Good underwriting is the bedrock of any successful deal, but if there are cracks in that bedrock, your deal could go wrong. Today we talk to someone who lost everything and got it all back. His name is Garrett Lynch, and he has been buying apartments for the last decade, learning key skills along the way. Perhaps the most valuable skill he has learned is underwriting. Before we get into some of the more pertinent details about underwriting, we open the show by hearing about Garrett’s history in real estate and some of his experiences in D-class properties.
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After learning about his mistake of accidentally purchasing a drug den, Garrett tells us how he segued into B-class property. Expanding on the topic, Garrett tells us about how he finds deals as well as the ways he adds value. Garrett then takes us on a walk down memory lane, sharing anecdotes about deals where he feels he made the difference. Throughout our conversation, Garrett shares underwriting tips, from negotiation skills to making sure you’re cash-heavy on arrival. Toward the end of the show, we find out what makes Garrett tick. He tells us how he likes to hit the reset button and the daily habits which contribute to his success while also reflecting on his toughest times in the industry. For this, and much more, be sure to tune in today!
Key Points From This Episode:
- Introducing today’s guest, Garrett Lynch.
- Garrett gives us a snapshot of his professional career.
- How Garrett accidentally bought a D class asset that doubled as a drug outlet.
- Why underwriting is such an important skill to hone in on.
- The important questions you need to ask yourself when underwriting.
- Why you’ll become more agile once you understand debt.
- Some of the deals where Garrett feels he made the difference.
- Hear about how you can improve your PSA negotiation.
- Garrett tells us about relatively unknown property hazards like polybutylene.
- How Garrett manages to focus on so many markets.
- Garrett tells us about the hardest part of the syndication business.
- How you can avoid a business break up.
- Ways Garret prepares for downturns.
- Hear about Garrett’s predictions in the market for the next six to 12 months.
- Garrett shares details about the daily habits that contribute to his success.
- The best source that Garrett uses to meet new investors.
- What Garrett attributes his success to and how he gives back.
[bctt tweet=”I like to do the underwriting myself, because then I know that the deal is going to be more successful. — Garrett Lynch” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Garrett Lynch
Garrett Lynch heads up Nighthawk Equity’s acquisitions team and manages all sourcing, underwriting, due diligence, and closing.
He has been in the multifamily investment industry since 2011, and in 2013 he co-founded a firm that grew from 0 to 3,400 units and a management company with 125 employees; he successfully exited that venture and teamed up with Nighthawk Equity.
Garrett graduated from Illinois State University with a degree in marketing, sales, organizational leadership and is a licensed real estate agent in the state of Arizona.
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