40 | Creative Financing and Local Lending Lead to Home-Run Deal with Joel Florek
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Joel's Background:
- Principal of JFH Capital Group
- Invests in commercial multifamily in Indiana and Southwest Michigan
- Finds ways to creatively finance properties to be low to no money down in deals
- Looking to scale up into larger properties (80+) for the benefits of scale
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In this episode we cover:
- Joel's start with a 4 unit house hack
- His first commercial deal, a 16 unit which involved the seller carrying a second on the property.
- His strategy on this deal and why he chose a shorter amortization length
- The straightforward approach he took to get this deal closed with the seller and lender
- How local lending can really be advantageous to find something that fits your needs
- How that local lender saved the day as the 'backup' option Joel intended to use to finance
- How to properly assess rental comps and sales comps in a smaller market that has less data
Connect with Joel:
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Connect with Dave:
*****Thank you so much for listening to the Making Money in Multifamily Real Estate Show! This show covers everything to do with Multifamily Real Estate Investing to help you, the listener, become an expert in your real estate ventures. The host, Dave Morgia, brings on guests who are already experts in their respective fields to discuss what principles and practices they follow that have helped them achieve their success so far.