How We Acquired A 25 Unit Property With No Money Out of Pocket

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On the surface, you'll see that 3 teammates helped purchase a 25 unit apartment property with no money out of pocket! What you don't see is all of the work it took behind the scenes to make it happen. Mike Swenson, Justin Rademacher, and Mike Gengler, co-founders of Elite Advantage Properties, walk through the journey they've taken over the past 2 years that led them to this point. We discuss the ways we've helped investors buy their own properties, all the relationships that we've made and cultivated along the way, and all the deals we've analyzed, to where we were able to put the pieces together on this deal and make it happen. If you're looking to invest passively in real estate in the future, this is an important episode to hear of all the work that happens behind the scenes to provide investors with great passive real estate investments!

In this episode, hosted by Mike Swenson, we discussed:

• Real estate sales is more of a transactional business, but you can create passive income through real estate investing.
• Passive income is great for the present. Getting appreciation on the building, and the properties is great for the future.
• How to figure out what the investors are looking for.
• Having good communication, especially in relaying information and dealing with the partner and wholesaler, if very important to a successful purchase.
• The roles each of us took in the investment deal and how they may change depending on the opportunities in the future.
• It is important to do your due diligence on the insurance side to find the best option to choose for your policy, as many carriers have different areas of specialty.
• The keys if identifying an exit strategy ahead of time.
• Share your vision with your investors. Show them how you will help them make money, as it is important for their calculated returns.
• We work with property managers to know:
  • what questions to ask
  • what compensation looks like
  • how it can be structured
• The goal with this property is to provide a passive investment for our investors where we'll do as much of the work as possible on their behalf.

Timestamps

0:00 – Intro to Elite Advantage Team
1:15 – Multifamily
3:29 – Active and Passive Income
5:03 – First Investment Deal
13:03 - Breakdown of Roles
16:58 – Getting Insurance Quotes
19:41 – Inspection & Negotiations
25:56 – Importance of Building Relationships
28:14 – How to find Elite Advantage Properties

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Full transcript here:

Mike Swenson 

Welcome to The REL Freedom Podcast where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together.

Mike Swenson 

Hello, everybody, and welcome to another episode of The REL Freedom Podcast where we talk about building wealth, gaining time and financial freedom through opportunities in real estate. And today, I'm excited to talk about one of the deals that our team did. We recently closed on a 25 unit properties as a 16 unit with a commercial space and then another eight unit building. And we were able to do that without any of our own money out of pocket for the closing. So we wanted to talk about that a little bit, how it came to be how we found the deal, and process and how it works.

Mike Swenson 

And so I'm joined today by my partners in crime, Justin Rademacher and Mike Gengler. And and this is kind of a culmination of a lot of conversation and strategy to get this to come together for our first one. And it's certainly not going to be our last one. So we thought we would just share with you how this came to be and and take it from there. So Mike, Justin, glad to have you and just share a little bit about why we decided we wanted to go multifamily route here

Justin Rademacher 

For me, and I know, Mike, you and I talked about this, it's it's all about not being transactional, right? Real estate is more of a transactional business. And it's more about creating passive passive income through real estate and creating that legacy. And this is one avenue to do that. There's various different avenues that you can do that. But this is just one avenue and a very lucrative Avenue. And so that's why it's exciting for me, you know, we've talked about passive income for a long time through real estate. And it's been a journey to get here. And now it's just exciting to see it actually come to fruition. So, for me, I'll speak for me, I won't speak for anybody else. The passive income is really the exciting part here about building a legacy for for the future for my family and other other agents,

Mike Gengler 

For sure, one of the biggest aspects is that passive income. You know, after we started working with investors and seeing, you know, what they were looking for in deals and watching how that was working out for them, it only made sense for ourselves to get our own properties as well. So we could partake in that passive income as well. So this is very exciting to have our own deal culminated here and starting to see that cash flow at the first of the month now, multifamily specifically, just because we're looking to do more streams, it's you know, if you get a single family home, you've got one stream of income, you got a quad, you get four streams. So we jumped right in with a 25 unit, we've got 25 streams of income, even though it's just from 111 deal, one transaction, so just diversifying the number of streams of income you get right off the bat by going multifamily.

Mike Gengler 

And with the market being where it's at right now, for home purchasing, and the rental market for rental rates, places, it's something that we believe has a long term future, you know, that's going to grow, rental rates are going to continue to rise at some it looks like and you get also, you know, the benefit of appreciation of the building. So while the passive income is great for the present, that appreciation on the building, and the properties is great for the future.

Mike Swenson 

And I think too, you know, one of the things that we've talked about as we are, you know, real estate agents, we help investors purchase properties. And so you know, that's kind of the the active income. And so like you guys alluded to, you know, the passive income will actively continue to work with investors. And then at this time, as we find deals that we feel like would be a good fit for us and a good match for what we want to do. Now it gives us an opportunity to passively be involved in real estate at the same time. And so we're working on the active income and the passive income. And so yeah, this has been the beginning of, you know, a year and a half long journey of conversations. And so the one thing that I want to start out too, is by sharing, you know, this isn't something that just happened overnight.

Mike Swenson 

And so when we share, we were able to purchase a 25 unit building without our own money up front. This is a long time coming. And we've been working with investors for a while. And a lot of times we see great deals, and we say hey, it would be really nice if we were able to invest in that or be really nice if, if we've you know, had a partner to invest with us. Because I feel like as a team, we do a pretty good job identifying good deals. And we've been doing this for you know, coming up to close to two years now analyzing deals, identifying great deals, and so it's taken time to build relationships with people with lead sources who bring us deals with lenders and having the the track record with these folks to be able to pull a deal like this together. So you guys I just want to jump in and chat about the work that's happened over the last 18 to 24 months to kind of earn the right to be able to put this deal together.

Mike Gengler 

Yeah, like you said, 18 months ago, we, we started working with our first investors. And I think, almost exactly 18 months ago, we closed, I closed on my first investment deal sometime in April of 21. So it's been a long road of figuring out what good deals are, what investors are looking for, learning the lingo and the languages and learning what to watch out for. And in addition to the whole process of what makes a successful deal go through, while each and we each deal is special in its own way, there's a lot of similarities in each closing that that we've learned about and gone through. And so when we get to this deal, we had a a couple of hiccups on this deal.

Mike Gengler 

But it was something that 18 months ago might have thrown us for a loop and we might not have known how to handle but in this case, it was okay, you know, I've seen something similar or something just like this, and we were able to move forward and get the deal to the finish line. But yeah, it's been a very educational 18 months, and we've gotten an education on the go, if you will, as we've worked with our investors and found them deals and are able to build their portfolios, and now we can start building ours as well.

Justin Rademacher 

Yeah, in to piggyback off that, because you're exactly right, Mike, not only is it us learning the lingo, right. That was the first step for sure. Learning what, you know, what is cash on cash mean? How is that calculated things of that nature. But the next part of that evolutionary process was really figuring out like, not all investors are looking for the exact same thing, right? So some of them are looking for cash flow, like what does that cash flow every single month, and that's all that they're interested in. Others are specifically just interested in that cash on cash percentage. And some investors don't really care about either or they're just going to be looking for the appreciation and the tax benefits of being able to write some of their buildings off.

Justin Rademacher 

So figuring out what which investor is going to go down which avenue also has given me a different perspective of being able to take a look at like, it doesn't all have to be about just cash flow, or all just cash on cash, it can also be a combination of all of those things. And this particular deal is a perfect example of that. It's a great cash on cash, a cash flow as well. And the appreciation opportunity down the road, you know, for a cash out refinance is really, really strong. So sometimes you'll find these deals that have one or a multitude of all of these put together, and just figuring out what investors are looking for. I mean, that's been a, you know, 18 month journey. So it's been educational, like you said, Mike, and very, very educational.

Mike Swenson 

And I think we kind of had talked in theory about how we wanted to leap into partnership deals. You know, the partnership conversation has really been about six months in process. As we've looked at, like you said, we've helped a lot of investors invest in various properties from single family to four plexes there's some short term rentals, some bigger stuff within the last six months that we've been doing. And so we've seen deals come along. And we found one that we thought was a great fit. You know, there's there's a lot of our investors are many of them are out of state. And we've talked a lot about the Rochester Minnesota area has been a spot that people want to be in, there's a lot of money being pumped into fix up Rochester, they have this Destination Medical Center, kind of 20 Year Vision project where they want it to really be the premier medical facility in the world with with the Mayo Clinic.

Mike Swenson 

And so we knew the Rochester area was an area that was exciting for investors, and a lot of people out of state like the price points of what you can get for what you have to spend here in Minnesota. And so we ran across this deal from a wholesaler that has sent us some deals in the past, we hadn't closed on a deal with him. But at the same time, there were a few that were worth looking at. And so we found this deal and it was in Stewart Ville, which is just outside of Rochester. And so we kind of liked that area as a whole. I grew up in southern Minnesota, small town, Minnesota, so I can relate to that. And and the numbers looked good. And we saw an opportunity and so excited, you know, hey, this deal looks like this might be the one for us to rally around and jump in on together. And it was big enough that it was worth the time it was going to take to figure out our first deal, right,

Mike Gengler 

Analyzing deals for the last 18 months. We started, you know with a lot smaller stuff. It was single families. It was duplexes a lot, and then eventually we took that that next step into quads and now we're looking at four units in one building. And, you know, this past maybe six, nine months, we've started to look at some bigger commercial, you know, multifamily getting into five plus units. And we've helped some investors close on eight 910 10 unit buildings, and so on. This one came across and we're seeing 25 units. The numbers were all bigger, but it wasn't anything that we hadn't dealt with before. And so we had that, that comfortability of knowing Okay, yeah, there's more units than we've been we've done before, but it's no different than an eight unit apartment building that's just got a bigger number on the front end.

Mike Swenson 

To clarify, like I mentioned, so we had the wholesaler with somebody a relationship that we've had in the past, we've worked with that person in the past, the investors that we had discussions with were investors that we've had relationships with in the past, and I've worked within the past. And then the lender that we used as a lender that we have had a relationship with and had other investors do deals within the past.

Mike Swenson 

So I think that's the key for people, you know, looking up saying, How do I do this? How do I start start from scratch and get involved, it's really been 18 months of relationships and conversations and you know, stairstep, failing forward as we go, to have the the relationships where we can say, Okay, here's the deal, let's piece together, the investors, the wholesalers, the lenders, and put it all together, it isn't something that just happened overnight.

Mike Swenson 

The fact that we got a 25 unit building for us together, happened pretty quickly. But it's been all this time that we've put into building credibility, understanding a good deal building relationships, that's all below the water stuff that you see if we kind of use that iceberg analogy of what you see above versus what you see below. We've been working below water for a long time to have something like this come together.

Mike Swenson 

In terms of how we found the deal. We talked with a few investors. So I think that was a piece we won't touch on this a whole lot. But we ran numbers, we kind of looked at what's going to be something that's attractive for investors, put that together, talk with some investors, okay, here's what this deal could look like. And then put that together. And so each deal is different.

Mike Swenson 

So I think that's where we're happy to walk through with people, if you have questions about, you know, maybe how to structure deals, but for us, it was just kind of looking at, okay, here's the numbers, here's the returns, here's the cash flow, what makes sense? And how do we want to put that together, and then we formed a business entity together, and put everything in there. So that's kind of the the logistical piece of how the deal came together. For the three of us we came up with, okay, what what's going to be part of the due diligence here, who's doing what what's going to be our roles, the nice thing is, is we have three people. And so the work can be made lighter by having three people, I would say kind of the downside is we have three people.

Mike Swenson 

And so from a roles and responsibilities point, we kind of had to figure out how to do that together. And we're going to learn and revamp things as we go. But do you guys want to maybe just kind of talk about the breakdown of roles a little bit about how we structured that through the due diligence process.

Mike Gengler 

the roles were kind of learning on the fly, since this is the first one for us, it was figuring out who was going to do each step, between the three of us, we've each been through enough deals, personally, you know, as an agent, and helping helping other investors through the process that we knew what needed to be done, we then needed to figure out who was going to do that. And then we also have the added step of, we have a partner in this. So we need to relay all of that information to that partner, that partner is bringing the money. So you know, they are going to have a say in that. So we need to have that communication going both ways on that. So in this deal, specifically, I was the person that was dealing with the partner. So my main role would be dealing with the partner and then dealing with the wholesaler.

Mike Swenson 

Really kind of the agent, Agent role.

Justin Rademacher 

Yeah, the transaction. Yep. And I think different opportunities, the roles may change, right? So we we created a list of every single thing that needs to be done in this deal. And then what we did is we went through that list and just assigned, you know, job one, job two, and job three on this particular deal. You know, job one, as the agent was Mike, you know, Mike angler having the relationship with the wholesaler and also having the relationship with the investor. And so one thing that we found with this as it may change, but you know, our next deal, maybe Mike Swenson has the relationship with the investor that is going to be investing and maybe he's the agent role. So there's a little bit of fluidity there. But I think the most important thing here is really just getting that list together of everything that needs to be done for your due diligence, and then figuring out you know, how many people do you have in In this deal, is it one? Is it two? Is it three? What is it? And then breaking that down?

Mike Gengler 

Yeah. And so we've also got two people here in Minnesota and one person in Florida. So just physically, obviously, we're not going to have Justin be doing inspections and walkthroughs. And all that doesn't make sense. And, yeah, you got out of here for a reason. And so stuff that can be done online and reviewed, you know, that will fit Justin better for this deal. Now, that's going to be exactly reversed when we're closing on something in Florida. So I kind of make sense for Mike and I to go down there and walk through something. But also in the winter, it might make sense, it might make sense. That's just an we'll take the boots on the ground, because we're gonna come down,

Justin Rademacher 

I'll just keep doing what I was doing before. Yeah.

Mike Gengler 

Yeah, if you could get a spring training closing time, that'd be perfect. But

Justin Rademacher 

I'll work on that on there.

Mike Gengler 

So but yeah, Justin was able to do a lot on that back end for us, you know, with reviewing leases, really honing in on the financials on this, and getting that stuff set up. So when I'm having conversations with either the wholesaler or the investor, I haven't had to do you know, I haven't had to do all the nitty gritty, moving all the numbers around verifying all the leases, I can just go in and talk to Justin real quick and say, How did everything look, we've, you know, we've got a Google Drive for everything. So all the information is there for me to access as well. It worked out really slick to just have that one central location, the Google Drive for all the information to be so that we can all edit the same document, see the same documents and be on the same page with everything. And then another, you know, vendors are a huge thing as well, you're gonna need a lender, which a lot, you know, Mike and I both had contact with the lender in this case, but, you know, Mike's finding the lender, Mike Swenson, Mike worked on the insurance, you know, that's a big piece of it.

Mike Gengler 

Insurance Quotes, all set, you know, the, you know, for a lot of stuff you might have, like your go to insurance, I've found is one of those things where you're going to want to get a lot of quotes every time because different insurance agencies work better for different types of properties. And so what might work better for one deal isn't going to be the same for the next one. And so to really get that best price, which, in our case, we had quotes anywhere from, what 9000 To like, $20,000, you know, that's a big number, for it to change. And so, you know, obviously, you know, you want to make sure the coverage is still there, but making sure some extra work up front can almost cut in half or more than cut in half, and all that expense for us.

Mike Swenson 

Just quick to go back to the insurance thing. Every company has their niche. And I think that's the key, you know, that you were alluding to Mike is, this building might be the perfect fit for the insured that we went with. And then we find another property six months from now, and it's just totally outside of their wheelhouse. We reached out to a handful of, of insurance folks. And then a couple of them just said, Hey, this really isn't a fit for us. But I'll refer you to somebody else that we think might be a fit. And so it's finding that right fit with the right property based on location, and age and all the other questions that you have to answer, we had a commercial space in there, which you know, throws a little bit of a wrench in it for some people.

Mike Swenson 

So I think that's where doing the due diligence on the insurance side finding a bunch of options to select the best one, because some of them, it's just, it's just not a fit for them. It's not in there. It's not in their wheelhouse. Just like, if somebody asked me to do tours of downtown condos in Minneapolis, that's really not my wheelhouse. And so I know that and say, Hey, why don't you work with somebody else instead. So it's kind of along the same lines for the insurance, when you get into the bigger stuff like that making sure that you've got the right fit with the right property,

Mike Gengler 

Couldn't have said it better. And then that goes kind of for this next one, as well as an inspection. You know, we mentioned we've had a lot of, of previous relationships that we've used and saying here for the inspection. This is someone that we've used in the past, and we know that they've got a division that works with with commercial buildings, they go through things that have, you know, multiple buildings on the property, and, you know, multiple units within that. So having that previous relationship and then just being able to set that up. We were able to get, you know, what we thought was a quality inspection, would always recommend getting an inspection for these types of deals. We found, you know, multiple things at that point, which then set up the next, the next step, which was inspection negotiations.

Mike Gengler 

Now we were under a little bit of a time crunch to get the closing done initially and so some of these steps blurred together a little bit and so you know, we're even with having 18 months and doing I don't know my how many deals that we've done now. 4550 deals between the three We have us like, we, you know, we're still learning, like, we definitely learned a lot on this deal, having it be our first deal and doing a lot of these things for ourselves. But we ended up having a negotiation for the inspection and in negotiation, because clothes got pushed due to something on the sell side. And those actually ended up blurring together, which might not have been the best for us, but learning to just differentiate those two things and get a better outcome for ourselves or our investors in the future. You know, we're constantly, you know, like I said, constantly learning. And so we want to make sure that, you know, each each deal, we try to learn something new. And so definitely learn more than one thing on this deal for sure.

Mike Swenson 

Other things, you know, we had to talk through because this was our first deal together, how the business entity was going to work, how the entity was going to work with the investor partners, and so things like that, we'll probably be able to move forward on more quickly in the future, but we had to have a lot of discussion about that. And then to working with our investors to make sure that they understand the business entity, they're on board with it, you know, providing them updates as well. So, you know, another thing that we had to go through was, was choosing a property manager, you know, we had talked through with a few property managers a few few months back. And so we'd had those conversations to where we felt like, Okay, we kind of know somebody who this might be a good fit for, so to be able to call them up and say, Hey, is this something that would be a good fit for you, that's months of relationships and conversations, you know, I talked with that property manager for five, six times about different things, before we even got to hey, here's our building.

Mike Swenson 

And so that was a relationship we were able to call upon when we needed to. And then kind of the the flurry leading up to closing was, you know, getting the bank account, set up finalizing the insurance, finalizing the business entities. And then, you know, we had to get the deposits transferred, we did have somebody who's working on site, doing the property management, and so working with them to be able to pass off, who's going to do what moving forward, let them know the the quirks and the nuances of the building, because this building's like 150 years old. And so there's a lot of nuances, I should say, the big buildings about 150 years old. So working through that.

Mike Swenson 

And so then we met on site walked through the building together, okay, here's what's going to happen. And then really, our strategy is we want to, you know, pour some money into it, that was the financials that we looked at ahead of time, some of these units need some updating. And so being able to update that, and I think that's the other key too, is having that exit strategy, or having that exit plan ahead of time, we didn't just look at this based on the numbers of here's where it's at today, we looked at, here's where it's at today. And here's where we want it to go. And to be able to share that vision with the investors is really important so that they get behind that, because the investors are going to want their money back. And so showing them, here's what that's going to look like so that they can get their money back is as important as the returns as well, it's, can I get my money back out here. And when can that happen so that we can go do other things.

Mike Gengler 

It sounds like you're talking about the investor getting their money back, just to clarify on that though, the money that they put in the actual cash, the liquid asset is what they're looking to get out. And the sooner they can get that out the better one for the investor themselves, they feel confident that we were able to bring them a good deal, they were able to get that cash back and still have the property in their name. And that kept passive income coming in for them. And to it works out well for us. If we've done a great deal with an investor, and they've gotten that money back. Well, we know they're getting that money back because we're involved in that deal. Let's have another deal lined up and ready to go for that investor knowing that they're getting that cash back. And now we can start this whole process all over

Mike Swenson 

again. Yeah. And then, you know, I think for us, the bigger vision of where we want this to go is, we want to have passive passive investors that see, okay, here's a group of people that understand investment properties have helped investors purchase a bunch of properties. They know what a good deal looks like, they're able to be boots on the ground. And when I say boots on the ground, that doesn't mean necessarily us physically being on the ground, we work through good property management relationships. So even if it's not something in Minnesota or Florida, we can find good property managers, we work with property managers to know, what are the questions to ask, you know, what is the compensation look like? And how do we want to structure that and so, a passive investor can come in and say, Okay, I don't necessarily know a lot about real estate or I don't want to take the time to go figure out and do all this stuff myself.

Mike Swenson 

Now I can partner with somebody who's been there done that has a lot of experience and put my money to use and have it not tie up the day. You know, I I was there today going and setting up a different bank account. I was there, you know, taking calls, answering emails responding to things so the investors don't have to do that. And so the goal is to be able to provide passive Investment and Opportunity He's for investors where we do a lot of the legwork, because that's the industry we're in. It's what we're good at, it's what we know how to do. And then they can take their money, put it with us, and then be able to get to get the returns that they want. So any closing comments or thoughts around that?

Justin Rademacher 

Yeah, I mean, that's a great, you know, this is a great segue into, you know, I'm on Facebook fairly often. And I see a lot of individuals out there trying to do exactly what we just did, right. And what they're doing is they're just blindly reaching out to individuals saying, Hey, do you want to joint venture with me and, you know, on this and, and two things that you really need in order to make this work? And we've touched on both of them. But just to kind of summarize it, one, you definitely need the relationships, right?

Justin Rademacher 

You have to build those relationships, because people do business with people who that they like, know and trust, right? So when you're blindly reaching out to somebody on Facebook, or whatever other avenue that you're using, the likelihood that you're going to get, you might get a partnership, but is it the right partnership? And then the other thing, too, is, you're going to need to find out?

Justin Rademacher 

Does that investor want to passively invest? Or do they want to be involved in the deal, right, our value that we bring to our investors is our expertise in the last 18 months, that we've built building relationships, and also Building Our Knowledge and exponentially increasing our learning curve. That's our value, right? And so we're able to save our investors time where they can take their money and continue to invest that while they do what they normally do on their daily basis, right. So you have to find that value proposition as well. Otherwise, it's just not going to work, I would say I would sum it up by doing the relationships first, and then finding out who wants to passively invest, that's the best way to make this happen.

Mike Gengler 

We want to find people that we can help grow their portfolios. And if you are interested in that, great, we'd love to help you out. If you want to go through the process of building all those relationships yourself so that you can have 100% of that deal. That's also a possibility as well. But, you know, basically what we're offering here is we've built all the relationships, we've gone through a year and a half of investment deals, we've made the mistakes already. And we've been learning for the past two years, what we're what this does, and what this can do for people. And so if you want to take the shortcut, and just jump right in and be closing deals sooner rather than later, with a competent team, then that's how we can help you. I've got an investor personally who's who's looking to get over 200 units within the next 18 months. And like, that's the type of power we offer because we've had, we have that knowledge and skill set to do that. And so jump on the fast train and and join us and we can help build your portfolio.

Mike Swenson 

And I mean, we'd love to help people navigate this process too. I mean, obviously we were looking for passive investors and yet at the same time, we want to help people like us going through this process because you know, the podcast has been all about helping people build wealth gain tenant financial freedom through opportunities in real estate. And so we want to do that if you are interested in you know, working alongside us and having us work with you on deals, you can go to the website elite advantage properties, HQ so HQ for headquarters elite advantage properties hq.com

Mike Swenson 

There's a lot of information on there just good resources too if you're interested in how this works, how real estate investing passive investing works, go check that out there's also a spot to book a call if you want to meet with us and and talk about that and see what happens next but excited for the future ahead. Thanks Mike and Justin for going through this with me and together and I think that's the power of the team right there. We we all want to go to the same place together and so the same that I've said a lot as if you want to go fast, go alone if you want to go far go together and that's what we're looking to do is to go together and and do something big together. So appreciate you guys and all that you do for the team and excited about where we're going to take this