Posts Categorised: RPOA Podcast


EP199 Surprises After Closing on a 144-Unit Apartment Complex with Justin Richards & Aaron Lenartz


When Justin Richards and Aaron Lenartz were last on this show, they shared everything they’d just gone through in finding, negotiating, syndicating, and closing on a 144-unit apartment complex in Memphis, Tennessee. You can check out episode #140 to hear that story. In this episode, you’re going to find out what happened after the close and how it has affected their outlook and decision making process ever since.


Justin and Aaron share some of the challenges they faced and how they came up with the solutions to solve them. We discuss the engineering report and the cash shortfall that can occur when the lender reserves funds from the closing to make immediate repairs, but doesn’t release that money until after the repairs have been completed. We’ll learn about some difficult partnerships that Justin and Aaron have had to walk away from, as well as the key members they’ve since added to their team.


Justin and Aaron share some painful experiences of the acquisitions that have fallen through since then, and the uncomfortable news they had to share with their investors. You’ll learn why some of those deals didn’t happen, and the physical inspection at one property that revealed over $7 million in deferred maintenance the owner failed to disclose.


Justin and Aaron also discuss the 600 units they currently have under contract, and how they’re laying the groundwork to have plenty of capital throughout the next financial downturn.


There’s a lot for any investor to learn in this episode, and Justin and Aaron don’t hold back from sharing the challenges they’ve overcome this past year. You can find out more about them by visiting them at


Click Here to Listen


Justin Richards

Justin is a partner in Greyson Capital Group LLC, a value add multifamily investing firm that buys apartment complexes in the sunbelt of the United States. Greyson Capital Group LLC has just finished an incredible month where they close on 3 properties in 1 month.

Key Points From This Episode

  • Justin talks about how to change your mind set to that of an investor
  • Justin talks about how he got his “feet in the game.”
  • The importance of attraction partners and people in the industry
  • Beware of people who claim they have a flawless record
  • The Real Estate Industry is an industry that challenge and force personal growth
  • Justin talks about his partners and first deal
  • Greyson Capital Group invests in Memphis and Florida.
  • Be a life style investor
  • Greyson Capital invests in Memphis B & C properties from German Town to the airport. Memphis has a Pilot Program which is a Tax Deferment Program where if you put 50% of the value of the bulding into renovation the city will cut your taxes in half for 10 to 15 years.
  • Memphis is the cash flow market of the East
  • Florida has popluation growth and a great climate

To Listen – Click here

Hello investors! We’re so glad you’re here with us and our guest, Aaron Lenartz, former Navy officer and now Principal at Greyson Capital Group, as he talks partnerships, brokers, and transitioning from single to multifamily. Aaron divulges his biggest challenges, lessons learned, and why multifamily made it all worth it.

You’re listening to the Think Multifamily podcast, Episode #009

To LISTEN, Check it out Here.

Hey guys! Check this out! I had a great experience recently, being on the NEW Think Multifamily Podcast!

I talked about Finding a Mentor, Overcoming Rejections and Doing Your First Deal.

To LISTEN, Check it out Here.

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We appreciate your support.

Released 17 September 2018

By the time you listen to this episode, Justin Richards and Aaron Lenartz will have closed on a 144-unit Class C Apartment Building in Memphis Tennessee.  And they’ll have raised $1.3 Million from investors to do so. I thought it would be interesting to sit down & talk with them about what they went through to find, inspect, and acquire this property while its fresh in their minds. What you’re about to hear is the nuts & bolts process from two investors and syndicators who have learned a great deal from the experience of closing their first large apartment syndication.  We’ll talk about the importance of broker relationships, Best & Final offers, what it means to be a lifestyle investor, working with attorneys, and securing a bridge loan to complete necessary repairs. You’ll also learn how Justin and Aaron were able to be taken seriously as investors even though they’d never closed a deal this large.  They also share the process they went through to raise $1.3 Million from qualified investors, as well as the amount of their own money they had to put up along the way. Justin and Aaron host a meetup group every third Wednesday of the month at the Buffalo Wild Wings in Wyoming, MI on 44th Street.  Their next meetup is this Wednesday, September 19th, 2018 at 5:45.  You can find out more information by going to And you can contact Justin and Aaron through their website: Enjoy!

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