by | 24, Jul 2022

The Best Part Of Being A Syndicator!

People always say, “It’s not work if you love what you do”! And Anthony and Dan LOVE being syndicators!

So what are the best parts of being a syndicator? What exactly makes Dan and Anthony walk into the office with smiles every morning?

Is it closing on big deals? Nothing feels better than closing a deal you’ve been working on for weeks or months! How about cash flow distributions? Does it get any better than sending big chunks of money to investors?!

Find out on this week’s episode of Multifamily Investing Made Simple, In Under 1o Minutes.

LEAVE A REVIEW if you liked this episode!!

Tweetable Quotes:

“Like when you see that number, you’re like, that’s really cool. That’s awesome. Feels good.” -Anthony Vicino

“I feel like it’s, every time we close,we get to that point at title company, we get those docs signed, and we leave it’s like we finish a marathon.” – Dan Krueger

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The Five Rules of Investing

** Transcripts


[00:00:00] Anthony: Hello, and welcome to multifamily investing made simple to podcast. It’s all about taking the complexity out of real estate investing so that you can take actions today on your. Anthony was senior oven with his capital joined as then. I just took on a whole lot of debt

[00:00:36] Dan: Kruger. I did. I just added you. My hand is, uh, still smoking from signing all those papers.

Do you feel coming in hot from

[00:00:43] Anthony: a closing? Here’s here’s the thing though? I also just took on a lot of debt. Oh, a couple million. Geez. How’s that make you feel? It’s a rough day. We had a closing. I feel great actually, um, for the listeners at home, they’re like, I have no idea what they’re talking about. So we, we closed the building today and that was really exciting.

[00:01:00] Um, the downside of that is, uh, you know, our butts are on the hook for a lot of, lot of money. If, yeah. If, if so something doesn’t work out percent. I don’t know if you’ve thought about that.

[00:01:13] Dan: No, never crossed my mind. I don’t look at the downside.

[00:01:17] Anthony: oh, that’s fair. That’s fair. That’s probably a better way. So I dunno if you’ve listened to this, it’s the ostrich, the strategy of, of life, right?

Stick your head in the sand.

[00:01:24] Dan: Right. If you’ve listened to our podcast for any amount of time, you know, we focus entirely on the upside and never look at the downside.

[00:01:31] Anthony: Yeah. Yeah. That sounds like us so, yeah, but it’s really cool. We close on a building today. Um, I notice, and this episode is not all about that, but this episode is about some things that bring me a lot of joy.

So I say three things make, bring me a lot of joy in what we do. Yeah. It’s been, go ahead.

[00:01:47] Dan: I was just gonna say it’s been a busy summer so far. It has a lot of things. Yeah.

[00:01:50] Anthony: But here here’s my three things that bring me joy. Okay. And, and what we do here at Invictus, number one is when we get to close a new.

Like, that’s a lot of fun. It’s, it’s also really [00:02:00] scary and it’s also a lot of hard work that leads up to that moment. And so it’s also just kind of cathartic to be like, oh, thank God we’re done. Uh, number two, this, this might be my favorites thing is quarterly cash flow distributions to investors, not to

[00:02:14] Dan: you.

To investors. I

[00:02:15] Anthony: mean, I get some distributions too. Right. But it’s cooler. It’s like, but you like sending the checks out, it’s sending the checks to investors and then looking and seeing like, how much did we send? Like this week on Monday we had this quarter cash flow distributions go out to our investors.

And it was a big number. Yeah. Like when you see that number, you’re like, that’s really cool. That’s awesome. Feels good. Uh, and so we’re, we’re gonna, we’ll unpack that one here, just a second for you. Um, and then the third thing I really. is capital events. Mm. Capital

[00:02:46] Dan: events are events. What? The heck’s a capital event though.

What is that? So

[00:02:49] Anthony: that could be like a cash out refinance. Oh. Or selling the property. I don’t like selling the property. Yeah. We don’t do that. I don’t, I don’t wanna do that, but the cash out refinance is really cool, which, uh, we did [00:03:00] not too recently, right? No, what’s the opposite of recent. No, we did it recently.

Yeah. A couple months ago. We recently did it. That’s what , that’s a, that’s a really good, simple way of saying the words in my head. so let’s, , let’s end, let’s end this time that we have together here today, just kind of, uh, toot our own horn. Now this is not a cheating horn episode. This is just like all the things that make our job really, really cool.

And like, if you’re listening to this podcast, one of the really cool things is when you leave a review, like that is really awesome. But just the fact that you’re even here listening that boosts the, the numbers on the downloads. That’s really cool too. So you guys at home, you are definitely contributing to my life satisfaction.

I appreciate you. Thank you. But how about you walk us through these, these three things? Yeah. The closings cash flow distributions and the

[00:03:47] Dan: refinance. Yeah. Well, I mean the closing that was, uh, what probably about two hours ago, fresh Mike. So, I mean, that’s like, I feel like it’s, every time we close, we, we get to that point at title company, we get those docs signed.

We leave it’s like we [00:04:00] finish a marathon. Because the last week, almost always, uh, no matter how early you get, so, or how long you’ve had something under contract or how much you’ve tried to do as early as possible in that period of time, the last week, and the last couple days are always just crazy, hectic million emails.

Um, a lot of things keep track of a lot of moving pieces. And so it’s always just like this kind of sigh relief afterwards. Like you just finish this kind of intense physical endeavor where whether it’s working out or running or something, you just like, Ugh, you relax. And,

[00:04:32] Anthony: and what’s interesting on this one is we did it as a joint venture, not as a syndication, which, um, I, I don’t like it when people refer to us as syndicators, cuz it’s not really what we do.

It’s like half of what we do. It’s not, it’s less than it’s even half. It’s like half of what we do, honestly. But we, this was a joint venture in the grand scheme of things. Joint ventures are way simpler than a syndication. Um, so that’s nice on the one hand, but they

[00:04:55] Dan: real estate, it only gets so simple though.

[00:04:57] Anthony: Exactly. Yeah. You could only [00:05:00] reduce to zero. Yeah. Um, in real estate you could only reduce to like a complexity of a hundred or something. Yeah. Pretty much. So that’s really cool. This building is, is fantastic. We’ll do a deep dive episode. If you wanna hear more about it, join a newsletter where we’ll have more information and we’ll do a video walkthrough of the building, but just real high level, because I know this is, we wanna be cognizant of your guys’ time is a short episode today.

Um, what’s really cool about this building is a seller. put like what a million dollars of renovations into it. It is it’s 20

[00:05:29] Dan: units by you. So a million bucks

[00:05:30] Anthony: across 20 years. Yeah. You went a long ways. It’s gorgeous. It’s just

[00:05:34] Dan: gorgeous. Yeah. I would call it a heavy lift value add. Um, so yeah, check out the deep dive we do on it.

It’s beautiful building. Yeah. So

[00:05:43] Anthony: absolutely. We get that video out there. Make sure you go watch it, cuz you’re gonna be like, your minds are gonna be blown as we sh, as, as we take you through units, you’re gonna be like, holy. it’s gonna be cool. Um, how about cash flow distributions? Those went out on Monday, Tuesday.

Okay, cool. Yeah, I think this quarter 150 ish round

[00:05:58] Dan: abouts, 150 ish. [00:06:00] Um, I don’t know the exact number. It was more than one 50, but I don’t think it was quite one 60. So in the one 50, so that’s, it feels good to send on a quarterly basis and those numbers would keep going up with what we’re closing now, by the end of the year, it’s probably.

over 200 K every quarter. Yeah. So one of the, we might even get about a million bucks out the door over the next 12 months. That’d be

[00:06:17] Anthony: really cool of the secret goals that Dan and I have, like when we sat down and started formulating what’s Invictus’ 10 year goal, one of the goals that we, we bat around and we talk about, and we don’t really have a good way of quantifying it is this idea of creating 500 millionaires.

And really what that distills too is like, okay, could we create a world? Over the next 30, 40, 50 years, we return half a billion dollars in like of capital of returns. Like how cool would that be? And I that’d be cool.

[00:06:49] Dan: It would pretty rad. I hope people don’t clog up the comments. I mean, I encourage comments, but there’s probably gonna be some guy that shows up with the spreadsheet and shows us why that math won’t work for whatever reason, but don’t care.

We don’t care. It’s a it’s [00:07:00] conceptual thing. We just wanna, you know, it feels good. We’re gonna run at it. So. Keep just know

[00:07:05] Anthony: the goal, the goal for us as we’re doing this is like, okay, we’ve taken in this much capital. How can we return this much capital? Like, that’s the goal for us?

[00:07:12] Dan: We’re we wanna send out more than to come in vast hundred percent.

I mean, that’s, that’s the whole point rule number one, never

[00:07:18] Anthony: lose money so far. So good. So far so good. All right. So number three, cash out refinance. And, and you’re gonna need to fly through this one, cuz we’re run probably short on time here. I got like three bullet points. Cool. So Lafa uh, cash out.

Refinance. Tell me all about it. We

[00:07:30] Dan: did it. Yeah. This was uh, actually an early deals, another smaller joint venture. Uh, but this one was exciting. Um, Smaller deal, but the investors in this deal, uh, we just executed this couple months ago, uh, have gotten about 66% of their capital back, um, over the whole period thus far, it’s been about three years or so.

Uh, they’re averaging about a 31% annualized rate of return over the first three years, which is. Pretty darn good. Pretty darn good. And one of the best parts on this one is we took it from a small regional bank at [00:08:00] about 4% interest, uh, to a Freddy loan agency debt non-recourse. So from a 25 year amortization up to a 30 year, we got a year of interest only and we took it from that 4% rate right down to 3.3, right before things started going nice.

So locked her in early. Um, got some good debt on there, little cash out refi, um, and our cash flow is actually gonna go. Because our debt service is actually gonna go down with that IO period. So it’s win, win, win, win, win,

[00:08:26] Anthony: nice. Something that we have here on the horizon. Don’t have too many details to go into it yet, but we have another asset.

Um, that’s go. It. She is approaching the chopping block for a refinance here in the next, uh, next quarter or two. Um, we’ll see how it works out in terms of like interest rates, what kind of debt we can get on it. We don’t want to jump on a deal that doesn’t why shopping. It was like pretty, yeah. I don’t know.

Uh, I’d say a caterpillar, the runway

[00:08:49] Dan: she’s going, she’s about to take, she’s about to step onto the catwalk. There we go. She’s about to

[00:08:53] Anthony: her, her fancy self cuz all the renovations are done. Um, so we’ll have more details hopefully here in the next, however many months, [00:09:00] uh, sharing about that, but just a lot of really cool wins to, to share.

Hopefully this isn’t like a weird tooting horn episode. Just kind of want to share it because Dan and I, I don’t think that we do a very good job of stopping sometimes and just reflecting on, um, the wind.

[00:09:15] Dan: Yeah. And we don’t share much, honestly. We’re a bit introverted. Yeah. So yeah, we’re shy. We like to talk about information, but actually giving you guys insight into actually what’s going on day to day is something we could probably do a little bit more of.

So we’re gonna do that.

[00:09:28] Anthony: So if you guys, if you enjoy this, you’ve got any value out of it. Then let us know, drop a review. Um, go share it with somebody that you. Um, needs a lesson in sharing and you can show them how, like, this is how you do it, cheer. Um, and we’ll catch you guys.

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