In the syndication business, finding a partner or teaming up can exponentially aid in your goal to achieve success. The secret to picking the right partner? Finding someone with a skill set that compliments your own. Today’s guests are Gary Van Bortel and John Bilinski. After both learning of apartment syndication 2019, John and Gary met at a local REI meeting in Rochester, New York. They partnered up with the purpose of acquiring commercial multifamily properties together.
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They immediately started their own local meet-up group, called the Upstate Commercial Apartment Investor’s Group, which is focused on discussing and acquiring larger multi-family properties. They started in Rochester but they’ve now expanded to Buffalo and Syracuse markets as well. They closed their first 48-unit property in early 2020, just prior to the start of the pandemic. COVID-19 has created several challenges, which they have had to overcome, but they are hard at work to find and purchase their next apartment building in upstate New York area. In this episode, Gary and John dive right into how they found each other and decided to team up, and they share what to look for in a partnership. Hear about their first deal and how it came about, what they’re working towards by educating members in the Meetup Group, how COVID-19 has affected their business, and much more on today’s show. Make sure to tune in today!
Key Points From This Episode:
- Gary and John share about how they vetted each other and became partners.
- Finding a partner that compliments you: what are their skillsets and how to split them up.
- Their first deal: how they landed on a specific market and what their roles were in that.
- They share the details of their first property, business deal, and some difficulties they knew they would have to overcome.
- Find out what it was like, working with a mortgage broker and getting to the closing table.
- Their challenge raising capital to buy commercial real estate and building their Meetup group.
- What they would do differently now: branching out and bringing in more members.
- What happened after COVID-19 hit; being close and getting more involved.
- The hardest part of the syndication process so far is taking out property management.
- Advice on your relationship with the property management team: do your due diligence.
- How vacancy rates and reserves have changed over the last 12 months.
- Hear their predictions for the real estate market over the next six to 12 months.
- How they are trying to improve their business utilizing tools, marketing campaigns, and searching out sellers on their own.
- The number one thing that has contributed to their success: networking and a great team.
- Daily habits that have helped them achieve success, like looking at the numbers.
- Recommendations on improving your syndication business: study, read, listen to podcasts, attend conferences, and really know your business.
- Their best sources for meeting new investors are Meetups and social media.
- How they like to give back through education.
[bctt tweet=”We use our meet-ups for education. We’re teaching the whole process as we know it to our investors so that they feel comfortable. — @GVanBortel” username=”whitney_sewell”]
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About John Bilinksi and Gary Van Bortel
John and Gary independently began investing in residential multifamily real estate 20 years ago by purchasing single and multifamily homes. After both learning of apartment syndication in 2019, they met at a local REIA meeting in Rochester, New York. They partnered up with the purpose of acquiring commercial multifamily properties together, and they immediately started their first local Meetup group, called the Upstate Commercial Apartment Investors Group, which is focused on discussing and acquiring larger multifamily properties. Started in Rochester, the group has since expanded into the Buffalo and Syracuse markets. They closed their first 48-unit property in early 2020, just prior to the COVID19-19 pandemic. COVID has created several challenges they have had to overcome but they are hard at work to find and purchase the next apartment building in the Upstate New York area.
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