THE REAL ESTATE TAKEOFF
For the last 11 years Michael Garcia has worked as a specialist in fixed income spread trading for firms in the Chicago Board of Trade as well as managing his own capital utilizing financial modeling to identify unique edges in the US Bond markets. Prior to his career as a bond trader he spent over 6 years working at a Fortune 500 homebuilding company where he took on many roles, including sales, marketing, and new hire training. During this time Michael sold and closed over $40M in single family homes while overseeing project build-outs with an onsite GC. In addition, he has previously acquired and managed a small portfolio of single family rental homes, which he has since sold in the interests of redeploying capital in the multifamily sector. His first foray into the multifamily sector as a General Partner, has seen him achieve a successful reposition of a value-add asset, increasing project NOI by over 70% and exceeding pro forma projections. Michael played Division I college tennis at Baylor University.
In this episode Michael talks about his background in single family residential investing and how he transitioned into multifamily out-of-state investing. He shares the details of his first deal, a 12 unit building in Eugene, Oregon where he took the existing low rents from $750/door to $1,500/door, nearly tripling the property value in 1.5 to 2 years. Michael then partnered with his mentor on his 2nd deal in the Phoenix MSA area. He’s now exploring new opportunities in Tucson, AZ.
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