Buying Multifamily 100 Units or Less With Andrew Jarrett & Nic Cooper

Mar 29 2023 • 44 mins

Welcome to the Mario Dattilo Show Podcast!

In this episode of The Mario Dattilo Show, we introduce guests Andrew Jarrett and Nic Cooper from Level Up REI. Nic shares his background as a Navy helicopter pilot and his early years in real estate, while Andrew discusses his experience working in a grocery store and discovering real estate through books and fix & flip opportunities. They explain why they chose apartments over single-family homes for scalability and reveal their strategies for sourcing deals and choosing between self-management and third-party management. The duo also discuss targeting landlord-friendly states, finding the right business partner, the advantages of syndication, and what properties to look for. They delve into fee structures, mobile home park investing, operations, asset management, and acquisitions, emphasizing the importance of focusing on regular actions that lead to key performance indicators. The conversation covers communication with third-party management, acquisition methodology, deal flow changes due to interest rates, and tips for getting brokers' attention. Finally, Andrew and Nic discuss raising capital, building relationships, vetting investors, and offer their last thoughts on entering the multifamily space.

Andrew Jarrett is a native of Western New York, where he was part of numerous profitable redevelopment opportunities on single family homes. He founded a property management company which managed single family and multifamily units. He sold the company and shifted his focus to the acquisition of smaller multifamily and single family investment properties in Western New York. Andrew currently holds several hundred rental units in this market with in-place management and maintenance teams. Andrew is also a #1 Bestselling author and the host of “The Passive Road to Retirement” podcast. He scaled his investments to the acquisition of large Multifamily apartment complexes. In the past two years he has gone “full cycle” on several hundred units, located in Florida and Georgia.

Nic Cooper saw the power of cash-flowing assets with his single-family rentals but was ready to scale. He sold his remaining single-family rentals in San Diego and got his wife, Jamie on board to reinvest in real-estate on a larger scale. Together they purchased a 24 unit apartment complex in Ohio to create passive income. In the first year they optimized systems and as a result, more than doubled the properties value! They saw first-hand the power of multifamily real-estate investing as an opportunity to create passive income and build wealth for their family. Nic brings a pilot’s precision and analytical mind to multifamily real estate with over 22 years as a military helicopter pilot. At present Nic owns 172 units in TX, AL, OH and VA with $11.3MM assets under management.

https://www.jarrettcapital.com
https://www.hudsonbluemf.com
Find out more about Mario at MarioDattilo.net‌

Talking Points:

00:03 Introducing Andrew Jarrett, Nic Cooper, and Level Up REI

00:52 How Andrew and Nic Got Started With Apartments

01:06 Nic Shares His Origins As Navy Helicopter Pilot and Early Years In Real Estate

04:08 Andrew Shares His Early Years In A Grocery Store, Discovering Real Estate Authors, and Fix & Flips Opportunities

05:37 Choosing Apartments Over Single Family Because of Scaleability

07:07 How Andrew and Nic Source Deals

08:05 The Important Differences Between Self-Management Vs Third-Party Management

10:32 Looking For Landlord-Friendly States, Population Migration, and Median Income Levels

11:31 Finding The Right Business Partner With Complementary Skills

13:53 The Advantages of Syndication Vs Self-Funding

16:03 What Target Properties To Look Out For