Multifamily Missteps Hosted by Jerome Myers

No Distributions, No K1 and No Reports... Now What? - Marc Weisi

February 08, 2022 Jerome Myers - The Preeminent Authority on Dream Realization
Multifamily Missteps Hosted by Jerome Myers
No Distributions, No K1 and No Reports... Now What? - Marc Weisi
Show Notes

Being a limited partner entails fewer responsibilities. However, what would you do if the GPs disappear when things go wrong? For Marc Weisi, he chose to grab the issues by the horns and save the day. In this episode, he emphasizes the significance of practicing due diligence and putting your head down to do the work to save a good deal. Listen as he shares his experience of going deeper into the ins and outs of managing a deal, the checklist when vetting sponsors, and the sacrifices he had to make to get this done.

[00:01 - 04:00] Opening Segment 

  • Welcoming today’s guest, Marc Weisi
  • Merging syndicators and acquiring his first deal during COVID-19
  • Taking over the property as a limited partner

[04:01 - 12:27] When the GPs Disappear When Things Go Wrong

  • The impact of track records when vetting sponsors
  • Troubles of an unextinguished old mortgage
  • Restructuring the entity for equal equity distribution

[12:28 - 23:34] Saving the Day Triggers a Confidence Boost

  • What to look for sponsors - records, references, and partners
  • Putting your head down and getting the work done
  • When the financials do not tell the whole picture

[23:35 - 25:56] Closing Segment

  • Mitigating mistakes and working through them
  • Final words

Tweetable Quotes:

“The first and foremost concern is really, who is running that deal? Because you can have the most smoking deal on paper in the world, [but] when it comes down to it, it's about the execution. Do the people that are running the particular deal, you know, have your best interests in mind, and do they have the experience to allow them to achieve what they're saying they can achieve? ” - Marc Weisi

“It just comes down to, you know, putting your head down and doing the work when it's required…. Once we [Marc and an LP] figured out that that deal was going sideways, and we kind of turned it around. That gave us a little bit of confidence. And we started to look out, okay, let's do a deal on our own here. And that, you know, obviously, we had a little bit of a learning lesson along the way there.” - Marc Weisi

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