All Forum Posts by: Kody Broussard

@Michael Anspach

Hello Michael,

Almost all the larger apartments have traded hands over the past few years in the Mobile and Baldwin County area. Did you guys get close to winning any of the bids? We are looking for smaller complexes, between 16-50 units. Allows to find deals that the bigger players have not bought up. 

That being said we are in the formation stages of our company and plan to acquire our first deal by the end of the year.  

Best Regards,

Kody

@Keith Rorer

Try reaching out to some local commercial brokers, they usually know the banks that are lending money for commercial loans.

You will need to become friends with the brokers eventually, they tend to hold the keys to a most of the good deals.

A broker that I have been talking to over the past few months gave me some bank lender contacts that he knew were interested in financing the type of property I am targeting.

Good Luck Keith!

Best Regards,

Kody

Hello BP,

I am wondering if any one is acquiring apartments in Southern Alabama through syndicated deals or is there someone living in Southern Alabama who has experience in Apartment investing that invested in other areas. Looking to talk real estate with some local people doing the same thing I am doing.

Best Regards,

Kody

@Jared Irby Thanks Jared!

@Richard Copeland

Thank you Richard for the lead on a good company to handle my IRA needs. I will check them out.

Best Regards,

Kody

@Jared Irby

Hello Jared,

Are you guys still doing this meetup? 

Best Regards,

Kody

@Brian Eastman

This is what i figured would be the issue, but I wasn't 100% sure. The syndication offering LLC will be constructed to acquire the property. The offering LLC will consist of 10 investors, a potential few of them family members, and my self. Then I will manage this LLC with my management LLC.

I am assuming at retirement age they can pull the money out of the IRA and invest correct?

Hello Gerald,

I figured this would happen by not providing enough detail haha. Thank you for the detailed response.

1) No, my IRA will not be involved.

2) Yes I will establish an offering LLC that will own the multifamily unit. I will have a percentage of equity in the LLC also.

3) This is good to know, I was not aware that an IRA cannot personally sign for borrowing. I guess they could take a loan out of their IRA. Do you know of another self directed form that can sign for borrowing?

4) Yes, it would more than likely be mixed funds. 

5) I will own 25% and the remaining 75% will be owned by the 10 investors. The remaining 75% will be divided up based on the amount invested. They will be passive, I will manage the LLC.

6) No they will be passive, I will be handling all the work. 

Best Regards,

Kody

@Joshua Hall Hello Josh,

I would go with Multi-Family personally. Biggest reason, what happens in an economic downturn. Will people put them selves out on the street to keep their stuff in a storage unit or will they quit paying on the storage unit to rent an apartment after there house has been foreclosed. It all comes down to basic life necessities water, food, and shelter.

Also storage units turn over by the month, a lot more work on the management side to run them efficiently. 

If you have any more questions on multi-family investing feel free to send me a message. 

Hello BP,

I am raising money for a multi-family deal and I am wanting to get some close family members involved such as my grandfather and dad. The syndication will more than likely consist of 10 investors. I have heard that as long as the family member does not own more 50% of the LLC they can invest using an IRA and not break any rules.

Can someone please provide some more information on this topic that has some real experience?

Best Regards,

Kody