May 4, 2017
Mike Spotts just closed on a stabilized 94 unit apartment
building. Mike grew up in Plano and attended Texas State
University. He was in the high technology business and wanted to
transition into real estate. Mike started buying duplexes and
single family homes. Mike was equity rich with a 13 homes, but was
liquidity poor. He decided to sell his homes and raise liquidity to
Mike is a big fan of multifamily education and mentoring. That was his first investment. He invested in himself with apartment education. Mike had passively invested in 3 separate apartment partnerships before he felt ready to ‘lead’ his own transaction. His first transaction is a property called Agave Villas Apartments in Irving, Texas. Mike liked the submarket and condition of the asset. The property is near a high school. During due diligence, Mike and his team found a huge water leak. Hundreds of gallons were flowing down the drain every day. When fixed, that one line expense item saved them thousands. Additionally, Mike explains the bottom line on getting higher rents after doing some moderate rehab on his asset. Amazing.
Mike decided that he wanted to know more about repairs and maintenance to his property so went back to school to learn air conditioning and heating repair. He does not work on his own systems, BUT having 94 individual HVAC systems, he wanted to make sure he knew what the real costs were. It probably was a good investment. Ricardo explains how he was able to provide Fannie Mae financing for a first time apartment buyer.
Here is Mike’s contact info: MSpotts@greystoneprop.com
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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.