Mon, 28 June 2021
Asset management may not be as sexy as raising money or chasing deals. But it’s the aspect of multifamily investing that makes a deal successful—or not. So, what’s involved in the operation of an apartment building? And how can an asset manager work with their property management team to solve problems together?
Kyle Mitchell is the cofounder of Asset Management Mastery, a platform designed to help multifamily investors become best-in-class operators. Kyle owns and operates a portfolio of 400 units worth $400M in Tucson and Phoenix, Arizona. He is also the coauthor of Best in Class: How to Manage Your Multifamily Asset, Avoid Mistakes and Build Wealth Through Real Estate and serves as a mentor with The Michael Blank organization.
On this episode of Apartment Building Investing, Kyle joins cohost Garrett Lynch and me to discuss the role of a multifamily asset manager, explaining how he conducts monthly secret shopper audits and what KPIs he tracks on a regular basis. Kyle describes what attracted him to the asset management side of the business, discussing how he partners with the property management team to get the best out of a property. Listen in for Kyle’s hands-on approach to renovation management and find out how he is navigating material and labor shortages in the aftermath of the pandemic.
The role of a multifamily asset manager
What attracted Kyle to asset management
Why Kyle moved into the market where he invests
How Kyle conducts a monthly secret shopper audit
What key performance indicators Kyle tracks
How Kyle handles multifamily renovation management
How to navigate the current material and labor shortages
What Kyle does when a property manager isn’t performing
How to be proactive when it comes to asset management
Connect with Kyle Mitchell
Mon, 21 June 2021
What does a multifamily investor look like? If you grew up in a working-class family that didn’t talk about money, let alone investing, you may have a hard time seeing yourself as a successful syndicator. But you don’t have to be a Wall Street guy to build a multifamily real estate business. You can raise millions of dollars for deals no matter where you come from… But you’ve got to BELIEVE you can.
Timothy Lyons is a 15-year veteran of the New York City Fire Department and Principal and Managing Partner at Cityside Capital. He invested in his first 3-family property at the end of 2019, and today, he has been involved in 5 syndications worth over $100M. Tim is also a contributor to Bringing Value, Solving Problems and Leaving a Legacy, a collection of powerful stories of transformation from thought leaders, entrepreneurs and real estate investors.
On this episode of Apartment Building Investing, Tim joins cohost Garrett Lynch and me to discuss the power of belief, explaining how he overcame imposter syndrome to build a portfolio of 720-plus units in 12 months. Tim shares why he was skeptical about investing in a coach and how he realized the value of aligning with a network of people who are successful at what you want to do. Listen in for Tim’s amazing story of going all-in on multifamily at the start of the pandemic and learn to push through YOUR limiting beliefs and achieve financial freedom with real estate!
Why Tim got into real estate investing
Tim’s first 3-family property
The next steps Tim took to go bigger, faster
How Tim overcame his resistance to investing in a coach
The timeline around Tim’s multifamily education
How Tim realized the power of multifamily syndication
How Tim overcame limiting beliefs re: raising money
How Tim is raising $2.5M for his fifth syndication
Tim’s advice for aspiring multifamily investors
What Tim did to overcome imposter syndrome
Connect with Timothy Lyons
Mon, 14 June 2021
It’s easy to talk yourself out of your first multifamily deal. Working through obstacle after obstacle alone wears on a first-time syndicator, and you feel like giving up. But if you partner with another investor, you don’t want to let each other down. And you push through adversity, showing up with a kind of tenacity you may not have had on your own.
Gary Van Bortel and John Bilinski are the syndication team behind ROC Capital Group, a multifamily investment firm out of Rochester, New York. Gary and John have 30 years of investing experience between them, building individual portfolios of single family and small multifamily properties before partnering on their first apartment syndication in 2020, a $1M raise for 48-unit deal in Syracuse. Gary and John are also the organizers of the Upstate Commercial Apartment Investors Meetup.
On this episode of Apartment Building Investing, Gary and John join cohost Garrett Lynch and me to explain why they decided to work together, describing how a partnership motivates you to keep moving forward—even when a deal gets hairy. Gary and John discuss how they connected with potential investors through a local Meetup and share how they got investors to commit to their first deal. Listen in for insight on pushing through when things don’t go according to plan (I’m looking at you, COVID) and learn to leverage a strong partnership to work through obstacles together.
How Gary got into real estate
How John got into real estate
What inspired Gary and John’s shift to multifamily
Why Gary and John decided to partner
How Gary and John primed investors
How Gary and John found their first deal
What made Gary and John’s first deal a challenge
Gary and John’s journey to raising $1M
How Gary and John got investors on board
The obstacles Gary and John faced with COVID
Gary and John’s advice for aspiring syndicators
Connect with Gary Van Bortel & John Bilinski
Mon, 7 June 2021
COVID decimated the hotel industry, bringing property values down significantly. And savvy multifamily investors are buying distressed hotels on the cheap and converting them into apartment buildings. But what are the pros and cons of this strategy?
Serge Shukhat serves as Principal at Zona Capital, LLC, a real estate investment firm that specializes in acquiring value-add multifamily and mobile home park assets. Serge spent 13 years as a corporate warrior before leaving his W-2 in 2012 with the cashflow from 70 single family rentals. Then he shifted his focus to multifamily and now owns a portfolio of more than 1,000 units. And in the last two years, Serge has developed an innovative strategy for repositioning hotels as multifamily properties.
On this episode of Apartment Building Investing, Serge joins cohost Garrett Lynch and me to share his approach to converting hotels into apartment buildings. Serge explains why he operates the units as Airbnbs to start and leases them up gradually and describes the challenges of running this kind of hybrid property. Listen in for Serge’s insight on the barriers to entry for repositioning hotels and learn how YOU can benefit from acting on this unconventional multifamily play!
How Serge got involved in real estate
How Serge analyzes price per door
What inspired Serge to reposition hotels as multifamily
Serge’s first hotel-to-apartment conversion
Serge’s Airbnb bridge strategy
What makes Serge’s STR bridge strategy work
The challenges of hotel-to-multifamily conversions
Why Serge is conflicted about shifting to full multifamily
Connect with Serge Shukhat