You almost have to wait for someone to die
How My Investor Friend Grew a Student Housing Empire Using Private Money
Canada Goose Parka In the beginning, we were just raising private money to do small real estate deals. canada goose outlet sale In fact, I canada goose stockists uk probably did more lending than borrowing. But it wasn’t long before we started raising money for larger investing opportunities. At first, we were raising money for commercial office condos and pools of notes. I pretty much stayed in the note space, but my buddy morphed into student housing, and although we’ve taken different paths, we’ve both done pretty well. Canada Goose Parka
Canada Goose online When Opportunity Knocks Canada Goose online
Canada Goose Outlet canada goose outlet orlando At the time, we were entering the downturn, and it was tough getting banks to refinance rehab properties, so canada goose outlet ontario the timing to enter the student housing market was good. Residential lending was getting canada goose outlet woodbury so strict that the only loans they wrote seemed to be FHA, owner occupied loans. If you were canada goose outlet vancouver a self employed borrower, just forget about it. Canada Goose Outlet
canada goose It was also perfect timing, as a large university in the Philadelphia area was expanding quite rapidly and didn’t have enough off campus student housing to go around, and my buddy recognized the opportunity. canada goose
uk canada goose Related: BP canada goose outlet ottawa Podcast 140: The Riches Are in the Niches (Like Student Housing) with Bill Syrios uk canada canada goose outlet winnipeg goose
buy canada goose jacket Having a Plan canada goose outlet in usa buy canada goose jacket
canada goose clearance At first, my friend canada goose outlet vip started to assemble his team. Since he was previously a lender, he was smart enough to canada goose outlet black friday be constantly meeting with bankers to test the waters as far as the types of loans they liked in the canada goose outlet 80 off current market. canada canada goose outlet black https://www.canadagooseoutletmall.com friday sale goose clearance
buy canada goose jacket cheap What he canada goose jacket outlet toronto discovered was that even during the canada goose outlet kokemuksia downturn, the banks were shying away from residential mortgages in their portfolio, but they loved lending on commercial canada goose uk properties, especially ones that cash flowed, like apartments. buy canada goose jacket cheap
Canada Goose Online He glanced at apartments, but in the Philadelphia area it’s tough to find ones that make sense. You almost have to wait for someone to die. What he quickly figured out was that the student housing cash flowed much canada goose outlet london uk better than apartments and so that was the path he would take. Canada Goose Online
canadian goose jacket The good news was my friend already had experience raising private money and doing rehabs, so this was going to be a piece of cake. He quickly learned that his end users were students, but the real renters, contractually, canada goose outlet paypal were the canada goose outlet location parents, even though they both signed the leases. canadian goose jacket
canada goose store The beauty of this was that he was now going to buy fixer uppers near the college and then do a nice remodel job with granite countertops, security systems, and amenities that would appeal to the parents and the students. Often, he was even lucky enough to get rents paid for the semester in full or have them leased for the entire year instead canada goose outlet store uk of just the semester. canada goose store
canada goose uk black friday The Model canada goose uk black friday
canada goose uk canada goose outlet uk fake shop His first steps were to use private money to purchase and rehab the properties. He had one entity to do the rehabs and another entity to do the property management piece. He also brought in a high income partner to personally sign on the permanent commercial exit loans. Needless to say, the banks loved lending on a high cash flow, commercial property. canada goose uk shop
cheap Canada Goose Fast forward a few years, and my friend had several hundred student properties in a portfolio worth approximately $18 $20 million that he has a plan to pay off in a 10 canada goose outlet in canada 12 year period. All of this canada goose outlet boston was accomplished with none of his own money or credit and in about a three year timeframe. cheap Canada Goose
Canada canada goose outlet Goose Coats On Sale Related: Student Housing: What Investors Should Know About Pros, Cons Profitability Canada Goose Coats On Sale
canada goose black friday sale As you can see, canada goose outlet online a lot can be accomplished just from having the ability to raise private money the right way. My buddy always put his investors first, as he can see that none of this would have been possible without canada goose parka outlet them. canada goose black friday sale
Canada Goose Jackets So, guess what happened after he paid back all the private money with the lower rate commercial financing? You guessed it he has even more capital at his disposal as his track record and reputation have continued to grow Canada Goose Jackets.