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Upsize your Portfolio w/ Multi-family, Commercial and Syndication: Charles Carillo!
Description
Charles Carillo of Harborside Partners breaks down how he pivoted from self-managing small C-class units in Connecticut to syndicating B-class multifamily deals worth over $200 million since 2006. He walked through the exact 80-20 preferred-return split structure his syndications use - the first 8% goes to passive investors, anything above that splits 80% to investors and 20% to general partners - and explained why he targets 1980s-1990s properties in growth markets, buying below replacement cost and adding value through unit renovations and amenity upgrades.
The conversation covered tenant screening in multifamily (three times the rent, thorough credit checks, strict late-fee enforcement from day one), the six-month stabilization window after acquisition when you discover which tenants actually pay, and why banks won't finance short-term rental arbitrage in apartment complexes. Charles detailed seller financing as the best path for smaller investors to acquire mom-and-pop multifamily properties, especially distressed or under-managed buildings that traditional lenders won't touch, and stressed that B-class properties in growing areas deliver both appreciation and cash flow without the management headaches of D and C-class assets.
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