Entering into a general partnership is much like getting married. Not only it is for a lengthy period but it is also intensive and very likely to encounter some bumps along the way. When partnerships don’t work out, they can have dire consequences. On the flip-side, however, when there is synergy, they can propel businesses forward tremendously. Our guests today, Mike Vann, Rodney Miller, and Carl Suverkrop are fortunate enough to have formed an extraordinary partnership, and established Trident Multifamily together.
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In this episode, we learn about how their partnership is structured. Rather than having rigid roles, they have a more flexible agreement where there is overlapping responsibility. This ensures a high level of accountability and thorough cross-checking. We also learn that partnerships are about more than simply good working relationships. It is important to surround yourself with people of good character because they are a reflection of you. The Trident team walks us through some logistics of their most recent deal, where they see themselves going in the future, and much more! Be sure to tune in today!
Key Points From This Episode:
- An intro to Mike, Rodney, and Carl and how they formed Trident.
- How their partnership works and why they knew that it was going to be successful.
- The Trident team worked on other deals together before establishing their company.
- ‘Date around’ before you commit to partnering with someone long-term.
- Partnerships are more than business relations, so pick someone you enjoy being around!
- A look at the most recent deal that Trident has completed and lessons they learned from it.
- Through conservative underwriting, Trident settles investor concerns.
- Why the Trident team would not necessarily do a 506(c) deal again.
- What the Trident team did differently on the second deal.
- How Trident is preparing for the potential downtown.
- The unique way that Trident communicates with its investors.
[bctt tweet=”The good thing about multifamily is that you can kind of date a little bit before you get married. — Rodney Miller” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Mike Vann
While balancing a family and a full time career in the Medical Device Industry, Mike has been investing in real estate for almost 20 years throughout Arkansas and Missouri and has built a $6M+ personal portfolio across multiple asset classes, consisting of Single Family, Small Multifamily, Apartments and Commercial properties. Growing up in the family construction business has given him extensive experience in both doing the work and in project management. In addition, he has completed many flips, rehabs and even a heavy lift, $7k per door apartment complex renovation over the last several years. In 2017, after years of informally helping people through advice, mentoring and sharing his knowledge of the business, he decided to formalize and scale those efforts to help other busy professionals realize the security and freedom that can be attained through real estate investing. He is achieving those goals through apartment syndication and has since been involved in the purchase of over 825 units in Kansas, Oklahoma and DFW. Besides educating and helping busy professionals work their way towards financial freedom, Mike enjoys being involved in local, national and international mission work and believes “We are blessed, to be a blessing”.
About Rodney Miller
Rodney is a full-time entrepreneur and real estate investor. Rodney owns and operates a chain of medical clinics in the Oklahoma City Metro. He is also the CEO of MIG Properties L.L.C., a single- family real estate investment firm located in Oklahoma City, Oklahoma. Rodney began his real estate career in 2002 with HomeVestors Inc., a national home buying franchise based out of Dallas, Texas. He branched out on his own in 2004 and has completed over 200 profitable real estate transactions since that time. Rodney currently owns over 100 single-family homes as well as commercial property in Oklahoma City, Tulsa, and Dallas. Rodney holds an active Oklahoma real estate broker’s license and is a member of the National Association of Residential Property Managers. He is currently invested in over 810 multi-family units across 4 properties.
About Carl Suverkrop
Carl has been investing in multifamily real estate since 2014. He is a member of the NextGen Committee at the Apartment Association of Greater Dallas as well as a Texas licensed real estate sales agent. As a successful entrepreneur, Carl founded an electronic security company in South Africa. Through a strategic merger of businesses, the company grew to more than 30 employees and 2 regional offices before the sale of the company. He has proven leadership skills and a unique ability to motivate employees. Carl is detail oriented and is highly skilled in data analysis. He is highly regarded for his ability to utilize technology to create systems and processes to streamline all aspects of the business. Carl has certificates in Project Management and Marketing from Varsity College in Durban, South Africa. He has obtained the Certified Independent Rental Owner Professional (IROP) designation from The National Apartment Association. Carl currently holds interest in over 720 units.
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