While moving from single-family into multifamily is a gamechanger, once you start closing 1,000+ unit deals, things definitely switch gear again! Our guest on the show today is Jorge Abreu, and he joins us to talk about what it takes to close deals of that size, having recently closed on both a 1,000-unit portfolio and an 850-unit property too. Jorge is the co-founder and CEO of Elevate Commercial Investment Group and has over 1,700 doors on the GP side as well as over 1,400 doors on the LP side under management. He has the huge ambition of growing that number to 10,000 units in the coming years! Jorge believes that the more units you can manage, the easier managing them becomes and we get into why that is with him today. We chat with Jorge about how valuable systems, procedures, teams, and the right network of invested people are to the deal closing process, and especially so for larger deals. These factors help Jorge with everything from due dilligence to capital raising, acquisitions, and focusing on the best use of his time – networking and marketing! Jorge gives us an indication of the challenges that come with closing large deals too, talking about how he inspects so many units and the role of different software for assessing KPIs around rentals and construction. Tune in to learn more!
Key Points From This Episode:
- Jorge’s 13-year real estate career, recently in multifamily and goal to reach 10,000 doors.
- The role of teams and systems in Jorge’s ability to close 850+ unit deals.
- Taking on the task of inspecting all the units on such huge deals using teams.
- How Jorge got into taking down larger deals by partnering with those who had them already.
- Different relationships vital for taking on larger scale deals: co-GPs, vendors, attorneys, etc.
- Why asset management gets easier on larger properties; affording on-site staff.
- The challenges of tracking leasing and construction KPIs even with the best software.
- Jorge’s use of institutional equity partners to make raising large capital amounts easier.
- Tips for building relationships and securing capital from equity partners using backups.
- How Jorge delegates to focus on the best use of his time: networking and marketing.
- Jorge’s goals for the future and hopes things will get back to normal soon.
- Favorite tools of Jorge’s and his biggest mistake: not getting into multifamily earlier.
- The thing that takes Jorge’s life to the next level: his systems and procedures.
Links Mentioned in Today’s Episode: