All Forum Posts by: Scott Morongell

@John-David Hails there are many things to learn in this business. It's great you have unlimited access to capital but that is one of many pieces. I would highly highly suggest hiring a coach/mentor to lean on. At the very least, go to a few bootcamps or weekend seminars to learn it on a high level. 

@Kyle Mitchell work with the listing broker. You don't need a buying broker on multifamily deals. In my opinion there a more disadvantages then advantages using this approach. One technique I have seen used is if your working with a seasoned property mgmt company, you are able to leverage them and have them communicate with the listing broker on certain items. This would of course be after the PSA is signed.

@Jonathan Johnson when you are looking at a property this is something you should be able to uncover when dealing with the broker. That being said, if you can't afford to buy the property without seller financing you shouldn't be trying to buy it. Seller financing is more of an icing on the cake approach. One of the questions you will hit the broker with multiple times is why is he/she selling??? What are they doing to do with the money? You have to find the pain point. If you can find the pain and reason you can structure a deal much better and will be favorable to you. One of these is seller financing. 

@Dean Taylor I am assuming that your speaking in regards to syndication? If so I would heavily take all the dollars you allocated to setting up your entity and structures etc and hire a coach or join a program. You do not want to enter this business alone and without an education. By hiring the right coach/group these other questions will be answered and fall into place accordingly. I am not trying to sound negative in any way. I love your passion for entering the real estate investment world. 

@Jordan Ray Getting started is always the toughest part. Are you looking to syndicate or buy on your own? I can't help you in the FL market but you may be able to add value to a syndicator who is doing deals there already. Having a small piece of a big pie is a great way to get in and learn the business. 

@Kenny Loper You will find a wealth of knowledge just by spending time on the site. Here are some actionable steps to take.

1. Go to your local MF meetup

2. Go to conferences/events

3. If your are serious about this business hire a coach/mentor that is seasoned. 

4. Listen to podcasts and reach out to those on it.

5. Start a though leadership platform to raise capital (website, podcast, blog, etc)

@Davere Currie Yes, also spend a few $$ and get it set up correctly. 

@Andrew Joseph Trulia crime map is good from a high level. A reputably property management company will also give you the lay of the land. Lastly, police department, give them a call and ask questions. BONUS* set up a google alert memphis crime. You will get daily articles and start to plot your own map of areas with continuos crime.

@Kingsley Edemidiong I would recommend the best place to start is education. If you think multifamily is an investment you'd like to make then read some books, podcasts, go to a conference, etc. Gain a substantial amount of knowledge before putting your hard earned money at risk. As other have mentioned you can also create passive income in multifamily vie syndication. It's a fantastic approach to creating passive income and not having to do any of the asset management duties. What you will have to do is still get an education and be able to understand which sponsors are reputable and who you should pass on. One of the best ways to understand which sponsors are good and not is by learning to underwrite deals yourself. You will learn what conservative underwriting should look like vs who throws the word around casually. Get on some sponsors (syndicators) lists, listen to their webinars and vet them heavily if you choose to take this route. 

@Dean Fiacco brokers are honestly the best way to go. You can cruise some of the sites online that list MF properties and possibly find a diamond in the rough. Some syndication attorney will charge a little less if your deal is around $500-$1.2M. You returns on this deal are very important to the LP as it sets your track record as i'm sure you have hopes of scaling up.