Multifamily Investing in 2021

On This Episode of Peak Market Watch...

Multifamily Investing in 2021​!

Learn our Multifamily investing strategy in 2021! After the uncertainty of 2020, is 2021 the right time to invest in multifamily real estate?

We are very excited to have Bruce “Apt-Guy℠” Petersen as a guest speaker on Peak Market Watch! Bruce Petersen and Anton Mattli, together with this week’s co-host Abel Pacheco, will discuss multifamily investing in 2021!

Episode Highlights:

  • Increase in multifamily asset prices forces typically longer holding timelines to generate expected returns.
  • Investors need to adapt their return expectations (still attractive compared to other investment options, just not as high as earlier in the cycle).
  • Importance to adapt ground-up developments to changes in the market environment.
  • Discussion of food hall concept combined with micro offices for “work from home” employees (including small webinar/meetup studios) as well as micro-retail spaces.

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Show Host

Guest Speaker

Co-host

VIDEO TRANSCRIPTION

00:00
lee i’m a retail kid right i’m a guy
00:02
that worked in retail for almost 20
00:04
years i’m a college dropout
00:06
very poor upbringing for a lot of my
00:09
childhood
00:10
parents were both high school dropouts
00:13
so not a lot of formal education in my
00:15
history at all
00:16
but you know like i said i worked for uh
00:20
various different companies in the
00:21
retail space
00:23
for almost 20 years until i hit a wall
00:25
at 42 years old in 2007
00:28
i think that’s what it was i mean it’s
00:29
right around that same time but i walked
00:31
away
00:32
and decided i gotta figure out something
00:34
that i want to do with my life
00:36
that i actually enjoy because i did not
00:39
i enjoyed
00:39
retail until i realized i don’t like
00:42
this
00:42
i don’t like this at all you know i was
00:44
unhealthy i was overweight
00:46
i was depressed i was lonely i was
00:48
working 100 hour weeks
00:50
so you know my life wasn’t what i wanted
00:52
it to be what i thought it should be so
00:54
again i walked away 2007 2008 somewhere
00:57
in that time frame
00:59
and just cleared my brain and i what i
01:02
did is i just played my yard
01:04
for a year just unplugging completely
01:07
decompressing
01:09
and decided okay the year is up uh what
01:12
am i gonna do now
01:12
i gotta find something else to do with
01:14
the rest of my life and i just i found
01:16
real estate
01:17
found a great coach that taught me how
01:20
to invest in real estate but
01:21
more importantly how to invest in
01:24
apartment complexes
01:26
and how to syndicate those investments
01:29
so
01:29
i’ve been doing it ever since i have
01:32
syndicated over 1100 units to date
01:35
i want to you know a few awards along
01:37
the way
01:38
like you said i’m a number one
01:39
best-selling author on
01:42
commercial syndications and you know
01:45
it’s just
01:46
it’s all we do now vertically integrated
01:49
have a construction company two
01:50
management companies
01:52
asset management company and just loving
01:54
everything about what we do
01:57
yep that’s great to hear uh
02:00
so uh on the retail side what what uh
02:03
uh what type of work did you do there
02:06
where you uh
02:07
at a physical stores or were you more in
02:10
a
02:10
corporate head office function what did
02:13
you do there
02:13
you know no education there’s not a
02:15
whole lot of executive positions for my
02:17
from my behind so i was just working in
02:20
the stores
02:20
i started out um you know going way back
02:24
you know i just started out as a sales
02:25
person on the sales floor but then i
02:27
progressed and worked my way up the
02:28
ladder and i
02:29
when i quit i was running big box stores
02:32
for companies i was the store manager
02:34
store director whatever you want to call
02:35
it
02:36
uh for some of the bigger names uh bed
02:38
bath and beyond
02:39
home depot lowe’s best buy those were
02:42
the people that i worked
02:43
with throughout my career and my last
02:46
job
02:47
um well i won’t go into who my last job
02:49
was with because i don’t
02:51
you know i don’t paint a pretty picture
02:52
that last year which was not their fault
02:54
in any way it was not the
02:56
retailer’s fault at all it’s just it
02:58
wasn’t working for me
02:59
anymore so that’s why yeah okay
03:03
very good so i think uh obviously retail
03:06
is very different from
03:07
uh multi-family syndication
03:10
however i think one of the pieces that’s
03:13
only helped you
03:14
i believe in this whole journey is that
03:17
retail you are involved with a lot of
03:19
different people and you have to
03:22
work with individuals and get things
03:24
done whether you
03:25
whether you like it or not you work with
03:27
a lot of part-time people
03:28
right that that may also not be
03:32
highly motivated to work there as you
03:34
were not that motivated at the end
03:36
yet you still have to run a store so i
03:39
think
03:40
uh even though it’s a very different
03:41
environment it probably still helped you
03:44
to get
03:45
to get things done doing syndications
03:49
yeah so i think a lot of people sell
03:51
themselves short when they think oh i
03:53
can’t do that because i don’t have that
03:55
skill set look i came out of retail
03:57
but retail i led people
04:01
most of my retail career i
04:04
ran large p l’s profit and loss
04:06
statements for different companies
04:08
um i had to deal with hr stuff right i
04:11
hired i
04:12
fired i led so all of those skills that
04:15
i developed working in retail
04:17
those completely transferred over to
04:19
what i am doing now right
04:21
so there was in this industry specific
04:24
stuff i had to learn
04:25
of course but you know i just looked at
04:28
multifamily as
04:29
this is the next chapter in my life this
04:31
is another thing i don’t know
04:33
a whole lot or anything about i just
04:36
gotta go learn it
04:37
you know i had to learn everything else
04:38
i knew how to do in my life
04:40
so i think people get caught up with i i
04:42
don’t know how to do that oh i don’t
04:44
have a background
04:45
i didn’t either do you want it are you
04:48
happy with where you are
04:49
if not you you gotta take a chance you
04:52
gotta get out there and believe in
04:54
yourself
04:55
that you know single family people have
04:57
this problem a lot well i
04:59
i i don’t know how to do apartments did
05:01
you know how to flip a house when you
05:02
first started
05:03
did you know how to run a single family
05:05
rental when you first started well
05:07
no well then how is this any different
05:10
you just got to learn a new skill that
05:13
has
05:14
tremendously higher upside and can
05:16
provide for you and your family
05:18
like you cannot imagine but yes you it
05:22
you’ve got to get past that fear and
05:24
just take action yeah
05:25
and bruce uh and this is abel’s good man
05:28
it’s good to hear your story i love it
05:30
and if i could ask too so we have
05:32
everyone you know everyone has a good
05:34
understanding of how many years have you
05:36
been doing multi-family and how many
05:38
transactions have you done and then
05:40
maybe quantify
05:42
millions of dollars yeah
05:45
transactions technically nine but we’ve
05:47
bought six we’ve sold
05:49
three right so technically nine
05:50
transactions but so we’ve done
05:53
uh six deals over our time and you know
05:56
we started out with a 48 unit in north
05:58
austin
05:58
sold that two half years later uh and
06:01
since we went from that 48 to 120
06:04
a 256 a 192
06:09
a 292 unit and our latest project was a
06:12
200 unit so
06:15
at the beginning it’s slow it took me
06:17
two years plus to get my second you know
06:20
it probably took me about three years to
06:21
get my second deal
06:23
now i maybe could have done it quicker
06:25
if i really really if that was the only
06:27
thing that mattered to me was getting
06:28
the next deal
06:28
but it did take me three years to get my
06:30
next deal
06:31
but then once i really figured out my
06:34
systems
06:34
my processes what worked for me i was
06:38
able to buy that second one
06:39
and now i got to move quickly because i
06:41
understood it better
06:43
i had owned for three years now roughly
06:46
and so
06:47
i had a better understanding of how to
06:49
go into the next deal the bigger deal
06:51
so over the next 18 months we bought 860
06:54
units well we syndicated 860 units
06:57
in 18 months so once you have all your
07:00
stuff in line then you can start to take
07:03
off
07:03
yeah how many millions of dollars is
07:04
that in transactions roughly speaking
07:07
and
07:07
not to tabulate everything to the dollar
07:10
close to 100 million now
07:11
in acquisitions and uh we’ve raised
07:15
approximately
07:16
30 million dollars to date okay very
07:18
good yeah because that
07:19
gives gives our listeners an idea oh
07:21
this this is who i’m listening to and
07:23
and i’m sure like you as as we said
07:26
market watch right
07:27
so you’re you’ve done a number of
07:29
transactions and things are moving like
07:30
right now today
07:32
so maybe we could we could use this as a
07:34
jumping point like what are you seeing
07:36
today and use this as a good shift in
07:38
conversation
07:39
right so what we’re seeing right now is
07:41
well the things that i’ve underwritten
07:43
recently
07:44
you know my typical underwriting was
07:46
about a five year hold that’s what i
07:47
would underwrite because i felt
07:49
you know we could exit within five years
07:51
and get everybody the return that they
07:53
expected to invest with us
07:55
well with prices going up strongly
07:58
with cap rates compressing with interest
08:01
rates falling
08:02
what i’ve started noticing is to get
08:04
those same 11 to 13 year i i mean 11 to
08:07
13
08:08
irrs instead of underwriting that exit
08:11
at the end of the fifth year i’m having
08:13
to carry it out 10 years now
08:15
i’m having to pay up for properties if i
08:17
want to buy right now
08:19
unless there is a ver a definite value
08:21
add component
08:22
for the most part i buy stabilized
08:24
assets
08:26
when you’re having to pay up so much for
08:27
these stabilized assets
08:29
it just takes a longer timeline for me
08:33
to execute to the return
08:36
that my investor expects so that’s how
08:39
it’s impacting me right now it’s just a
08:40
longer hold time
08:42
yeah that’s a very good point right so
08:45
obviously as an indicator you
08:47
it’s not just what what you think is is
08:50
good enough it’s
08:51
what use investors think uh
08:54
is a return that they want right and you
08:57
essentially have to find deals that
08:59
that meet their expectations and you
09:02
compete with others that
09:04
are also looking at these same deals
09:06
right so
09:07
certainly we have seen it particularly
09:09
this year
09:10
uh with corvin 19 we had a brief period
09:13
maybe in march april and may
09:16
where there was a short period of an
09:19
opportunity
09:20
with some deals falling apart and you
09:23
could pick up potentially
09:25
some of these deals but there were not
09:28
really that many
09:29
right and once everyone realized that
09:32
multifamily
09:33
has been performing pretty well
09:35
throughout
09:36
the summer month everyone went back into
09:39
the game
09:40
and now we see prices that are extremely
09:44
aggressive yet you still have to return
09:48
expectations from your investors
09:50
right so it’s definitely a challenge for
09:52
you and
09:53
all the others indicators to balance
09:56
these two items
09:58
yeah it is and you know that’s where
10:01
as a syndicator you know it’s important
10:03
to keep a pulse
10:05
on your uh on your investor base
10:08
what are their expectations it’s like
10:10
anybody’s selling
10:11
sellers are usually the last to come
10:13
around to new values up or down
10:15
uh your investors a lot of times they
10:19
it takes a little while for them to
10:20
recalibrate their expectations
10:23
but part of being a good syndicator and
10:26
communicating with your
10:27
existing investors but also your
10:29
database of potential investors
10:32
it’s your job really to you know set the
10:35
proper expectation
10:36
i know guys when i first started
10:37
syndicating with you you know we were
10:39
getting 10 to 15 years uh
10:41
10 to 15 returns on a cash on cash basis
10:44
within that first year well that’s not
10:47
happening anymore
10:48
right so i need to communicate that to
10:51
them well bruce that’s the only way it
10:52
makes sense for me to invest well then
10:54
you know maybe we’ll circle back
10:56
together in five or ten years but right
10:58
now
10:59
that’s not the deals on the market you
11:01
know if i’m buying a fully stabilized
11:02
asset
11:03
that first year might be five or six
11:04
percent but long term
11:07
it’s still better than your alternative
11:10
investment
11:10
in most cases and then you gotta factor
11:13
in all the tax advantages that we have
11:16
it’s still a good return comparatively
11:19
speaking
11:19
it’s just not quite as high as it used
11:22
to be
11:23
yeah that’s a very good point right
11:26
now you are fair with in your
11:29
communication up front
11:31
right so there are unfortunately also
11:33
indicators that
11:34
recognize that their investor base still
11:37
has the expectation of double digit cash
11:40
on cash or close to it out of the gate
11:43
so they repair a performer that meets
11:46
that
11:47
requirement so that they can get the
11:48
investors in and then the investors
11:51
realize in year one and two and
11:53
maybe even longer that they do not get
11:56
close to these
11:57
projected returns right so i think uh
12:01
yes they get the investors in but a lot
12:03
of them are not very happy so i think
12:05
your approach is definitely better when
12:06
you are
12:07
upfront in your communication law it’s
12:10
just not going to happen
12:11
right if you underwrite in a in a
12:14
realistic
12:15
fashion that’s just not possible right
12:18
so that’s
12:19
i think is is an important point now
12:23
kind of trying to shift a little bit
12:26
the element there since obviously it’s
12:29
pretty hard to find stabilized deals
12:31
that still
12:32
generate out of the gate very good
12:36
cash from cash returns so now you have
12:39
also looked at the
12:41
ground up development in nashville was
12:44
that
12:44
did you start that already before
12:48
covet 19 started because you felt that
12:51
it’s very
12:52
hard to find uh to find deals that
12:54
really make sense to generate these
12:56
returns or was that
12:58
directly related to call with 19 that
13:00
decision
13:02
no really neither so i’ve got a business
13:04
partner in nashville
13:06
uh we have a management company in
13:07
nashville and my partner said look
13:10
um i’ve got this thing that i can put
13:12
under contract which is about three and
13:14
a half acres
13:15
and we’re gonna build an apartment
13:17
complex on it i was like
13:18
deal i’m in let’s do it you know because
13:20
i looked at his numbers his numbers felt
13:22
conservative and they felt good you know
13:25
it felt like a good return
13:27
um but then after we got the project
13:29
under contract
13:30
the dirt we started thinking about it
13:32
well okay
13:34
is this really the best use of that
13:36
piece of property
13:38
because what we what we’ve got going on
13:40
in that sub market
13:41
within about a half mile on either side
13:43
of this deal
13:44
there are two new um apartment projects
13:47
being built
13:48
like well okay the the absorption rate
13:51
is strong enough in nashville that we’ll
13:53
all be okay
13:54
but at the same time we’re just gonna be
13:57
one
13:57
in a row of three right so okay
14:01
it still makes sense but what else could
14:03
we maybe do with this
14:04
so then we started touring around uh
14:06
kind of the southeast and looking at
14:08
different
14:08
uh different ideas and we kind of
14:11
stumbled across
14:13
the food hall and we thought now wait a
14:16
minute
14:17
where we’re developing or we have this
14:19
piece of land there’s nothing like this
14:21
in the entire area
14:22
east nashville is where it’s going to be
14:24
it’s a very good
14:25
area from a transitioning standpoint
14:28
it’s one of the last cooler spots
14:32
in nashville from a redevelopment
14:33
standpoint it’s it’s been a fairly
14:35
depressed part of nashville for a long
14:37
time
14:37
but it’s finally starting to transition
14:40
so we want to be part of
14:42
making this part of nashville nicer
14:45
better
14:45
safer cleaner and bringing in some cool
14:48
concepts that don’t currently exist
14:49
there
14:50
and we thought there’s going to be
14:51
apartment complexes everywhere there’s a
14:53
lot of
14:54
mobile home parks in the general
14:56
vicinity within about three or five
14:58
miles
14:59
so there’s lots of residential but
15:01
there’s not a lot of stuff to support
15:03
this residential
15:04
there’s not a lot of you know good clean
15:07
safe
15:08
retail office restaurant so our concept
15:12
now
15:12
is we’re going to build a uh a food hall
15:15
that also has micro office and
15:19
micro retail spaces because people
15:22
still want to start businesses people
15:24
still need office space
15:26
but they can’t afford to take the
15:27
financial jump
15:29
to open a restaurant that’s five to ten
15:32
thousand square feet
15:33
there’s a lot of risk in that so what
15:35
we’re going to do is provide
15:37
smaller spaces for people that still
15:39
need to or want to start those
15:41
businesses
15:42
but now we’re also going to be able to
15:44
give
15:45
a great end product for the patron that
15:48
wants to come and have
15:49
a dinner somewhere have lunch somewhere
15:51
where you’ve got eight different
15:52
super cool nashville based concepts that
15:56
they can uh
15:57
choose from you’ve got the the smaller
16:00
offices of retail
16:01
but some other things we’re doing is
16:03
we’ve looked around
16:05
and we’re reacting to the current state
16:07
of everything right
16:09
everybody’s being told you gotta start a
16:11
podcast right
16:12
i’ve started my own you guys have
16:14
started one but everybody’s being told
16:16
by gary vaynerchuk and people like that
16:18
you want to build credibility you wanted
16:20
this you want to that you want to build
16:21
your brand
16:21
you got to start a podcast so
16:23
everybody’s doing it also
16:25
you want to build your credibility you
16:26
got to start a meetup so everybody’s
16:27
doing that too
16:28
so those two things are happening
16:30
everywhere
16:31
the problem we saw because again we have
16:35
a meetup we have a podcast
16:37
many people live in an apartment complex
16:40
if you live in an apartment complex it’s
16:41
not
16:41
practical always to start a podcast out
16:44
of your apartment
16:46
it can be done of course but what we’re
16:48
going to do is purpose
16:50
build some recording pods or studio some
16:53
small ones then now you don’t have to
16:56
turn
16:57
your one bedroom apartment into a
16:59
freaking recording studio which just
17:00
that’s not very practical
17:02
or hear my dogs barking in the
17:04
background right i have to deal with
17:06
that
17:07
this is this is awesome it’s built for
17:10
that reason
17:11
because it’s a need in the market in my
17:12
opinion but then secondly the meetup
17:14
you know we have our own meetup you hope
17:16
to find a coffee shop you can wedge your
17:18
little group into the corner and not
17:20
have everybody else you know sit in the
17:22
middle of your meetup
17:23
you know that has nothing to do with the
17:25
meetup or you gotta spend two
17:27
three five hundred dollars per month
17:30
to reserve that space that’s not really
17:33
set up properly for meetups anyways
17:35
so we solve that problem as well and
17:37
then we’re also going to be working with
17:39
a really good friend of mine
17:40
who manages some of the largest names in
17:42
country music
17:44
and they’re going to help us he’s got a
17:46
grammy award-winning
17:47
um sound engineer that he’s going to
17:50
have us work with
17:51
to um design these spaces from an
17:54
acoustic standpoint from a recording
17:56
standpoint
17:56
so we’re going to be able to put their
17:58
name on this thing so we’re doing all
17:59
kinds of stuff to drive
18:00
traffic there create things that are
18:03
missing in the market
18:04
so good old nashville look at that i
18:06
think nashville is a good spot for that
18:08
too right
18:09
yeah just a long-winded way to respond
18:11
to your question but
18:12
yeah we’re just responding to what’s
18:14
going on around us and we’re pivoting
18:16
and providing what we think this market
18:18
needs yeah that’s that’s great so
18:20
uh i i think your dog just gave the
18:23
perfect
18:24
advertisement for for your part uh
18:26
recording paul concept
18:29
sorry i think right i think we all have
18:32
had that issue right
18:33
with with dog sparking with cats jumping
18:36
onto their scheme if you have all our
18:38
setup we
18:39
unless we just lock us in that’s just
18:41
the reality
18:42
right and as you said in an apartment
18:44
complex that makes it even tougher
18:46
because very often you don’t have the
18:48
separate space that’s what we do right
18:50
so that’s it
18:52
i’m sorry guys give me one second yeah
18:57
i am i apologize oh no worries you’re
19:01
good
19:01
like imploding on me suddenly it is it
19:04
is the time
19:05
and space for that right now everyone
19:06
can relate you know there’s so many
19:08
people at
19:09
at the house and uh you know we’re
19:11
trying to do what we
19:13
what we what we can do around you know
19:15
the the certain circumstances so
19:17
everyone can relate uh from from the
19:19
market watch standpoint
19:20
man i i really like the the way you guys
19:23
have approached this
19:24
and you know that there’s uh having that
19:27
kind of mixed-use spot
19:29
right that kind of helps a little bit in
19:31
the food poll you
19:32
people still have to eat and they’re
19:33
still gonna have to go somewhere for
19:35
groceries
19:36
or and or not want to cook tonight and
19:39
i’ve got to figure that stuff out and
19:41
then you’re right
19:42
uh the the surge of digital media of
19:46
of our trying to connect virtually you
19:49
know we’re humans and
19:50
we want to connect with people and so
19:52
you’re solving in multiple different
19:53
ways and
19:54
so for anybody listening to this it’s
19:56
you know this may not be the best play
19:58
for you and your opportunity but
20:00
there are some opportunities and people
20:02
can that can that can capitalize today
20:04
whether you’re in a multi-family
20:06
property a commercial retail space
20:08
uh whether you’re you know redesigning
20:11
uh some
20:12
some piece of property today to make it
20:14
fill
20:15
or fit people’s needs today with with
20:17
covet and 2020 and
20:19
you know we all have good expectations
20:20
for the vaccine and all that good stuff
20:22
but
20:22
you know it’s it’s going to stay
20:24
somewhat weird
20:26
if you want to call it the new norm for
20:28
for a while and so if you can serve
20:29
people today then
20:31
that’s a winning combination serve
20:32
people where they’re at and you know
20:34
let’s try to figure that stuff out right
20:35
it’s all about a pivot you know people
20:38
get
20:38
kind of darwinism screwed up it’s not
20:40
the strong will survive
20:42
it’s the adaptable will survive you got
20:45
to adapt to what’s going on around you
20:47
you can’t just always do the same thing
20:49
you’ve always done because it always
20:51
worked well maybe it doesn’t work today
20:53
you know that and you know this whole
20:55
project won’t really come online for
20:57
another 12 to 18 months
20:59
by that time we should be well past
21:00
covid so we’re not worried about that
21:03
and like you said people even if i could
21:06
release this project today
21:08
people are going bat crazy sitting
21:10
in their house by themselves all day
21:12
every day like you said they want to get
21:14
out
21:14
they want to go someplace where they can
21:16
have a meal
21:17
and we’re gonna have lots of communal
21:19
space outdoors where they can
21:21
socially distance even if something like
21:23
this happens again
21:24
so yeah it’s just what’s going on around
21:27
you
21:28
don’t be stuck in dogmatic thinking um
21:31
and just adapt to what you see
21:34
yeah that’s a very good point right and
21:36
i i live in fresco texas
21:39
right and we actually are lucky to have
21:42
one of similar to what to describe we
21:44
have a so-called legacy food hall
21:46
in a legacy west that’s a new
21:49
development that has been
21:50
that was built maybe just two or three
21:52
years ago
21:53
and because it’s an open concept it’s
21:55
much easier for these restaurants still
21:57
to
21:58
serve right they don’t have their own
21:59
dining space it’s a shared dining space
22:02
so it’s easy for them to still surf
22:05
patterns
22:06
and people as i said everyone wants to
22:08
get out of the house
22:09
they may not be willing to sit in an
22:11
enclosed restaurant but they’re
22:12
comfortable in a more open
22:15
environment and they have been extremely
22:18
successful
22:19
recall with 19 and you’re still
22:21
successful with that
22:22
concept so i’m i’m sure that it will be
22:26
successful
22:27
definitely successful for you once it
22:29
once it
22:30
opens because that’s what what people
22:32
love
22:33
uh and that’s great to hear so still
22:37
with kobe 19 with that with still being
22:40
in the
22:40
obviously uh development phase have have
22:43
you
22:44
made some changes to it like with the
22:47
micro offices and all that have you
22:49
said we i think we need to add some more
22:51
space for this type of concept or a
22:53
little bit
22:54
more space for that and reduce some of
22:56
the others
22:57
or what what have you done throughout
23:00
the last few months to adjust to the
23:02
to the new reality well really nothing
23:05
because this all kind of took place
23:06
about within the last uh two months so
23:09
okay deeply into covet 19. so
23:12
um but you know we talked about too you
23:15
know coming out of multi-family are you
23:17
going into this development because
23:18
you’re trying to find better returns
23:19
that’s not why we’re doing it but at the
23:23
same time
23:24
you know the the business plan on this
23:26
is uh
23:27
should return a 20 irr now before
23:29
everybody freaks out on the
23:31
that’s listening to this podcast it is a
23:33
506 c
23:34
i’m very much allowed to talk about this
23:37
stuff
23:38
there’s people going you’re not allowed
23:39
to say that but it’s a 506 c
23:42
everything’s totally fine
23:43
but yeah this is a way for us to find a
23:45
project that will
23:47
fairly conservatively we believe return
23:50
a 20 irr
23:51
to the end investor within three to five
23:54
years
23:55
so yeah you know one other piece of it
23:59
you know this is a very small piece and
24:00
this has been going on for a while right
24:02
but everybody’s doing uber and doing
24:04
lyft younger people gen z people they
24:07
don’t want to own stuff anymore a lot of
24:09
them
24:10
so we’re creating a drop-off lane out
24:12
front
24:13
too so we don’t know like at the airport
24:16
they have
24:17
you know the little uber spot is that
24:19
what you mean yeah maybe not an uber
24:21
spot but yeah there is a drop
24:22
off lane that maybe uh you’re not gonna
24:25
park your car in our parking lot but you
24:27
need a place to unload
24:29
or call uber have them come pick you up
24:31
and you jump in and go
24:32
so it saves us some space from a parking
24:35
standpoint so it’s a little more
24:36
efficient
24:37
but then we also think about well how
24:39
are people moving
24:40
about the city now and again so that was
24:44
another thing that was
24:45
adaptability that we saw a lot more
24:48
people
24:49
are doing this gig economy thing and you
24:52
know we need to try to accommodate
24:53
that yeah very good some good updates to
24:56
this market watch this
24:58
these are rel timely and relevant yes
25:02
definitely yeah so looking into
25:05
next year obviously a project takes some
25:08
time
25:08
until it’s it’s all finished uh beyond
25:12
that project what do you see for see
25:15
also on the multi-family site you
25:17
foresee that there might be some
25:19
opportunities that pop up
25:22
early next year and are you on the
25:25
buying side as long as the deals make
25:28
sense for you and your investors
25:31
yeah i’m always on the buying side so
25:33
you know multifamily is my first love
25:34
and i still love multi-family
25:36
we we’ve got some opportunities
25:38
presented to us that you know look
25:40
really really really good and strong so
25:42
that’s why we’re doing some development
25:43
this is only one of three commercial
25:45
projects we’re involved in right now in
25:47
tennessee
25:48
but yeah i still love multi-family so we
25:51
will continue
25:52
we’re probably gonna wait until after
25:54
the holiday season to start diving
25:56
deeply back into multi-family
25:58
we’re going to be looking maybe in
25:59
atlanta definitely in nashville
26:01
austin and san antonio and all the the
26:03
surrounding areas there
26:05
um again i know it’s a different game
26:08
now with prices being so
26:10
elevated that you know i’m just going to
26:12
wrap my head around 10 years
26:14
and i have to take my investors pulse
26:16
again
26:17
say okay i could probably return you
26:19
maybe a five six seven percent
26:21
uh cash and cash return by the end of
26:23
the first year
26:25
but are you okay with the 10 year old
26:26
and if everybody on my list says
26:28
no i need a five-year-old well now i
26:30
know
26:31
why waste my time if that’s all i feel i
26:34
can find right now
26:35
so again it goes back to the
26:36
communication piece i’m always
26:39
always petitioning my people what do you
26:42
need to see
26:43
to consider an investment and if they’re
26:45
okay with a 10 year hold
26:47
five to six to seven percent cash and
26:48
cash return by the end of the first year
26:51
then yeah we will definitely go all in
26:53
again on multi-family
26:55
uh safely of course we got to make sure
26:57
things underwrite we got a stress test
26:59
for all kinds of different things but
27:01
yeah we’ll definitely be looking at
27:02
multi-family again
27:03
okay very good appreciate all your
27:06
insight
27:07
bruce that was great so why don’t you uh
27:10
before we also allow you to give give
27:14
provide your contact details
27:16
maybe you also can quickly talk about
27:18
the book that you have
27:20
written and published i think earlier
27:22
this year
27:23
right so uh for anybody that’s a little
27:27
meek you might want to cover your ears
27:30
it’s called syndicating as a
27:32
because syndicating you know the job
27:33
that i do it’s hard and a lot of people
27:35
don’t understand that it’s hard
27:37
they just hear people on a stage talking
27:38
about how easy and i can show anybody
27:40
how to do it everybody can do it
27:42
it’s a hell of a lot harder than they
27:43
make it sound it’s totally
27:45
doable but i think it’s not for
27:48
everybody
27:48
and everybody’s being led to believe
27:50
that it is for everybody
27:52
everybody can do it anybody can do it i
27:54
firmly believe that’s not true
27:56
i think many people should not do this
28:00
because it is harder than they think it
28:01
comes with a lot more stress than they
28:03
think
28:04
uh they might not have the personality
28:07
to do this you know if you’re not really
28:10
a
28:10
wired entrepreneur i don’t know that you
28:13
should do this because it’s at the
28:15
bottom of it all you’re owning
28:17
a business that raises money from
28:20
investors
28:20
to go out and buy an income producing
28:22
asset that’s all we’re doing
28:25
but again i don’t think a lot of people
28:27
have really put that kind of thought
28:28
into it so i wanted to write the book to
28:30
make sure you understand this is a
28:31
fantastic way to make a living
28:33
it’s a great way to provide a legacy for
28:35
your family
28:37
but there’s a lot to it so i want to
28:38
pull back the curtain teach you every
28:40
step of the way
28:41
how to do it but then also give you some
28:43
stories along the way to let you know
28:45
that look
28:46
things are going to go wrong and some
28:48
really scary things might go wrong
28:50
are you ready for this that’s why i
28:52
wrote the book
28:53
yeah that’s great uh so that book is
28:56
available on amazon
28:58
right in paperback audiobook kindle so
29:00
it’s
29:01
uh it’s only easy to read and again you
29:03
have uh right now
29:04
you see it’s a five star rated right so
29:07
uh
29:08
obviously there are a lot of people that
29:10
have already read it and are
29:12
really enjoying it it’s always
29:15
important to to have honest so
29:17
indicators that
29:18
are telling the truth about it why there
29:21
are so many that
29:22
and particularly also with some of the
29:24
coaches that present it as if it’s a
29:26
walk in the park
29:27
it is not right nothing about this is
29:31
yet it’s still if you do it right and if
29:33
you have the right personality it’s a
29:35
it’s a great thing to do right so how uh
29:39
how can people reach you bruce uh
29:42
best way is probably my website
29:44
apartmentguy.com which is apt-guy.com
29:48
um you can kind of see what we’re up to
29:50
what we’ve done in the past where we
29:51
might be going
29:52
soon um and you know i don’t know when
29:56
this will upload
29:57
uh but maybe there’s a few spots left in
29:59
the deal we’re talking about so if
30:01
anybody wants to see
30:02
anything about this i’m not necessarily
30:05
pitching
30:06
because we’re going to raise our money
30:08
right but if people want to see what
30:10
what it’s all about let me see it’s
30:11
invest withhamilton.com
30:15
and you’ll find the dickerson offering
30:18
listed on that website
30:20
and you can kind of give it a look see
30:22
what you think
30:23
you know and if nothing else even if
30:24
this comes out after we’ve closed our
30:26
offering we’ve already raised all of our
30:27
money
30:28
you can see the kind of stuff that we’re
30:29
up to yeah that’s
30:31
that’s great and even if you do not
30:33
invest at least now you know
30:35
a cool place that you can visit in the
30:37
near future in nashville
30:39
absolutely very good uh thanks again
30:42
bruce
30:43
for coming on and you added some great
30:46
value here
30:47
thank you very much appreciate you guys
30:48
for having me on
30:50
bruce thank you for your time great to
30:51
see you again my friend good to see you