If you’re in real estate, you’ve heard of syndication. It’s the new industry gold rush, and much like the dotcom bubble in the late 1990s, investors are wondering if they should get in on the action or wait for the market to correct. Today’s guest is Bruce Petersen, a serial syndicator, CEO, public speaker, mentor, and author of the new book, Syndicating Is a B*tch: And Other Truths You Haven’t Been Told.
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Bruce began mentoring others in the syndication, acquisition, operation, and disposition of multiple apartment complexes in 2014. Bruce’s passion is providing passive streams of income to investors by improving apartment complexes and creating communities residents love to call home. Known as The Apartment Guy℠, Bruce is a serial syndicator of large multifamily properties throughout Central Texas ranging in size from 120-292 units. In this episode, we discuss the beginner myths of commercial real estate, and the importance of starting with the money first, growing your network, stress testing your property and treating residents like human beings. For some great advice from the two-time Independent Rental Owner of the Year, tune in today!
Key Points From This Episode:
- Bruce shares a bit about his background, his history in syndication, and why he chose it.
- How Bruce found his mentor through a Google search, knowing that he needed help.
- Why Bruce believes that everybody should have a mentor – perhaps even more than one.
- Bruce talks about his book, and why he wrote it to pull back the curtain for beginners.
- The biggest myth, according to Bruce, is zero money, zero credit. It will cost you!
- Always start with the money first – you can’t do anything on a deal with no money.
- How to grow your network, starting with Meetups – start your own or attend others.
- The hardest part of Bruce’s syndication journey has been networking, understanding how to be transparent, and how to get ahead of issues that are inevitably going to come up.
- How to prepare for a downturn like the current pandemic – stress test your property and have reserve thresholds. Don’t bleed your property of all the profit.
- The importance of community and treating your residents like human beings.
- An investor portal is a recent improvement to Bruce’s business that we could apply to ours.
- Bruce’s best source for meeting new investors has been being a guest on podcasts.
- By putting his employees first, Bruce stands out from other operators in the industry
- The number one thing that has contributed to Bruce’s success is his willingness to give back.
[bctt tweet=”Always start with the money, do not find a deal [first]. If you find a deal with no money, you can’t do anything with the deal. — @BrucePetersenBB” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Bruce Petersen
Bruce “Apt-Guy” Petersen is an award-winning Multifamily Syndicator and Operator. Bruce has taught and coached others on how to invest in real estate with a focus on multifamily for more than six years. He has done TV and multiple podcasts (guest) to try to help explain the real estate process and how it can be a great vehicle for creating an unbelievable wealth and balance in your life. Bruce and his wife have syndicated multiple real estate deals consisting of over 1100 units and been partners on nearly 250 additional units. They have been investing in rental real estate since 2001. The Apt-Guy was awarded the Multifamily Rental Owners of the Year for both the Austin Apartment Association as well as the National Apartment Association in 2016 and 2017 respectively.
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