The Multifamily Wealth Podcast

Unreal episode today with David Toupin of Obsidian Capital - we dive into how David was able to source and structure large multifamily deals in his early 20s (with little to no experience)! We discuss how David built his reputation early in his career, found great business partners, what his business looks like today, and what separates “middling” investors from those operating in his space.David Toupin is a Top Millennial real estate investor and entrepreneur. David is the co-founder of Obsidian Capital, an Austin Texas-based real estate investment firm. David started investing at the age of 20 when he bought his first property while in college, a 12-unit apartment complex. By the age of 24 years old, David has built a real estate company as a key principal with over $60M in real estate holdings and has raised north of $20M in capital from investors.  He is also the co-founder of SecretX, a business travel mastermind, and is the CEO of Real Estate Lab, a multifamily financial modeling software.Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.Time Stamps:03:18 – David shares how he got into real estate and discusses his first deal, two 12-unit properties in Michigan08:18 – We discuss how David’s structured the capital stack on his first deal and what he learned from the raise13:59 – How David progressed from his first deal to syndicating 100+ unit acquisitions17:41 – David discusses how he actually raised the money for those initial syndications20:49 – Why David self-managed the first couple of deals25:03 – Initial steps David takes when building a network and lead funnel in a new market28:26 – We discuss the checkboxes for a great off-market deal and why “the story” is so important when pitching a deal to investors32:48 – David talks about what returns he typically offers equity investors, why he moved away from offering a preferred return, and the importance of clearly communicating your investment structure to your investors37:25 - David shares his thoughts on how a smaller, solo investor can scale into larger acquisitions - this is killer!44:19 – We discuss age and how being young is actually an advantage in real estate investing, regardless of what niche you’re in53:07 – How David sees the market reacting to COVID-19CONNECT WITH DAVID TOUPINFollow David on Instagram!Connect with Axel:Follow him on InstagramConnect with him on LinkedinLearn more about Aligned Real Estate Partners

Want to learn how large syndicators select markets, underwrite deals, and manage their assets? Listen to this episode where I interview Chris Grenzig of Toro Real Estate Partners - we dig into his career, the multifamily real estate business, and how he has helped Toro build a portfolio of 4000 units. We even discuss exactly what Chris would do if he started his career today, in 2020.Chris started his real estate investing journey in January of 2016 by trying to flip houses on Long Island, NY but ultimately failed to flip a single house despite spending tens of thousands of dollars and several months trying. Chris and his team tried pivoting to purchasing tax deed properties in Philadelphia, but quickly realized it wasn't for them. From there Chris started to learn about multifamily and started by investing passively in an 8-unit property, then Joint Venturing on another 100 units worth over $4.5 mil. From there Chris quit his full-time job in finance and joined the Toro team full-time in August 2016.Chris focuses on managing, sourcing, evaluating, and acquiring new assets for Toro’s Multifamily Portfolio and is the primary person running the Florida region of Toro's portfolio. Toro has acquired roughly 4000 units worth over $280 mil. Before Toro, Chris worked in finance at a small boutique firm. He graduated from Hofstra with a degree in Business where he played D1 soccer.Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.Time Stamps: 06:20 – Chris shares how he got into real estate and why his strategies changed as he progressed through his career  15:14 – Why Chris believes it great to “test a lot of things” within real estate and your professional career17:21 – We discuss Chris’s first deal, how he structured his early partnerships and the challenges he overcame early in his investing career  23:54 – What he learned from his early out-of-state investment  25:46 – We discuss asset management and why it is a critical piece of the investment process, specifically tracking KPIs32:18 – How often do Chris and Toro check in with their management partners and how often you should be speaking to your management company35:10 – How Toro vets potential management companies and how to select the right manager43:59 – Chris and I discuss the differences between the 30-70 unit multifamily space and the 80+ unit multi-family space49:43 - What Chris would do if he were starting his real estate business today  51:58 – The difference between being a syndicator and owning a small % of a lot of units versus being a solo operator who is the only person on the deed54:33 – Chris shares his thoughts on how the market is changing as a result of COVID-19, specifically the debt market  CONNECT WITH CHRIS GRENZIGFollow Chris on Instagram