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Lessons Learned Between JV and Syndicated Deals with John Fortes, Episode 135

November 1, 2019

 

Most investors love to talk about their favorite multifamily deal. John loves to talk about his worst. After doing a JV to acquire a 62-unit, all the residents left and they ran into major issues when all the tenants left. They ended up doing multiple capital calls to get the project back on target. He also co-syndicated a 41-unit deal where all is running smooth. John hosts the Passive Investor Show and, on this episode, we talk about the lessons learned between the two deals, why communication with tenants is critical, and why passive investing is the best path to being a general partner.

 

 

PartnerDownload a Free Sample Apartment Deal Package

 

 

Key Insights

  • Joint Ventured on a 62-unit, then co-syndicated a 41-unit

  • 62 unit became a “dead asset” that is not generating any income

  • Emptied out one of the buildings, but then other tenants left out of fear

  • Lessons Learned: Clear communication with residents on the plans, proper reserves for renovations

  • 41 unit was syndicated and delivering projected returns

  • Smooth operations based on renovating as leases expire

  • Structured renewals to spread out expiring leases

  • Decision to clear out the building was driven by a need to repair decks

  • JV deal – all partners are actively involved; Syndicated deal – some partners are passive and only receive updates

  • Why a Capital Call on a JV deal is different than on a Syndicated deal

  • Streamlined content to be notes for easy consumption

  • Teaches passive investors why and how to invest passively

  • The best way to become a general partner is to become a passive investor first

  • The fastest way to learn is to invest your money – get paid to learn!

 

 

Bull’s Eye Tips:

 

Most Recommended Book:

The Third Door Alex Banayan - https://www.amazon.com/Third-Door-Uncover-Successful-Launched/dp/0804136661

 

Most Recommended Digital/Mobile Resource:

LinkedIn, Instagram, Facebook and Mailchimp

 

Daily Habit

Working Out and Meditating (breathing to control his heart rate)

 

Wish I Knew Starting Out

Communication with tenants

 

Wish I Knew Last Year

What’s one thing you know now that you wish you knew 12 months ago?

 

Real World Advice

Start doing what you want to do as soon as possible

 

Advice to Ignore

Don’t limit yourself to one thing

 

Current Curiosity

Deal structures and modeling

 

Best Place to Grab a Bite

Deed’s Diner - Brockton

J’s Café - Brockton

Cape Cod Cafe

Salero

 

 

Connect with John:

Website: Passveinvestorshow.com

Email: john@johnfortes.com

 

Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.

 

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