All Forum Posts by: Andrey Y.

Andrey Y. has started 114 posts and replied 1826 times.

Originally posted by @Spencer Gray:

I can't say enough great things about @Ivan Barratt and the BAM team, we're happy to have partnered on multiple projects together.

I am trying to get in touch with Ivan. It says at the bottom of his email sig his phone #, and that calls and texts are welcome. I tried sending a text to set up a time to chat but no reply. Maybe there is a better way to get a hold of him..

1 Vote

Originally posted by @Spencer Gray:

@Bobby Shell It absolutely depends on the (size, track record, need) operator, rest of the GP team, value you bring to the table beyond just capital (providing a guaranty or being a KP, connections, raising additional capital, etc).

To some $500k might move the needle to get a spot in the GP, others it may be $5M.

Being a GP sounds great. I will definitely consider this in the future as a way to learn. But for those of us who are trying to stay pretty darn passive, this wouldn't be a good route. Correct me if I am wrong.

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Originally posted by @Travis Watts:

In full disclosure, I have not invested with Cardone Capital. However, I did review numerous PPMs and SAs from them over the past year and a half on their funds and individual offerings. After reading these replies and having invested in about 14 syndications myself, I'd say you can find lower fees and better value-add properties through other groups out there. I'm not saying that you shouldn't invest with Cardone, just saying there are some other great syndicate groups out there as well. Best of luck!

Well said. That is putting it lightly, though.

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Originally posted by @Todd Fry:

Originally posted by @Blake Hulett:

In my experience, working with Morris as a company can be tricky. There is a lot of nuance and detail around their strengths and weaknesses. I'm more than willing to share a few things I've learned through working with them. Shoot me a DM and we can talk!

Seriously?

Says the guy with 3 posts and no profile pic.

1 Vote

Originally posted by @Michael Ealy:

Originally posted by @Andrey Y.:

Investing in syndications is a great option for those of us who like our free time. Let's discuss the state of syndication investments and syndicators in general. I have invested in it several asset classes to include large apartments, self storage, ATMs, and mobile home parks.

Lately, the amount of deals and folks raising capital has increased. The quality of the deals are either the same or getting worse. So, I wanted to know what you guys are doing now. Are you continuing to invest in similar kinds of deals with a questionable risk-adjusted return given the current climate, or are you holding more cash over the last couple of years?

I have a few firms that I really like and will continue to invest in them. However, I'm looking for a diversification geographically and in terms of asset class. This leads me to search for other sponsors who specialize in other areas. What have you found? I think mentioning firms on this thread that you have had a positive experience with is great and it's probably free advertising for them. I welcome PMs as well.

Specifically, I'm looking to branch out into flex properties, industrial, and assisted living facilities. I'm less familiar with these asset classes but always eager to learn and speak with folks involved in this. Also, firm who are doing multi-family particularly well are of interest. Thank you.

Hi Andrey, I invest in Cincinnati OH primarily in apartment building and we buy hotels nationwide.

I have been investing since 1999 and since 2006 when we started raising capital from investors, we have never lost investor capital even through the 2008-2009 recession.

I agree with your observation. The quality of deals from some syndicators are marginal at best and can be disastrous when cap rates start increasing again. A lot of them have not gone through the 2008-2009 recession. On the other hand, we don't get into a deal unless the project IRR is at least 30%, preferably 40%. Being selective in the projects we work on, combined with the fact that we're vertically integrated, enables us to deliver superior returns like this.

I also personally invest in syndicated deals (medical buildings, not apartments - so I have some diversification) and I am interested in diversifying some more. Let's compare notes.

I am interested in looking into hotels and medical buildings. PM me and let's chat and compare notes.

0 Votes

Originally posted by @Lane Kawaoka:

Learn to underwrite the deal for yourself then talk to the sponsors who use the correct assumptions.

Check reversion caps, assumed rent increases per year, assumed occupancy.

Without that baselevel knowledge you have no basis to fact check.

Lane, aloha.

I get what you are saying, but I feel like you can only underwrite to a pretty superficial level unless you happen to be an expert in that market-submarket.

Let me give you an example. Let's say the sponsor plans for $8K/unit in reno costs. Now, you have no idea if it will cost $8K, $5K, or $20K. So many variables in play. To include what materials the sponsor decides to use, labor costs, fluke capex costs, random flux in materials and labor, and this is what the sponsor has to deal with -- who is actually an expert in the submarket! You and I typically aren't.

This is just one example of many that come up as you are underwriting.

1 Vote

Originally posted by @Alina Trigub:

@Andrey Y.

I think it's great you're reaching out to BP community and asking for more operators. But you're a pretty smart guy (from our past communications). Do the reverse engineering, and start pro-actively searching for the operators in the areas of interest to you. You can do it via Google and BP. Ideally you'd need to attend some conference to gain face to face exposure, but I'm not sure if your job allows you to travel. So you decide. I think once you start your research you'll be surprised by how much you will find.

Best!

Thanks Alina! I do travel quite a bit, we will see if I can hit up a couple of those conferences. It's been on my list for a while.

I have been impressed with some of the folks I am investing with already and the model of passively investing in syndications in general. I almost don't see a need to buy individual properties myself anymore.

Travel and language learning has been taking up what seems like all of my free time but I need to carve out some serious hours for a deeper dive into asset classes and operators. Still staying current on general finance and macro-economics at least. Been slacking with the rest though ;)

0 Votes

Originally posted by @Ronan Donnelly:

@Andrey Y.you have already been given some good names and you can get others through BP as well as sites like www.crowddd.com.

If you hav enough capital to deploy you may want to consider partnering with some smaller sponsors on more favorable terms (co-gp) than you can get with the larger, more established syndicators.

Thanks, I signed up for that site.

Wondering if they will call or email me.

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Originally posted by @Jay Hinrichs:

@Brian Burke Is one you probably know and I believe they have a brand new fund coming out.

@Ivan Barratt is mid west and the deals I have seen of his look very solid.

@Ben Leybovich and his partner while I don't think have quite the long term history the other two heard good things about their current deals..

and I am sure there are other very fine syndicators out there..

@Scott Meyers has his storage business and academy you can see some really well thought through deals there.

these are just ones I know of or have invested with personally.

Thanks Jay! I love what Brian is doing and have been invested with Praxis for a while. I hear you on Ben as well, looking to invest some more capital once a new opportunity is released if it makes sense.

I may have been in touch with Ivan Barratt but wasn't deploying any capital at that time. Definitely need to revisit.

Jay, what are your thoughts on investing in syndicated multifamily in the Midwest? Return on cash seems to be there, I am a bit cautious on how viable these markets and deals will be if a recession hits.

I think I have a little exposure to Single Family in the Midwest, but not Multi-family as of yet.

2 Votes

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All Forum Posts by: Andrey Y.

Andrey Y. has started 114 posts and replied 1826 times.

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