Jul 26, 2019
David Toupin shares some systems he's implemented in his
business that's allowed him to underwrite 135 deals this year.
David and partner Glenn Gonzolas of Obsidian Capital, talk to about
20-25 brokers/month whom they have developed relationships with
over the years.
Obsidian Capital Dir. of Acquisitions, Jason Richardson filters
deals to see if it measures up to their criteria. He inputs the
info into the underwriting tool, analyzes, and sends it to David
for review. David no longer inputs data from start to finish, he is
able to spend his time reviewing deals that have already been
underwritten.
David found Jason through his Facebook group 10X Apartment
Investing. He posted that he was looking for an underwriter, and
held a competition tasking interested parties to underwrite an old
deal which Jason won. Jason currently works 10-25 hours/week
depending on the deal flow and gets a small piece of the GP and
acquisition fee. He has underwritten close to $1B in deals since he
started at Obsidian Capital. David is currently looking in multiple
growing markets in TX as wellas Atlanta, Salt Lake City, and
Charlotte. He created a system that enables him to tap into his
markets using people new to the industry who are looking for ways
to be a part of his deals. They work part-time calling property
owners in exchange for education and a piece of the GP and
acquisition fee. These calls convert to about one hot lead/wk with
an owner who is interested in selling.
David’s relationship with brokers is key to finding great deals. He
recommends that the best way to build a relationship with a broker
is to talk about a specific deal, underwrite it, and let them know
what you’re looking for and that you’re serious. Brokers are busy
calling and building relationships with property owners and they're
looking for competent strong buyers who don't waste their time.
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