In this episode, Whitney talks to Kevin Romney, the Co-Founder, and Principal at Camino Verde Group based in Las Vegas, Nevada. Kevin has been an entrepreneur since the start of his career but decided to expand his entrepreneurial pursuits to real estate syndication about 18 months ago when he co-founded the Camino Verde Group with his partner, Mike. What stands out from this conversation is Kevin and Mike’s remarkable ability to raise capital and find investors by building out their network.
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Gene Trowbridge and Jonathan Nieh, founding partners of the top syndication firm Trowbridge Law Group LLP have a legal team with over 50 years of combined experience in real estate syndication and the practice of real estate securities law. Over this time Gene and his partners, in several past firms and currently, have helped clients raise close to $5.0 billion dollars in offerings by empowering entrepreneurs to raise capital legally. To learn more about Trowbridge Law Group LLP, visit our website at www.trowbridgelawgroup.com or follow us on Facebook, Instagram, or Twitter.
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But, more impressively, in this short period, they succeeded in getting their hands on off-market deals by leveraging their existing relationships and forging new ones with property managers and insurance brokers. Kevins shares how they prepared themselves for working in real estate syndication, go about communicating with prospective investors, and negotiate with tenants about late payments. Tuning in, listeners will also hear about the capital reserves they have for their properties, why they will be more conservative with the underwriting going forward, the software that tells them how effective their emails are, and why having good mentors is a must.
Key Points From This Episode:
- Kevin’s career journey leading up to founding the Camino Verde Group 18 months ago.
- Examples of the kind of deals that they have had success with, including off-market ones.
- How they communicate their interest to buy to property managers and insurance brokers.
- Learn how Kevin and his partner Mike educate themselves on multifamily syndication.
- Their strategies for talking to possible investors and raising capital for those first few deals.
- The challenges they now face after having established themselves.
- How they have dealt with late rental payments in the context of an extended moratorium.
- Find out how they determine the capital reserves required for a property.
- The important lessons they have learned about underwriting and holding on to properties.
- How the SharpSpring software helps them to know how people respond to their emails.
- The importance of having good mentors, working hard, and having tenacity.
[bctt tweet=”We always look to raise at least two to three months of operating expense. We go to our pro forma and find out what our annual expenses are and then divide that number by four and that’ll give us a three-month cushion. — @KevinRomney1″ username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Kevin Romney
Kevin Romney Co-founder and Managing Director of Camino Verde Group, Kevin leads the firm’s efforts in the acquisition and disposition of its multifamily assets. Kevin also oversees financial planning, analysis and underwriting. He began his career at Ernst & Young becoming a CPA. A serial entrepreneur, he has built, and sold numerous businesses throughout his career in the contact center, medical, franchise and clean energy industries. As part of this work, he led the build-out and renovation of several commercial and retail properties.
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