True Multifamily: Recent Episodes
Justin Fraser
John Casmon joins True Multifamily to talk about the power of creating a business plan and constantly evaluating it to make sure you are making decisions based on, not just what you see at the property, but also what you see in the market. John also discusses the importance of forming strategic partnerships as you’re trying to scale your business.
Coming from corporate America, John spent 15 years in advertising and marketing for large brands like Nike, Coors Light, Mountain Dew, and General Motors. He then slowly started building up his own personal multifamily portfolio. Eventually, he began working with other investors, scaling into real estate full-time.
Last year, John did about $20 million worth of real estate in just 100 days – and he continues to grow and look for his next opportunity!
Here are some power takeaways from today’s conversation:
- John’s thought process around his decision to exit some of their assets
- The power of partnerships and what the transition looks like
- Dividing up roles and responsibilities
- Forming strategic partnerships that play specific roles on the team
- Building a business plan
- The two layers of rental comps
- Leveraging the feedback loop
- Asset management from an operational perspective
Episode Highlights:
[05:14] The Power of Partnerships
If you don't have a lot of experience coming into real estate, it makes sense to align yourself with other people who are more experienced than you. Be open to becoming a part of the team instead of being the one in the driver’s seat. Additionally, it’s crucial to be able to develop those relationships and understand who you're partnering with initially.
It’s crucial to do deeper due diligence on the property, your business plan, and your partners. There are a lot of different ways you can structure things. Maybe you need to raise some capital for the deal or play some other roles in marketing or investor relations. Whatever that looks like, make sure you can deliver on those roles and tasks and that you're delivering for the overall deal.
[15:33] Building and Executing a Business Plan
An essential step in creating your business plan is to continually evaluate your interest rates, the current demand, or rent growth. Always be looking at these different factors and adjust accordingly. Look at what opportunities are there, your current rents, and your current occupancy. Look at what vacancies looked like over the last year.
Based on all that information, you can then start to figure out where there might be an opportunity and then from there formulate your business plan. It's all hypothesis until you go out and do it. You’ve got to go execute it and once the market responds, get some of that feedback and continue to adjust your business plan accordingly.
Resources Mentioned:
Casmon Capital
Podcast: Multifamily Insights
Real estate investor, author, and syndicator Matt Faircloth of the DeRosa Group joins Justin Fraser to talk about the challenges and triumphs of selling the DeRosa Capital 8, Douglas Square Apartments – from dwindling occupancy due to management’s poor communication with tenants, to refinancing the property twice, and ultimately, making the decision to sell the property making it a win-win situation for everyone involved. This property was a 4-year hold that they invested $2M in CapEx renovations and increased Net Operating Income (NOI) on the property by 8x.
Matt Faircloth is the co-founder and president of the DeRosa Group, a real estate investment company that specializes in buying and renovating residential and commercial properties. In this episode, Matt imparts some great insights into selling and buying a multifamily property and some important lessons from being on the seller's side of things.
Here are some power takeaways from today’s conversation:
- 2 main challenges prior to selling the DeRosa Capital 8, Douglas Square Apartments
- Conversation tips with your tenants
- Strong local presence in a management company
- How they raised occupancy during COVID times
- Using a broker with a big, national reach when selling a property
- Buyer interview tips for multifamily
Episode Highlights:
Building Strong Local Presence as a Management Company
A lot of people buy real estate thinking that they can just pull out as much as they can out of it without putting stuff into it. When you’re looking to renovate a property to increase rent, don’t just email your tenants or put notices on the door saying their rents are going to go up or they can just move out, because that will certainly drop your occupancy rate. There’s definitely a better way of handling these conversations with tenants in a more humane way.
Using a National Brand Broker When Selling a Property
It's important for you to talk to all brokers when you go to buy a property. But when you go to sell, using a national brand is important because they have a deep mailing list and they know how to run a “multiple bids” scenario for you.
Buyer Interview Tips for Multifamily
There are things that are going to come up and you can't have a perfect property that you're going to retrade somebody – meaning renegotiate the price and renegotiate the terms. There are more next-level things that are going to happen and issues that may come up.
Now, good buyers have a nice contingency and construction budget. It pays to ask about their construction budget and their contingency because it's good to know that they're going to roll their sleeves up and renovate the place, and not just cross their arms and hope the cash flow comes in.
For buyers out there, make sure you have a healthy construction budget and a contingency of "just in case" money. That way, when you go to those interviews, it’s going to make that seller more comfortable knowing that you got a place to go for things that are unexpected.
Resources Mentioned:
DeRosa Group
Matt Faircloth
High school business teacher Dan Sheeks joins True Multifamily to talk about his latest book, First to a Million: A Teenager’s Guide to Achieving Early Financial Independence. The book is written for young people where he introduces the idea that you don't have to work till you're 65.
Teaching the basics of investing such as passive income and real estate investing, Dan offers various options for building wealth and achieving early financial independence. Dan also shares the 4 mechanisms that lead to early financial independence, which has nothing to do with being rich.
Here are some power takeaways from today’s conversation:
- About the book and its target readers
- Why you should tell the American Dream to eff off
- Why financial independence has nothing to do with being rich
- How to achieve early financial independence
Episode Highlights:
Why You Should Tell The American Dream to Eff Off
The book challenges the typical mindset of Americans and what society has told us that we have to do. The typical American Dream is to graduate college, get a good job, get married, have 2.3 kids, a dog, and a white picket fence. You work till you're 65 then you can retire and live a good life. There's nothing wrong with that path. It has worked for millions of people, and it's a very noble way to live. But there are also other options that don't require you to work until you're 65.
Why Financial Independence Has Nothing to Do With Being Rich
The overall happiness of someone starts declining after you get past that point "having enough plus a little extra" because there are a lot of responsibilities that go with it. Financial independence is not about owning private jets, five houses, going on the most expensive vacations at five-star resorts.
Financial independence is having enough plus a little extra – so that you are doing and enjoying everything that makes you happy in life. And so, the main benefit is getting your time back or the option to spend your time as you would choose, versus having to go to work five days a week, 40 hours or 60 hours a week until you're 65. Then you could use that extra time to engage in the things that make you happy.
How to Achieve Early Financial Independence
Dan recommends doing the 4 mechanisms that lead to earning early financial independence: earn more, spend less, save the difference, and invest your savings wisely. Track your income and expenses. If you're saving 30% to 50% of your income automatically every month, you reach early financial independence. And the first step to being able to do that is to know what's coming in and what's coming out.
Resources Mentioned:
SheeksFreaks LLC
Book: First to a Million
Episode 54 with Dan Sheeks
Real estate investor Avery Carl of The Short Term Shop and The Mortgage Shop joins True Multifamily to talk about her book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties. Avery went from owning nothing to a hundred doors within 5 years. Thanks to short-term rentals that have heavier cashflows and are easier to finance, Avery grew her portfolio more quickly than she would have otherwise with traditional single-family long-terms. Today, Avery shares all the buts and bolts when it comes to buying and managing short-term rentals and vacation properties.
Here are some power takeaways from today’s conversation:
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The birth of The Short Term Shop
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Understanding the regulations around short-term rentals
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Metro markets vs. vacation markets
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Multifamily vs. short-term
-
Managing short-term rentals
Episode Highlights:
Steps in Starting Your Short-Term Rental Business
When you're thinking of buying a short-term rental, first go to the city codes or city planning zoning department, which every city has, and check their regulations on short-term rentals. Then pick a house that tourists of that area have come to expect. If it’s a mountain area, pick a nice cabin, and if it’s in a beach area, then pick a nice beach house.
Metro Markets vs. Vacation Markets
Metro markets are the big fly-to vacation, tourism-dependent markets. These are expensive markets that people save all year to go to like Mexico, Hawaii, or Aspen.
The regional drivable markets are vacation markets that are also tourism-dependent where there are not a lot of jobs outside of tourism. These are areas where the majority of the people who go there are driving, not flying. Because they're accessible and affordable, they're the most recession-resistant.
Metro markets are going to have more types of travelers, whether for business or family vacation or needing a temporary place to stay while they're in between primary homes. Whereas vacation markets are strictly vacationers.
Multifamily vs. Short-Term
Multifamily is easily laid out in a spreadsheet and the rent is the same every month for a year or longer, depending on how your leases are. And so, everything fits nicely into a spreadsheet. Whereas short-term rentals are more of a range because the income over the course of a year is more dependent on the manager than it is the property itself.
Resources Mentioned:
The Short Term Shop
Short-Term Rental, Long-Term Wealth
The Cashflow Ninja himself, M.C. Laubscher, joins True Multifamily to talk about all the ways he cashflows and the ways he teaches other people to cash flow. M.C. is passionate about helping producers and creators create, protect, and multiply their wealth and achieve financial freedom.
Being a former sports league player, M.C. initially had the mindset that there was no life after sports. But reading Robert Kiyosaki's Rich Dad Poor Dad totally changed his context of how he viewed money, wealth, and investing. He then bought his first rental property and the rest is history!
M.C. is the creator and the host of the popular and top-rated business and investing podcast, Cashflow Ninja and a brand new podcast, Cashflow Investing Secrets. M.C. is also the President of Producers Wealth, a wealth creation firm helping clients in 50 states implement holistic wealth creation strategies.
Here are some power takeaways from today’s conversation:
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His transition from sports to investing
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A mindset shift from scarcity to abundance
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Growing partnerships and relationships
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Strategies for building your platform
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Creating the 21 Best Cashflow Niches book
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A breakdown of the aligned cashflow strategy
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Doing a human capital statement
Episode Highlights:
Ways to Build Your Wealth
Shift your mindset from scarcity to abundance. When you know you can’t compete with the big people in your niche, find the right people in the right asset classes. Partner with them to get access to the best deals. Otherwise, if you’re going to compete with them, you're never going to be able to participate in those deals.
Diversify. Look to other asset classes such as agriculture to expand your cash flow portfolio. There are so many different ways people are creating wealth and there are certain strategies, frameworks, and models that can be applied to many different asset classes and niches. And there's no one way to do it.
Growing Partnerships and Relationships
Figure out what people are working on or looking for and how you can help them. Ask them what they're excited about. Then you can now step back to figure out how you can add value to them and help them achieve their objectives and outcomes. Now, just because you don't have necessarily real estate knowledge, there might be a different skill set or different capability that you can bring to them
Aligned Cashflow Strategy
- Cash creation
- Cash capture (the piece a lot of people miss!) - positioning capital effectively and efficiently
- Cashflow creation- collateralizing and deploying it into assets that's producing more capital for you and cash flows such as real estate, and get you great tax benefits
- Protection through asset protection and estate planning
Create a Human Capital Statement
A human capital statement is where you look at yourself as an asset as well as your skill sets, your relationships, your capabilities. Because even if they take away every single cent you have but you have those, you'll make it back much quicker. And so, learn a skill and figure out how you could use your skills to then create value for folks in the marketplace.
Resources Mentioned:
Cashflow Ninja
Cashflow Investing Secrets
The 21 Best Cashflow Niches Book
Producers Wealth
Robert Kiyosaki's Rich Dad Poor Dad
Real estate investment coach Edna Keep joins True Multifamily to talk about the value of working with a coach as well as how she ended up with 50 doors in 18 months and an $800,000 net worth increase in the books after signing up for a year-long mentorship with Robert Kiyosaki.
As the creator of the 90 Days to 5K Mastermind Program, Edna empowers real people to build real wealth, buy their next property, and scale their businesses. Edna gave up a $250k income as a financial advisor to do this full-time so she can be by your side to show you how to do the same thing, every step of the way. Today, Edna shares the strategy behind the program and some inspiring success stories from the people she worked with.
Here are some power takeaways from today’s conversation:
- How she got from single family into the multifamily space
- The power of working with a coach
- Why you need to have a system in place
- Seeing challenges and opportunities in different markets
- How she’s organizing things through her managing partners
- Getting to the right mindset
Episode Highlights:
The Power of Working with a Coach and Following a System
Having a coach helps you get past a lot of your fears, especially when it relates to money and the things that could go wrong. Having somebody to hold your hand and walk you through that process is very powerful.
There are lots of resources out there – Facebook Lives, books, and mini-courses – and you can use any of those. But if you don't have a system to follow, you're going to be all over the map and you won’t get anything done.
In the same way that there are so many ways to invest in real estate. But you have to pick one way, master it, and then learn all kinds of things from there. Otherwise, if you're all over the map, you're never going to get anywhere.
Getting to the Right Mindset
We've got to have a mindset that we just have to get through those challenges to get to the opportunity. Where people fall down is thinking, anywhere in life, that they're not going to have challenges. But there's going to be more challenges the more we grow and the bigger we get.
We need to grow mentally to be able to handle challenges and come out as a winner on the other side. And if you haven't had any challenges, you're not even growing as a person. Hence, challenges are put in front of us so that we can grow and get better. As Jim Rohn says, "Don't wish for less challenges, just wish you were better to handle them."
Resources Mentioned:
www.ednakeep.com
All the way from the UK, Michael Barnhart and Suzy Sevier of Adventurous Real Estate Investors join True Multifamily to share their impressive feat of multifamily investing and networking with no multifamily experience while living abroad. They shared their inspiration in making the leap to multifamily investing when they read the book “Multiple Streams of Income” by Robert Allen and how they positioned themselves as credible overseas investors, from finding a market to finding their mentor.
Michael and Suzy stress the importance of building strong and organic relationships when finding the right properties. They also mentioned their experience building credibility with the brokers online. They share their tips, systems, and tools on how to actively invest when you’re geographically separated. In addition to that, they experienced a water leak with a problematic tenant and shared how dealt with that specific situation.
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Omar Khan, Managing Principal and Founder of Boardwalk Wealth, joins True Multifamily to talk about his process on syndicating a multifamily property. He shares the importance of being consistent in communicating and using the necessary tools, especially when maintaining a B+ property. He also mentions that a third-party property management company should hire competent and consistent people onsite, emphasizing that the last link in the chain should still be extremely strong.
Omar also shares his experience firing a toxic and incompetent property manager. He stressed the unprofessional patterns of the property manager and how it's never a good look at how the property will improve. Eventually, they changed property managers, hiring someone competent who has a reasonable disposition and was organized.
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Chris Roberts of Sterling Rhino Capital joins True Multifamily to share an interesting but challenging experience when he dealt with a direct seller who isn’t the main decision-maker with poor knowledge of the deal. On this specific deal, he deals with a 112-unit off-market deal with manual records with a $5.2M asking price.
After 11 months of negotiations, his team got it down to $3.875M, but not without all the issues and challenges. He built the manual records by reverse engineering to get the actual numbers and built an ironclad contract with a bad debt clause.
Chris also shares how having enough cash reserves definitely helps you get out of trouble and shares the current challenges he faced when finding the right contractors during the pandemic.
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In this episode, Seth Teagle of The Stream Group joins True Multifamily to talk about buying his first multifamily property, a 50-unit in Columbus, Ohio. He gets real with his experience and shares the first-time mistakes he made and all the growing pains of owning his first multifamily property. He shares tips on how to build the initial credibility without prior multifamily experience and what to do when a management company doesn’t deliver.
Seth also talks about vertically integrating his company and how the approach enabled him to scale up and reduce costs while building meaningful relationships in the process. He goes into detail on the advantages of vertical integration, especially on the management aspect of owning a multifamily property.
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seth@thestreamgroups.com
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In this episode, Lisa Hylton of The Level Up REI Podcastjoins True Multifamily to talk about how to build wealth through passive real estate investing. She goes into the details from networking to generating passive income. She specifies the importance of communication and transparency, especially when deals get in trouble, eventually evaluating the health of the deal and discussing the numbers with the investors as soon as possible.
Lisa also gives tips on how to look for the right deal to invest in. She mentions that healthy cashflow and appreciation definitely takes the cake when you’re investing hard-earned money through passive real estate investing with the right people. She also wrote the Investing Passively in Real Estate FundseBook for anyone who wants to learn more about the whole process from a passive perspective.
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In this episode, Kent Ritter of the Ritter on Real Estate podcast joins True Multifamily to share how he plans to deconvert his 110-unit with half studios and half two bedrooms into all studios. After getting a better understanding of the market and seeing the demand, he realized that converting the whole property to all studios will drive up revenue and really add more value to his tenants and investors.
Kent also shares the difference between an asset manager and a property manager. He goes into detail into the key performance indicators he focuses on and the technology they are using to improve the lives of their residents and staff.
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Scott Meyers, Founder of Kingdom Storage Partners, joins True Multifamily to share the benefits of investing in self-storage. He compares how multifamily is similar to self-storage minus the usual hassles of tenant management, toilets, and trash. With self-storage, Scott found a simpler, more predictable, and more manageable business model that works in a recession.
He also shares that value add is the name of the game when it comes to self-storage investing, looking at how they can position themselves in a strong market while making it very accessible and easy for customers. Also, he shares his marketing tips, from building a crisp and clean website to innovating with accessible 24/7 kiosks.
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In this special and timely episode, Justin Fraser of True Multifamily speaks to various operators about the current situation of the eviction moratorium. He speaks to Alex Felice of Alexandria Capital, Jerome Myers of Myers Development Group, Kyle Mitchell of APT Capital Group, and Daisy Serrano and Luc D’Abreau of Make It Rain Capital.
In a huge discussion, they talk about how the eviction moratorium affected their portfolio and how they dealt with delinquencies. They also discussed rental assistance and state aid, and how they’re helping their tenants throughout the eviction moratorium.
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This episode features:
Alex Felice
Website: brokeisachoice.com
Jerome Myers
Website: jeromemyers.co
Kyle Mitchell
Website: aptcapitalgroup.com
Daisy Serrano & Luc D'Abreau
Website: makeitraincapital.com
In this episode, Josh Eitingon of DXE Properties shares to True Multifamily his experience of changing property management companies due to undisclosed kickbacks. When he established a good working relationship with one of his maintenance staff, he was informed that the property manager was undercutting him and getting a few thousand dollars for a roofing job.
Josh also shares more information on his newer 106-unit deal in Atlanta. He shares the process of a tenancy in common, an arrangement wherein two or more people share ownership rights in a property.
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Jim Monk of CLOZZITS joins True Multifamily to talk about how they design closets that boost revenue. He shares how it’s a huge differentiator in the multifamily competition to install closets that not only increases revenue but also closets that residents like. He mentions how the residents of today are not only looking for a place to live in but also looking for resort-type amenities, retiring the old utilitarian closet and upgrading it to an experience that boosts the asset value of the property.
He also talks about the uniformity and uniqueness of the closet experience that beats the competition, whether you’re in a Class B or Class C type asset, and how it’s cheaper than the usual renovations that owners do to increase the value of the property.
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This episode features Jonathan Barr of JB2 Investments. He joins True Multifamily to talk about property management and the challenges with unexpected fees on their contract. Jonathan shares to always be thorough on the contracts of your deals, letting your attorney review everything to avoid missing the unexpected fees that you don’t notice until you get your first P&L such as the late fees, processing fees, administration fees, and application fees.
Also, Jonathan shares how he ran into some trouble with a manager when they allowed the property manager too much freedom. He emphasizes the importance of keeping an eye on the big picture while executing on a day to day basis.
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Mike Morawski, Founder & CEO of My Core Intentions, joins True Multifamily to open up about the mistake of buying too much real estate way too fast, destabilizing him along the way. He shares his unfortunate experience trying to save his company without disclosing the details to his investors, eventually getting sentenced to 10 years in federal prison for wire fraud and mail fraud charges.
Mike shares the steps he took to rise up from getting wiped out, from writing two books to building a coaching and training platform. He also built a third-party scattered-site residential management company to keep things afloat as he was getting ready to go to prison!
With all his experience, Mike shares the important things you need to know during the transition period of getting a property under contract to closing, emphasizing the importance of staying involved, building relationships with the onsite staff, not overlooking due diligence, and ensuring to take all the steps in place.
For all True Multifamily listeners, Mike is giving away a copy of his book, Exit Plan, a complete guide to multifamily investing in why you need an exit plan before you buy.
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This supersized episode features Sam Primm of FasterFreedom as he joins True Multifamily to discuss how he leveraged social media platform TikTok to educate people about real estate investing. He shares how to work with TikTok’s evolving algorithm, by taking a trend and making it your own, directing viewers from TikTok to YouTube or your website, and the whole content creation process.
He also shares the unique situation of his 32-unit property, being a heavy value add renovation, rehab project, and the process of operating on a property that he did not yet own. With Sam’s creativity, they were able to stabilize the property and maximize profits!
Sam offers free training for anyone who is interested in understanding real estate investing from a foundational level, learning the best tips for when you’re taking the first steps to do it more efficiently, educating on how to create passive income without using any of your own money.
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In this episode, Randy Langenderfer of InvestArk Properties, LLC joins True Multifamily to share how he dealt with a fire on his first GP deal on the first month of ownership! He shares the whole process of finding his first deal, the challenges and tribulations that came with the fire, and how they changed the onsite manager to help the property rise from the ashes.
Randy also mentions the importance of knowing your property manager, not only the onsite manager but also the management company to get a better perspective on how the property is being taken care of.
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John Fortes, Managing Director & Founder of The Fortes Company, joins True Multifamily to share his experience about his early mistakes on his first deal. On his 62-unit, John learned the hard way when his occupancy dropped to zero. He mentions all the lessons he learned while facing the challenge of zero occupancy, sharing about staggered rents, effective communication, and rebranding.
John also emphasizes the importance of getting educated and learning outside the courses, understanding the property and the partners that you’re going to be investing with. He also shares the investment tracker that he created.
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In this episode, Karyntha Walsh joins True Multifamily to share her experience of buying a 20-unit building with her fiancée, how their occupancy went from 19 to 7 in 2 years and how they turned it all around! She shares all the mistakes that they made, how she changed property managers and became a GC to their 20-unit. In 2018, they were able to turn everything around, learning from their beginner mistakes and raised rents more than 50%.
Karyntha also shares how a good property management company is an asset, being in constant communication with the property manager regarding their rules, requirements, and the standards they want to set for the tenants.
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This special episode is the second collaboration with this outstanding group. We don't just talk circles about real estate investing, we dive right into the deep end.
With the pulse on multifamily real estate investing, we cover it all! We even cover cryptocurrencies!
The Multifamily Mastermind special episode welcomes Shannon Ludlow of The Multifamily Journey, John Fortes of The Passive Investor Show, Justin Fraser of True Multifamily, Rich Somers of The Multifamily Takeoff, Daisy Serrano & Luc D’Abreau of the Make it Rain Podcast, and German Buendia & Oscar Buendia of the REI Brothers Podcast as they come together for a one-of-a-kind multifamily conversation.
These hosts have collectively interviewed more than 500 guests. Tune in as they give their input in this behind-the-scenes multifamily conversation covering the industry and podcasting world.
Podcasts represented in this episode:
The Multifamily Journey
Website: www.themultifamilyjourney.com/
iTunes: Podcast Page
The Passive Investor Show
Website: www.passiveinvestorshow.com
iTunes: Podcast Page
REI Brothers Podcast
Website: www.gooddaycapital.com/podcasts/
iTunes: Podcast Page
Make It Rain Podcast
Website: www.makeitrainpodcast.com/
iTunes: Podcast Page
True Multifamily
Website: www.truemultifamily.show
iTunes: Podcast Page
The Multifamily Takeoff
Website: www.multifamilytakeoff.com
iTunes: Podcast Page
Kris Reid, Founder and CEO of Ardor SEO, joins True Multifamily to share the knowledge on how search engine optimization helps multifamily investors and other realtors. He shares how the predictability and measurability of digital marketing go hand in hand to build a specific strategy for a website, not just generating leads but also nurturing them. He breaks down the process on how to optimize and maximize specific keywords to get more customers to trust you and your brand, from the simple nudge to the nurture campaign.
He also dives in on how lead magnets work and what the true purpose of the website is. In addition to that, he’s giving an offering to all True Multifamily listeners by showing an example of an awesome sales funnel that you can check out at ardorseo.com/truemultifamily.
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In this episode, Matt Engle of Elash Investment Group joins True Multifamily to share how he devised four steps that create a better experience for both his tenants and investors. He rolled out a new Residence Experience Program to know more about the wants and needs of his tenants. These four steps were inspired by his trip to Hong Kong and Macau.
For Matt, it takes four simple steps to create purposeful moments and better experiences. He also breaks down the four steps:
- Elevate Your Senses
- Raise The Stakes
- Break The Script
- Connect With Others
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Preston Walls, Founder & CEO of Walls Property Management, joins True Multifamily to talk about his philosophy on homeownership and his experience with a project that took seven years to complete because of a land development play that didn’t allow him to build and improve upon it.
For Preston, this was a zero-cost option that cashflows, and with patience and perseverance, he was able to develop the property. After seven years, Preston completed a 61-unit building with incredible downtown views and skyline mountains.
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Ken Van Liew, founder & CEO of Global Real Estate Strategies and author of the Modern Wealth Building book, joins True Multifamily to talk about how he went from building skyscrapers to starting an assisted living home. He shares that similar to multifamily, having a career in assisted living gives you an opportunity to commit, develop, add value, and diversify.
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Alex Felice of Broke Is A Choice gets real with Justin Fraser to talk about his introspection about the challenges and mistakes he made like when Alex undercapitalized, affecting the whole process of turning a deal. He also shares how he learned from his mistakes and managed to get a really great return.
Alex also shares how he rebranded a property that had a previously bad reputation. He gives tips on tenant management, property marketing, and rebranding, essentially adding more value to his property and his tenants’ lives.
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Connect with Alex Felice:
Website
BiggerPockets
Gary Lipsky of APT Capital Group joins True Multifamily to talk about his process of becoming a successful asset manager. He talks about the system of running his multifamily business with tremendous detail, talking about how communication, accountability, and flexibility are a huge part of the success of an asset manager.
Gary is also rolling out Asset Management Mastery, a 15 content-rich module course that will help anyone who is interested become a successful class operator. This course will cover budgeting and financial analysis, managing the manager, key performance indicators, marketing and leasing, renovation management, investor relations, curveballs, taxes, disposition, tools, and more. In addition to that, Gary is giving all True Multifamily listeners $500 off for the whole course!
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Website
Asset Management Course
Podcast
BiggerPockets
YouTube
In this episode, Andrew Schutsky of Redline Equity, LLC shares to True Multifamily how he got into the multifamily space by joining a general partnership, added value using his corporate experience, and getting experience by networking with the right people. He reveals his thought process behind working a full-time job and making the decision to invest in larger multifamily properties.
Andrew also discusses the uniqueness of multifamily investing versus single-family, from the massive networking to helping more people, explaining how multifamily investing is a mixture of relentless education and uninformed networking.
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Website
Podcast
Anton Mattli of Peak Financing joins True Multifamily to talk about how to maximize a deal and how to prepare for refinancing. Anton shares the whole process of working with operators, asset managers, and apartment buyers, giving detailed examples of how he can help with the whole path to ownership and preparing yourself in the proper fashion.
Anton also shares to Justin detailed examples of how the financials should look like when getting the financials from the brokers and also discusses how they normalize the expenses to what the lender and appraiser underwrite to.
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Website
The Multifamily Mastermind special episode welcomes Shannon Ludlow of The Multifamily Journey, John Fortes of The Passive Investor Show, Justin Fraser of True Multifamily, Shawn DiMartile of The Multifamily Takeoff, Daisy Serrano & Luc D’Abreau of the Make it Rain Podcast, and German Buendia & Oscar Buendia of the REI Brothers Podcast as they come together for a one-of-a-kind multifamily conversation.
These hosts have collectively interviewed more than 500 guests. Tune in as they give their input in this behind-the-scenes multifamily conversation covering the industry and podcasting world.
Topics:
🎧: Favorite guests
🎧: Biggest misconception of multifamily investing
🎧: The lending landscape
🎧: How many deals are you underwriting before submitting an LOI?
🎧: The elusive first deal (how hard is it to get your first deal?)
🎧: Return on Capital VS Return of Capital
🎧: Investor Relations
🎧: Growing interest in millennial interest in multifamily syndications
🎧: Their “Why”, motives & passions
Podcasts represented in this episode:
The Multifamily Journey
Website: www.themultifamilyjourney.com/
iTunes: Podcast Page
The Passive Investor Show
Website: www.passiveinvestorshow.com
iTunes: Podcast Page
REI Brothers Podcast
Website: www.gooddaycapital.com/podcasts/
iTunes: Podcast Page
Make It Rain Podcast
Website: www.makeitrainpodcast.com/
iTunes: Podcast Page
True Multifamily
Website: www.truemultifamily.show
iTunes: Podcast Page
The Multifamily Takeoff
Website: www.multifamilytakeoff.com
iTunes: Podcast Page
Megan Lamke of the Business For Good with Megan Lamke podcast joins True Multifamily to share how she helped transform her tenants' lives by offering a special app called Ramsey+, an all-in-one-financial tool to take control of your finances and to hit your financial goals faster. By offering Ramsey+ as an amenity to her tenants, her tenants ended up paying rent in full and on time all throughout the pandemic while continually offering up coaching for property managers and operators as well.
Megan also shares her experience of leaving corporate America to be a full-time syndicator, being a value-added resource to general partnerships, finding ways to add value to experienced syndicators and operators to help them with areas they may not naturally look at such as sales, marketing, and investor relations.
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Website
YouTube
Podcast
In this episode, Arn Cenedella of Spark Investment Group joins True Multifamily to share the risk he took when he transitioned from single-family to multifamily when COVID hit. He shares that even with the economic impacts of the pandemic, the value of real estate stood solid and how transitioning felt more like a transfer of assets.
Arn also shares his experience of buying an existing duplex that he planned to renovate but got rezoned into a single-family home. Despite the challenges he faced throughout his 40+ years of experience with real estate, he's optimistic about the positive economic impact of multifamily investing.
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Website
YouTube
In this episode, John Casmon of the Casmon Capital Group shares to True Multifamily how he went from 8 units to 192 units by adding value to the right team. He emphasizes the success of having the right partners who will listen to the ideas, vet them, and implement the ones that make the most sense. He also shares how to add value specifically, demonstrating the capability and what you can bring to the table.
John Casmon also talks about the importance of branding and how it's everything you create: from the logos, color palettes, and the essence of the experience. He shares that branding is customer experience and not just the visual perception of the business.
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Website
Podcast
YouTube
Anselmo Torres III & Kelly Stinson of Sustainability Solutions (SAS) joins True Multifamily to talk about how they help multifamily operators increase rents, add value, and improve NOI by focusing on water efficiency and conservation. They talk about how a lot of multifamily operators don't know if their property is consuming the right amount of water-based on the number of residents and how large their properties are, missing out on a great opportunity to add value in the long run just by getting the right toilets.
Anselmo & Kelly also talk about how not all toilets are created equally when it comes to pushing the waste down the line. With smart technology and ultra-high-efficiency plumbing fixtures, a multifamily owner will be able to save a lot of money while conserving water. They also give free tips on the value of reducing expense and keeping it to a minimum.
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Connect with Anselmo Torres & Kelly Stinson:
Website
Anselmo's LinkedIn
Kelly's Facebook
Kelly's LinkedIn
This special episode features Jerome Myers of the Multifamily Missteps podcast. Jerome shares to True Multifamily an incredible opportunity for everyone who is serious about multifamily investing. He has put a conference together where you can show up and meet with people like you, regardless of your background or sex. He shares his goal to inspire more people to do more and get further in their business.
Jerome created this conference where everyone can network with people who are doing business, like real operators, and not just professional educators. Whether you're brand new or already into multifamily investing, the Mid-Atlantic Multifamily Conference is for you.
Don't miss the Mid-Atlantic Multifamily Conference that runs from March 19 - 21, 2021. Click this link for more information and get ready to build generational wealth.
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Website
In this episode, Michael Becker of SPI Advisory joins True Multifamily to share about the challenges they faced when most of his portfolio literally froze because of the Texas Freeze. He shares about maintenance and budgeting when it comes to the issues that came up.
Battling the coldest weather on record, Michael walks us through the process of how they managed to survive the unpredictability of frozen Texas: from water breaks and fire systems to power outages.
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Connect with Michael Becker:
Website
YouTube
Listen to Michael Becker's Podcasts:
The Multifamily Investing Show with Michael Becker
Old Capital Podcast
Jorge Abreu, Co-Founder and CEO of Elevate Commercial Investment Group, joins True Multifamily to share the importance of insurance claims. He lays out what your insurance should cover such as rent loss, building code upgrades, asbestos, and more. Jorge adds the advantages of having an adjuster to ensure that everything gets covered, making up for how much they ended up getting covered versus what the insurance company would have covered.
Jorge also shares about having a big fire in one of his properties before the completion of his fire insurance claim. He talks about how timing is of the essence and how it will cost you more when you wait before you get insurance.
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Elevate CIG Website
Elevate CIG Facebook
Elevate CIG Instagram
JNT Construct Facebook
Jorge Abreu's Facebook
In this episode, Alina Trigub of SAMO Financial joins True Multifamily and shares her experience of switching to a commercial property management company. She tells us the significant difference when she found the right commercial property management company with the right tools, up to date technology, and complete professionalism.
Alina also gives the list of questions an investor should ask when looking for an operator, not only learning more about the person as an individual but also looking for the operator with right skills that would transform the property. She also shares her portfolio diversification guide for free to all True Multifamily listeners!
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Connect with Alina Trigub:
Website
Udemy Course
All the way from Japan, Anthony Pinto of Mission First Capital joins True Multifamily to discuss how he contributed to a general partnership by working remotely and to share the lessons he learned from the hiccups that they experienced on their multifamily properties. He tells us how he worked with an uncooperative owner while dealing with undesirable tenants and how they used the Freedom of Information Act to request police records about the property, revealing the needed information that matches their delinquencies and other crime-related tenants.
Anthony also shares his experience of having a fire that ruined 12 units. He walks us through the process of relocating the affected tenants, putting in the insurance claim, and how to deal with that certain overwhelming situation one action at a time.
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Connect with Anthony Pinto:
Website
Podcast
In this supersized episode, Stace Caseria of Trust Deep Agency joins True Multifamily to talk about marketing, branding, and building trust. Stace emphasizes the importance of trust when it comes to branding by sharing his experiences on building and nurturing the relationship with his tenants and how a great customer experience plays a huge part in managing a property.
Stace shares the importance of empathy when it comes to building trust. Not only does empathy builds trust, but it is essential in building a sustainable business and brand. He talks about how a brand starts with a mission and vision while breaking down his definition of branding and how trust is a differentiator in building a business. He also shares the four things you need to show on your website in order to stand out.
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Connect with Stace Caseria:
Website
YouTube
Today, Andy McMullen of Legacy Acquisitions joins True Multifamily to tell us stories of unfortunate times and how to rise up from the ashes of a crash. He walks us through his evaluation criteria, lessons that he learned from the crash of 2008, and how relationship building plays a huge part in real estate investing.
Andy emphasizes the importance of seizing the opportunity to network during these tough times, giving us an example of how to add value by building relationships in order to have a long-standing business.
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Connect with Andy McMullen:
Website
On this episode, Dan Sheeks of Sheeks Freaks joins Justin Fraser to talk about his mission in educating young people about financial independence, real estate investing, and passive income. He shares how starting financial education at an early age can help people live a better adult life, encouraging teenagers to explore the house hacking strategy while tapping on different ways of passive investing.
Dan also shares his two-year action plan on how to hammer your credit score at an early age, making you bankable as early as 20 years old!
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Connect with Dan Sheeks:
Website
BiggerPockets
YouTube
In this episode, Justin Fraser talks to Wally Conway of Monument Commercial Building Inspections about buying apartments, inspections, and due diligence. Wally lays out his due diligence process and how having a complete understanding of the physical condition of the asset is vital to multifamily investing.
He also stresses the importance of knowing how the Math works when it comes to due diligence, giving us tips to be more refined in your offer by having a redefined scope through great due diligence.
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Connect with Wally Conway:
Website
This episode features board-certified pediatric dentist David Iglewicz of Prostoig Capital. David talks about losing his passion for dentistry and how investing in real estate opened up a new world of opportunities in his life. He talks about his personal struggles, how networking helped him, and the great opportunities real estate investing can bring to the dental community.
David also talks about his first-hand experience as an investor and the lessons he learned when he first started investing.
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Connect with David Iglewicz:
Website
Kicking off 2021 on True Multifamily is Gino Barbaro of the Jake & Gino Podcast. Gino talks to Justin Fraser about the resident experience, the three crucial steps to repositioning an asset, their process in managing delinquency, and how to be a proactive landlord.
Gino also shares the core values in scaling a company and how to manage right. He emphasizes the importance of measuring KPIs in order to manage well.
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Connect with Gino Barbaro:
Website
YouTube
Podcast
On True Multifamily's 50th episode, Justin talks to Matt Faircloth & Hervé Francois of The DeRosa Group. They talk about the lessons they learned on their latest acquisition, about the roles they played in the team, and the importance of a purposeful and supportive team when it comes to multifamily.
Matt talks about how to making a great impact, detailing the importance of a solid team and structure. He digs deep on what "The Four Seats on the Bus" are when it comes to building a team and targeting specific markets.
Hervé shares how he went from being on Wall Street to hunting properties for The DeRosa Group. He talks about how to efficiently work with a team as an acquisitions manager.
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Connect with Matt Faircloth:
DeRosa Insiders
Book
Connect with Hervé Francois:
Check out The DeRosa Group:
Website
YouTube
Kyle Mitchell of APT Capital Group talks about the pain points of his property in Phoenix. He tells Justin Fraser how he wanted better quality tenants, creating a creative solution to get rid of undesirable tenants, verifying what the property is doing, communicating well through COVID-19, and holding his team accountable to improve the property.
Kyle also talks about how he replaced a good regional manager for the right fit, emphasizing that the right fit definitely impacts the property as a whole.
As a bonus, Kyle is sharing to all True Multifamily listeners the resident letter they used to get rid of their undesirable tenants and to get better quality tenants. Click here to view the Resident Letter Sample.
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Website
YouTube
Podcast
BiggerPockets
Virtual Asset Management Summit 2021
Today's episode features Savannah Arroyo, The Networth Nurse. Savannah shares to True Multifamily how she got into real estate investing, talking about her process on getting her first-ever multifamily deal and her focus on capital raising in the middle of the pandemic.
Savannah also shares a tip on submitting personalized letters together with the offer and also adds how to build your network while still learning from other people's stories and experiences.
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Website
YouTube
Episode Summary Yonah Weiss of the Weiss Advice podcast visits True Multifamily to talk about cost segregation and its amazing benefits. He breaks down how to have more tax benefits in 2020 by doing cost segregation, supercharging the depreciation and accelerating how quickly you can take the tax deductions while not creating new deductions. Also, he talks about bonus depreciation and how it allows you to take all the accelerated depreciation upfront the first year. Yonah also reveals what happens at the end of cost segregation. Follow, Share & Subscribe! True Multifamily: Website Facebook Instagram YouTube Connect with Yonah Weiss: Website Podcast LinkedIn
On this episode, Justin Fraser of True Multifamily reveals how he loves tenant skips and the advantages it brings to the property. He explains what a tenant skip is and how he encourages it to target undesirable tenants. Also, he shares great tips on how to promote tenant skips on your property.
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This supersized episode features Jerome Myers of the Multifamily Missteps podcast. Jerome tells True Multifamily the truth about his first deal and how he worked through zero cashflow on a million-dollar asset. Jerome discusses what went wrong, how they needed to evict their tenants because they weren't paying rents, how to deal with people moving out because of expired leases, and how he worked with the $30K surprise of a broken sewer pipe.
As Jerome talks about the many challenges on his 23-unit property, he also shares his realizations about the importance of goal setting, shared perspectives, and aligned investment thesis for strong and successful partnerships.
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Connect with Jerome Myers:
Website
On this second episode on Justin Fraser's Spotlight Series, he breaks down his business plan on his recently closed 336-unit apartment complex in Winston-Salem.
Justin also emphasizes how critical a business plan is, sharing to True Multifamily how to write it and what goes into a proper business plan whether your goal is to add value or renovate.
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On this episode, Sandhya Seshadri of Multifamily4You joins True Multifamily to talk about her first deal that she acquired fourteen months ago and the reality of learning so much being boots on the ground. She talks about the challenges in implementing the business plan even when faced with multiple delays on the schedule.
Sandhya also shares how investing passively is an excellent way to learn the business without taking all the risks yourself, knowing what she likes and dislikes about different ways about running a property.
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Follow Sandhya Seshadri:
Website
Back for part two is Jonathan Bombaci of Candor Realty. This time, he shares how he purchased a multifamily portfolio off the MLS for $1,890,000, appraised it at $2,356,000, and sold it off for $2,575,099 in just less than six months during the coronavirus pandemic.
Jonathan shares how they bought the multifamily portfolio with bank financing and how it was cashflow positive monthly. He also breaks down the FHA rule and shares a few tips to keep in mind on working with his strategy.
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Follow Jonathan Bombaci:
Website
BiggerPockets
On this episode, Jonathan Bombaci of Candor Realty joins True Multifamily to share how he bought his first triplex, eventually renting it out to pay off his car, student loans, and other debt after college. This started when his grandmother told him to buy a property to rent out.
Also, Jonathan shares the first few lessons he learned as a first-time landlord. He shares how it's not wise to be friends with your tenants, sharing a tough story on how he learned that lesson the really hard way.
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Follow Jonathan Bombaci:
Website
BiggerPockets
Shawn DiMartile of The Multifamily Takeoff podcast joins True Multifamily to relive his tough experience about running out of capital on his first deal. He tells us his story of going from 0 to 32 units on his first deal and how his team had to borrow more money after the close.
As Shawn tells us what went wrong on his first deal, he also shares what he learned from it. From replacing sewer pipes and inspecting air-conditioners to reformulating a new strategy that works well on his next deals.
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True Multifamily:
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The Multifamily Takeoff:
Website
Shawn DiMartile's Social Media:
BiggerPockets
On today's quick episode, Josh Cantwell of Freeland Ventures and the Accelerated Investor Podcast comes back to talk about how the neighbors of his complex saved the deal! He emphasizes that no matter how small or big your deal is, it matters that you talk to the neighbors about it.
Josh shares how this specific deal in a wonderful neighborhood showed a lot of unexpected activity on a Tuesday. He took his chance and asked a neighbor who lived in the community for 25 years to know more about the property. The neighbor is excited that new management is coming in to save the building, and Josh realizes that the building has huge potential to be rebranded into a B-Class Tenant Base.
Reference Links:
Freeland Ventures
Accelerated Investor Podcast
Social Media:
YouTube
Today's episode features Jens Nielsen, Principal of Open Doors Capital. Jens talks to Justin about getting the bug for real estate and going for it by finding his 4-unit and his 11-unit.
As Jens scales up after his 11-unit, he finds a good management company to focus on his own niche. Along the way, he figures out the process of making the best out of his closing, creating structures that work for his deals while also figuring out how to transfer old skills to real estate. Jens goes over going beyond your own means by the connecting correctly with investors as well as not neglecting to add value whenever you can.
Reference Link:
Open Doors Capital
Social Media:
Luc D'Abreau of the Make It Rain: Multifamily Real Estate Investing For Millennials podcast joins True Multifamily to share his lessons learned when he decided to diversify and expand his deals as he evaluates property managers in his multifamily syndications. He also talks about having problems with how a property performed and how he got to the truth when he took specific actions in speaking to the tenants to learn more about the problem areas.
While everything seems to be falling apart, Luc details the importance of looking for the right property manager, one who actually adds value, understands the goals, meticulously checks for improvements, and also takes care of the tenants.
Reference Link:
Make It Rain: Multifamily Real Estate Investing For Millennials
Social Media:
Dave Foster, executive director of The 1031 Investor, joins True Multifamily to talk about a better way of real estate investing that didn't involve paying taxes on his profits during his transition from one investment to another using 1031 exchange.
Dave shares his journey as a real estate investor over the past two decades and how he maximized his potential returns in the long run by changing his investment strategy. As a result of this transition, his portfolio builds up while preserving real estate wealth that allowed him to buy a sailboat where he lived with his family.
Reference Links:
The 1031 Investor
Social Media:
Website
BiggerPockets
Joining True Multifamily for the second time, Shannon Ludlow, owner and founder of Faybull, LLC and host of The Multifamily Journey podcast, talks to Justin about his flip during the coronavirus pandemic!
Shannon talks about how much COVID-19 plays in his evaluations of deals and team syndication. Also, he talks about the macroeconomics of it all while giving importance on analyzing the data on how a deal must perform.
Reference Links:
Faybull, LLC
The Multifamily Journey Podcast
Social Media:
Facebook: The Multifamily Journey
Instagram: Shannon Ludlow
Instagram: Faybull, LLC
Instagram: The Multifamily Journey
In this supersized episode recorded atPodMAX, Maricela Soberanes of Up Plex Living tells Justin Fraser how she left Mexico to start a new life in the United States and how she became a real estate investor! She shares her humble beginnings, her rookie mistakes, and what she learned throughout the years.
Maricela also broke down how she learned the importance of having enough reserves when she started out on real estate and how she doubled the value of her first property, and her journey to financial independence.
Reference Links:
Up Plex Living
Blog: From Financial Survival to Financial Independence
Social Media:
Josh Cantwell, CEO of Freeland Ventures and host of the Accelerated Investor Podcast, joins True Multifamily to talk about his recent walkthrough on an 80-unit that he has under contract that had way more value add improvements than expected.
Josh shares how his team reworked the numbers to close the deal, walk every unit, checked the roof, and improved the bathrooms. He also shares great insight on business planning and adjusting the plan in the process while emphasizing the importance of due diligence, stating that funding equals freedom.
Reference Links:
Freeland Ventures
Accelerated Investor Podcast
Social Media:
YouTube
Shannon Ludlow, owner and founder of Faybull, LLC and host of The Multifamily Journey podcast, joins Justin Fraser to share how he entered the world of real estate, his disappointments and failure to act, and how he transitioned into multifamily syndications.
He also talks to Justin about his journey flipping on the side and sharing tips to know if the GP team is dedicated and focused. Plus, he emphasizes the importance of having a clean, professional digital footprint.
Reference Links:
Faybull, LLC
The Multifamily Journey Podcast
Social Media:
Facebook: The Multifamily Journey
Instagram: Shannon Ludlow
Instagram: Faybull, LLC
Instagram: The Multifamily Journey
Brian Price and Jennifer Gligoric of Leafy Legal Services share their humble beginnings in transitioning to multifamily investing and the lessons they learned from the crash of 2008 up to the present.
They also talk about the legal perspective of working with someone who experienced when it comes to property management and the new gold standards of 2020.
Reference Links:
Leafy Legal Services
Social Media:
LinkedIn: Brain Price
LinkedIn: Jennifer Gligoric
In this episode, Justin Fraser of True Multifamily shares insight into the process from finding a deal through underwriting, site walks, and offer acceptance.
Reference Links:
True Multifamily
Social Media:
In this special episode, Justin joins Matt Faircloth & Hervé Francois of The DeRosa Group as they walk through the process of buying an apartment to rent out and BRRRR.
They keep it real and spill all the secrets before the contract is signed when buying a large multifamily apartment even as an out of state rental property. While touring competitor apartments, you will hear real feedback and how this may affect the business plan and the offer price.
To get a better idea,check out the whole mini-docu!
Reference Links:
The DeRosa Group
Social Media:
YouTube
Website
Joining Justin for this special double episode recorded at PODMAX is Chris Larsen of The Next Level Income Show.
Chris shares his challenges on a third-party management company and how crucial it is to have a management company that understands the correct ways to overcome tough challenges. Additionally, he talks about the process of the capital call and how to best utilize it if something goes wrong.
Also, Chris shares a story about a local deal in Asheville, North Carolina, sharing his process dealing with the bank, operations, and how he managed to nurture relationships in the process. He added how he looked a year ahead and gave concessions to maximize payoff.
Reference Links:
Next-Level Income Show
Social Media:
YouTube
Website
Lior Rozhansky, Vice President and Real Estate Agent at Compass, joins Justin for this special episode recorded at PODMAX, sharing two stories: one on figuring out how to evict a problematic tenant that is still paying rent and another about his experience with contractor management issues.
Lior also tells Justin about his humble beginnings and how he is currently finding and funding his deals, focusing on multifamily and learning the importance of having a team with everyone in the right seat.
Reference Links:
Compass
Social Media:
YouTube
Website
On this episode of True Multifamily, Jeff Holst of Old Fashioned Real Estate discusses his latest acquisition that he closed on during the coronavirus pandemic. Jeff also talks about his real estate journey from battling leukemia to creating "Last Life Ever", a group encouraging everyone to live their best life.
Additionally, Jeff talks about his plans and strategies on moving forward and how to pull a win in the middle of the challenges that the pandemic brought.
Reference Links:
Old Fashioned Real Estate
Last Life Ever
Social Media:
YouTube
Justin Fraser of True Multifamily shares what they're doing to get prospects on board without physically visiting the office. Due to the current effect of the pandemic, it’s important to practice social distancing to avoid being infected. Justin walks us through the remote process, keeping both prospects and leasing staff safe from exposure of the novel coronavirus.
Justin gives out his prospects and leasing staff more options to work amidst the pandemic such as utilizing multiple ways to do a virtual tour of the property, a personal video tour with the leasing agent via video call, and also utilizing a digital lockbox that allows the prospect to tour the property.
Reference Links:
True Multifamily
Social Media:
JoiningTrue Multifamilytoday is Anthony Scandariato, co-founder and managing partner of Red Knight Properties. He breaks down his experience with fighting an appraiser and how he managed his timeline while citing reasonable steps.
Anthony discusses the steps he made in preparing himself in fighting the appraiser, showing market comps and working with the income approach.
He also discusses his reason behind self-managing properties, sharing with us the pros of overseeing property management, property takeover, and more.
Reference Links
Red Knight Properties
Anthony Scandariato
Social Media
Website
Dr. Heath Jones and Hutch "The Marine Investor" of H Squared Capital join True Multifamily to talk about how they met at a conference and how they became business partners!
They walk us through how they started becoming conference buddies and eventually becoming business partners with the same goals whether it be raising capital, growing their network, or overcoming challenges.
Also, they discuss the importance and power of having an accountability partner to grow your connections, to be the voice of reason, and to take substantial action.
Reference Links
H Squared Capital
Social Media
LinkedIn: Hutch “The Marine Investor”
LinkedIn: Dr. Heath Jones
Mike Bonadies comes back for the third time to the True Multifamily Show to talk about unique and creative value add strategies. He specifically lays out more ways to add value and increase the revenue on your assets while losing financial stress. Mike talks about looking into electricity and storage as a creative way to add value, increase revenue, and solve more challenges.
Mike does not only add value to his bottom line but also adds value to his tenants into cost savings. He shares a couple of real win-win programs for the tenants to save more money and minimize expenses. He also talks about the challenge and stigma of working with tenants to discuss the ways to save more money and how highly beneficial the tenants understand the difference between commercial and residential electric.
He also discusses storage and its importance to adding value. He provides examples and numbers for you to know more how to utilize storage to the max. In addition to storage, he states that parking is a huge premium.
Reference Links
TerraVestra Property Management
Social Media
Back to back at True Multifamily, Matt Faircloth speaks about his past experience as an investor and how valuable an inside community of investors is important to growth, adding value, mitigation, and preparation.
Today’s real estate market changed overnight and to ensure healthy investments, Matt introduces DeRosa Insiders, an inside look of real estate investing and the real-life work investors do in their day to day life. He mentions a lot of benefits of having a community of real estate investors that are striving to grow their business and how DeRosa Insiders shows how good, how bad, or how ugly real estate investing could be.
Justin also gives out a promo code to True Multifamily listeners together with Matt giving an exclusive Basket of Goodies that delivers value for every investor.
Reference Links
DeRosa Insiders
The DeRosa Group
Raising Private Capital (Book)
Social Media
Website
YouTube
Matt Faircloth joins True Multifamily to speak about how he is responding to the Coronavirus pandemic with regards to his multifamily properties.
First, Matt stays calm and goes into action mode. He created a mastermind group of other property managers and landlords to lean on for support. This group shares strategies and the latest news on the impacts of government programs, lenders, or other impacts on their business.
Matt then reached out to property managers to set plans and expectations while also talking to lenders and insurance companies about options.
Matt also speaks about what to do if you have a property under contract and how to navigate the due diligence and closing periods.
Reference Links
The DeRosa Group
Raising Private Capital (Book)
Social Media
Website
YouTube
This episode is part of a special series that features recurring guests to share their fascinating stories, insights, tips, tricks, and best practices on managing multifamily property.
Dave Acosta, managing principal and commercial real estate investment manager of Acosta Capital, joins True Multifamily to share his humble beginnings and strategic transition from becoming a franchise development manager to pursuing his love for real estate. He mentions how he jumped right in without any real estate experience by equipping himself with the knowledge and connections needed so he could eventually take action.
Dave also talks to Justin about how it all falls down to adding value when you’re looking for a mentor.
Reference Links:
Acosta Capital
Social Media:
Website
Peter Neill, co-owner, vice president, and internal relations at GSP REI, speaks about the importance of physically going to the property and what happens after the close. He tells us his process of working with the investors and the tenants, and how great relations play a huge role in providing the best relations experience. Peter walks us through the importance of retention, the best ways to raise capital, his team structure, and their forms of effective communication.
Peter also speaks on the commitment of leveraging relationships, understanding what you’re raising capital for, and staying in touch with your investors to know their questions and hear their perspective.
Reference Links
GSP REI
Social Media
On this episode of True Multifamily, Dave Van Horn of PPR Note Company discusses his investment journey from managing contractors through his current role at PPR. He also discusses creative ways to get work done, in that payment terms can be more important than price when it comes to effectively managing contractors. Dave also speaks about legacy planning for his business.
Reference Links
PPR Note Co.
Real Estate Note Investing Book
Social Media
Website
Mike Bonadies comes back to the True Multifamily Show and talks to Justin Fraser about turning a D Class Asset to a C Class Asset and the challenges that come along with it.
Mike also defines and differentiates between D Class Asset and C Class Asset, giving Salem City as an example from his own experience wherein the tenant demographic showed dogfighters, pimps, and tenants committing crimes. Throughout all these challenges, Justin and Mike discuss their creative strategies to reduce D Class Tenants while giving an overview of the innovative solutions on working with D Class Assets.
Additionally, Justin speaks about how he got creative in dealing with D Class Assets by removing dark areas in the whole property while also allowing the local police department to have discounted rent to manage the challenges in the community.
Reference Link
TerraVestra Property Management
Social Media
Russell Alt and Dan Butler of CoreAssist join Justin for this episode recorded at PODMAX. They share how they built a Remote Team Staffing Agency out of a need from their own real estate investment company.
Remote Team Members are virtual staff that plug into businesses and take on tasks that help promote growth. As their own biggest customers, Russ and Dan give excellent tips on how to bring on staff to help you grow your business.
Reference Links:
CoreAssist
This episode is part of a series recorded at PodMAX, an event that connects podcast hosts and entrepreneurs within the real estate space who have fascinating stories to share.
Dave Wolcott, Founder and CEO of Pantheon Investments, joins True Multifamily to explain how to leverage real estate investing using The Pantheon Holistic Wealth Strategy. He breaks down the importance of having a big vision and desire to live a life of financial freedom, abundance, and fulfillment. Dave tells a story of how to create a framework within a strategy, building a team that adds expertise in implementing alternative strategies that take action using three simple steps:
- Growth Mindset
- Learning & Team Building
- Taking Action
Additionally, Dave covers how to clarify your vision statement, building comprehensive alternative strategies such as the Infinite Banking Policy and Tax Strategy, and taking action in order to continually push through to the next level.
For Dave, we’re all constantly in a growth cycle and learning to build time into our schedules to reflect and rejuvenate pushes us to live more intentionally, instead of reactionary.
Reference Links:
Pantheon Investments
The Pantheon Holistic Wealth Strategy
Social Media:
Website
Coming from the Best Ever Conference in Keystone, Colorado, Justin Fraser talks to Mario Brown, Realtor and Investor in Affordable Upstate, adding value and creating growth while maintaining the retention of tenants. Mario also emphasized that investors must keep in mind that the tenants are clients and customers, and creating growth means to provide tenants with affordable housing.
Additionally, Mario talks about operational efficiency and juicing income. He gives out a strategy on the raising rents, showing good faith and appealing to the tenants’ side while making the world a better place by using the “Water Conservation Program”.
Reference Links
Best Ever Conference
Affordable Upstate
Social Media
Website
Mike Bonadies joins Justin to discuss his explosive growth with not only his own investment properties but his management company and maintenance company with hundreds of units under management and over a dozen rehab jobs running simultaneously.
Mike shares the story of buying a triplex that wasn't actually zoned as a triplex. Despite being taxed as a triplex, looking like a triplex, and functioning as one, it turns out the previous owner never actually went through the proper zoning procedures.
Mike stresses the importance of making relationships with the town officials, clerks, council and even the mayor. He showed them successes from nearby towns and shared his desire to turn around this asset in their town. He's taken what could have been a terrible situation and turned it into an opportunity to build relationships with key town officials and even a new source of property leads!
Reference Links
TerraVestra Property Management
Social Media
This episode is part of a series recorded at PodMAX, an event that connects podcast hosts and entrepreneurs within the real estate space who have fascinating stories to share.
Palak Shah, owner and founder of Open Spaces Capital and Open Spaces Women, joins True Multifamily to share her story of having a theft as soon as she closed the property. She mentioned how important contingency is and how her team made lemonades out of the lemons given to them.
Palak shares her different approach, providing a long term strategy to provide quality housing when it comes to property management. Upon quitting her job and building her amazing portfolio, she envisioned getting women the support to learn more about real estate and learn more about value add investing, empowering women throughout the process.
She was also featured on the BiggerPockets Money Podcast.
For Palak, the best way to scale is to find a scalable model and to keep on doing it, providing excellent service to tenants through social impact and profitability.
Reference Links:
Open Spaces Capital
Open Spaces Women
BiggerPockets Money Podcast featuring Palak Shah
$3,500 per Month From One BRRRR Deal With Palak Shah
Social Media:
Website
Alex Felice owns a 24 unit property in Fayetteville, NC and talks to Justin about how he bought and managed this property from Las Vegas, NV.
He covers how instrumental showcasing your brand online is to building trust and credibility with investors and partners. Alex recommends documenting your process, create content day after day so that one day someone will "binge" you and decide whether to partner with you or lend you money.
Alex shares the progress he's made on his property, as well as some tough lessons learned including unit mix and property size and how he would do it all differently next time around.
Fall in Love with Alex as I did by visiting his website at www.brokeisachoice.com or find him on Facebook or BiggerPockets.
On this episode, Justin Fraser recaps what he learned about the Asset Management Presentation by Frank Roessler from the Best Ever Conference 2020. He covers the fine line between a property manager and an asset manager.
This is the first conference Justin Fraser went to that has a talk about Asset Management focusing on the oversight and implementation of a multifamily property, the use of asset management to affect real change at a property, and the importance of the asset manager in mitigating risks.
Justin emphasized the key roles of the asset manager such as overseeing capital projects, managing and working with staff, lender communications, monitoring key performance indicators (KPIs), and most importantly, making the resident’s life better. He also emphasized the importance of having good relationships with people who are taking care of your property on the ground.
On Frank’s presentation, he talked about the tips on juggling multiple assets in different stages and the DOs and DON'Ts of asset management.
Reference Links:
Best Ever Conference 2020
Social Media:
Website
Daniel Kidd is an investor specialist and veteran at Five Pillars Realty Group. Dan shares his story about one of his first deals and how he took an eviction and turned it into a short term rental using Airbnb. He talks about the challenges long term rentals have to face when it comes to living with short term rentals and how he worked around it.
Dan walks us through his experience with renovating a trashed property, turning it into a better, aesthetically pleasing place to live in. He also talks about the economics of Airbnb, making the profit of one short term rental unit equating to three other long term rentals.
Reference Links:
Five Pillars Realty Group
http://www.fivepillarsrealty.com
Daniel Kidd
https://www.fivepillarsrealty.com/about/daniel-kidd/
Social Media:
Facebook: https://www.facebook.com/daniel.kidd.1690
Instagram: https://www.instagram.com/realestatewithdanielkidd/
BiggerPockets: https://www.biggerpockets.com/users/DanielK198
Andrew is the owner and founder of Capital Equity Partners. He develops and syndicates primarily out of south Boston. As he looks to scale to larger multifamily properties, Andrew talks about scaling the right way. He and his team are currently working through a 28 unit, refining the tools in their tool belt to prepare them to take down another, much larger deal. Some of these tools include rent raising strategies as well as mitigating operational inefficiencies.
Reference Links:
Capital Equity Partners
https://www.capequitypartners.com/
Jason Yarusi, multifamily property investor and apartment syndicator speaks about the downside of raising rents upon property takeover. Rather than raising rents on day one, he improves the property from the outside in, making it a better community for the tenants. By focusing on landscaping, signage, parking lots and roofs, then moving onto utility savings, owners can change the perception of the property. Only after he adds value to the tenants, and their maintenance issues are taken care of, will he roll out a rent raise plan.
Reference Links
Yarusi Holdings
https://www.yarusiholdings.com/about-jason-and-pili/
Multifamily Foundation Podcast
https://www.yarusiholdings.com/multi-family-foundation-podcast/
This episode is part of a series recorded at PodMAX, an event that connects podcast hosts and entrepreneurs within the real estate space who have fascinating stories to share. Hoan Thai, a rental property investor practicing the BRRRR strategy speaks about mastering your geographic area to maximize scalability and efficiency.
Reference Links
I Escaped My 9 To 5
https://iescapedmy9to5.com/
Hoan’s Facebook
https://www.facebook.com/hoan.thai
Shelby Osborne, Mike Glaspie, and Dan Kidd of the Five Pillars Realty Team explain how they started with a Pentaplex (5 unit) and grew their multifamily partnership to raise capital, find deals, and grow their multifamily investing business. They discuss the best ways to work together, divide responsibilities, and leverage their strengths to create a powerhouse multifamily investing partnership!
Check out 5 Pillars on Facebook or Instagram!
Justin Fraser explains how he negotiated a contract with a Fiber Optic Service Provider to generate an upfront fee as well as recurring revenue for two properties, all at no cost to tenants or ownership, which will add over $200k to the value of the properties. This is an excellent “value add” strategy which takes zero financial investment while adding an amenity for the tenants.
Check out True Multifamily on Facebook!
Follow Justin on Instagram!
Jennifer Outland, Regional Manager for Rand Property Management joins True Multifamily today to explain how to take over a property from a place of POWER vs. weakness. She tells the story of how upon takeover of a new multifamily property, her maintenance technicians both quit on day 1, but was still able to establish a powerful presence at the property while beginning the execution of the business plan. Jennifer speaks about the five core values of managing multifamily and how she uses each of these during a property takeover: 1. People First, 2. Growth Mindset 3. Unwavering Ethics 4. Extreme Ownership 5. Make it Happen
Jennifer also covers all the tasks that should be done on Day 1 when taking ownership of a multifamily property.
Check out Jennifer on social media:
Justin Fraser kicks off the premiere episode of True Multifamily with a honest look at the mistakes he made on his 40 unit apartment complex. Justin hired a company that was not the right fit to manage the property, but also took too long to make a change once that mistake was realized.
Check out True Multifamily on Facebook!
Follow Justin on Instagram!