Episode Details

The beauty of multifamily investing is that you don’t do it alone. If you’re just getting started, you can bring a deal to an experienced operator. And once you’ve built a network of your own, you can flip the script and cosponsor deals with up-and-coming syndicators, leveraging your relationships to raise money for deals and scale your business faster!

Philippe Schulligen is the Founder of Five Five Five Ventures, a firm dedicated to helping professionals navigate multifamily real estate investments. Philippe is the co-owner of 1,450 multifamily units worth $70M, and he has raised $22M in capital from investors. Philippe spent 20 years in corporate aviation before quitting his 9-to-5 for real estate, and he also serves as a mentor for The Michael Blank organization.

On this episode of Apartment Building Investing, Philippe joins cohost Garrett Lynch and me to explain how he got his start in multifamily by partnering with an experienced operator. Philippe describes how building relationships with a network allowed him to scale faster and shift from finding deals to becoming a cosponsor and capital raiser. Listen in as Philippe gets real about what he learned when an equity partner bailed on a big deal at the last minute and find out how to start building YOUR multifamily network with the help of a mentor like Philippe!

How Philippe got into real estate

• Looking for additional stream of income
• Started with single family turnkeys

Why Philippe pivoted to multifamily

• Vacancies big problem with small portfolio
• Hard to scale single family business

Philippe’s approach to multifamily investing

• Partner with experienced operator
• Get educated through Deal Maker Blueprint 

Philippe’s first 2 multifamily deals

• 80-unit in Memphis, found on LoopNet
• Broker call re: 168-unit on day of close

What surprised Philippe most about multifamily

• Networking led to cosponsoring deals
• Relationships allow you to scale faster

What gave Philippe the confidence to make his first offer 

• Act AS IF Nighthawk had already said YES
• Understood quality of deal bringing to table

Philippe’s advice on becoming a successful cosponsor

• Offer to help other operators with due diligence
• Support by sharing network of investors

How Philippe identifies potential JV partners

• Ask what working on and if need any help
• Prerequisite = senior partner in common

What Philippe learned from a big deal that fell through

• Always have backup plan
• Don’t be first in network to try equity partner

What inspired Philippe to become a mentor

• Corporate aviation industry suffered in COVID
• Happy to share experience with others

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