Feb 10, 2017
In 2010, Aaron joined an apartment mentor program & learned
about apartment syndication. Now he owns hundreds of units with his
Currently owns 3 apartment buildings:
200 unit Fair Meadows
150 unit Rock Island
340 unit La Jolla Terrace
Sold 2 apartment buildings last year:
90 unit Pioneer Villas- Value Added
116 unit Casa Bella- Value Added
His father emigrated from Russia and didn’t speak english. Father created the largest mattress discounters company in county. Aaron worked several years for his father and learned determination, tenacity and to follow one course to success.
Aaron faced many challenges on his first apartment transaction. His initial management company was not focused and had to be replaced immediately. Putting a transaction together is like putting a puzzle together.
Aaron discussed the genesis on his latest acquisition- La Jolla Terrace Apartments. Aaron had built a personal relationship with the listing agent for over the last 5 years. The property received over 15 LOI (letter of intent) offers from other potential buyers. He made it to the best and final. His offer was not the highest. The seller requested a personal conference call with the buyer to discuss his purchase game plan. He felt very positive after the call. He wanted to make sure the seller understood his buying passion. Aaron had his financing in place and let his seller know he was prepared. Buyer moved forward with Aaron. Aaron is persistent and has positive expectations of success. Aaron raised $7 million with 70 investors for La Jolla.
Aaron recommends the book The E-Myth: Working ON your business…instead of IN your business. Aaron started with 7 investors and now has a database of over 100+ investors. He learned that you must be transparent with your investors to succeed.
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Interested in learning more about how Multifamily Financing and connecting with Michael Becker and Paul Peebles. Contact: MBecker@spiadvisory.com or PPeebles@oldcapitallending.com
Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn about Michael's Real Estate Syndication business with SPI Advisory LLC.