263: College Dropout to Owning 900+ Units with Bruce Petersen

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 25 January 2018

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Many people have dreams of owning large multifamily properties—but fail to get beyond small deals. Not today’s guest! Today, we sit down with Bruce Petersen, an investor from the Austin, TX area who started with a 48-unit syndication deal and hasn’t looked back! Bruce has some incredible stories and lessons from his time in the business, so if you ever plan to buy an apartment complex, this is one episode you need to pay close attention to! In This Episode We Cover: Bruce’s background What a syndicator does Why he started out with a 48-unit deal Why it’s easier to handle a property with more units The “deal triangle“ Tips for hosting a meet-up The class system of properties When to upgrade a unit What exactly a preferred return is How syndicating really works How he included his daughters in the deal How he finds deals And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Events Brandon’s Twitter Profile Mindy’s Twitter Profile Loopnet Resman BiggerPockets Webinars Books Mentioned in this Show Rich Dad Poor Dad by Robert T. Kiyosaki Jab, Jab, Jab, Right Hook by Gary V. Fire Round Questions How do I vet a Syndication company? Syndicating CRE and having a real estate license Should I do a syndication? Is it standard practice for sellers of multi-family units to withhold P & L and other financial data until an offer is made? Tweetable Topics: “Don’t ever pay off a piece of real estate ever. Not even your personal residence.” (Tweet This!) “I’ve always syndicated everything.” (Tweet This!) Connect with Bruce Bruce’s BiggerPockets Profile Bruce’s Website Bruce’s Email Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 263.
0:06.4	We're buying a 256 unit apartment
0:08.9	and I go into the bank Friday morning,
0:11.9	nine o'clock in the morning, execute my wire transfer for
0:14.5	5.2 million dollars.
0:16.6	I drive to the property and I'm kind of hanging out waiting for the phone call to say, okay, it's
0:20.0	cleared, we're good to go.
0:21.6	Well, 11 o'clock hits nothing's happened. The
0:24.9	previous management company had already come in and taken out all the
0:27.4	computers, all the phones, everything. The staff that we're about to
0:31.1	inherit has nothing to do their job with.
0:33.6	Remember, I am the management company also.
0:35.9	So I thought we got to go in and set some stuff up for them because the wire will be there
0:39.0	any second now.
0:40.6	Two o'clock comes.
0:42.0	Everybody's screaming at me on a phone. Where's this wire? Like I did all the backtracking and it left my bank and went to the Federal Reserve at like 930. Three o'clock hits. Nobody's seen it. 3 o'clock hits.
0:52.9	Nobody's seen it.
0:54.1	4 o'clock hits.
0:54.9	The seller screaming at me through his attorney
0:58.1	to my attorney, my attorney's screaming at me now.
1:01.1	Like what the hell's going on?
1:02.8	So finally my attorney calls me back and says,
	...

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