Aug 13, 2019
Larry Abramowitz began investing in real estate while operating a flower importing and distributing company. He has completed over $30MM in real estate transactions in the USA, Columbia, Costa Rica and Spain. He resides in South Florida and has extensively researched the factors driving the state’s growth. Today, he shares how he selects his target markets and key lessons learned from his first multifamily syndication.
Partner: Download a Free Sample Apartment Deal Package
Key Market Insights
- Grew up in Costa Rica and moved to the US to go to Boston University
- Moved to Columbia, running a manufacturing plant, lived there for 3 years
- Did a development deal for low-income housing
- Moved to Miami in 2000 and started a fresh cut flower importing business
- In 2014, wanted to get involved in real estate and started buying foreclosure homes at auctions after his wife put a house under contract
- Focused in Florida, specifically in I-4 Corridor from Daytona Beach, Orlando, Tampa, Largo and Sarasota
- Lots of migration into Florida – 900 people per day are moving to Florida
- Reasons Florida Is Growing: No state tax, great weather, and employment growth
- Daytona to Tampa, Bradenton and Space Coast is generating a lot of employment
- Closed on his first syndication, 108 units in Daytona Beach
- The prior owner did not remodel any units, semi-remodeled 20 units with 1980s appliances
- Acquired for $11.7MM and plan is to remodel for $5-6k per unit, seeing $150-200
- Had 1-2 deals where he brought in partners, but this was his first syndication
- Biggest lesson was to bring in the team: an attorney, property manager, help with the business plan
- Raise more than you need when speaking with investors
- The PSA took quite some time, almost 3 weeks to get it together
- Looking at two deals north of 200-300 unit deals in Tampa/St Petersburg/Largo area
- Reached out to everyone he knew and asked if he knew anyone else who might have an interest in the deal
- Had 22 investors in his first syndication
- Lessons from Investing in Other Countries: Transparency and bureaucracy is challenging
Partner: Check out the Passive Income through Multifamily Real Estate podcast with Kyle and Lalita Mitchell
Bull’s Eye Tips:
Winning Your Market: Relationships
Tracking Market Changes: Read a lot
Daily Habit: Focus on his to-do list every morning
Resources:
Best Business Books:
Traction by Gino Wickman
Digital Resources
Places to Grab a Bite:
Connect with Larry:
Website: www.broadviewcap.com
Email: Larry@broadviewcap.com
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