| by Kenneth Chase | 1 comment

Why I Created The Apartment Syndication Handbook | Apartment Investing Tips


Ultimately, what
we do with our time is most precious because
our time is limited. And if there are shortcuts that
I’ve learned through my own experience– and then also
through interviews I’ve done on my podcast– I’m obligated to share
that information. [MUSIC PLAYING] So Joe, tell us
about the motivation behind this new book,
the purpose behind it, and what you hope to accomplish. I mean, ultimately
it’s something that I wanted to create because
there wasn’t anything like it whenever I was going through
the process of apartment syndication for the first time. I mean, ultimately, what we do
with our time is most precious because our time is limited. And if there are shortcuts that
I’ve learned through my own experience– and then also
through the interviews I’ve done on my podcast– I’m obligated to share
that information. I remember being on my first
deal after we closed, and I went to the mortgage
broker’s office and he said, OK, now we just need
the insurance payment. And I said, wait, what
insurance payment? He said, yeah it’s– you know, $25,000. I’m like, whoo, I
hadn’t planned for that. And there’s a lot
of things like that. I had planned to
pay for insurance. I just didn’t know I had
to pay for it up front. And there are a lot
of things like that that are needed to be addressed
prior to going into a deal. And if we can have
some shortcuts that help the readers out, then
certainly I want to do that. Before we get into your main
takeaways from the book, tell us a little bit about
the construction of how long this has taken you and a little
bit about the research you’ve done to comprise the book. Well, 1,500 individual
conversations with real estate investors from
my daily podcast, $400 million worth of apartment communities
that my company has, and some tears and perhaps
some blood along the way– I’m sure I cut myself
sometime along the way. I mean, ultimately
this is a book that’s based on my own
experiences firsthand, as well as the
interviews I’ve done. And that’s the beauty
of it because you know there are mistakes that– or sneaky things that
brokers might do– in order to make a deal look
better than it actually is, intentionally or
unintentionally. And I learned a lot of these
things both firsthand but then also by speaking
to other apartment owners and their
experiences on deals, looking through
offer memorandums. There are things that I learned
from managing deals from asset management, et
cetera, and I would include those in the book. And then as we were
about to finish the book, I added some additional things
because I just did an interview with an apartment owner who
had some good tips about how to renovate a unit or had a way
to partner with a management company that I hadn’t heard
of or thought of before. And we included that in there. So, it’s just a constant
flow of information that I have access to because
of the podcast, and then combine that with the
ownership of the apartments. You know, it’s a pretty
dynamic one-two punch.

1 Comment

S Rivers

Sep 9, 2018, 3:02 am Reply

Joe, pre-ordered the book and looking forward to getting it in the mail soon!

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