Tue, 22 August 2017
What gives a 27-year-old with no experience in apartment building investing the audacity to swing for the fence?
Patrick Duffy grew up in Southern California before heading east for college. After graduating from Harvard in 2013, he returned to SoCal to work as a commercial real estate banker and later for a hedge fund, buying non-performing mortgages. He grew up around real estate, his family owning a multi-family property since the 1950’s, and he had always intended to invest in apartments—as soon as he had the money to do so.
Before long, Patrick was unhappy at his job, so he started reaching out to investors he had lent to in order to get clarity on how to analyze deals. Despite his lack of experience on the principal side of real estate, Patrick started studying LoopNet and set the goal of securing 100 units in two years. Eventually, he discovered Michael’s Deal Desk resource, and used the Syndicated Deal Analyzer to get feedback on a 69-unit property in Memphis. The deal met Michael’s criteria, and the two forged a partnership.
Today Patrick explains the steps he took to research the Memphis market, how he made use of the act ‘as if’ approach to secure a letter of intent, and his best advice for working with investors. Listen in as he shares the mindset that helped him swing for the fence on a multi-family deal and how doing his first deal has changed the game for Patrick, as he aspires to reach 1,000 units in the next 12 months.
[3:30] How Patrick landed on the partnering strategy to finance multi-family
[6:04] How Patrick found the Memphis deal
[9:23] Why Patrick continued to move forward
[11:13] Michael’s partnership with Patrick
[13:18] Patrick’s experience working with investors
[15:23] The closing process for the Memphis 69-unit deal
[16:25] The impact of doing your first deal
[19:50] Why size isn’t a factor for Patrick
[21:35] Patrick’s advice for aspiring multi-family investors
Connect with Patrick
Direct download: MB_074_-_How_I_Did_My_First_69-Unit_Deal_Without_Experience_or_My_Own_Money__With_Patrick_Duffy.mp3
Category:general -- posted at: 7:30pm EDT