All Forum Posts by: Patrick Lismon

Quick update while underwriting in KY/TN: I've locked in a clean fourplex in North Las Vegas—2003 build, fully leased, ceramic tile throughout, central HVAC, in-unit W/D, and no HOA. Strong in-place rents and minimal CapEx.

I've secured a capital partner for the down payment and am finalizing docs this week. I'm opening a short-term co-investor role to help cover EMD and legal (~$15K–$17K). In exchange, there's a defined return or small equity slice.

If you’re open to passive exposure with clear upside and minimal involvement, DM me and I’ll send the one-sheet.

Currently reviewing a 7‑unit in Benton, KY and multifamily packages in Bowling Green and Knoxville MSA.

I’m focused on stabilized deals with dual‑exit strategies (flip or hold) and looking to connect with operators who’ve scaled from small to mid‑sized assets (20–50 units).

If you’re investing in KY/TN or have experience repositioning in secondary markets, let’s connect. Happy to trade deal analysis templates and investor proposal frameworks

Quote from @Sarah Behrman:

Hi Patrick! If you have any interest in investing in the Miami area, let's connect.

Hi Sarah, thanks so much for reaching out and for the invitation to connect.

My primary focus at the moment is on some value-add and stabilized deals I've found in the Kentucky and Tennessee markets.

However, I am always open to connecting with and learning from other experienced investors, regardless of the market. You never know where a good conversation might lead.

Best,
Patrick

Hello everyone,

My name is Patrick and I am an investor actively analyzing value-add and stabilized multifamily deals in the Kentucky and Tennessee markets. My focus is on properties in the 10-40 unit range.

I am looking to connect with and learn from other experienced investors, operators, and potential partners who are active in this region.

If you are investing in these markets, I'd appreciate the opportunity to connect and introduce myself.

Thanks,

Patrick

@Kerlous Tadres - Thank you for taking the time to write such a detailed and helpful response. The advice is fantastic, especially your point about treating networking like deal-hunting. That's a great perspective.

I'm in the process of building my core team now and your advice is perfectly timed. I appreciate you sharing your insights. I'll be sending you a connection request.

Hello everyone,

My name is Patrick and I am an investor actively analyzing value-add and stabilized multifamily deals in the Kentucky and Tennessee markets. My focus is on properties in the 10-40 unit range.

I am looking to connect with and learn from other experienced investors, operators, and potential partners who are active in this region.

If you are investing in these markets, I'd appreciate the opportunity to connect and introduce myself.

Thanks,

Patrick

Great question. Honestly, the first thing I look at totally depends on the story the property is telling me.

If it looks like a project with lazy management (a value-add play), I go straight to the rent roll. I'm looking for a big mess—huge differences in rent for the same kind of unit. That mess is where the profit is. We just analyzed an 8-unit where that gap was over $21k a year... that's the number I care about first.

But if the property is already clean and supposedly making good money (turnkey), then the first thing I need to see is the real Net Operating Income (NOI) from the T12. I don't trust the broker's marketing numbers. I need to see the real profit to calculate the real cap rate.

So yeah, it's not always one number; it's about finding the number that proves the strategy.

Great discussion. For me, it depends on the business plan for the specific asset.

Right now, I'm analyzing two different deals. One is a high-quality asset in an A-Class market (Redlands, CA) where the entry cap rate is low, but the potential for long-term appreciation is huge. For that one, I'm less focused on the day-one cash flow.

The other is a B-class property in Las Vegas where my primary goal is strong, immediate cash flow. For that deal, I'm targeting a realistic, stabilized cap rate of at least 8%.

I think a good operator needs to be able to toggle between both strategies depending on the deal.