In today's episode, I'm breaking down one of the most complex and rewarding deals that we've done inside of SCI growth and income fund for here at my company, Sunrise Capital Investors.

This was an off-market parking acquisition in Uptown, Charlotte, that was tied up in receivership, it was cross-collateralized with an office and a hotel.

It required multiple buyers, simultaneous closings, and a parcel split that all had to happen at the exact

same time. And since closing, it's created more than $10 million in value. So the question is,

how does a deal like this actually come together? Well, we're going to walk through it. All right,

guys, welcome back to the Real Estate Investing for Cashflow podcast. Have you ever listened to a podcast

where someone talks about a deal? You know, it all sounds great, but you're sitting there thinking, yeah, but what really happened behind the scenes? The stress, the uncertainty, the moments where you think the deal is going to fall apart. Today's episode is one that I've been really looking forward to because it marks the beginning of something that we're going to start doing here on the show. Over the past few months, I've had a lot of you reach out to me asking for granular breakdowns of the actual deals that we're doing inside of my company, Sunrise Capital Investors. How do we find it? Why did we like it? What almost went wrong? What did go wrong? And how did you actually make money from it? I'm going to bring you inside one of our deals and walk you through it step by step. Now, before we dive in, quick note here. If you haven't already listened to the episode I recorded about a month or so ago on our parking investment thesis, I'd highly recommend that you go back and check that out first. Because today isn't about why I like parking. It's about how we actually execute on it. And today we're kicking it off with one of the most complex, stressful, and ultimately rewarding deals that we've done here at Sunrise.

The Charlotte Spectrum Garage located in Uptown, Charlotte, North Carolina.

So let's start from the top.

How does a deal like this even land on your desk?

This was an off-market opportunity that came to us through a broker relationship that we had built several years earlier.

But let me take you back to that first call that we had because I believe it's worth unpacking.

I talked to him a number of times.

We probably kept in touch every couple of months.

And I'll never forget how he presented it.

You know, he was kind of laughing, not in the

joking way, more like, this thing is a mess. He literally framed it as a hell Mary, and he led with how

messy the deal was, you know, more than a, hey, I don't think this is going to get done,

but you should probably take a look at it anyway. This wasn't something that we discovered later. He told us railed the gate, like, hey, man, this is a, this has got a lot of hair on it. But he also understood something very important. There probably wasn't a natural buyer for the entire deal. You know, parking groups don't want office and hotel. Office buyers don't want parking in hotel. And hotel buyers don't want office and parking so from his

perspective you know this thing didn't have a clean path forward you know here's the reality of it all

in parking relationships matter even more than in most asset classes and you probably ask why because

there's very few brokers that truly understand parking. Most our office or mixed-use brokers

...