“From Young, Dumb, and Broke to Maintaining Generational Wealth Through Real Estate Investing”
“If you're looking to play the long game, syndication is a great space to be. There will be some hardship, but that's going to lead to success in life. So you need to be willing to weather the storm and to see the bigger picture.”
Charles Seaman is a great guy. He resides in Charlotte, NC and serves as a Managing Partner of Cash Flow Champs. He’s responsible for building and maintaining broker relationships and performing and overseeing the company’s underwriting activities. Go give him a follow on LinkedIn at https://www.linkedin.com/in/charles-seaman-90b9b932/.
He’s also involved with contract negotiation and capital raising to make sure that the deals close, remaining involved after closing to manage the assets so that they perform in a manner that provides investors with exceptional returns. He’s currently a general partner in eight (8) multifamily properties totaling 691 units, having gone full cycle on one, two multifamily properties.
He has 14 years of prior experience working for a commercial real estate investor in NYC. During this time, he assisted the investor with acquiring deals, obtaining financing for them, and managing and leasing them after the deals were closed. While there, he also assisted the investor with the management of numerous other businesses that he owned, including a plumbing company and several bars and restaurants. During his spare time, he also actively traded stocks from 2009 to 2014.
In this episode we discuss:
✅ How to Get Started in Multifamily
✅ Challenges in Underwriting Right Now
✅ Gaining Competitive Advantage
✅ Market Conditions and Predictions
✅ Creativity Is Key
✅ Adjustable Rate Mortgages
Great quotes from the episode include:
“I always wanted to drop my own course and steer my own ship little by little. I started working towards that and it worked out.”
“So when I discovered syndication, I said OK, so I can use my knowledge, my expertise to do the deals I want and use other people's money. I said, ‘Wow, this is a score. I like this a lot.’”
“I wanted to put myself in a position where I could be close to these markets because I knew that being close would allow me to gain a competitive advantage over people who aren't.”
“There are still advantages that come with having an in-person relationship with somebody versus a phone call or an e-mail.”
“What I would say is that creativity is going to be very key this year on a lot of fronts. And if you're looking at smaller deals and when I say smaller, let's say 50 years or less, then you may be able to entertain some creative finance strategy.”
“Rate caps only protect you to a certain extent.”
“I think it's really the relationships I've built, the experience I've gained within a single accomplishment at this point.”
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