Description

In the realm of real estate investing, the difference between success and failure often boils down to a single choice: 'bet on the jockey, not the horse.'

Charles Carillo is the managing partner of Harborside Partners; a real estate syndication firm and has been actively investing in multifamily and commercial real estate since 2006. Since that time, he has invested in over $200 million worth of investment real estate. Charles is also the host of the Global Investors Podcast, where he interviews professionals about investing in U.S. real estate.

In this episode, Charles discusses asset management, due diligence considerations, and strategies for making safer returns. Whether you're an experienced commercial real estate investor or just getting started, join us to learn more about multifamily real estate investing and what investors need to know!

[00:00 - 11:21] Starting off with Investing in Multifamily Real Estate

• Charles Carillo on growing up in a real estate investing family and getting in the business from '06
• Initially invested passively in syndications, then transitioned to GP role
• Pick the right GP/property and focus on cash flow from day one; find experienced GPs through personal relationships
• Raising money through podcast and referrals; understand the goals and skill sets of your investors and partners

[11:22 - 15:20] A Look Into Asset Management Strategies

• Asset management is managing the property manager, not the property itself
• Having conversations with property managers about rent prices, vacancies, and renovations
• Keeping the phone ringing to get people applying for apartments
• Needing to tighten up on underwriting standards due to delinquencies and collections going down

[15:21 - 28:00] Tips on Finding Deals in Multifamily and Commercial Properties

• Note that C class tenants have an average of $400 in savings, making them more likely to pay rent late
• The main key with better properties is that there's always buyers at every part of the market cycle
• Getting a discount per door is a huge factor when looking at deals
• It's important to not overestimate increases and overpay for a property

Connect with Charles

Podcast: https://harborsidepartners.com/commercial-real-estate-podcast/

YouTube: https://www.youtube.com/@HarborsidePartners 

Linkedin: https://www.linkedin.com/in/charleskcarillo/ 

You can connect with me on LinkedIn, follow me on Twitter, and watch my videos on YouTube. If you want to go even deeper into the world of commercial real estate, head over to Shane Melanson, a roadmap to investing in commercial real estate! Get my book Club Syndication - How The Wealthy Invest Their Money

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Tweetable Quote:

"Asset management is really just managing your property manager and that's making sure that the property manager is doing exactly what they're supposed to, but you're also giving them guidance." - Charles Carillo