Jorge Abreu - Untold Stories of Real Estate Investing Podcast Execute Strategy Through Due Diligence

Welcome to the Untold Stories of Real Estate Investing hosted by Wayne Courageous iii. A place where active and passive investors come to hear the good, bad and ugly of real estate investing. Our guests consist of experienced operators and investors who want others to succeed by sharing their stories. If you're looking to syndicate deals or grow your wealth passively in real estate, you've come to the right show. It's now time to sit back, take mental notes and enjoy next episode of the Untold Stories of Real Estate Investing.

Welcome to the Untold Stories of Real Estate Investing. I'm your host, Wayne Courageous. For our next episode, we're excited to have George Breau. George is a full time active and passive multifamily real estate investor with 1,720 doors on the general partner side and over 1,400 doors on the limited partner side. Based out of Dallas, Texas, George is the CEO of Elevate Commercial Investment Group and owns a construction company named JNT Construction that helps multifamily investors with their full renovations. George prides himself on his family with his wife and three daughters. Welcome to our show, George.

Thank you. Thank you for having me.

Really excited to have you. I've seen your post and you know, you've, you're really active and so many different things. I'm sure I missed something in your bio. Is there anything that you'd like to say to introduce to our listeners before we get started?

No. I mean, I think you did a pretty good job. But you know, I did, I did start in the single family investments and then transitioned over to, to multifamily. Now that's about it. I mean the, the rest was on point.

Perfect. Well, one thing that's very unique value is you've, you're, I would say an expert at due diligence construction because you've been doing it for so many years and you have your own company and you help others. So like to spend a lot of time on this show digging in on those two important facets. As you know, the due diligence leading up to closing is important. And then day one of owning the property, implementing that value add strategy, you know, through construction, renovations, repositioning is key. So if you would, let's start off by can you talk us through a typical due diligence that you would do and what are you looking for when purchasing a property?

Yeah, absolutely, man. You know, leading up to the due diligence inspection, I feel like we do a lot of prepping. We want to see everything the owner has as far as what They've done previous capex. So we kind of have an idea of the things that we're looking for. You know, if let's say we've got record that the roofs were replaced 10 years ago, then you know, we know we, we're gonna inspect them either way, but we're gonna pay even more attention and possibly be ready for having to replace them. So gather a lot of information then. Next thing is obviously you're going to schedule your due diligence on that day or week, depending how many units we've got. It's craziness. You got to mentally prepare for craziness. We have a ton of contractors, crews that come out, professionals that we hire to do certain things like scoping the plumbing lines, foundation, certain things where we bring in professionals to look at. Then we've got the door to door. You know, we inspect every single unit. So we got to make sure we've got the manpower to get that done and to get it done organized in an organized fashion. So usually on due diligence you'll, I myself will usually run the other contractors, the professionals and kind of make sure they know what they're doing. I'll head up the exteriors, major component type of inspections while I've got my team focusing on the door to door inspections. You know, as far as the leases and all that stuff, we usually hire that out or the, if we're doing third party property management, they'll, they'll come in and do that for us. What I leave out.

Well, I know that was one of gonna be my questions is do you do third party management and are they helping you part of this process of checking the leases but then going door to door. Are you, I mean you're, you're at a scale now where you, you are able to afford these contractors and these groups to come in. But you know, starting out, you know, did you start out with, with friends and family going unit by unit? Do you have a checklist or did you automatically start outsourcing? And is there a, you know, is one better than the other, would you say? Starting out?

Yeah, I mean it's definitely progressed, you know, from the first property we did, it was just me and my partner and we had. The property management company helped us as well with the door to doors. We had a Google sheet we had created and we were kind of, you know, going down that list. Pretty tedious, you know, and then, and then trying to organize all the pictures and really know what we were dealing with after. So from then to now, you know now we use a software, it's very simple. You can kind of adjust it so whoever you plug in to help with that inspection, they just need to follow the app. You know, they go into a unit. It tells you take a picture of the unit number or the door, you know, take a picture of the appliances and then you can't go to the next step without completing it. So all the pictures are organized, the information you want is there. Makes it very simple.

What app is that? I mean that sounds like a great.

I mean there's a few out there and we've used a couple of them. The last one was Happy Co. It's price range maybe a little bit higher, but it's very user friendly.

And then do you buy, do you have them bring their own tablets or do y' all have four or five that you. That's already preloaded and.

Yeah, I mean I have several tablets but I mean it's, it's. You can do it on your phone as well. So usually we'll, we'll use a mixture of tablets and phones. We make sure we have power packs. That's one of the things we messed up on one of the first ones, your battery, you know, when you're taking that many pictures tends to run out trying to think what else I think you mentioned as far as the team, you know, I also use my, my construction company and our staff depending how many units, you know, will come and help as well.

And then what are some of the most overlooked aspects and due diligence?

Yeah, the, the most overlooked I would say is definitely you got to include drainage. It's something that's not super obvious when you're, when you're walking the property if you're not looking for it. And the last thing you want is to have some drainage issues and have to deal with that afterwards. I mean some of them can be pretty extensive if you got to run some drains and, and whatnot. So that, that, that would be 1. Plumbing your sewer lines. Getting those scoped and checked is super important. It can be very costly if you need to replace sewer lines under the, under the slab. Especially overlooked foundation issues including sub, subfloor, you know, they may be going hand in hand, but subfloor issues can get pretty, pretty costly if you need to tear up a lot of it and redo it. You know, on the second floor, I think roof, you know, always get the roofs inspected no matter what the seller or the broker is telling you. It was replaced yesterday. I don't care. I am getting it inspected. By somebody that knows what to look for. On top of that, I will give one tip there. If you do get it inspected and it's got. You want to also look for storm damage within our psa we have in there that if we find storm damage the seller has to claim it on their insurance and then transfer that claim over to us and you can get a free roof, you know, essentially by doing that. So that's a huge. We've had that for ourselves and we've also had it help some investors with that. And I mean mass massive for your capex walk every unit. You know some people I think get lazy and maybe they don't walk them all and they say oh you know we're going to do this percentage of the units and they should be the same. Some sellers are going to hide stuff, you know, they're going to tell you there's two down units. Well, well yeah. I mean there's four over here that are stuffed with storage stuff and they're been stripped for parts and I mean they're down units but they're not telling you that. So you definitely want to walk every unit and make sure compare that you actually got inside every single one.

Yeah. With it being a non disclosure investment. I mean you got to do your, do your due diligence and have to.

Do the work, man. You got to do the work.

So all right, so say you find it was a great tip on the roof or storm damage and so that's definitely a piece of huge takeaway for me for sure. What if you find something? Say it's the plumbing lines or those subfloors you're talking about. You know, nobody likes to retrade. And especially if you're in a bidding situation, you know, they're looking for highest, best, you know, cleanest offer. So I mean what do you, what do you typically do? Is it more so taking notes? So that way you know what you have going into it. Are you trying to negotiate repairs to be done?

Yeah, I mean I don't look, my goal is not to retrade. I don't think it's right to come in, get it, get your offer approved with the thought that well I'm going to retrait, you know and I'm going to, I've got them tied up and whatever. So. But with that said, I mean if you find a major issue, all your sewer lines are shot like and it's, you're going to have to spend hundred thousand dollars in sewer lines or whatnot. Yeah, I'm Going to bring that up. You know, that's not a secret. The seller, I'm sure, knows that that's there. You know, they've ran into issues with it, so, you know, they should have disclosed it and they didn't. So, yeah, I'm going to retrade at that point.

One more question I had. And going back to the drainage. So a lot of times when you're inspecting a property, you know, it's not pouring down rain. I mean, we've had some really great rains this last week, so be a good time to go check. Would have been a good time to check properties, but for these other, you know, new properties are coming on, not a lot of rain. I mean, what. What can you visually see or, you know, what type of consultants will help on that drainage side? Because I think that's especially, you know, like Houston areas and.

Yeah, yeah.

Even in Austin, with our flash flooding in San Antonio, you know, that definitely is an issue for sure.

Yeah. I mean, if it's a major, major concern, you can definitely bring in a professional and then get a topo done. But it's going to cost you a decent amount. Things that you can look for while you're inspecting it, you know, you want to look at the grading. Is the soil, is it coming off of. Away from the property, the building, or do you have it sloped coming back towards your foundation? If you do, which, I mean, sometimes you have kind of no choice, depending on how the building sits, then you should have drainage all around the building that catches that water flow and takes it elsewhere. Look at your downspouts, you know, are they all just have that elbow and spitting the water right out on the foundation, or is there an actual, like, splash block or an extension where the water is pushing it away? Those are the two. Two major ones. Or, you know, what it's. How's the water coming off the roof? Is it literally just coming off the. If it's a flat roof, you know, is it just coming right off the flat. Flat roof. And it's got no. No gutters, no. No downspouts. Yeah. So I would say those three are probably ones you can see visually.

Yeah. All good tips. Now moving on to the renovation side. So, you know, when you're doing your underwriting, we're getting the sellers, you know, classic versus renovated units, you know, understanding, you know, what have they done and then looking at the submarket on. On what's going on. But other than putting in the typical 3,500, up to 4,500, maybe a 5,000 a door, you know, what steps are you taking to really hone in on the actual cost? And I mean it makes it easier for you because you've got the construction, you've got the really the resource backbone to really dial in. Plus with the other renovations you've done in the area, you've got a good idea. But you know, other than just doing a number, you know, like I said, 3,500 to 5,000 a door, what other things are you, are you doing to make sure you have accurate numbers? When before making an offer on a.

Deal, I ask a lot of questions. I don't always get the answers from the brokers. I ask a lot of detailed questions. As far as the capex goes, you know, what they've done. I want to know the units, exactly how many classics or semi updated versus, you know, fully updated. What does that update include? So you know, there's times where I get a good amount of these answers. ACs and water heaters, I want to know when they were last replaced and how many. So I've got a full list that I send the broker. You know, this is. So I do do a rough number in the beginning on the high level. Right. I want, I want to, I'm not going to waste the broker's time either. If that looks good and I'm serious about it, then that's when I start asking these questions and I let them know, they see our track record, they see that we were serious, we've closed on deals and then I let them know, look, you give me this information instead of me just guessing some number on my capex, it's going to allow me to get pretty darn close and feel more confident with my offer and be able to go in higher. So they get it and for the most part they help me get the answers. Yeah.

And so when you're taking over a property, what are your must haves? Are you, you know, new paint, signage? Are you rebranding? So what are the, what are the must haves or what you are definitely going to be doing regardless of the existing condition.

You know, the rebrand depends. Depends on how bad your reputation is. I mean, I would, would love to rebrand all of them. It just depends on if it's within our budget or not the paint. I mean, I can't think of a situation where we're not painting. I think that's a must have for not rebranding. We most likely are still changing out the monument sign and adding a little more character to the property. Something that Wasn't there before. Usually has to do with either cedar or some type of wood accent in the management leasing office. You know, something to make it pop.

Definitely making sure that, you know, curb appeal is there because that at least gets prospective residents into the property and, and, and the existing residents knowing that, hey, there's new ownership and you know, this is, it's a new day. But I mean, to your point, like, they, if, if you have the cost to rebrand or, you know, if, if the property has a name and it's. Has a great reputation, you know, has really good reviews, you know, why change. Why change that? Right. People in. So what are you seeing as the unit costs? Like, you know, per unit renovation cost in Dallas, Austin, San Antonio, Houston, you know, those really, those four markets and really, you know, we don't have to go to each one, but I mean, just a general cost per unit that, you know, one can expect to renovate, assuming that it's a classic, you know, property that needs, or a unit that needs full renovation.

It's tough to answer that. You know, depending on what level you're trying to bring it up to. You know, let's say you're going to replace all the flooring. You're going to be putting in vinyl plank and maybe carpet in the bedrooms. And you're going to be, you know, let's say you're going to change out the fronts and the cabinets. You're going to, you're not going to change out the base and you're going to resurface your countertops and resurface your tub and your tub surround. You're going to be painting everything and then you're going to have a full fixture package. Lighting, plumbing, hardware. What am I missing there? Appliances. All new appliances. If you're taking it that far, you're pretty much replacing everything and just other than the full cabinets and the countertops, but you are making them look better. You're gonna be close to probably about 8 to 10k or so, maybe, maybe even a little bit more, you know, depending on the size and whatnot. That's all in all inclusive.

And if you're just from a value add, affordable housing. So is that number more what you see are typically on these class A, you know, nicer properties or are you seeing that on these value add deals as well? Or affordable housing? Class B?

Yeah. No, I mean that's affordable housing. And if you're doing everything I just mentioned, you know, there's things you can cut down on. You know, if you're trying to save some of the flooring. If you're gonna keep the existing cabinets and not change the fronts, if you're not gonna change out all the appliances, then you can start getting closer to your 5K, 6K. You know, when somebody tells me 3500 a unit, it's like, what are you doing? You're, you're, what are you really upgrading at that point? You know, your, your package for changing out all the fixtures, if you're including appliances, I mean, that's 2000, 2500. I mean. Yeah. What do you.

Yeah. Well, and the reason why I'm, you know, definitely asking because that number gets thrown out a lot. But since you're in doing this every day, I mean, that's really, you know, I want to ask that type of question to figure out, you know, what are you seeing in these markets? Especially, you know, since you're, you've got the construction group and that's what you're doing day to day.

Yeah. I can tell you for 3,500, you're not going to get much. For 5 to 6,000, you can start upgrading the unit. And then if you get closer to 10k, then you're, you're really taking it to the next level.

And then when you're finding these contractors, how are you finding competent contractors who are pricing the scope correctly? So you're not having change orders and you're not having to micromanage. It's hard when these markets, I mean, there's so much work for these contractors. But what have you found to be successful in finding, you know, competent, good contractors?

You know, it's not easy. The crews that work for us, we've been working for them for a while. I mean, they've been working for us for a while. We've gotten to know each other really well. They know our process, to answer your question, is communication is one. Change orders are bound to happen. It's. How do you communicate that change order? How do you handle it? Is there an understanding where. Yes, that's a change order, but you're, you're also doing all this work for us, so I don't expect it to. Am I gonna get charged like you were just coming to this property to do that one single item. So, you know, I think the fact that we have a lot of work makes it easy as well to get some of this stuff done. For somebody that's just trying to almost play the GC role themselves and sub everything out, it's tough, man. I mean, you're, you're gonna you're gonna run into some bad crews and you, and you've gotta, gotta have a process to where you don't get burned, where you're not, you're checking on it throughout the process before you're paid somebody $30,000 and they've only delivered $5,000 worth of work and now they're gone. Yeah, I'm not sure if that answers.

No, it does. I mean it just, I mean it's the answer. I mean it, it's just reality of finding good, honest, hard working contractors in today's environment. Right. Because it's, you know, when in, when I say even today's environment it's getting, work is slowing down and it's, you know, it has slower, but it's still, it's still really busy out there and people are taking advantage of this downtime when it, when they have these units available or they have office space or whatever and there's not as many people going in the office or on the multifamily, you know, you may have units that haven't are sitting a little bit take advantage of, of those renovations. One thing that you know, I know on the office, the commercial side and commercial real estate, just in general, really, risk management, safety, job safety analysis, you know, these type of things are required. But what are you on the multifamily side in your experience, have you been, are there certain insurance coverage limits? Do your, all your contractors on site have to do it? Because at the end of the day, like if a worker gets hurt on property, you know you can be liable. So I think that's one thing that hasn't, that's not talked about enough is, you know, risk management and making sure that people that are on your property are covered in a case of, of an incident. So can you walk us through?

No, that's a great point. And I've, I've stressed that before as well. Like, you know, you've got to make sure who you hire to do your work has insurance and has the proper insurance and coverage and also stress to get at it as additionally insured makes it a lot easier if there ever is a claim. And as far as us, I mean any subcontractor that works for us has to have insurance. I mean it's part of our process. They don't come into our system without it. And what that does is if there's a situation, kind of some of the stuff you were saying, you know, if there's a contractor that's done work and they didn't do it right, and it's caused an issue. Well, now I know they have insurance and I can, I can tell them, hey, look, you're going to come and take care of this or I'm going to file a claim on your insurance. You know, usually that it doesn't have to get to that point, but if it does, it does. And I think you're right. Not a lot of people talk about it, but it's, it's definitely something. Look, if you hire somebody, they don't have insurance and they get hurt on your property, or let's say they cause a massive loss, I don't know, they burst a pipe and it causes all this damage. They can walk and what, you've got nothing. Then it goes on your insurance. So, yeah, very important.

Yeah, I think whatever. It doesn't matter what size property you have. If it's single family, multifamily, office, retail, just that insurance and then, you know, especially having more understanding of, of like if anyone's on the roof in particular, you know, how are they getting to the roof, what's their ladder safety training, what's the fall protection, you know, these things. I mean, it's, it's concerning and a lot of times, you know, we, we bid and we want to go with that low cost. But I really want to hit the point on this, on this podcast to share with you that, you know, anybody listening is really take the extra steps of, of understanding how they're safely going to do it and how, you know, they're, they're think. You want them to at least be thinking and providing a method of work or job safety analysis. You know, if they're getting on the roof or doing any high risk type work, I mean, even window washing near an electrical pole or, you know, electrical line. You know, in New Braunfels last year there was an electrocution at a church. You know, someone was washing windows. And so it just. Anybody that's doing work, it's not always going for the low bid, right? It's going for the one who has a good safety record and insured. And last thing I'll say is, you know, I fail to do that sometimes at the house, right? The personal house, you know, we. So the way I would do things on the commercial real estate, my day job is different than I do, you know, at the house pace in point, Christmas lights, you know, you get it, you get a quote at Christmas lights around your house. It's 1000 bucks to install or the guy and I did this, the guy next door, 250 bucks lights included. And then I found out he was using interior electrical cords with. With duct tape. So I had to. The property manager and me, you know, the real estate guy, I'm like, all right, we got to do this the right way. You know, I got important cargo in this house. So we've had to redo it with a better company.

But it's weird, man. I've been. I've been fighting this ever since I opened a construction company. It's crazy how for some reason we, a lot of us decide to hire contractors and pay them thousands and thousands of dollars, but don't take any time actually vetting them and doing some type of research, asking for the insurance, asking how they, you know, their safety is very important. I didn't even really mention too much of that, but I mean, yeah, I mean, if somebody gets really hurt, I mean, they can easily turn around. And if you hired a gc, sure, they're going to turn around and go after the gc, but they're also going to go after the property owner.

Yep. They're going to go after the pockets.

Yep. Yep. So, you know, all of our project managers are OSHA certified. Depending on the project. We do safety trainings. So very important. I agree.

Well, I'm glad. Yeah, we talked more about that and it's great to hear that, you know, your company has taken those extra steps for that for sure. So a few more questions here. We'd love to get your intake, your take on, you know, the good, bad and ugly of real estate investing. You know, having owned these properties, continuing to own, but then also on the passive side. I know it's a. It's a big question, but you know, what, why. Why do you do it? And then what are the things not so much talked about in your opinion, that, you know, if you're open to sharing?

Sure. Why do I do it in general?

Yeah.

Passive and actively, you know, actively. I love it. I mean, it's my passion. I like everything about it. When it comes to buying these properties, fixing them up, transforming them, bringing a community up, you know, I've been on site where I've been on site and having the residents come up to me and thanking me for everything we've done, it's amazing. At the same time, you know, I'm building a massive portfolio that should be generating good amount of wealth for myself, for my family and hopefully for a long period of time, passively. The returns are great. Lately, mainly the tax advantages, the tax benefits. So both, you know, I don't know which one I like them both, the returns and the tax benefits.

Well, and on the active side, there's so much, I mean, it's like that iceberg image of, you know, you see what's on top of the sea of, you know, like you don't see all the work that goes. I mean, there's a lot of work that you have to find that deal. Right. So on the passive side, you know, you're benefiting, you're getting in on someone's all that hard work and you're, you're able to benefit. And I did a blog last week and you know, it's been on my mind a lot where my wife's from Montana. It's beautiful country, but it's like, what do people do here to survive? And you know, they, you know, a lot of it's passive income, right. So it's sort of having that balance. So I think it's, it's great where you're not having to do as much, but you're still able to underwrite. I mean, you have that knowledge, but you have somebody who's playing that active role while you focus on your other.

Yeah, somebody. Somebody just asked me the other day, as far as, you know, what type of passive investor am I? And when I invest passively, I am passive. I do my research on the front end. I making the decision that I trust this, this team and that I think it's a good deal and once I put those funds, I am 100% passive. I'm not going to be the one bugging you and asking all these questions. So. Yeah, I agree, man. I agree. I think part of your question that I did not answer is, you know, some of the things that are not really talked about is on the active side, it's a lot of work, no joke. You know, the, the asset management part of it, it's a lot of work and you can't take your, your finger off of it. You've got a. Continuing to tweak and manage it. So, yeah, I don't think there's a lot of focus on that part of it.

Yeah, the get rich, it's not quick. You know, closing line is, you know, you get, you get to closing and you have that pride, but then now it's all yours. So all the, all the stuff that is existing and what you're hoping to do, it takes work. So. And the asset management fee isn't huge with all the work you're doing too. So I think what you mentioned before, and I share this, is the passion and the joy and the love for commercial real estate. It's sort of, it's addicting. But if you don't have passion in it, it's going to be miserable because you're, you're dealing with good tenants, bad tenants. You're dealing with good contractors, bad contractors, good management, property management. You know, it's. But at the end of the day, if you're enjoying it, you know, it's, it's, it's like with anything, if you're enjoying it, it's fine, but you know, if not, it's, it's a pain go into. Go do it passively because the returns are there, the tax benefits for sure. But you're trying to figure out what's your time commitment and is this something you want to be doing and that's just when you have the deal. Right. There's so much just to get the deal.

Yes. That is also a grind.

That is a grind for sure. So what do you wish you had known when you first started that you know now? Is there something that you know, I know you.

I.

One thing I love about your post and you know, I've got some of the books you've recommended and I got those because of. Of the posts that you've posted. So I appreciate that. But you know, what are some of the things that you wish you had known when you had started that may help a listener out there right now?

So I mean, I usually answer this with. Should have started with multifamily instead of single family. You know, if we're talking about solely multifamily, you know, things I should have known when I started investing in multifamily. That's a good one. I've never answered that question. So now that I think about it is probably being able to kind of go into the point that you said, you know, finding the deals, being able to evaluate them quicker and not waste so much time on stuff that's just not good deals like when you really.

Want to make it work.

Yeah, man. No matter what you do, it's not a deal. Okay. I mean, sometimes you do have to get creative and in a good way. Yeah. But once you really start trying to squeeze a deal, you should just walk away from it and kind of just staying picking your criteria, what you want to go after as far as property area returns and then sticking with it, you know, go, go full force on that.

Build those relationships and your team and go forward. So, yeah, great, great points. You know, as we start closing up, one of the questions that I like to Ask is, you know, what are your proudest moments investing in real estate?

Proudest moments investing in real estate. You know, one of them. I'll go way back is being able to quit my W2, you know, having enough consistent money coming from the real estate investing to step away from that. Another one I can think of is closing. The first multifamily deal was a big deal. And yeah, I'll stick with those two.

Tell us real quick about your first deal. Like, how did it work? How did you get. Did you get passive investors or was it your capital? How did you make it so people could trust that you knew you could do this?

I partnered with somebody that had the experience and they actually brought the investors. I had not raised equity before. It was. We had a couple private lenders on the, on the single family, but had never syndicated a deal before. So that's how I did the first one. You know, I, I brought everything else to the table pretty much. And. And they brought their experience and, and the equity.

I think that's key too, because it's like you've got that starting point, like, you know, how it feels to wanting to get in but need help and seeing just what I've seen of you adding a lot of knowledge to the network and then wanting to find co partners and stuff. You know, that humbling beginning of, you know, I need help. Right. And that's one thing that, for me, it's been humbling is, you know, I've known I need help, but it's the more and more that I'm doing this, it's the relationships, you know, we. It's building the relationships, it's partnering, getting people that share the same values and the same excitement and, you know, so we all got to start somewhere. So that's a great way you started was networking and you found that person to partner with.

So, yeah, it's definitely a team effort in multifamily. So many different things going on to make it, you know, all come together. Sure.

So as we close up, is there anything else you'd like to share on the show or about your company and how can listeners find you?

They can find me pretty much on all platforms, at least the major ones. Instagram, Facebook, LinkedIn. They search my name, they should be able to find me or search my company, Elevate Commercial Investment Group or J and T Construction. And if they want to shoot me an email at George or Jorge J O r g e levatecig.com if they mention this podcast, I'll send them over several different checklists. I have, you know, I talked a lot about the questions I ask up front. I've got a whole, that whole list that I can send.

And yeah, you know, I appreciate that and offering that to our, to our listeners. So if I can do anything for you, let me know. But thank you, George, for being on the show and hope you have a great rest of the day.

Thank you, Wayne. Enjoyed it.

That's all for this episode. We hope you subscribe, share and leave a review of the show. For more information about passively investing in multifamily apartments, check out Wayne's free ebook by going to creipartners.com forward/ebook. Also, follow us on Facebook by searching CREI partners.

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