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 and talk with them about what they went through to find, inspect, and acquire this property while it's fresh in their minds.
What you're about to hear is the nuts and 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 and 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 5:45pm. You can find out more information here.
Right now it is available on itunes, and here is a link:
If you'd rather access through a different method, the podcast is also available on stitcher:
You can also access it online at: