virginia. Always happy to talk apartment syndication! Let's connect if you're interested

Best,

Investment Info:

Large multi-family (5+ units) commercial investment investment in Newport News.

Purchase price: $13,700,000
Cash invested: $3,100,000

296 unit apartment complex (Autumn Lakes Apartments):
3/1: 28 units (1,100 sf)
2/1: 216 units (925 sf)
1/1: 52 units (750 sf)

What made you interested in investing in this type of deal?

The previous owner was only spending ~$50/month on advertising for 296 units. The rents were far below market rent. Apartment complex is less than 3 miles from the airport, and less than 5 miles from Costco, Target, etc...

How did you find this deal and how did you negotiate it?

We found it off market.

How did you finance this deal?

Seller financing and we raised the equity portion from private investors.

Have you thought about earning money as a dentist and investing in apartment syndications? This way you can keep making great money until the syndications can replace your income entirely without worrying about tenants, toilets and managing property managers. Let's connect if this doesn't make sense.

Best,

You have a great start so far! I recommend you look into apartment syndication as a limited partner.

Best,

Ditto what Jon said

Syndication is made up of general partners and limited partners

General partners do the work

Limited partners supply the money but don't have to deal with the day to day operations. They also get all of the benefits of real estate: forced appreciation, cash flow and a tax sheltering asset

As a limited partner you get to see the financials of the apartment building, the process for renovations and the structure of a syndication (you get a glimpse under the hood). If you plan on moving further with apartments, you will most likely buy these buildings through a syndication process unless you have access to an unlimited amount of money.

If you have any other questions, I could always talk to you over the phone/email or you could just connect with me on here.

Best,

My wife and I used the bank that had first position on our loan (US Bank)

It depends on what you want your future to look like.

Single family homes are a lot of work even if you have a property manager. If your goal is to own large apartments, I recommend you start off as limited partner in a syndication.

Best,

Hey Kumud,

I leave this up to my property managers for all of our apartment buildings. I strongly recommend you get this outsourced before it becomes a full time job and a headache.

Best,