Episode 162 - You don't need a HARVARD MBA to buy CLASS C apartments…but it doesn't hurt!

Jack Langenberg and Tom Lafferty are business partners in a 154 unit apartment building. Jack came from a corporate background and has a Harvard MBA; Tom is a local firefighter. These two guys play to each other strengths. These team mates had to assume the current loan on the property. If they did not assume the loan, they would have paid hundreds of thousands of dollars more in price. They also applied for a supplemental loan (second lien) from the current loan servicer. They wanted to get the highest leverage possible. James discusses some of acquisition risks you may incur; IF THE SELLER takes their foot off the gas with occupancy and net rental income falls. To contact Jack Langenberg: [email protected] To contact Tom Lafferty: [email protected] To receive our FREE 15 page WHITE PAPER REPORT on the 2018 FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about upcoming events at Old Capital Speaker Series please visit us at OldCapitalPodcast.com Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn about Michael's Real Estate Syndication business with SPI Advisory LLC.