Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles

Net Operating Income is the key metric in the multifamily world for investing and financing. The two main components are operating income and operating expenses. Mike breaks down some line items on the operating statements and tells you what you need to look for.

Paul Grimme is originally from Nebraska. After 28 years in the hi-tech industry he retired in 2016. Paul explains what lead him to investing and buying apartments. Paul had not gone the typical route of investing in single family homes but he did passively invested in five multifamily partnership opportunities with over 1000 doors. On his first large real estate transaction, Paul bought a fractured condo. Paul and his wife, Julie, bought 76 out of 108 units in the Village Condominiums in Waco, Texas. He bought 70% of the total. One seller was selling a block of units that they owned. The remaining 32 units were owned by individuals and were not available for sale. A fractured condo can be an unusual investment. Unlike apartments, where you buy ALL the units at one time; a fractured condo acquisition is when you are buying a specific number of units in a condominium complex. Investing in a fractured condo comes with some unique challenges like "who controls the management of the homeowners association and where and how those dues going to be spent?" Paul reflects on the history of the condominiums and how it became a fractured condo. The investment strategy, over a period of time, is to purchase all the remaining condo units, crush the condo association and then operate the property like an apartment property. Here is Paul's contact info: [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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.

Typically on a capital raise you want to have a pre-existing relationship with your potential investor. The number one question that you must answer for the investor is A) How are they going to get their money back; B) What is the timeline going to be. Also, make sure that your debt lines up with a similar maturity as your investment strategy. Originating a new short term loan on a long term investment strategy is probably not going to work. Make sure that you contact a qualified attorney that can help you build a Private Placement Memorandum that discloses all potential risks an investor needs to know.

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 buy apartments. 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: [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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.

Michael uses his DUE DILIGENCE checklist to help him request documents from the seller. Everything is written out and are standard items for the seller to deliver. Make sure that you get a copy of this 'wish-list' at the OldCapitalPodcast.com website.

Kenny purchased his first out-of-state property in 2014. Kenny initially started buying apartments in Texas and then he bought in Colorado, Oklahoma and Ohio. Kenny's philosophy is have "real estate and will travel." He likes to buy in landlord friendly states that contain diverse economic drivers for growth, low unemployment, and historical population growth. Kenny explains the challenges of living in Dallas, but owning apartments in different states. He actually visits his properties out of state more frequently than the ones he owns in his immediate area. Everyone believes that proformas and partnerships work in straight lines, but Kenny believes in being flexible to handle 'operational curve balls' as one of his keys to his success. Kenny chats about his latest acquisition in Waco, Texas. Kenny bought this property because of its location near Baylor University. It was 50% occupied and needed lots of rehab…but its spectacular location made it a great opportunity. The seller could not provide historical financials to the property. Typical bank financing was not available because of lack of financials and low occupancy on the asset. Kenny had to be creative on how he was going to finance the acquisition and rehab of the property. He discusses the strategy of using 'hard money' as a tool. Hard money can be an option when an ''all cash" purchase is not available. It's a short term solution and can help you acquire more assets. To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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.

Michael explains the upside and the downsides of either partnering with a laundry vendor or owning your own machines. Michael also talks about increasing your NOI with other non-rental income line items.

The Old Dawg chats with The Big Dog (Michael Becker) Bill Manassero with the Old Dawg REI Network Podcast explores why Michael Becker has a track record unlike few others. In less than 4 years, Mike has acquired over 4,000 units. That's right! 4,000 units in less than 4 years! In this very special podcast, Mike will be sharing some of his insider secrets on how he got there so fast. In his interview he will be discussing tips for working with brokers (your number one source of great deals), leveraging and how to find the best off-market deals. • How to recruit people into your deal to help you qualify for the good loans • How to build and maintain a strong deal funnel • How Mike went from buying single family foreclosures, rehabbing and renting them out to buying multimillion dollar apartment communities • How to get brokers to listen to you even when you have no prior experience • How to get brokers to call you first when they have great off-market deals • The importance of knowing how to properly underwrite potential properties • Creating a powerful "elevator pitch" to share with everyone you meet to attract great deals and high net worth investors Listen to the olddawgsreinetwork.com To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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.

What kills a transaction right off the bat? Michael only buys in 'specific' areas and will not compromise on the asset location or quality. Even though it might be tempting…don't buy in the 'hood. Michael's investing advice is that you must define the submarket that you want to make a position in. Michael describes what the buying environment is like in Dallas today.

Bob DeLong was concerned about his retirement and was looking for a solution. He found that investing in apartments could create passive income. He now invests in apartments in central Texas. He is a managing member and a passive investor in several hundred apartment units. Bob believes that the Austin 'Class C' apartment market is incredible or insane. Demand outstrips supply…rents are going up and occupancy is at 98%. Bob has properties in Austin and San Antonio, Texas. Prior to getting into apartments, Bob was in the engineering and construction business for over 35 years. He is a hands-on type of guy. His initial investment strategy was IRA's and 401k's until he realized he needed something more. His retirement lifestyle was in jeopardy. He was concerned that drawing out his money from a 401k, and not putting money back in, was frightening. He felt that he needed passive income to retire if he was going to live another 20-30 years. Bob found an apartment mentoring and education group. Bob was initially skeptical and only made some small passive investments in other peoples properties. Over a period of time and four apartment investments, Bob began to believe that apartment investing was a viable solution for his retirement with passive income. Bob believes that having the mentoring and education group, that he joined, was the 'game changer'. He could not have done it without them because it would have taken him years of trial and error to figure it out. After being a passive investor for several years, Bob decided to become a managing member and put his own transactions together. In the podcast, Bob describes how he operates and manages his properties in central Texas. Bob's contact info: [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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.

Smaller buildings can typically be more challenging to staff and then push payroll expenses over less units. Owning apartments is a scaleable business. Mike explains some of the rules of thumb on how many units you need to own to hire a manager and maintenance person and some of the solutions that are necessary to make money on your investment.

Friends for over 17 years; Boris, Oshi, Leonid & Albert currently live in Northern California and now own 200 apartment units in Dallas, Texas. How do hardware designers that live over 1700 miles away, find, own and operate apartment buildings? Boris chats with James on how they found their first 55-unit apartment property and how they managed a $300,000 rehab project from a long distance. After the rehab, the partners were able to increase rents by over 30% a unit. They increased NOI dramatically, thus increasing value. They did not syndicate this deal. They only used their own personal funds. The next purchase was a 142 unit- Class C property in Arlington, Texas. They purchased a slight value added property. They had to assume the current Fannie loan and apply for a "second lien" supplemental to get total leverage up to 75%. Wow! That was a tough one. They had only owned their first property for a little over a year…and now they were going to double the size of their portfolio. Fannie had to get comfortable with the new sponsor and their management company. Fannie knew the seller (they liked his long term ownership experience) and now we had to convince Fannie to substitute them with a new "limited experience" buying group. Yikes!! We got it done. The guys explain on how they are educating potential multifamily investors in the Bay area. They run a successful MEETUP GROUP in Las Gatos, California. They believe MEETUPS are a great ways of bringing investors together. Advice to new apartment buyers…make sure you have the correct rehab amount needed upfront when applying for a loan…and never think you can take it out of cash flow. Have more money; than less. It's always easier to return investors' money- than having a capital call with your investors. To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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.

It can be done. Mike explains the additional complexity and underwriting rules for foreign nationals to finance apartments in the US.

Thomas & Timothy Black are brothers and principals at Napali Capital, LLC. Napali Capital acquires and operates Class B & C apartments. Tim recently retired as the chief operating officer for GREAT WOLF LODGE corporation. Tom is currently an EMERGENCY ROOM DOCTOR that also helps physicians and other high-income professional overcome career crisis by teaching them how to expand their personal net worth through passive income real estate. What a combination! These brothers have something going for themselves. Why should doctors look into investing in commercial real estate? Tom reflects on the high rate of burn out with critical care professionals. In the last three years…6 in 10 emergency room doctors are burned out with the excessive amount of hours worked, government intervention, lawsuits, patient satisfaction and declining insurance reimbursement. Tom acknowledges that physicians have high income, but they have limited personal net worth. Typically, physicians are not financially savvy due to the time that is needed to learn and master their medical craft. What medical school fails to teach doctors, Dr. Black educates. Tom's newly released book is called "The Passive Income Physician." Tom shares a memoir/ guidebook that helps high-income professionals understand how passive income through commercial real estate investing can help buy back your freedom. The book has a very "Rich Dad / Poor Dad" theme. Contact Tom & Tim Black at http://freedomintheblack.com/author/tomblack/ "The Passive Income Physician" is at https://www.amazon.com/Passive-Income-Physician-Surviving-Expanding/dp/0692827404 To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.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

A unique feature with a Fannie Mae loan is the ability to assume the existing loan from the seller and then apply for a new subordinated loan to get max leverage. Mike explains the additional benefits and needed structure of applying for a Fannie Mae assumption & supplemental loan.

Greg Willett- Chief Economist RealPage RealPage is the leading provider of on-demand software solutions for the rental housing industry. RealPage supplies property management software to over 12,000 ownership groups that own or control over 30,000,000 residence units. They are the Facebook or Google in their industry. RealPage collects a tremendous amount of data on trends within rental housing throughout the country. Greg and his team analyze the up to the minute data. They are data miners. Greg believes that this strong rental cycle started in 2010 with huge demand. 2017 will still have great performance for the nation. Probable peak on annual rental revenue growth was in 2016. Golden age of apartments is now; but it is not realistic to expect for continuous sustainability. Rent growth is good at 3.5%. Developers are continuing to build apartments. They will deliver over 360,000 units nationally this year. Greg likes Sacramento, the Inland Empire in California, Las Vegas, Seattle, & DFW. Texas has 4 major markets. DFW is a step ahead than other Texas markets with rent growth at 6%. Almost 50,000 units under construction right now in DFW. Houston, is seeing some pricing concessions and rental cut on mostly A product. Austin is seeing a little slow down from the year before with rental growth at 3%. San Antonio is the most stable of the Texas markets. Rent growth is at 3%. In 2017, Dallas will deliver over 25000 brand-new Class A units. Still big gap between A & B product; A vs B is a 40% rental price difference. Annual rent growth on value added B is 6%. DFW added 680,000 new jobs since 2010. Qualification index: Rent to Income ratio has stayed the same from 2010. Never one type of renter profile. RealPage: https://www.realpage.com MPF Research: https://www.realpage.com/mpf-research/ Dallas/ Fort Worth: https://www.realpage.com/mpf-research/apartment-demand-drives-dallas-fort-worth/ To receive our FREE 15 page report on the FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please go to OldCapitalPodcast.com and sign up. Interested in learning more about how Multifamily Financing and connecting with Michael Becker and Paul Peebles. Contact: [email protected] or [email protected] 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.

Always have a physical due diligence report done BEFORE you buy the property. Make sure that you understand the rental submarket and the tenant demographics. Rely upon the information from a qualified property management company that operates in the same submarket. Don't over improve the asset too much for the submarket; if the market doesn't recognize the improvement (pay you more rent) you could have thrown good money after a bad idea. Listen to Michael's thoughts

Chris Deuillett and Danny Baker Chris has been selling older (Class B & C) apartments in the Dallas market for 17 years. Chris comes from a family of real estate professionals; his two brothers and father are in the business. Danny is originally from Wisconsin and has been selling newer (Class A, A-, B+) apartments in the Dallas market for 7 years. CBRE is a Fortune 500 company that represents buyers and sellers of all different asset classes throughout the globe. In 2016, the Dallas CBRE office did over $1.5 billion in multifamily sales. Perspective: Chris is seeing a lot more buyers in the market with less inventory than last year. The biggest challenge today; too many buyers, not enough sellers. DFW market is one of the top markets in the country for rent growth & occupancy on already built apartments. The amount of new construction supply of apartments in Dallas is a concern, but not too big because the new construction does not really compete against older assets with lower rent costs for work force housing. The recent rise in interest rates did have some effect of the reducing the value of assets. Advice: When sellers are listing their properties: have a good story on what the next buyer can do to increase value and also do not change management companies right before you decide to sell. How does CBRE help the seller choose a new buyer? Have your ducks all lined up; financing, equity, initial rehab budget, management company review operations and then actually visit the property. CBRE uses a questionnaire to qualify a potential new buyer and when a potential buyer is identified, they will do an introduction call with the buyer and seller. Doing well on the phone interview with the listing agent and the seller is critical. Why are sellers selling today? Loan is maturing or partnership has completed their original business plan. Building a personal relationship with the listing broker is critical to your success. Contact: Danny Baker at [email protected] or Chris Deuillett at [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] 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

What happens first; raise the investors money or find a building? Or is it vice versa? Before you do either, you must understand what it takes to be the managing member (responsible party) to operate an apartment building. Michael explains how a deal syndication works and being transparent with your investing partners.

In less than 10 months, Venkat and Ramana, purchased 3 apartment buildings in 3 different states with over 500 units, for $27 million. Now, they are hooked on buying apartments. Venkat is the IT Services business. Initially, he started buying single family homes. From 2007-2014, Venkat had purchased over 20 homes. He maxed out his ability to get long term Fannie Mae home loans and wanted to learn how to scale his real estate business. He found an apartment mentor that specifically taught multifamily investing. He then found a partner with Ramana in that same mentoring group. Ramana is the IT Services business for 13 years. He had done some investing in real estate, but on a limited basis. First transaction was in Norman, Oklahoma. Second transaction was in Phoenix, Arizona. Third transaction was in Mesquite, Texas. Phoenix seller forced buyers (Venkat & Ramana) to use their local mortgage company. After 3 weeks, their mortgage company could not deliver. Buyers brought Old Capital into the transaction. Old Capital was able to close within 43 days and with max 80% leverage and a non recourse loan. Next deal, Tradewinds Apartments was a $15 million acquisition in Mesquite, Texas. James explains the difference between CapX and Re-Incurring expenses and why it is important when you need to qualify for the loan. Venkat relied upon his property management company to research the submarket to make sure they could hit higher rents. What we learned: More transactions that you do, the easier it becomes to raise capital from limited partners. You can make 50 calls to new investors and explain it 50 times; or you can invite 50 friends and investors and do a recorded webinar and explain it one time with slides by explaining the benefits of investing in your deal. Being part of an apartment mentoring group can help you bring your apartment investing business to the next level. Connect: Venkat at [email protected] Ramana at [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] 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

70% of the lending decision is based on the building operations (historical and future) and 30% is based on the sponsor (liquidity, net worth, past ownership experience of apartments) Listen to Michael explain what's important in apartment financing.

John Griggs, with Presidium Group in Dallas, owns over 10,000 apartment units. He co-founded the company in 2002. John and his business partner Cross Moceri, were unhappy lawyers in California when they got bit by the real estate bug. They first started buying, rehabbing, and selling single family homes and four-plex's in California. They wanted to expand, and after looking into several markets throughout the country, John and Cross decided on investing in Dallas. 1000 units eventually became 5000 units in just a few years. Presidium stayed on the sidelines, during the recession. At first, Presidium started buying value added 'C class', now they are building large new apartments in good areas and still buying value added 'B class.' Tips: In a declining market, you don't want to be the last guy to change your rent structure. You want to meet the market. Don't keep your head in the sand; keep the building filled! Keep your property clean with good maintenance during a down turn. Buy and renovating apartments still works in Texas. Make sure the neighborhood can support the rent bumps after the rehab. Do your homework. Getting started in new apartment development was a very steep learning curve. Mitigate your risk with having the best team (bankers, general contractor, architects) on your side. When buying a building, make sure that you raise more equity than you need too, because you can always give it back to the investors if you don't need it. Don't get caught short with capital at the beginning. Contact John at [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2017 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] 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.

A professional property management company can make or break your profitability and overall success to your apartment investment. Find a management group you can trust. A property management company should treat their clients money as their own. Craig Lashley & Todd Parks are with SIMC Property Management. SIMC is a third party property management company that manages over 7500 apartment units. SIMC focuses on properties with a minimum size of 200+ unit apartments. SIMC likes to find employees outside of the apartment industry to join their team. Property Management companies should have a few different divisions. Example: 1) accounting, 2) human resources, 3) construction & rehab ACCOUNTING- is responsible for receiving rental income, paying the expenses and then delivering monthly financial statements to the ownership group. They are also responsible for lender communication for construction draws on rehab and the capital replacement reserves. HUMAN RESOURCES- HR overseas the onsite property manager, assistant manager, leasing agent, maintenance manager, assistant manager & porter. CONSTRUCTION- Your property management company needs to improve and update your property. They execute your vision. Having an internal construction group controlled by the property management company can be cheaper and more consistent than hiring an outside crew. A large property management company can buy in bulk and import fixtures, flooring and low flow toilets directly from overseas, thus saving huge costs. TIPS: When you put a property under contract to buy, make sure that seller does not take their eye off the ball before the property changes hands. If occupancy or NOI fall, your lender may have to reduce your loan dollars. Maximize your rental revenue with LRO. Hotels and airlines use it to get the highest price in the market. Find out if you can use rental optimization for your building. Huge amenity push in apartments to capture new tenants. Craig likes a '24 hour-package room' for boxes delivered by Amazon or UPS. Valet Trash is a great low cost amenity for tenants that will help your bottom line. Todd uses Facebook Messenger to communicate with potential tenants. GOOD ADVICE: As an owner, don't get in the middle between the management company and the on-site employee…or you could get fired. Let them do what they do (operate the building)…and you do what you do. (find the next building to purchase and raise the equity) To receive our FREE 15 page report on the FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] Interested in learning more about how Multifamily Financing and connecting with Michael Becker and Paul Peebles. Contact: [email protected] or [email protected] 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

The Old Capital team talk about interest rates rising at the end of 2016 and its direct impact on loan proceeds, future of apartment investing throughout Texas and the nation and challenges with underwriting on specific transactions. Old Capital closed over $420 million in loans in 2016. DFW will have over 25,000 new unit apartment deliveries for 2017 Still concerns in Houston and west Texas. Fannie Mae Green Program can reduce your interest rate up to 33 basis points Challenges with buying apartments in smaller markets with military concentration Freddie Mac Small Balance loan is now available up to a $6 million loan amount Cross Collateralization can be a solution in bank financing Rebuild Ability issues. Can property be rebuilt if more than 50% is destroyed in fire? Financing Challenges with environmental issues. Rent growth. Class A rent growth is slowing. Class B & C is much better. Houston is a preview market with Fannie Mae and impact on financing apartments Focus on location and quality of the asset when buying. Old Capital brings "certainty of execution in lending and closing". - Old Capital Speaker Series presents Gregg Willett, Chief Economist with Real Page for March 8th Grapevine Convention Center. RSVP at [email protected] - Old Capital Speaker Series presents Dr. Mark Dotzour, Former Chief Economist from Texas A & M Real Estate Center on April 26- Grapevine Convention Center. RSVP at [email protected] To receive our FREE 15 page report on the FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] Interested in learning more about how Multifamily Financing and connecting with Michael Becker and Paul Peebles. Contact: [email protected] or [email protected] 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. Did you know that when you leave a positive review on iTunes it improves our ranking and helps us recruit great guests? Can you leave us a positive comment at the Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles? Click here to leave a review on iTunes

In 2010, Aaron joined an apartment mentor program & learned about apartment syndication. Now he owns hundreds of units with his equity partners. 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. To receive our FREE 15 page report on the FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] Interested in learning more about how Multifamily Financing and connecting with Michael Becker and Paul Peebles. Contact: [email protected] or [email protected] 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.

Lane Beene and Jason Hull are heroes. Lane is a current US AIR FORCE- F16 pilot and owns apartments. Jason is a former NAVY SEAL and now finances apartments. Business is like combat and you need the right team members you can trust. Both owe their outstanding military success to being able to count on good teammates. Things you will learn: Jason: Every day is a game day. Going through BUDS, Jason never thought he would ring the bell to quit. 16 people in a SEAL TEAM and everyone has a role and a responsibility. As a team leader…"calm is very contagious." You will never have the perfect plan…but you must make a decision and work with your team. Lane: Every mission is important and all teammates play critical roles. No tolerance for mistakes. Surround yourself with teammates with high creditability and capability. Rely upon the whole team, not just one individual. America is still the land of opportunity, don't forget that we live in the best country. To grow, you must rely on other people. To receive our FREE 15 page report on the FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please email us at [email protected] Interested in learning more about how Multifamily Financing and connecting with Michael Becker and Paul Peebles? Contact: [email protected] or [email protected] 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 SPI Advisory LLC.

Want to learn how to get started in Syndicating Multifamily (Apartment) Properties? This week on the Old Capital Real Estate Investing Podcast we interview Robert Helms, the popular host of the Real Estate Guys Radio Show. We discuss Robert's background and how he got started syndicating real estate deals. Later, we talk about how Robert has interviewed many famous real estate icons including Rich Dad Poor Dad author Robert Kiyosaki, legendary sales trainer Tom Hopkins, Successful Real Estate Syndication Expert Ken McElroy as well as President Donald Trump, twice!! For more information about the Real Estate Guys upcoming events The Secrets of Successful Syndication and the 15th Annual Investor Summit at Sea...please send an email to [email protected] Interested in learning more about how Multifamily Financing works? Please visit us at www.oldcapitalpodcast.com. There you can receive a copy of our 15-page white paper report titled "Fundamentals of Multifamily Financing" and to learn more about upcoming events by Old Capital Lending and connect with Michael Becker and Paul Peebles. 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 SPI Advisory LLC.

After being passive investors in over 900 apartment units; Greg & Nicole Scott decided to purchase their first apartment building in an area that they know best...Detroit, Michigan. Listen to how these investors overcame challenges in making this investment a success.

We start 2017 with a discussion with the top producing team of ARA- Dallas. ARA has the largest brokerage platform in the nation. Listen to what's in store for multifamily in the primary and secondary markets of Texas for 2107.

An FHA loan is not for everyone…but it could be for you. Sam, our FHA underwriter, visits the podcast to discuss the advantages of financing your apartment building with an FHA loan. Do the benefits of low rates, higher leverage, and a longer fixed term out weigh the additional costs, larger replacement reserves and length of time it takes to get approved?

In the last 24 months, Bethany and Gregor Ulteig have invested in 16 apartment transactions as equity investors. Now, they have a unique perspective on how lead partners should treat their equity partners. Listen to what they believe is important when you interact with your fellow partners.

Property taxes, on apartments, is a huge expense. You need an advocate to help you lower that cost. In the podcast today is Mark Cantrell with Cantrell McCulloch in Dallas. Mark explains how you can improve the value of your property by lowering your property tax burden.

For years, Kevin Chalmers & Chase Maupin, were team members at the same hi-tech company. Now, they are transitioning into low-tech…apartment ownership. Chase owns 2 apartment buildings and Kevin owns 1. Listen to how these friendly rivals are building their own independent business'. Can you do what Kevin ([email protected]) and Chase ([email protected]) are doing?

Alan Stewart has been investing in apartments for several years. First, as a passive investor, then as a co-sponsor with a partner and now a deal sponsor for his own transaction. Alan shares his journey on the acquisition of a 55 unit, value added property in Azle, Texas.

What is crowdfunding? Elizabeth Braman with Realty Mogul discusses the benefits of using crowdfunding. Realty Mogul are the pioneers in crowdfunding. Learn how raising equity through crowdfunding could change the way you do business.

Rupa Keskar buys apartments in secondary markets because she found the primary markets (Dallas, Austin, San Antonio) to be too competitive. In the last 18 months she purchased over 700 units in Waco, Texas. Listen to how she found and closed on these value-added properties.

Investing in self storage properties could be an alternative to multifamily. The two different asset types are more similar than you think. Doug Wilson visits the podcast and compares and contrasts the benefits of investing in self storage.

Will Jarnagin & Michael Ware are with Berkadia in Dallas. We sit down and visit with these two top producing investment sales brokers and find out about what you need to know about acquiring apartments.

The Old Capital Lending team sits down and discusses what's working and what's not working in commercial real estate lending. Listen to how we structured several lending transactions for our buyers this quarter. We also answer listeners questions.

'Fightin' Freddie Mac versus Fannie 'The Legend' Mae. These two lenders are fighting for your business. We compare and contrast the two non-recourse, apartment lenders- Fannie and Freddie. Underwriters Fritz and John explain what borrowers should know about both programs.�

Will Crozier is very inspiring. He buys large value-added apartments and turns them around and also co-owns a successful materials company that imports fixtures from China and sells them to apartment owners. Will just sold a 444 unit and then bought a 500 unit building. Listen to how he transforms properties.

Meredith & Brian Sifford began investing in real estate about 3 years ago. This husband and wife team started with two single family homes and then transitioned into apartments. 18 months ago they found the perfect 38 unit "starter" apartment property. Recently, they purchased a 60 unit "value added" property in the same submarket. Listen to how they found and structured these transactions.

Pradeep Mistry transitioned from HI TECH to LOW TECH. After 30+ years in the high technology business, Pradeep now owns and self manages Class "C" apartment buildings around the Austin, Texas market. Listen to how Pradeep is building a LOW TECH business by providing great housing for his tenants and great returns for his investors.

Talk about stress. You found the right deal, you're under contract with $100,000 nonrefundable earnest money to the seller and you just raised over a million dollars from investors….but unfortunately your loan was just denied. Uh-oh….What do you do? Listen to James Greene and Brad Perry discuss the hurdles and opportunities they encountered on a recent apartment acquisition.