All Forum Posts by: Yannik Cudjoe-Virgil

@Brian Lewis Welcome. Congrats on your purchase. Baltimore city very block by block so definitely know where you are investing in. Since you have started investing in 21213, I will suggest you look up some development trends in the Broadway East Neighborhood in particular. Who was your lender on the property?

@Daniel D. you can just raise the money and potentially do a private money loan secured by the property. No need to go through a syndication process. You can draw up a JV agreement and pay 8% and split some of the cashflow until you refinance and pay out all your investors. Some sort of structure like this works if this is the route you decide. Hope this helps!

@Ariel K. It would be best to speak with a tax professional on that

@Trey Read

In my experience I have been in good and bad partnerships. Partnerships are like marriage. Easy to get into and hard to get out. I would recommend vetting all potential partners first and ensure that all partners have an alignment of interest! A lot of people would want to partner but not many are capable of sticking in the fire or being a good person of character when the going gets tough (and trust me it will in this business). On the positive side, I believe partnership is the key to long term success in this business. Eventually people run out of resources and its always great to pull resources together for bigger and better deals! Hope this helps. 

@SALIAH S. As far as books for general commercial real estate knowledge, I cant think of one off the top of my head. I would suggest searching online. Check out this site here. It will give you some good insight on basic CRE terms:

https://www.commercialpropertyadvisors.com/7-commercial-real-estate-terms-you-should-know/

If your looking for something specific to apartments....Joe Fairless's book on Apartment syndication is really good. Breaks down from A to Z how to set up your syndication business. Here is the amazon link: 

https://www.amazon.com/Best-Ever-Apartment-Syndication-Book/dp/0997454326/ref=asc_df_0997454326/?tag=hyprod-20&linkCode=df0&hvadid=312025907421&hvpos=1o1&hvnetw=g&hvrand=17665817379216017142&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9007897&hvtargid=aud-799711277694:pla-598854978364&psc=1

All the best!

@Andrey Y.  I agree with the posts above. The quickest flag for me is seeing the same or lower vacancy assumption in Y1 on a value-add play where market rent premiums are also achieved for majority of the units in that same year. That gives me a sign of the sponsor's aggressive taste. I would recommend underwriting a ton of deals. Once you have that experience yourself you can quickly identify key metrics that could be inflated due to aggressive projections 

If your interested in a real deep dive into commercial real estate investment courses take a look at ccim.com . These are high level investment analysis courses that will be truly helpful. All the best!

@Joe Moffett Like much of the prior posts mentioned...If you are going to invest in areas outside of your backyard, its important that you have boots on the ground that are experienced in that market. Most likely you lender is going to require that as well if agency lending is part of your capital stack

@SALIAH S. Welcome to real estate investing. Multifamily is a great space to play in. If you are not up to speed on commercial real estate in general, I would recommend enhancing your knowledge on basic terms first and then take a deeper dive in Multifamily specifically. 

Nice Job!