GI118: Closing a 218 Unit Complex for Your First Deal with Anthony Metzger

Anthony Metzger is an up and comer in the real estate syndication space; he closed on his first complex alongside a private equity firm in 2019; a 218-unit complex. He has since then house hacked a 4-plex while continuing to underwrite potential deals.

Watch The Episode Here:

Listen To The Podcast Here:

Transcript:

Announcer:
Welcome to the Global Investors Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host, Charles Carillo, combined decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now here’s your host, Charles Carillo.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Anthony Metzger. Anthony is an up and comer in the real estate syndication space; he closed on his first complex alongside a private equity firm in 2019; a 218-unit complex. He has since then house hacked a 4-plex while continuing to underwrite potential deals. So thank you so much for being on the show,

Anthony:
Charles, it’s a pleasure to be on the show and thank you for having me.

Charles:
Sure, sure. I always like to talk to investors and especially investors that closed over 200 units on their first deal. So give us a little background on yourself, both personally and professionally before getting involved in real estate investing.

Anthony:
Sure. So I’m from Minnesota and right out of high school, I got involved in the wine industry. So I went over to Europe right after high school age of, I think I was 18 turning 19 became a small yay. Then I, I shifted into wine, making traveled to different countries to make wine. And so really my twenties, I went to Napa valley college out in California for three years. So really my twenties was in the wine industry and coming home from the wine industry. All my travels, it was a great time traveled a lot, met a lot of great people, did a lot of cool things, but then all of a sudden, after, after so much of that, you know, I was ready to kind of move on to something that’s more entrepreneurial because I’ve always wanted, you know, I’ve always had that drive in me to, to be an entrepreneur and I’ve always really wanted to be really rich. So I didn’t see a, a pathway forward and the wine in industry. I know there’s, there’s a lot of rich people in the wine industry, but for me at the time I nothing was clicking. So what I did is I started listening to a podcast, real estate investing podcasts specifically regarding syndications. And that’s how I initially got started and interested in, in real estate.

Charles:
Nice, nice. Yeah. Wine industry is a great place to find investors I imagine. Right. right.

Anthony:
Yeah, no, it’s it’s nice. Cuz like if I, when I come across a potential investor nowadays, Hey, you wanna go grab a glass of wine and , you know, and, and talk about, talk about real estate investing. So nice. Yeah.

Charles:
Right. it’s great. Every time out in Napa and Sonoma is it’s just like a lot of dumb money around those industries. So that’s, that’s awesome. yeah.

Anthony:
People love, people love spending the money on the wine, so that’s good. So other

Charles:
Than being rich and was there anything else that why you chose real estate is your investment vehicle? I mean I mean, freedom, obviously being wealthy, these are all things that come from, but was there anything else that’s kind of like what your, why is

Anthony:
Once I started looking into real estate and, and studying it, it’s one of those industries that, you know, for me, I I’m, I’m like a C student. I never really did great in school. I wasn’t an a student didn’t, didn’t go to the big universities, but looking at real estate, it’s, it’s an industry for me, that’s simple, not easy, but simple to understand and wrap my head around. And you know, I know I knew while looking at it that if I put in the work, if I put in the grind, I put in the time that there is a pathway, a proven pathway to success in this industry. So it really clicked with me in, in that sense where I was able to wrap my head around it, you know, Hey, you buy this building, you collect rents it, cash flows. And then obviously it gets a little more complex when you start talking about syndications, but there’s just so much great information and content out there, like, like your podcast where you can listen to it and get, get such great information from people that have done it. So you’re, you’re learning from real teachers when listening to podcasts like yours, that I was able to get all of this information and it clicked with me unlike, you know, school where it definitely didn’t. So that’s, that’s really why I, I, I went towards this industry is cuz it was something I could wrap my head around, understand. And I knew if I put in the time and the grind I could, I could find success. So

Charles:
Yeah, it’s definitely an industry. It’s not brain surgery. I mean it’s, if you talk to anyone, no one ever is like, how does that, how do you make money renting real estate? You know what I mean? Like everybody is rented an apartment before and they understand, ah, okay. They don’t understand probably the spread on the backend to the real, to the landlord. But the thing though is that or you know, the due diligence as it goes with it or everything else, but they understand that, you know, how money comes in mm-hmm <affirmative> and where money goes which is a lot easier for a lot of compared to a lot of different asset classes out there that you know, that people might not be as aware of, of how you actually are able to monetize. So it’s it’s awesome. So right. Let’s talk about your first deal. Two 18 units. That’s huge. How did you find this deal?

Anthony:
So I found it by signing up on these different brokerage firms, mailing list, which I’m pretty sure just about anyone can do. I’m talking about the big ones like Marcus, new mark, you know, you can go to these guys’ website, sign up for their to join their mailing list and then they just start email blasting deals out daily mm-hmm <affirmative> I mean, I can look at my inbox. I probably got 10 today. So I signed up for that list and then as deals started coming into my inbox, I would start analyzing them. And that, you know, just getting started into this, into this underwriting business, I didn’t really know what it was I was looking for. I knew exactly what I needed to find, but when a deal came across from my desk, I would analyze it. And there was, there was a benefit to that and that was to learn how to underwrite and sharpen my pencil.

Anthony:
But nowadays I can look at a deal and just by looking at the photos and some of the, some of the basic information I can tell whether it’s worth diving into or not, but going back to my deal. Yes, I, after, after just looking at, through all these different types of deals, this portfolio came across my inbox and it was a two property portfolio of a, about, I’ll say 350 units. And what I did is I dissected that portfolio. So I looked at each property separately. And when I did that, I realized one of the properties does not make any financial sense for us and for our investors, doesn’t meet our returns, our requirements, the other one did. So what we did, so what I did at that point is I reached out to the broker and started talking to, ’em tried to get a ballpark price of what it is they were looking for.

Anthony:
And once I knew I was in the ballpark, that’s when I really decided to dive in deeper, meaning reaching out to different property management companies doing a price per square foot analysis on my own with by finding comps on apartments.com. So I really started diving into it once. I felt very confident. Maybe I’m getting a little bit ahead of myself, but that’s how I found the deal. Just, just signing up for these on these brokers lists and then just sort going through all, analyzing all these deals. And then I found this one in a portfolio.

Charles:
So really anybody can sign for these lists, as you mentioned. And I’m on a ton of ’em as well. I have a separate email address we have at our company where we get all this in and it just never ends. Right. I think I got three you before I got on this call which is great because anybody listening here can sign up for them right now. Right? And within 24 hours, your email backs too, can be filled with deals with thousands of other people. But how did you get the broker to take you seriously? Which is really, I mean, let’s be honest. That’s what it is everywhere. These people are working on can mission. And if we were in their position, the same thing as we want to vet our buyers, make sure that they’re not, you know, full of hot air. Let’s just say for the show what, like, what did you do? How do you, how do you tell someone that you’re real, you’re gonna close. And I imagine this is like a 10, 15 million deal. I mean, that’s a lot of money for a new investor. I mean, what do you do to get ’em to take you seriously?

Anthony:
Right? Yeah. So this this deal was just over 11 million and actually, so we’ve closed on it. It’s been almost a couple years now. And if you go to my website, financial bedrock.com, you can download the sample deal package on that deal that we closed on. I turned it into a sample deal package and all that is not active deal. So anyone can go and look at it and see how we underwrite. But the way I got the broker to take me serious on this one. Cause like you said, I have, I have zero credibility. I mean, I don’t have any, no offense. Sorry. Yeah, no, I got, I got, I had zero deals before this. I didn’t even own a, a house. I was living in an apartment. So the way I had home take me serious was before getting on that phone call.

Anthony:
So mind you, it was a year and a half of analyzing and looking for deals till I found this one. And during that time period, I signed up for a course that educated me on how to underwrite deals and look for deals and analyze deals. And in that course, they teach you essentially the language of real estate. So, so I speak two languages, fluently, French and English and real estate investing is almost like its own language. So I did is I learned that language. So when I get on the phone with, with these brokers, I can speak their language. And when you can get right on a phone call and right away start diving into the deal, asking real questions that that shows that you’re professional, you know what you’re looking for, you know, what you’re talking about and they tend to just start getting into the convers they, and in this case, it just right away, we just got into the conversation. It wasn’t well, who, who are you? What’s, you know, what’s going on here? It was like, you know, immediately getting into the conversation, asking the right questions, speaking the language. Then he starts replying and talking. And once we get past that initial you conversation, you know, the first quick introduction at that point, we’re talking about the deal, we’re talking about the price. And it was as simple as that, getting educated, learning the language so that when I get on the phone with these, with these professionals, I can have that conversation. Nice.

Charles:
Yeah. It’s awesome. So you were educated and you’re vocab, you knew, you’re talking about you underwritten the deal. You’re talking about debt, you know, all the different terms that we use in the commercial and the commercial multifamily space. That’s awesome. So the thing though is that there’s really three parts of us. You gotta, you have to find the deal, right? You have to find the money and then you have to like do the asset management. Cause really most people aren’t gonna be doing the management themselves when they’re starting out. So they’re gonna have a property management company. They’re gonna be asset management. So you partnered with a private equity firm. How did you meet them? How did you meet this firm? That was probably gonna take care of a lot of the money raise and a lot of the asset management I imagine. Right?

Anthony:
So I was listening to a podcast one day and the person hosting the podcast cast was actually the founder of this, of this private equity group. And they said loud, loud, and clear, Hey, if you find a deal that meets our criteria, we’ll partner with you on it. You know, find it, bring it to us and we’ll partner with you on it. And so I dove a little deeper into, into that, into, he said there went to their website, found that they were selling a program. That’s the program. I was mentioning that I got educated with bought their program, got educated specifically on what it is they’re looking for. And once I felt confident immediately I started, I started going out and trying to find a deal for them. And so that’s how I, I found them just by listening to podcasts. So I’ll, I’ll tell you too.

Anthony:
I was, I was hosted on a podcast previously, probably a few months ago and somebody heard me on that was listening to the podcast and contacted me from, from me being on that podcast. And we, they called me, we started talking and, and they said, you know, I’ve got this deal. that that’s in the market that your deal is. And, and I brought it to this group and they didn’t wanna do it. And I said, well, send it over to me. Well, sure enough. He sent it over to me. We just made a full, we just made a full ask. We just sent it in an LOI to the, to the seller, full asking price. So , it’s, it’s, it’s similar to that. It’s it’s I listened to a podcast, found somebody looking for a deal, found the deal, brought it to them. And then they decided to partner, partner with it part partner with me on it. So, so that’s, that’s really how it worked out just by listening to podcasts and, and networking essentially. How did

Charles:
You how did you vet them?

Anthony:
You know, li he had a ton of content out there did some research on, on through his podcast, through, through social media, went to the site, found that, you know, this there’s a lot of credibility. You really do get to know people by listening to their podcast, by following their social media. I mean, also I didn’t have much to lose. I mean, you know, I’m looking for a deal. It’s not like I’m taking money and I’m giving it to somebody that, that I listen that I heard one time. So without creating a relationship, so I felt co confident in them. I looked at my option, you know, where I was at. I didn’t have a whole lot to lose. Then I also started reaching out to them. I, I sent them an email, said, Hey, the little introduction, just wanna let you know, put myself on your radar that I I’m looking for deal as to bring to you. So they, you know, little, little introductions like that. Then he hosted a live event actually out in DC, which I attended. So that was also another way for me to get face to face with them, shake his hand, talk to him, tell him about myself. So, you know, there’s, there’s ways you can that’s. Yeah. So to answer your question, that’s kinda how I’ve veted him. Yep.

Charles:
So you got educated and you did a ton of networking and that’s how this whole industry works. Right. Because it’s amazing how much relationships kind of matter when you’re getting into these type of properties and these type of deals. So you mentioned before, I think when we were talking, before I read about it was you didn’t some due diligence done the deal before, because just a, a side point here, like, you know, people will reach out to our firm and they’ll send us deals and they won’t be underwritten. And we’re just like, well, you know, I’m like, that’s not, , I’m not gonna underwrite your deal so that you, you know what I mean? So I’m just like, Hey, just like, you know, that gets mixed. But the thing though, is that how much underwriting, like, you know, because that’s gonna show you how professional you are, if you want me to review underwriting or someone on my firm to review underwriting. And it’s one thing, it’s a different thing. If like you just send me, Hey, underwrite this and I think we can get rents 20% higher. Yeah. Right. So how, what did you do? What was your preparation and for that underwriting and due diligence prior to sending it over, right?

Anthony:
No, I, I did a lot. I mean, they, they, they asked that you do a lot just like yourself, you know, you don’t want somebody just forwarding you an email essentially. And, and saying, like you said, oh, we could, this, this is a possibility. Well, did you dive into it at all? And the other thing is like bringing a deal to a sponsor like yourself or this group I was working with. You don’t wanna waste people’s time. You know, time is very valuable, especially for people that are in the real estate industry, that value, you know, that’s one of the reasons why we get into this industry is because it allows us to, you know, freedom of time once we achieve a certain threshold of investing. But so you don’t wanna waste anyone’s time. So what I did and they, they told me this did a ton of due diligence ahead ahead of time.

Anthony:
So a found got the deal, my inbox, then I underwrote it in our very, you know, complex Excel calculator. Then I talked to the broker, got some guide pro price, guidance, then I did. So I, I looked, I went to apartments.com. I did my own rent comp analysis. I looked at the financials I looked at. Oh yeah. So one of the things I did too is I, I reached out to three different property management companies. Oh, nice. That, that I didn’t have any previous relation with, with, but, you know, reached out to them, tried to get some, a performer. I got a performer from two of ’em. So I used that proforma, put it into my model, looked at it, compared to what they’ve got. So I did a, a lot of due diligence, essentially. I put the, the golf ball on the T is the way I like to say, because I even negotiated pricing.

Anthony:
I got, I got the pricing down to where, to a ballpark of within a few hundred grand. And I knew at that point, all right, I’ve got a ton of due diligence done. I’ve, I’ve done a lot of analysis on this deal where within a couple hundred grand, and when you’re talking, you know, 10 plus 11 plus million dollar, our deals that’s, that’s within the ballpark. So at that point is when I felt comfortable reaching out to this group and say, Hey, I’ve got a deal. So I submitted my deal to them at that point. But yeah, like you said, definitely a ton of due diligence and an analyst, you know, analyzing before bringing a deal to a sponsor.

Charles:
Yeah. And the other thing too is verifying. I imagine you didn’t take all their performa from from the broker as you know, as, as word right. Of what’s truth, you know? So it’s, you reached out to property managers. That’s very important because I’ve, we’ve passed on deals before, because we’re like, no, that management’s not correct. And the broker come back. Well, you know, I found one guy that AppRight operates out of a trailer here that can man. Well, I, you know, I, I’m not giving, you know, so it’s like, you know, I wanna find, and I wanna talk to people and make sure that’s, that’s the thing about once you’re into a market, you know, you know, that market from doing research on it, without even closing a deal, know what market is for rents, mm-hmm <affirmative> for a 1980s product for a 2010 product. You know, what management is for that area you know, all this stuff and that makes you very educated. So it’s, that’s awesome. I, I imagine there’s a bunch of mistakes, but gimme a couple mistakes that you think you made during the process, or you did make during the process, whether it in this due diligence phase of it or whether it was when you guys were working with the firm, the private equity firm, you guys were actually closing it. Mm-Hmm <affirmative>

Anthony:
Yeah. Regarding mistakes. You know, it was a really clean process and we didn’t miss anything in our due diligence. You know, one thing I don’t know if you’ll say it’s a mistake, I, I can’t think of a mistake off the top of my head regarding underwriting. But one thing to keep in mind when bringing a deal to a sponsor is it’s great. I I’ve benefited greatly from doing it. The thing is a lot of times with sponsors what’ll happen is they’re out there willing to accept a deal from anybody who can find it, it, but they have their team in place. So you’re bringing a deal to a team they’re gonna go and do the next deal. And they’re not necessarily gonna include you in that, in that deal. So you’re not really a part of that team which can be, you know, like when I first got into it, bringing a deal, great, I’m in with this great team, which I am on that deal, but not moving forward.

Anthony:
So when you’re doing that, like where I’m at today, now I have a team where we’re looking actively looking for deals. We’re doing deals, we’re raising money and we’re growing together. And that’s really important for the next step. If you’re, if you are just gonna find a deal to bring to a sponsor, that’s gonna be the really big key to, to scaling this business is having a great team in place that you can do deals with moving forward. So not a mistake. But just something to keep in mind when, when thinking about bringing a deal to a sponsor. But yeah, as far as mistakes, I, I, we didn’t make any during due diligence, we covered all our bases. So, yeah. Nice.

Charles:
Yeah. That’s awesome. That’s fantastic. That’s a great point. You’ve made because I mean, we partner with other operators and when we’re doing deals and you know, obviously we have like a they can do their own deals. We can do our own deals. We’re not, you know, talking to them, Hey, we have this deal if we want to partner on it, but you’ll get emails and you’ll say, Hey, we have a deal. That’s already an underwriting, blah, blah, blah. Or are you interested in partnering with us? A, B and C is what we need. And Hey, we’re having a call this time and you’re on the team per se. I kinda like that as well, because then there’s some deals I don’t really wanna do. I don’t think they maybe have the experience. We have our investors money and our money tied up in other deals or whatever the situation is. There’s tons of situation, but the thing is, that’s a nice way, but just that you’re involved. And obviously you bring a deal to them. They’re definitely gonna return your call. They’re definitely putting you on their email list when you have deals coming out. So that’s why, I mean, you have a fantastic, and now you have great for your resume, but you have a fantastic relationship out of it. So it’s definitely a win-win and that’s great business for everybody that’s involved. Absolutely.

Anthony:
That’s one of the great things about this is, you know, you don’t have to get married with a partner for the next 30 years with your business. You can each, each building’s its own business in a way, so you can do one deal. And then, you know, if things aren’t working out as a partnership, well, Hey, you’re not, you’re not stuck together for the next 30 years, and you’re not, you know, 50 50 on one company on your overall company. Now you can go and do another deal with a different partner, or if you guys are getting along, Hey, you guys can partner on the next deal. So there’s a lot of, lot of great benefits to syndication.

Charles:
So have you made any changes to your underwriting or property sourcing since purchasing the property?

Anthony:
You know, we, I’m not sure if we change it. One thing we we’re look we’re doing now is we’re trying to be even more conservative after COVID mm-hmm <affirmative> yeah. With our underwriting and our reserves, you know, COVID did hit us, especially the market that we’re in. So we’re just keeping that in the back of our minds now, you know, obviously we don’t expect another pandemic to hit. Those are those don’t hit every, every other year, but we are more conservative and underwriting. We just don’t know where things are going. So just more conservative on the reserves is really kind where we’re at with our underwriting. Just being more conservative.

Charles:
Nice. So what mistakes do you commonly see other real estate investors make?

Anthony:
Yeah, you know, I would love to talk to some of these people that are buying properties at full price. You know, I, I put a bid in, at a property I’m like, this is a great deal. This is a great offer. And then the next guy will come in and offer twice as much as I offered. So I love to tie I’m thinking those are probably mistakes. So when that deal, I was telling you about that, we bought, it was part of a portfolio, right. And I looked at each one separately. I said, this one works. This one doesn’t well, the other one did work, obviously, but at our price, but not that they’re asking, they found somebody that was willing to give, willing to buy it. If they’re asking. And I was like, how the hell did he, are they able to do that? And well, guess what, I got the other day, an email, Hey, this property’s now for sale. literally that one pro I couldn’t believe it was like, wait a second. Is that the one? So, you know, I don’t know what mistakes they made, but they clearly, in my opinion, they probably overpaid for it. Just like a lot of people are probably doing right now. Yeah. But

Charles:
Yeah,

Anthony:
People aren’t being conservative with, with their numbers. People are willing to pay full retail, retail price. You know, when we’re in the private equity business, we gotta create equity in these deals. And when you pay full price for ’em, it’s hard to create, you know, I, I get these deals, oh, value, add huge value, add deal, but then they’re asking more than the average sale price per unit in that market. So I’m like, that’s not really a value add because even when you add, you know, raise the NOI, your exit is gonna be at what you bought is gonna be what you bought it for. So it doesn’t really make sense. I, I don’t know what, how people are doing this. It’s gonna be interesting to see how they, how it goes.

Charles:
Yeah. It’s something I’m seeing too. And you know, I have people reach out to me in all different size properties, just asking cuz of the show and everything. And someone reached out to me and said, they’re paying $50,000 more or they’re pondering paying $50,000 over the appraisal on the property for this I guess like single or duplex rental. And I’m like, well, I mean, you’re not gonna get financing if the appraisals come in at this. Right. So you’re gonna put $50,000 up. I mean, and they want to get compensated for appreciation. That’s never even happened. It’s the same thing when you have these brokers and they, it the deal by saying, oh yeah, no, it’s worth one 10 a unit, but it’s gonna be worth one 40 afterwards. So we’ll just, we’ll just cut them. We’ll cut it right in the middle.

Charles:
And you’re like, well, you there’s, no, you, you, you’re just adding on a premium for something that’s never even happened. Right. that you’ve did know. So it’s like, it’s so it’s weird because we go on the best and final. And we haven’t bought stuff up in a few months here and it’s something like I mean, you know, you’re like you’re not gonna win this. You know what I mean? Talking to brokers and you go back and forth and you’re just like, how, and I look at I’m like, it’s kind of, it’s, it’s a little bit up there too, what we’re offering, you know what I mean? It’s not like we’re getting a great, you know, but then I look at it and I’m like, how is someone overpaying this? You know, cause we can make it work. We’ll get long term debt, all this kind of stuff really minimize your downside.

Charles:
But a lot of people going out there, I don’t think they know, but I also don’t think they’ve really spoken to their lenders. And that’s probably what happens with a lot of these deals or the broker circles up with circles back with you and says, Hey, like, you know, this is before sale. Well, what happened? Well, the price that they put, you know, they didn’t tell you that, but it’s like, they didn’t get financing. Right. Or they’d have to come in with a, the, not a 25% down payment. They have to come in with a 35% down payment or something which kills any kind of re return on that property. And yeah, it’s, it’s interesting what’s happening right now. That’s for sure.

Anthony:
Right, right. Yeah. It’s, it’s crazy. I, I had a deal sent to me the other day. It’s a couple miles away from our current property and they, I go, oh, this is interesting. You know, this could work. And then, you know, what are you guys hoping a door? And they said, they said 70 a door. And I said, , that’s what we’re planning on exiting at, in our current property, in like three, four years after we still do all this work to it, foster property, you just sent me that 40% vacancy. So I’m like, wow, what if you guys, I looked at it, I’m at 30 a door. So like next, you know, obviously, but just, just the way it is out there, I don’t know. I’m ready to buy a thousand units today, but if they make sense, you know, but yeah. Just gotta find that right deal. Yeah,

Charles:
For sure. And they’re out there. I mean, it just takes time and there’s also you, I think a misconception too of people have gone through a lot of coaching programs is there’s only one way mm-hmm <affirmative>. And I feel that when you’re researching highly successful, large private equity firms, you’ll see that you know, they’re buying all different types of rice, real estate asset classes. So they’ll be buying industrial, they’ll be buying single family. Obviously it’s easier to buy a hundred unit complex versus a hundred single family houses. But if there’s no deal there, if there’s no possibility of getting a return, they can’t do that. Right. So now they’re editing their approach to fit the market and that portion of the market cycle. So that’s another thing too, that we’re always thinking outside the box, seeing how we can generate returns by going into you know, you’re looking at stuff now. And especially when you’re looking at properties now that are 40 years old and it’s, you’re like, well, I can build this for cheaper than this. Person’s selling it brand new. Right. And this is stuff too. That’s a whole different, you know, a different thing from just acquiring multifamily, but it’s you know, know different roots to getting to generating returns, but mm-hmm <affirmative> yeah. So what do you think are the main factors that have contributed to your success?

Anthony:
You know, looking back at that 18 months. So like I said, 18 months to find the deal, you know, and this is, I have a full-time job. This is after work going home. When all I wanna really do is sit on the couch and watch TV, but I’m going home. I, I got rid of the TV, I put in office in my living room and I just, I just was analyzing deals. I didn’t give up. That’s the big thing. That’s what I’m trying to get at. I got close to a few couple deals during that 18 months. And then we lost ’em, which was tough, you know, but I didn’t quit. So not quitting, not giving up, just, just, I really had faith and belief that if I put in the time and the grind that I could find some success in this, in this industry, because there’s so much great content out there that has, that just keeps telling me and that this is, you know, possible look and they prove it and I’m like, okay, I just gotta keep doing it.

Anthony:
So not giving up on it. And then that’s really what led me to, to getting this deal. And again, I’m in that, I feel like I’m in that phase where I can’t give up, because now that I’ve, I have done that deal I’ve house hacked, the fourplex I’m in. And it, I have, you know, I has been a while since I’ve I found a good deal to syndicate and you know, it it’s, it’s start the trail’s starting to go cold, but I’m not giving up. I I’m, I just had a talk with a, with a guy who owns a property down in Tallahassee, Florida. Today. He’s interested in selling, he’s gonna give me the financials. We got that LOI out there submitted last week at a full asking price. Talk to the, talk to the seller today or yesterday said they’re not ready to sign it, but it’s because they’re looking for a property to 10 31 into, so they wanna make sure they have they’re ready for that, but to follow up next week. So we’re hopeful on that one. Yeah. So we’re still hopeful on that. That’s a 200 unit, five miles away from our current property. So, you know, I’m still not giving up, you know, even though we’ve had this long cold streak, so just don’t give up, just keep going for it. And eventually you’ll find something.

Charles:
Yeah, I totally agree with that. Cuz we’ve had similar here. It’s not been as many acquisitions as we typically do. Right. And it’s just but you know, you gotta stay and stick with what your returns are and make sure you’re not getting into unchartered waters with what other people are buying or what other people think they’re gonna be buying at. So awesome. Awesome. So how can our listeners learn more about you and your business, Anthony?

Anthony:
Yeah, I appreciate that. So my website is financial bedrock.com actually just launched that. And I have like I said, a free sample deal package for download on there right now. So you can go to my, go to the website, financial bedrock.com, download the free sample deal to see what it looks like. What the returns look like on the deals we do. But also my email is Anthony financial bedrock.com. So feel free to shoot me an email. Like I said, somebody emailed me the other day and we got to talk and they had a deal and we just made Ani with on it. So you never know, but yeah, out to me, I’m glad to hop on the phone and talk.

Charles:
Well, thanks Anthony for coming on. I will add those links into the show notes and I wanna thank you so much for coming on Charles.

Anthony:
I really appreciate being on your show and it’s an honor. So thank you so much.

Charles:
Thank you. Have a great rest of your day.

Anthony:
You as well.

Charles:
Bye bye.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

Announcer:
Thank you for listening to the Global Investors Podcast. If you’d like to show, be sure to subscribe on iTunes or Google play to get new weekly episodes. For more resources and to receive our newsletter, please visit global investor podcast.com and don’t forget to join us next week for another episode.

Announcer:
Nothing in this episode should be considered specific, personal or professional advice. Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure, subscription documentation, and are subject to all applicable laws. Please consult an appropriate tax legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Syndication Superstar LLC exclusively.

Links and Contact Information Mentioned In The Episode:

Financial Bedrock

About Anthony Metzger

Anthony Metzger was born and raised in the great state of Minnesota. After high school, at the age of 18, he flew off to France to become a sommelier, that’s right, he loves wine! In fact, he spent his entire 20’s in the wine industry. He worked as a sommelier, a traveling winemaker (someone who travels to different countries during harvest season to make wine) and he filmed wine documentaries. He went to South Africa for 5 weeks to host and film a documentary called “South Africa Wine Documentary – The Pink Grape” on YouTube.

After his wine adventures, near the end of his 20’s, he decided he wanted to get into the real-estate world, quite a different path. One day, he brother Frederic introduced his to an apartment syndication investing podcast. After listening to the podcast, he decided that he wanted to become a syndicator. Moving forward, he found a private equity firm that was actively syndicating deals. he reached out and asked how he could add value to them. Their answer was to find them an apartment building to buy that meets their investment criteria. Next, he got educated on how to underwrite multi-family deals. He spent the next year and a half calling brokers, sourcing deals, underwriting deals, and making offers. After about 18 months of searching, a deal came across his inbox from a broker. Sure enough, after underwriting the deal, working with property management companies, and doing his due diligence, the deal met all of the private equity firm’s investment criteria. Once he was confident in the deal, he presented the deal to the firm and sure enough they accepted it and closed on it with him. This was his first real-estate deal, a 218-unit apartment complex! Since then, he has closed on another deal and actively looking to syndicate another big deal.

Are You a Fan? Subscribe, Rate, Review & Share – Click Here To Learn How

What question do you always wish I would ask but I never do?

Connect with the Global Investors Show, Charles Carillo and Harborside Partners: