GI140: Completing Over $1.5 Billion in Real Estate Transactions with Spencer Gray

Spencer started out with his first building in Indianapolis. He has since completed over $1 billion in transactions and has purchased properties with traditional financing and with HUD financing. HUD financing has low interest rates and a longer term than agency financing however; it is a very long process that takes many months to complete in addition to required regular audits and distributions are limited to only 2 per year.
Spencer says to do what you say you’ll do with investors and communicate openly with them. The challenge right now is that it’s a fast-moving market and operators need to act quickly to win deals. However, once you get the first deal, you get momentum. There is a complete imbalance currently of supply and demand so his team believes that multifamily will continue to outperform other asset classes. If you want to excel in commercial real estate it is important to be open to partnerships and surround yourself with other similar minded people.
The newsletter he puts out can be accessed at: grayreport.com and visit his website here: greatcapitalllc.com.

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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 Spencer Gray. Spencer has been involved in over $1 billion in transactions since buying his first rental property in 2006. His company Gray Capital, focuses on value-add multifamily, core and core+ multifamily and opportunistic commercial real estate. So thank you so much for being on the show.

Spencer:
Absolutely. Charles always been looking forward to coming on.

Charles:
So give us a little bit on your background prior to starting both personally and professionally prior to starting to invest in real estate.

Spencer:
Yeah. So, you know, you know, I’ve been investing in real estate, you know, like you said since about, you know, since 2006 and that was, you know, just prior to me graduating high school. So, you know, I’ve been doing it for quite a while. You know, I kind of stumbled into doing that though. I didn’t, wasn’t really setting out to be a real estate investor. I got kind of dragged in from a friend who was doing it, who was really his father was doing it and he was helping his dad and needed a partner. And what that did is it play into that first seat of, you know, really opening up to the idea of real estate investing a as an option and as a possibility because, you know, everyone knows that there are real estate investors out there, but until you kind of get a little bit of a taste of it and see that it’s real, it can seem like, you know, maybe it’s challenging or maybe it’s too good to be true because, you know, maybe you’ve heard a horror story.

Spencer:
You, you heard a geek rich quick scheme. But to me it was, it became a real thing. And even though that project wasn’t really very successful, we didn’t make any money on it because, you know, this was just prior to the great recession credit started getting tightening up when we were trying to actually sell the property and we kind of were relying on those you know, kind those ninja loans of income verified loans that people could get back in, you know, the, the mid two thousands as our end buyers, we had to turn it, turn it into a rental, but so our first deal kind of had problems and things that we had to work out. I had learned things about partnerships, you know, my partner, my friend, wasn’t, he’s a great guy, but he really wasn’t present in the deal.

Spencer:
And I ended up kind of running the whole thing. So I learned a few lessons, but then kind of fast forward because, you know, I didn’t go into full-time real estate investing. You know, at that point I went off, this, went off this college I was, was really passionate about you know, two things and that was, you know, being an entrepreneur and I was passionate about music and music production. And so I went to music school at Indiana city wanting to get out kind of work in the music business whether that was being a recording engineer you know, working for, you know, a music distributor. And, and so I did that. Graduated, moved out to New York city you know, working in recording studios working for media distribution companies, a freelancer you know, working for audible.com, you know, editing audio books, all kinds of stuff, and try, but trying to kind of build out my own business, doing that.

Spencer:
And I, I, I lo I loved music and I loved doing it, but I was getting burned out. Cause I wasn’t really doing what I had really set out to do, but more importantly, the entrepreneurial side side of me, cuz as I’m in the real world, you know, trying to make money I, I couldn’t put a business plan together that made sense to me to actually kind of chart a course. And so I started kind of opening up my, my, my mind and saying, what else is out there? I want to, I wanna build a business. I don’t want to just do something if there’s no real traction there. And so I, that led me to, you know, to continue to flip houses. And then also I started a business with a friend and my now wife where we we started a small hop farm in Indiana to sell locally growing hops to craft brewers very quickly got into a business of brokering hops from farmer indu like really actual commercial farmers out in Washington, Oregon to distribute to craft brewers across the country.

Spencer:
That ended up being quite successful. We started exporting cops to all 50 states, internationally ended up selling that business in about 2015. And I was at a point where, you know, it, wasn’t done. I on kind of the, I want, I was looking for that next opportunity that makes business and buy and hold multifamily kept coming up. And so I took a deep dive, educating myself as much as possible reading books, getting on forms, networking. And that led me to have the opportunity to partner with someone who was a couple steps ahead of what, where I was, was already syndicating projects, even though I didn’t really know what a syndication was at the time, I was able to basically say, you know, I wanna participate with you. Cause I had figured out that I couldn’t do it on my own. And but I said, you know, I wanted kind of be in the trenches and learn from you.

Spencer:
And so I ended up cosponsoring projects with him. We eventually went on a co-sponsor of about 15 different syndications with that operator. We still co-sponsor and cog projects with with that group. Then about 2018 or so we said, okay, you know, we’ve got a lot of experience now we know what we’re doing. But we wanna do things a little bit different than our partner is doing. And so we started doing our own projects becoming the lead sponsor and syndicating our own deals. And and you know, kind of the doing the rest is his history. We’ve kind of built out our own firm, our own team. And you know, we’re focusing on our own acquisitions, you know, primarily the Midwestern United States. And like you said, value add and, and core plus are our two main focuses.

Charles:
Nice. The I wanna step back just a couple, couple steps. There is tell us about your first multifamily real estate investment. Yep. And what you’re doing with it. How’d it go? What happened? How’d you source it?

Spencer:
Yep. So the first multifamily investment was a, a co-sponsorship with this partner in Indianapolis. It was I believe 220 unit C class value add property Indianapolis kinda in the Speedway neighborhood. So it’s near the, kinda the racetrack where they do the Indy 500 every year. And it needed a lot of work. It had been neglected really for the PA several decades. The last zone really didn’t put the resources into it that it needed. And so it needed, you know, every single unit needed to be updated, incredible amount of exterior, exterior, deferred maintenance. But you know, we got it at a pretty good basis. I think we bought it at that time for like 43 or 45,000, you know, per door. So, you know, Aly good basis. You know, we put a 2 23 HUD, 2 23 F loan on it which is able to, you know, finance, you know, quite a bit of, of the construction as well.

Spencer:
And so it was a challenging project though. So it was, you know, my first multifamily project, it was the biggest project that my partner had done at the time, certainly the largest rehab. And it was a property that you know, every time you go in to fix one thing, three other things would break. And so it, it just, there was so much work that needed to be done on the interiors, you know, the pool cracks. So many things kept going wrong. That in a sense we’re outside of our control. But that gave us a really kind of good lesson one, you know, really, you know, be, you know, you have to really watch the property that you’re gonna be going into. If it does have, you know, a lot of fi you know, visible, deferred maintenance, there’s gonna be more, that’s not visible once you get into that project.

Spencer:
And so, you know, whatever capital you think you need for renovations, you need to have very, very hefty contingency on top of that. And so really to over capitalize really any project cuz you never know what’s going to happen. It’s a way to kind of mitigate risk and de-risk but especially if you’re doing a major value add for an older property, this is built in 1960 68. I believe you, you know, some things are gonna be breaking and you are not gonna know. I mean, you, when you are doing a due diligence on a property, you know, you may have, you know, 30 days, but really you’re gonna be only in there for a couple days doing a good an inspection, even if you walk every unit. I mean, so you usually have one to two days to walk every single unit and you’re usually, you know, checking out, you know, what’s in each unit or clients is the condition, but you know, to be able to formulate that full business plan to exactly know how many dollars you’re going to need, it can be, you know, there’s a lot of, you know, educated, guessing that goes on in building out that budget.

Spencer:
And so just to over capitalize and say, okay, you know, we believe we need call it a million dollars. Well, you know, let’s bring on, you know, another two and hundred $50,000, maybe even half a million, depending on the, kind of the scope of the project. You know, in just extra contingency, you know, to a point where, you know, you don’t want to reduce returns cause you know, the more equity you bring on, you know, those returns are gonna go down, but we gotta follow the first rule of, you know, not losing money and, and preserving principle. And so if you can’t execute the business plan in a responsible way, then you need probably need to readdres your business plan. So the lesson really was to over capitalize prepare hope for the best plan for the worst. The result of that though, was, you know, we were able, able to sell the deal for, you know, over, I think it was a 25% IRR ended up being a four year hold. So, you know, ended up being a great project, but there were many, many bumps in the road to kind of get to that point.

Charles:
Yeah. Yeah. It sounds like that. How hard was it to get cause we never talk about HUD HUD loans on this project. I know.

Spencer:
And no one does

Charles:
Tell us about that. I mean, that’s just kind of a, a, not many people would go down that route and you can kind of explain probably why in your experiences.

Spencer:
Yeah. Yeah. So it it’s a lot of, it’s a lot of headache to get one of these HUD 2 23 F loans now it’s, I think it’s worth it for the right project. It’s not right for every project. But if you are interested in a long term hold, so, you know, really thinking at least seven years, really seven to 10 year timeframe a HUD 2 23 F loan is a great program. Because it’s a, it’s a nonrecourse loan. It can typically go up to 85% of the cost of the project. It 35 year term, 35 year amortization. And you know, and so that provides, you know, an incredible great option because even compared to an interest only loan, which these HUD is not interest only, but your debt service can often be kind similar compared to like an agency interest only product based on the amount of ization getting that 35 year term.

Spencer:
So being able to lock in also the interest rates are, you know, incredible low, lower than agency typically, you know, for fixed rate, typically the rates are lower, a fixed rate. HUD loan is often lower than a variable rate agency product. So I mean, we’re getting ready to lock in another HUD loan. Now we’re being quoted in kind of the 2.2% range. Wow. So now here’s the other side. It’s incredibly long process. You it’s, you can’t close on a HUD loan. You have to close on a bridge loan with a lender who understands the HUD process that can properly size the HUD takeout. So you have to go. So there’s another loan that you have to put in place when you close while you’re starting the process to go onto HUD, the HUD process can take, we were, they say four to six months, but it can take all the way up to a year.

Spencer:
COVID is completely backlogged all of the HUD offices. So it’s, it takes, I mean, we’ve been working on one now for eight months and we’re hopefully gonna be closing here in the next, you know, month or two. So it’s a long process. It’s a lot of documentation, it’s a lot of paperwork and then there’s also a few strings attached. So for one there’s a surplus cash flow calculation where, so if you’re going to issue a distribution, you have to meet certain reserve requirements before you can distribute. From that project compared to Fannie or Freddy, you know, it’s your bank account, you can do what you want. Also there is an annual audit that, that you have to do to comply with HUD. And then, you know, it’s, and so, and then there’s, you know, inspections, you know, react inspections, which you have similar inspections for agency products as well.

Spencer:
And so it, it’s a flip side though, for as an investor, I can kind of like some of those covenants of, you know, I don’t mind the project being audited by HUD, make sure the operator’s doing the right thing. You know, I don’t, I, I would like, you know, maybe to distribute, you know, more than the surplus cash flow would allow, but at the same time, you know, you’re following that first rule and you’re preserving principle, you’re the, you know, it’s ensuring that you’ve got enough cash in the, to, you know, cover debt, service, cover repairs. So make sure the deal is very healthy, which makes you over capitalize. But if, you know, if the deal can support, you know, those things, it can be incredibly attractive for, you know, a long term hold. So when we’re looking at more of our core plus acquisitions or even a core acquisition, that’s where often it may makes sense. I’m looking at HUD is knowing that this is gonna be, you know, like a longer term cashflow play. It can be, you know, a really attractive route to go

Charles:
When there’s two distributions that are allowed per year with that.

Spencer:
Yep. Semiannual distributions. That’s one of the other covenants. So you can’t do monthly distributions, can’t even do quarterly. It’s, you know, two distributions a year, which most investors, you know, a lot of investors prefer monthly or quarterly distributions. Once you explain the process we haven’t had much, you kind of push back from our investors that kind of understand, you know, the benefits of the HUD loan. And so they’re,

Charles:
They’re okay

Spencer:
With it.

Charles:
Yeah. Getting that debt just over 2%. We, when you sold that property, did the buyer assume that loan

Spencer:
They did not assume they did not assume that loan. So we we’ve done a couple HUD assumptions on the buy side. But they, they just, they bought it and we had, you can pay a couple extra basis points to have a reduced prepayment penalty. Is that’s the other piece? There’s, there’s a rather steep step down prepayment penalty. And we had the price had appreciated to a point and we had paid those extra bits for a reduced prepayment penalty where we could, we, we, it was still a, you know, very profitable sale even having to pay that, that prepayment.

Charles:
Nice. Okay. Awesome. That’s that’s quite the deal for are your first deal out there. And so what is your firm right now targeting? I mean, you guys are targeting a ton of different asset classes within real estate when I was preparing for this what is your current acquisition criteria and strategy? Yeah.

Spencer:
You, so, you know, we’ve invested in quite a few different asset classes. You know, whether it’s been a, you know, lead sponsor coson, or we’ve just been a, more of a limited partner on some projects. What great capital is focused on is, is really a hundred percent is multifamily acquisitions right now. So we have two investment silos. One is a value add silo where we’re typically looking at newer properties. You know, when I say newer, I’m talking like mid eighties to kind of early two thousands for that needs a value add need a lift or reposition, typically not extremely heavy value ads. We really prefer stabilize assets that we can really improve is we’re focused on cashflow. And so we want to be able to have some degree of cashflow at acquisition. And so, but our other investment silo is our, our core and core plus silo.

Spencer:
And so these are much newer properties that don’t need significant renovations. They may need minor very light value add business plans. But oftentimes it’s more of operational efficiencies. And so these, these properties could be built kind of mid 2000 kind of mid two thousands all the way up to, you know, essentially you know, brand new. And, you know, we feel, you know, like when investors are looking at not just investing in part departments, we want people to take a, an approach of looking at it as building a portfolio. We don’t want you to invest in just one deal and really not just with one operator and one geographic region, we need to build a diversified portfolio. And we feel like different strategies of, you know, more workforce housing, which is kind of huge, most value add deals, follow in that category as well as more core run core plus, which are typically kind of renters by choice rather than workforce housing, which is renters by necessity. It allows you to diversify to do different income demographics because different income demographics kind of behave differently, differently and different stages of the economy. And so we wanna build, you know, as most as a robust portfolio, it was possible and having exposure to those different income brackets and we feel, you know, really diverse diversifies one’s portfolio and allows to mitigate risk.

Charles:
So I think everybody like understands the value add model. You know, we fund a property it’s, it’s rents for you know, identical unit rents for 1200 next door, this one for a thousand, we do, but it’s not updated. We update it. We raised the rent talk about finding efficiencies, gimme some examples of efficiencies you would find in a core core plus. So we’re talking, you know, B, B plus may, you know, properties that are 15 years old, 20 years old, what kind of in inefficiencies are you finding that are like, you know, you’re kind of like licking your shops when you’re looking through underwriting and you see what’s going on.

Spencer:
So I I’ve got a good one. And so this is a deal that we, we closed on just LA last year in December of 2020, 2018 construction beautiful new development class, a luxury asset with you looked at the pictures, you would say, there’s no way this deal flows. The returns on this thing are gonna be so thin. You know how many times you’ve probably seen a package come up new deal? And you’re like, yeah, it looks great. But like, eh, it’s not gonna cash enough for me. Most other buyers thought the same thing when we took a look at it, we were able to find so much meat on the bone, cuz it had been built by a merchant developer who still owned it. Their business plan is to get it leased up as quickly as possible and to flip it out, oh, they’re not trying to hold onto it.

Spencer:
So the amount of concessions that they were offering, the, the marketing budget, their administrative budget, the payroll that they were paying was so overmarket, we were able to cut $3,000 in just concessions in the first two months, annualized in the first two months, ownership were able to cut over $75,000 in marketing. We were able to cut almost a hundred a thousand in admin budget. We’ve been able to dial the payroll cause they had some specialists they had, you know, flown in that had, you know, payroll that was twice the rate of, you know, normal, you know, manager. So we were able to bring in so many efficiencies, not only that the rents were under market, but they were trying to get a lease up. So they weren’t pushing Mar they weren’t pushing rents. We’re increasing rents a hundred dollars on some units we’ve already increased rents 3%.

Spencer:
Just total, not annualized 3% on the entire property. Anyway, 12%, you know, rent increase on the asset. Again, this is 2018 construction. Wow. We perform at being able to produce 8% cash on cash from the gate. We’re ready to close on a hut loan 35 year term, 35 year amateurization the rate’s gonna be, you know, in, you know, 2.3, 2.4% that we’re lock in for five years, which is lower than what we underwrote. It’s going to create an additional a hundred thousand dollars of cash is the difference in the interest rate. So now we’re gonna be able to be producing double digit cash on cash returns from an a class brand new luxury asset, which is higher returns than the seventies, vintage eighties and nineties vintage value ad deals that we’ve been underwriting all year that produce, you know, low teen NIRS and low cash on cash, a huge renovation, risk or huge, you know, cause there’s a major renovation, there’s significant amount of risk.

Spencer:
You’re going up the risk spectrum with the idea you’re going to be compensated for a nice return. We scratch our heads. When we see a major value ad that, you know, pencils out a 13%, 14% IRR, you’re taking significant amount of risk, but you’re not being compensated for it. And so that’s an example, most recent example and not every deal is like that. Not every class, a deal is like that. Most, a lot of ’em don’t cash flow, but I think many assume that they won’t. So they don’t try. And also, I think there’s a little bit of an echo chamber. Everyone’s talking about value, add deals. We love value ad deals too, when they make sense. But when you pitch and hold yourself and saying, this is the only strategy that I’m gonna look at. Yeah. It also is, you know, the art of the possible because okay, you know, that deal is a $60 million deal.

Spencer:
Most people are looking at, you know, smaller project, which are understand Andal cause they’re looking at, you know, what can I pay for, you know, what can my investor base produce right now? I’ll tell you at that time we didn’t have all the money, you know, figured out. It was a matter of, you know, putting the team together, having the networks in place and you know, being confident in, you know, the business plan. And one of my director of acquisitions brought the deal for me. I’m like, I don’t know if we can raise $12 million. I think we can, we’re gonna try. And it was a challenge, but we said, let’s, let’s give it a shot. And you know, we had it raised in about three weeks. So it was such an attractive project.

Charles:
Were the tenants subpar that were in there because the guy was just gonna going crazy, leasing up.

Spencer:
No, not, not that bad. I mean, it’s good, very professional professional firm, actually the, the average income at the property was $120,000. So, you know, very strong nice resident base. There were a handful of there, there were a handful of residents that were not, not the best. One actually sued the, the previous manager while we were in the process of closing a fair housing complaint, completely BS got, got thrown out. They, she was more, less an ambulance chaser. We kind of did some research. So there were maybe two, but find that on any deal and you’re gonna find high quality, low quality residents kind of even at a class properly. Oh

Charles:
Yeah. It’s like when you’re looking in a town to buy there’s one part of town where you can’t afford and there’s one town where you don’t wanna move to. So it doesn’t matter what town it is, where it is anywhere. Yeah. So you guys got 1 billion worth of assets under management. What are some of the best ways you have found to find nurture and keep investors? Obviously you just raised 12 million for that deal.

Spencer:
Yeah. Well, and, and just, and just to qualify. So we don’t have a billion dollars vests under management. It’s close to, it’s closer to half a billion, but we we’ve got, we’ve done about a billion, a little over a billion dollars worth of deals. You know, not only bringing on investors, but you know, maintaining them is huge. I mean, obviously the first step is if you’re producing results, I mean that that’s gonna be the most effective way of to keep investors if you’re doing deals that work. But then, you know, it’s doing what you say you’re going to do. So, you know, if you’re going to be say, you’re gonna communicate at whatever rate monthly, quarterly, you know, you need to be communicating at that rate, staying in touch while not being annoying. You know, don’t be sending out emails of just saying, Hey, literally, we’re here.

Spencer:
And you know, you not real useful information, you’re not adding value, but communicating in a way that you are adding value in, you know, sending information, that’s going to be interesting to those investors of, you know, Hey, here’s an article that just came out. You it’s about our deal. I just wanted to make sure that you saw it or, Hey, did you see this is going on in the market because you know, investors, they’re, they’re passionate about this, just like we are and they want to know what’s going on and they wanna stay up to date, but you know, you don’t want to you know, you know, Pru too much. So it’s, it’s adding value, staying in touch communicating. But at the end of the day kind of results matter more than anything.

Charles:
Interesting. Yeah, for sure. So as you guys grow your business, what are some of the challenges you have faced or you, you face currently?

Spencer:
You know, you know, the challenge we’re facing right now is, you know, the market’s moving so fast and trying to stay on top of it and finding the balance between being reasonable in our assumptions and, you know being, you know conservative in a sense that, you know, again, we wanna preserve principle and you never not lose money, but at the same time you know, inflation’s at, you know, over 5% hassle household formations at a multi decade, high rents are growing and, and our markets of, you know, anywhere from between seven and 14%. And so, you know, you can’t, you know, use the same assumptions you were using in 2019 for real estate in 2021. But at the same time, you can easily overshoot that because you can’t underwrite, you know, five to 12% rent growth every single year. Maybe you’re gonna get it in this year. And we’ve, I think we’re, we’ve already gotten it. Maybe even be more by the end of the year. But you know, we’re but so you have to find in that balance of find the balance between, you know, being aggressive enough, but at the same time, you know, sticking to fundamentals,

Charles:
Right. Okay. What are common mistakes you see other real estate investors make?

Spencer:
So one of the most common mistakes I see investors make is in that transition from taking theory into actual practice of, you know, they’ve been, you know, learning about real estate investing multifamily, they’re trying to figure out how to do their first deal. But to get that first deal is, is such a, a leap and it’s a leap of faith. And, but once you, because once you do that first deal, the recipe, it comes, you know, much easier. You, you really get some momentum very quickly. You know, you hear a lot of people like, like Michael Blan will talk about the law of the first deal. You do one deal and you’re gonna do two deals right after that. And, and that is often the case of CNET. Many, many times happened to myself multiple times, whether it’s co-sponsored deal then doing our own deal is one deal then BA bam, bam.

Spencer:
So, but it, it’s hard to kind of put together that business plan without really having some experience. And so, and people, I find new investors, they don’t reach out and to leverage others experience and whether that’s you know, bring someone on, you know, kind of as a coach or a consultant, or that could be, you know, partnering as cosponsor or that could just be investing as a limited partner and just getting some of that real world experience, seeing how a deals actually put together and really with someone, with some experience is say, you know, okay, you know, yeah, that’s what you’re gonna read in the books, right? That’s what you heard in a podcast. Well, you know, that book was written five years ago. That’s not where the market is right now. This is just a reality of the market itself. And if you want to participate, this is what you need to do.

Spencer:
Cause if you, if you believe in kind of the thesis around housing and multifamily investing, and it’s, it’s very solid. I mean, especially right now, I mean, there’s a complete imbalance of supply and demand for housing, especially somewhat affordable housing. You need to participate in that industry, in this, in this investment kind of thesis in this ecosystem. So how do you get in? You have to get started and you, it may take a leap of faith because, you know, your book may say you need to buy a property at an 8% cap rate. Well, you’re not buying a property at 8% cap rate. And if you do that level of return, that cap rate, that that means that’s indicat indicative of a level of risk in the project. And so even going for a lower cap rate project that is gonna be lower risk, but the deal actually might work, which that, that is, is kinda the opposite.

Spencer:
What I hear from a lot of first time investors saying, they’re like, well, I’m looking for a seven cap or I’m looking for an eight cap, which is really the wrong way to look at it, especially in today’s market where cap rates, they’re really not very useful today. Now they may be more useful in a couple years ago, but people are buying cap rate or buying deals at three caps and four caps. And it’s not as they’re gonna let it sit there is because they’ve got, they’ve got a business plan to kind of get there to a more stabilized you know, kind of operating budget.

Charles:
So, yeah. Yeah, that’s definitely a new thing with new investors. They’re always asking about cap rates and they have a cash on cash in mind and it’s usually very high and they have a cap rate in mind, which is usually very high as well. Yeah. so as we’re up here, what do you think are the main factors that have contributed to your success?

Spencer:
Well I think partnership being open to partnerships, open to collaboration yeah, I, if I hadn’t partnered with that one partner on that first deal you know, you know, who knows what the future would’ve would’ve held and that being persistent because I had a being persistent in order just to have that meeting and to be networking, to get that introduction, to make that happen. And so if you’re showing up, you know, like they say, you know, the most people just don’t even show up if you’re just showing up. If you’re there, if you’re networking, if you’re learning, if you’re making offers you know, it can be incremental progress, but if you keep showing up things are going to happen and all of a sudden you’re gonna find yourself partnering on a big deal, much larger than you ever thought that you could take down. And it’s okay if you don’t know everything you just need to surround yourself with folks that do.

Charles:
Yeah, that’s what happened on my first deal with with our group. It was just I had no idea. I was just networking with someone and then they’re like, Hey, we have this deal. And they’re like, oh, okay. Yeah, well, let’s do it. So so how can our listeners learn more about you and your business Spencer?

Spencer:
Yeah, so yeah, our websites, great capital llc.com. You know, we have a great newsletter. I’m really proud of that. The team puts together. It basically aggregates every new research report and article on the multifamily industry in real estate in the economy. So hop onto our website, great capital llc.com. You can check that out. We’ve also, we’ve built a new a, a new service it’s, it’s called the gray report, gray report.com. It is an extension of the newsletter in a sense where it’s an aggregator. We have like a ton of RSS fees, virtual assistance, kind of scraping the web finding all of this research and data revolving the multifamily industry in real estate. So that’s great report.com then, you know, you can find me on LinkedIn, shoot me an email. Great Spencer, great capital lc.com. But yep. So just, you can just Google us we’ll pop up.

Charles:
Okay. Well that sounds great. Well, thank you so much for coming on today. I will put links into the show notes and looking forward to connecting with you in the near future. Absolutely.

Spencer:
Charles really appreciate you having me on

Charles:
Talk to you soon.

Spencer:
Talk to you soon. Thanks.

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.

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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:

Gray Capital, LLC

About Spencer Gray

In his role as President, Spencer develops, leads and executes investment strategy, performs underwriting and due diligence of all assets in the Gray Capital portfolio, and interfaces with investors. Since founding Gray Capital, LLC Spencer has been involved in over $1 billion in transactions. Spencer is also President and CEO of Gray Properties, LLC, a commercial real estate focused family office.
As an entrepreneur, Spencer, has founded several successful businesses in the fields of media distribution, real estate and agriculture before turning his passion for investing in commercial real estate into what is now Gray Capital, LLC. Spencer has extensive experience in a variety of real estate investing strategies since buying his first rental property in 2006. Spencer is an avid outdoorsman who enjoys rock climbing, fly fishing, archery and free diving. He is also a father to two girls.

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