Creative Capital Podcast 119: Buying Your First Multifamily Deal: Part 6

Nov 30, 2021

This No-Limit Minute Segment is Part 6 of a multi-part series about buying your first multifamily deal. I am going to take you through the step-by-step process of acquiring your first multifamily deal and share all the things you need to know before starting your journey. In this episode, I am going to talk about entity creation and the capital-raising process. For entity creation, I am going to cover everything that you will need to remember before creating your LLC, from filling out documents to asking questions. For capital-raising, I will share the steps I recommend you to take to make capital-raising more efficient and successful. Listen in!

[00:01 - 20:01] Entity Creation

 

• Ensure that you’re using full names in legal documents
• Review the legal documents early and often
• Ask more specific questions on timelines
• Review members of the GP on the operating agreement
• Ask what extras will need to be paid for
• Fill out the LLC operating agreement table of members immediately
• Ensure that the lender’s attorney is okay with the investment and management operating agreement
• On drafting a resolution

 

[20:02 - 40:45] Capital-Raising Process

 

• Schedule the webinar
• Send out actual calendar invites to everyone that signed up for the webinar
• Test the investor portal to ensure everything is working correctly
• Create your investment summary
• Set up bank accounts immediately following entity creation
• Meet with the team beforehand to review “interested parties”
• Create more awareness around meeting with limited partners

Key Quotes: 

 

“You're going to want to know the specific timeline on when the docs are going to be delivered because it's going to help guide you on the capital raising process and eventually, the timeline and the timeframe of when you're actually going to be able to close.” - Josh Ferrari

 

“The stuff we're talking about today, I say it because it's important because it's going to be the differentiating factor between you losing out on your earnest money deposit and you actually closing on the deal being able to raise cash.” - Josh Ferrari

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You can also email me at [e-mail] 

For more information about Ferrari Capital visit us on our website https://www.ferraricapital.com

 

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