I am happy to announce that the second season of Multifamily Syndication Unscripted podcast is out! Sam, Scott, and I have been trying for months to get the second season together, but time has been at a deficit. So happy to finally come back with what we hope will be some educational and entertaining content […]
Why I Like Highly Competitive Market
This article first appeared on BiggerPockets.com on 11/17/2019 Do you hear yelling? The market is too hot. Oh, no! We are at the top. Oh, no! It’s a bubble. Too late to buy. It’s a bubble. Oh, nooooo! Best to wait for the crash… A few years ago these same voices were yelling: There is no money. […]
Why We Are Excited About Downtown Mesa
I did not mention in the article that came out yesterday, but this next acquisition will be a 94-unit community in Mesa, AZ. Which, for a lack of a better way to put it, is about to blow the hell up! Sun Crest Is Special Historically, our basic approach to value-add investing has been to […]
Why We Are Buying 4th Apartment Community
This has been an insane year so far…and that may very well be an understatement. Sam and I bought three apartment communities in 12 months, and we will be closing on another one soon. I’ve been very busy, and this has manifested in many ways, one of which has been lack of new articles on […]
Is Multifamily a Cash Flow Play?
So, ever since we published this episode, I am getting a lot of comments on both sides of this argument. And let’s just say – not everyone agrees with my conclusions. I’d love for you to take a listen, and let’s have a discussion. Tell me your thoughts below.
How to Remodel Apartment Units – Example?
Guys, people always ask about apartment renovations. Here are some images of the first unit we completed at South Mountain Square: And here the Matterport What do you guys think?
Multifamily Syndication Unscripted Show is LIVE!
Guys, over the years I’ve appeared in countless podcasts. I enjoy teaching, and I’ve always felt that this is a fantastic medium to deliver a message. I’ve many times wondered whether I should have my own podcast, but never had the time, or, frankly, the gumption… Until now! I guess I am not nearly as […]
$20 Million of Real Estate in Six Months
Well, that’s not exactly the whole truth. About $20M was what we paid. The re-positioned stabilized valuation should be $30M+. Introduction I started like many of you – with a diagnosis of Multiple Sclerosis… Well, perhaps not that. Hopefully not that. Most people look to real estate because they don’t want to work for the […]
Another Syndication Closed – South Mountain Square
Source Capital is excited to announce the acquisition of South Mountain Square Apartments, a 117-unit garden style apartment community. About the Location The South Mountain Square neighborhood is in the South of Phoenix, the 2nd fastest growing city in the country. Phoenix is home to 5 million people, and Maricopa County is the #1 growth […]
Multifamily Loan Options for Syndications
There are only three, globally-speaking, options for the type of loan we can get for multifamily. The main distinction comes down to the state and condition of the property itself. Let’s discuss. Portfolio Loan Portfolio loans are loans you can get from a local community bank. These banks are small banks with several locations that serve specific […]
What Are the Economic Losses in Apartment Investing
As it relates to things that cost money on a monthly and annualized basis in apartment investing there are two categories of items – those that you stroke a check for every month or year, and those that you don’t. The “stroke a check” category is easy to understand. The money was in your account, […]
Multifamily Expenses are Easy
I will not buy small property – period! Why you may ask. Because it’s too risky! Two Basic Due Diligence Tasks When buying an apartment building we have two basic tasks relative to the due diligence. One – we have to underwrite the rents very precisely. Two – we have to underwrite expenses very precisely. […]