Episode No. 99

The Family Fortune: How I Bought a 36 Unit With My Family and Made Us Millionaires!

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Episode No. 99

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In this episode of the “Share the Wealth” show, the host welcomes Eddie Symmonett, a successful real estate investor and business owner originally from the Bahamas. Eddie shares his inspiring journey from moving to the U.S. for college to becoming a prominent figure in the real estate industry.

Key Takeaways:

🌐 Networking is Key: Building relationships with experienced investors is crucial for success. Attend events and connect with others for valuable mentorship and opportunities.

📚 Education Matters: Invest in your education by attending workshops, finding a mentor, or reading books on real estate investing.

🏠 Start Small and Scale Up: Begin with smaller properties like duplexes and four-unit buildings to gain experience and build capital before moving on to larger apartment complexes.

🎲 Take Calculated Risks: Eddie’s move to Birmingham and his six-month focus solely on real estate was a calculated risk that paid off.

🤝 Be Strategic in Networking: Focus on building meaningful connections rather than just collecting business cards.

💪 Hard Work Pays Off: Eddie’s success is a result of his hard work, dedication, and willingness to learn from his mistakes.


🌟 Tune in for an inspiring and informative discussion about the strategies on starting your own real estate investments! 🎧


Eddie Symmonett has been active in real estate since 2016 when he started interning, reading and researching everything he could on real estate investing. He comes from a family that has a background of successful Real Estate Investments overseas in Nassau, Bahamas. In 2017 he purchased his first duplex and four-unit apartment investments. In 2018, The year after he purchased a 32 and 75-unit apartment as a Limited Partner. In 2019 he purchased a 36-unit apartment complex as the sole- owner/operator and successfully exited the deal in 2023 with a 2.33X Return on Investment through the implementation of his investment strategies. From October 2021 to 2023 Eddie has syndicated two apartment complexes totaling 88 units and was featured on the front page of the Birmingham Business Journal where he was interviewed about the closings, Pearl at Sun Valley and Don Beri apartments. 

As the President of Symmonett Management, a Property Management Company based in Birmingham Alabama, Eddie currently has 4 employees. Symmonett Management currently manages all of Symmonett Multifamily’s holdings which is currently 90 units.Eddie Graduated College in Fall of 2017 and holds a Bachelor of Science in Business Administration/Accounting(Cum Laude) From Stillman College, Tuscaloosa Alabama.



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Key Quotes:

“If you don’t give yourself any other option but to succeed, you would be surprised at what you could do.”

  • Eddie Symmonett


Connect with Eddie Symmonnet!

You can find him on

Website: Eddie Symmonett’s Card (hihello.me)

Instagram: eddiesymmonett

LinkedIn: Eddie Symmonett | LinkedIn

YouTube: Eddie Symmonett – YouTube

Email:  esymmonett@gmail.com



Let’s get connected! 

You can find Nicole on 

LinkedIn https://www.linkedin.com/in/nicole-pendergrass/

Instagram https://www.instagram.com/nvestornikki/?hl=en

Facebook https://www.facebook.com/nvestornikki

or Visit her website https://noirvestholdings.com 


[00:00:00 – 00:00:39] – Eddie Symmonett

A lot of people was telling me to do single family, but I never really was interested in it. I just, I just never really looked at it. Like a, like a true, like, okay, it wasn’t really scalable to me couldn’t, I couldn’t reason with it to make it scalable. a book because I was looking at each property as his own business and the fact that you only have one opportunity to collect rent is almost like a hundred to a hundred to zero every single month.

I just didn’t like those odds. So, I was like, even if I can get like one more unit, if one unit doesn’t pay me, at least that other unit will be covered in the mortgage versus on a single family, if that one unit don’t pay me, I’m having to go work to pay the mortgage. It’s just like owning a house and living in it, right?


[00:00:40 – 00:01:16] – Intro

Welcome to the Share the Wealth Show, where minority professionals can learn to escape the racial wealth gap and catapult themselves into abundance. Your host, Nicole Pendergrass, grew her net worth from being negative to multiple six figures. Join her on her investigative mission to expose secret strategies of the wealthy so we can all have the tools needed to build the life and legacy we were created to possess. Now it’s time for the show.


[00:01:17 – 00:02:03] – Nicole Pendergrass (Noirvest Holdings)

Welcome back everyone for another episode of the Share the Wealth show. This is a show where you discuss strategies on how to build, grow, and protect minority wealth. And you tweet today, I have with me Eddie Symmonett. if you guys are not, this guy’s all-over social media, he’s everywhere, he’s doing so many things.

Since I first saw his name, because you can’t forget a name like Symmonett, like, no, no, I don’t know anybody else with that last name, right? But ever since I’ve seen him around, like, he’s just all-over social media. He’s very active. He’s just doing the dang thing. And I’m so happy to have him on the show. Finally, I’ve been trying to get him forever. We need to show the show. Hey, Eddie, Eddie, you so much for coming on, I appreciate it.


[00:02:04 – 00:02:05] – Eddie Symmonett

My pleasure. Thank you for having me.


[00:02:06 – 00:02:27] – Nicole Pendergrass (Noirvest Holdings)

Of course. And I know you’re going to leave so many nuggets and jewels and just inspiration for the listeners that I’m super excited to get started. First, I want to ask you a random question. What’s one thing you wish you had the money to pay somebody else to do for you?


[00:02:28 – 00:03:14] – Eddie Symmonett

That’s a good question. One thing I wish I had, so I had the money to pay someone else to do for me. Probably replace myself and my manager company as the president. So, here’s the thing. If I can replace someone as the president of the company, that would free up a lot more time for me to focus on development and growth, as well as looking for more properties to purchase.

As an operator, majority of more time is spent in the business, not on the business. If I had the funds, I would hire someone salaried that could replace me as the president of the company. I’d be on the board of directors. And then that was free up time for me to go out and prospect.


[00:03:15 – 00:03:26] – Nicole Pendergrass (Noirvest Holdings)

Wow. And you’re already at a high level. You talk about the president of your company and your management company and all that. Like I was thinking, I need somebody to do my laundry.


[00:03:27 – 00:03:31] – Eddie Symmonett

Oh you’re funny, that too. I need help with that too. I need help with that too. So,


[00:03:32 – 00:03:54] – Nicole Pendergrass (Noirvest Holdings)

But you high level, you high level. Okay. Um, so you, so you mentioned the management company. Let’s just go there. So, you, so I’m assuming that that means you have your old management company, property management company.

We didn’t introduce yourself. So, I guess introduce yourself first. So, people know who they’re talking to. They don’t already know who you are. And if they are, that means they’re heads of the same. But anyway, I’ll digress.


[00:03:55 – 00:05:09] – Eddie Symmonett

Yeah. So, so thanks. Thanks for having me, Nicole. Everyone, my name is Eddie Symmonett. I’m originally from the Bahamas. So, I was raising a Caribbean and I migrated to the, to the US when I was 18 for school. I studied business administration and out into school. But I realized around my junior year that I didn’t want to do that as a career.

So, I had the opportunity to mentor, I’m sorry, intern with a mentor of mine that owned a real estate investment company that focused on real fixing flip and buy and hold in Birmingham. I went to school in Tuscaloos, which is about 45 minutes away. So about two times a week I would go up and you know, just intern and shadow.

And by the time I was getting ready to graduate, I realized that I wanted to pursue real estate, you know, instead of business administration or like accounting in that field. So I took the leap in 2017 when I was 22, I started with wholesaling, then saved up and started buying some small multifamily properties, started buying some larger properties, and then opened a property management company as well as started doing syndications and bringing it out the investors department with me. So that’s what I’ve been doing in my 20s.


[00:05:10 – 00:06:50] – Nicole Pendergrass (Noirvest Holdings)

So much more productive. that a lot of people’s 20s, so much more productive than my 20s, I don’t even want to go back and try to think about it like what I was doing. I remember my 20s, I was going to Thursday night, like, I’m not happy hour. Yeah, happy hour every Thursday night. We have which 26, I’m gonna say that not lot of people know that New York City, every Thursday night it would be like a thing me and my friends from college would just go there all the time. I was also paying down debt in my 20s, because I ruined it in college. So that’s a whole other story. Okay, we’re getting off. I’m already getting off topic.

Back to Eddie. You’ve got so much in there. I know, because you kind of, you said some small multi-families and wholesaling. There’s literally, I’ve tried wholesaling for like two years and I never did a deal. We’re doing all the things and I feel like it’s more of like being busy with all the stuff and not like really focusing on like, the right things to move needle to get the deal done, but that’s a whole podcast.

Actually, we did do that podcast everybody with Vivian and Vernita. We talked about our whole sailing fiasco. But anyway, we don’t have go into how you got introduced. We know how you got introduced now. You were interning with an investment company, which is actually that’s fantastic that you got that as your intro into like people actually doing it instead of just sitting on a stage and talking about and selling you on a program or something that’s very valuable, too. But out of what they were doing, what made you start with whole sailing? What was attractive about whole sailing for you at that time?


[00:06:51 – 00:07:33] – Eddie Symmonett

Yeah. So how I got introduced originally to real estate investment was through one of those programs, you know, similar to what you just mentioned, Twitter and selling you stuff. But they’re giving you just enough to kind of get you interested. So, strategy and one thing that kind of caught my attention was the fact that it was low risk.

So, you have something to wear. is a low barrier to entry and its low risk, but usually the year something seems, you know, or the more accessible it is, the more crowded the space will be. So that’s really how wholesale and energy you have a bunch of people and a bunch of competition. So, I didn’t do that for too long, you know, so I started getting into like the more in a buying whole side.


[00:07:34 – 00:08:08] – Nicole Pendergrass (Noirvest Holdings)

Okay, so being so young, what I want to get because I really want people who are either younger or feel like they don’t have the capital or resources to get started to understand is that you made it happen in your early 20s, right?

Starting with wholesaling, even in a competitive like strategy class, right? So, when you started buying and holding, what did that look like? Were you using money from your wholesale? Like how many wholesales had you done to be able to save up enough money for your first down payment? Like what did that look like financially wise? Like you building up from one to the next?


[00:08:09 – 00:08:43] – Eddie Symmonett

Right. Yeah. for me, Absolutely, you know, it wasn’t just wholesaling. I had lots of money from, you know, so I didn’t start with zero. So that’s not really my story. Okay. of those stories where it’s like, you start with absolutely zero. So, I did some wholesaling that helped me out as well as I went to school and I had a tennis scholarship. So, the side from my college tuition, I was able to give my family to let me invest that, you know, in my education, as well as I get my first couple properties. So those, the combination of those two things got me my first two properties.


[00:08:44 – 00:08:47] – Nicole Pendergrass (Noirvest Holdings)

Okay. And the first two were that you buy and held were single families?


[00:08:48 – 00:08:49] – Eddie Symmonett

A duplex and a four unit.


[00:08:50 – 00:08:54] – Nicole Pendergrass (Noirvest Holdings)

Oh, so you just jumped, you skipped single family and went back to duplex and four units.


[00:08:55 – 00:09:48] – Eddie Symmonett

Yeah. Um, my, my mentor, like a lot of people was telling me to do single family, but I never really was interested in it. I just, I just never really looked at it. Like a, like a true, like, okay, it wasn’t really scalable to me couldn’t, I couldn’t reason with it to make it scalable. a book because I was looking at each property as his own business and the fact that you only have one opportunity to collect rent is almost like a hundred to a hundred to zero every single month.

I just didn’t like those odds. So, I was like, even if I can get like one more unit, if one unit doesn’t pay me, at least that other unit will be covered in the mortgage versus on a single family, if that one unit don’t pay me, I’m having to go work to pay the mortgage. It’s just like owning a house and living in it, right? So, I was like, okay, if I could just get one or two more units on that one property, it would make it more functioned more like a business a big business, but it has a little bit more scale to it.


[00:09:49 – 00:10:29] – Nicole Pendergrass (Noirvest Holdings)

Okay, I love that. That actually, and that’s actually my, that’s my story too. I didn’t, I house hacked it, but I house hacked the three family. And that really was a springboard for me scaling up into other units and bigger units. And I know that’s exactly what you did.

So, I want to get into that. So, after the two unit and the four unit, how long did you own those and what was your next purchase and those help you with the next purchase like, you know, I know I took out a HELOC or refinance mine and took out equity. The next one is that your story with your two and four unit or how did the next purchase. What was the next purchase after that and how did that come about?


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[00:12:10 – 00:14:25] – Eddie Symmonett

Right. So, I still own the duplex today. The four unit, I wouldn’t have sold it if it hadn’t burned down. So, yeah, it was a fire last year. So, I made my money back. So that deal was like a four-x equity multiple, you know, I owned it for six years, but it did burn down. So, you know, mentor of mine. I was a client. He always said, know, if you own, if you own enough real estate, you are going to have a fire at some point.

So last year was my, my time to have a fire. So, I had one. And, you know, but it was a fire sale also, you know, because I still let it make a lot of money. So, you know, that’s just a little play out words right there. But yeah, yeah. So yeah, so that was my first two. So, after those two deals, I got a 36 unit and that deal was a mutual family money. So, at that point, I had exhausted the money that I had, that I had, like in my personal to invest.

So, I was like, I have two deals under my belt, they do one really good, you know, I’m doing this full time because I live in Birmingham, Alabama, cost of living is very, very cheap. And similarly, oh, I think that’s the duplex. So now outside of hacking my duplex, I’m getting paid like $150 to $200 a month to live there because the cost of living is so low, as well as I have a four-plex that’s paid off because I bought the cash and then renovated it. It wasn’t like two units and you need to be renovated. So, it wasn’t like a big cut job or anything. guy was just getting out of real estate and it was like an off-market deal.

So, it was like a perfect opportunity. only downside to it was the neighborhood was rough. Okay. Right. what that big deal looked like was, you know, family money, my money, and then my money. And how I had contributed to it was an acre of land in Bahamas that I had inherited that I sold. So, it was a piece of money. So, at some point, guess I was supposed to, you know, build a house on or do something with it.

But I was like, I’m probably not going to be moving back anytime soon. And it would be great to kind of like, put this money to work, you know, to where if I do want to move back, you know, at least, you know, would have more assets on this side that could help with that in that case, you know, so yeah, so I was able to get money to get into my 36.


[00:14:26 – 00:16:04] – Nicole Pendergrass (Noirvest Holdings)

All right, I love that. So, you know, I want to break down this 36-unit because to go from a four unit to four to 36, you know, that’s just crazy. Most people don’t even want to do a four unit, right? how did you have the knowledge base? Because you are so like just having a conversation with you, even our pre-recording conversation, you were just spitting stuff.

But I was like, no, wait, wait, wait, we got to, you got to save that for the people. Like you say too much stuff right now, but your terminology, knowledge base, like you are so like, like just knowledgeable about multifamily and the terminology and all that kind of stuff. But that doesn’t come from simply having a four unit, right? Like when you’re thinking about bigger scale apartment buildings or something as large as a 36, larger, small, however you want to look at it, right? Because of course, it’s bigger. But going from a four to a 36, it’s an entirely different game.

So how did you, did you know, did you feel like now looking back, you knew enough about multifamily to do that 36 or was it like optimistic, naive optimism or something like that? Like, what made you comfortable doing a 36 and being able to convince, I mean, it is your aunt and your mom, but still like, they have to, I guess, trust your personality enough to know that you wouldn’t ruin everything. That’s a big undertaking. Okay, I’m just rambling because I’m just that I’m also worried that you went from four units to 36 units. Like, I want to be like you when I grow up about that.


[00:16:05 – 00:19:47] – Eddie Symmonett

I appreciate that. So as far as the 36 unit, how it came about was, I’m proud to doing that. So, before I bought the 36, I owned the four plex and the duplex for about two and a half years. So, during that time, I was learning about operations. I was learning about management. I was networking. I was going to events out of state. And I was meeting people, people that were way further along than I was, know, people that had hundreds of units, you know, people that had maybe five deals, six deals on a day about people that had been in the business for 15 years.

So those are people that I surrounding myself with. And a lot of what you’re hearing is just kind of like regurgitation of what I’ve heard over the years, and also put into practice. So, a lot of it is practical, but in a lot of it is listening to people and making connections and adhering the same things over and over again, right? So that’s kind of, that was like what gave me the confidence because a lot of people told me like you could do it, you know, and I got those affirmations like when you get around the right people, they’re going to uplift you, you know what I’m saying? They’re not going to cheat down. So, it’s like if you get, if you’re going out and traveling to these events, the people that are showing up at these events are go-getters, they move it, they move it and shake it. So, when you get in those leaves, it brings your level up. So that gave me a lot of confidence, just hearing that it was possible and people were kind of like chair leading me and saying, hey, if you need help, we’ll help you. I just go out and find a deal and you could do it.

So, what I gave me the confidence, so what I did was I looked at for about that summer, I would say, I think that over 500 or 400 units in my apartment complexes in my area, I’m sorry. 500 apartment complexes complex is not units. So, I mean, Birmingham is in a large area and we don’t have much apartments. So, I would just to put it in terms, that’s about like, about 65% of the inventory, you know, in the submarket, you know, like, Amazon is like a million people.

So, in a population of a billion people, I looked at about 65% of the real estate that pertain to like apartment complexes, about 20 units and up. So, I wanted to market to buy a street level, like on street-by-street basis, even up until the point where someone sends me a deal, I can know if it’s something I’m interested or not, just by getting an address and like about 30 seconds, I would know if that’s the area I even want to invest in or not.

And it happens all the time. But yeah, that’s kind of how I was able to kind of get the confidence to do it. then I’m reading books, educating myself, you know, I wasn’t able to pay, I didn’t have the money to pay for like, a traditional mentorship, like a 20, 30, 40k mentorship.

But what I did do is I said, okay, have this much. I can go to those events. You know, they sell you the thing at the end, right? But the cost to actually go to the events and get in the room with the people that’s already in the groups was like a fraction, a significant like fraction of cost to what actually cost to get the mentorship.

So, I would pick you back off of all of these people. So, you know, you may have five different mentorship programs. Instead of like subscribing to one and paying 50,000, I was going to all five of them. And I was meeting everyone that was in the mentorship in those five. So, I had like 20 plus collections in each group. And like, you know, just from networking and people being willing to help, I gained a lot of information for free basically. Not for free, but like, you know, I didn’t have the mentorship to get some of that information and to have connections that can help me along the way.


[00:19:48 – 00:20:25] – Nicole Pendergrass (Noirvest Holdings)

Oh my God. And you know what? It makes so much sense. Because I know, so I go to the events and stuff too, everyone in those events, I haven’t met somebody who has not, who has felt like they were being stingy with information, right? Everyone who I meet and network with has just been open and wanting to help and been so nice and supportive, right? I think there is that mindset and that mantra that you have to pay to play and that like you joining the group is getting rid of like the tire kickers because the people who are at most of these events or tire kickers are just going to waste time.


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[00:20:59 – 00:24:04] – Nicole Pendergrass (Noirvest Holdings)

And that there may be some truth to that but there are and it doesn’t mean that you have to also be a tire kicker if you’re the one going to these events like go network, be strategic with your networking and relationship building like anyone and you can go out there and when you’re actually finding a deal that you can reach back and now these people are going to remember you and say, well I remember when he was at the, I remember meeting him at this group and he actually found a 30 unit building or however many units it was right then it makes it more just impressive and like oh he’s really serious you know and then it just I don’t know it’s just another it’s a snowball effect and it just keeps rolling and I love that idea of like you really strategically using your network to grow and learn about all these people who are in these other mentorship groups because at that point you didn’t have the capacity to be able to pay for mentorship group um that was just that was smart smarter and I’m saying that because I wanted to join a multifamily mentorship group like years before I got into multifamily of years before I even house hacked my first building but I never joined I never even went to ask how much see how much it was because I knew I didn’t have it and I was just like I already know like they were they came and presented at the local VIA you know everyone goes to the VIA and they presented I know a few people were joining like it was a local group because it wasn’t as much zoom back then. And I feel like a dag zoom. I feel like I’m aging myself with that.

Even though that’s really only like a few years, but still just But I really wanted to not even went to like their three-day seminar, whatever that was, but I never even asked about like I went to a lot of three-day boot camps and multi-family seminars and things like that. But I always shot away from even hearing the price because I knew it was going to be out of and probably didn’t network as well as I should have. It took me a long time to build up my networking skills and going out there. So, you know what, that just brought a question to mind.

Me going to these groups and these events and these boot camps and wanting to get involved in multi-family but not having the money to start with a mentorship at that point. I shied away probably from networking as much as I should have. One had never really learned about networking like that. But outside of that, I also felt like why would somebody want to talk to me. And when I haven’t done anything to like, I’d have nothing to bring to the table. Like, I have no like value add there. We would just be me taking value, not anything that I can add because I don’t have the experience to add, right? So, what in your mindset, before you even got to like the affirmations and the support that people were giving you to even be bold enough to go and start those conversations and be outgoing, like, are you just naturally outgoing kind of person? Or did you have anything else in your personality or mindset that didn’t prohibit you or feel like you were self-conscious because you were new?


[00:24:05 – 00:27:35] – Eddie Symmonett

That’s a great question. I think most people kind of struggle with those thoughts, whether you introvert or extrovert. Like, for me, naturally, I’m more of a reviewer person. But when it comes to business, I kind of take myself out of it. And I think of it like, okay, I’m not doing this as any I’m doing this on behalf of my company so it’s like I don’t take it personally I take you know myself as an individual out of it and I’m like okay I’m having I’m making these conversations because they have to be made and as no one else that’s gone make it for the business with me so right now I have to be the face person and I have to get uncomfortable and do it so I think detaching my personal feelings for me like thinking okay this person won’t like me personally I’m like okay well they just weren’t interested in the business or they weren’t interested in talking about business right so I think that’s one thing that really can help you know if you think about you know these conversations on the personal side more on we all business owners you know what the speed of technology is very informal now but back in the day like you know I’m saying like it would be a lot different you know but we have to we’re all business owners as doing this so we have to keep you understand that we are like the face person of our business is that that’s really what our job is You know, so it’s not really a personal thing if someone doesn’t want to, you know, move forward or help me out or anything like that. So, so I think that that really would help. That really helped me. And then, and then also the necessity, like the only other option I really enabled.

Okay, I’ll tell this. When I graduated college, I was super scared, right? I burned my ships. You know, I went to school for accounting degree of business administration. My next step was going to be to go get my CPA and then go down that route, right? But I took a pause and I said, well, this is a great opportunity at 22 years old to take a risk, know, and battle myself.

And I said, like, okay, I’m gonna give myself six months because that’s all I really had saved up for like rent, right? So, I moved to Birmingham. I signed a six-month lease on an apartment. And I was like, okay, this is six months. I’m gonna have to go back to school. So, for them six months. I wasn’t going out. I didn’t have a drink. I didn’t see any of my friends. I was basically just on the running. Like, if it wasn’t dealing with real estate, I wasn’t really doing it. know, I was Saturdays. I was working full days, a little bit of Sunday.

So, I just really went in, like, for them six months. And I think within the first three days, I had like one new properties on the contract, the wholesale, you know, prior to I hadn’t gone to anything. So sometimes it’s like burning your ships and not giving yourself an option, you know, like, if someone, well, there’s a funny analogy, but if someone kind of is there, they’re back against the roll or they want to cliff or whatever. And the cliff is like 20 feet down, right? They go on dive; they jump off the cliff. But then they got Muhammad Ali or Mike Tyson on the other side with boxing gloves, right? You’ll be surprised how much people have strong people to get at that point. They may get punched, but they probably would get past them and run away. So, it’s just like… Like, would you force yourself in a corner and you don’t give yourself any other option, but to succeed, you would be surprised at what you could do. That’s what I would say.


[00:27:36 – 00:29:51] – Nicole Pendergrass (Noirvest Holdings)

Oh, and you know what, that was actually a great analogy. I love that. And I love that you even thought about doing that and kind of like giving yourself, like those, those limitations and that timeframe constraint. And I always say like putting a date or a deadline on your goals or on things you want to do. Because if you don’t, then that time is just going to pass before you know it’s going to be three years after your deadline that well, you wanted to do something, right?

So, I think doing that was just super smart, especially when you were in a position where you, you have some money saved up and you said, okay, I’m only giving myself this much time. And that’s it. And otherwise, I have to go back to school. And I see the opportunity going down this path and I don’t really want to go back to school. So that’s like the less that means I have to like basically go back with my tail between my leg’s kind of thing. And like for my family, yeah, this real estate thing ain’t work. You know, like that would have been a change the whole trajectory of everything that you’re doing now.

And speaking of family, not want to get back to what we were even like we got in the whole We’re about your property management company. And then the first 36 unit that you bought where you said it was family funded, I want to get into the details about that, like how you found it, did you have to do any creative financing with that, like how were you able to, I know now that when you are purchasing a building like that size, normally lenders, even though it’s they’re looking at the building, they’re also looking at your experience and you’re like where with all and having like somebody who has the net worth of the loan, not enough that somebody in your family that had that.

But just like, what was that process? How did you find the property? Did you have to negotiate purchase price? I know from our previous conversation as well that there was a lot of rehabs with that property. Is that right? Okay. So yeah, just go through all the details and the stories and the stress. I know that that thing caused you during the time that you were renovating and getting it positioned back up. So, what did that all look like? How did that unfold?


[00:29:52 – 00:35:31] – Eddie Symmonett

Right. So, I mean, initially, how I found the deal was driving for dollars. So, from looking at those five of your departments, you know, I found this one and I sent the guy a letter, a handwritten letter, you know, I just said, you know, my name is Eddison, I own six units in the area. I saw your property at this address. I wanted to know if you’d be in moving on from your property in the next three months to six years. That’s what I said, what I the letter said. And he had responded to it. And said, know, hey, he has two properties.

He’s looking this out, you know, what I mean, you know, and I said Hey, you be interested in you know meeting up and you know? I told him I was local as well when he’d be in meeting up to lunch, you know on me You know to just talk about it and he was gracious enough to meet me for lunch, you know We talked a little bit, know, he was he was very he was he was like very business He was like more of a casual type investor So he wasn’t he was more interested in you know where I was from and all that kind of stuff So we were just a break in the ice and then towards the end of that We were able to you know, kind of start talking business, but that’s how the deal was found and You know to what you said Nicole.

It was like it was not a pretty deal, you know, you know, when I saw it wasn’t a pretty deal. We did a lot of improvement to it, but still it needed work but yeah, I was my first property was about 24 25 first large property about 24 25 at the time first rehab deal and already Usually the gentleman wanted it, I think about, I think it was 600,000, then we went down to 500,000, and by the time we purchased it, you know, negotiation and just things we found on the property, bought it for 376.

Now this is a 36 unit for 376, so it’s just like around 10, 11k unit, and this is in Birmingham, so when you’re buying properties that cheap, it’s going to be in the hood, it’s going to be in a rough area where you’re going to be ducking and dodging bullets. It’s going to be distressed, being in people ain’t paying rent, people need to be evicted, you have units that hadn’t seen a paint brushed in three years.

So, it was a lot of that going on when I purchased the property, know, but, you know, I was when I purchased the property or doing any type of business stuff. I like to write pros and cons lists, know, that really helps me with making decisions. So, every property I’ve bought, I’ve done a pros and cons on, you know, should I provide a property? You’re not and with this particular property was just like pros, you know, you can get in the deal out of Supreme like cost basis.

We probably gonna see a cost basis like this ever again at 10k a unit so I was just If I get in this deal and everything goes wrong, I could still sell it and probably break even And I ended up doing better break even we ended up doubling our money. It was a 2.3 I put Yeah, so I jumped in the deal, you know a lot of it was just really just having the energy and Wherewithal, you know to just go after something that I knew I didn’t know everything about but seeing it was an opportunity and Realizing that the pros outweigh the conference So that was enough for me to just go ahead with it now as far as financing hard money because the deal wasn’t stabilized, meaning for the listeners, a stabilized property is something over 90% physical occupancy. So typically, when you’re looking at loans, if the property doesn’t mean that criteria, you know, it’s very, it’s a very slim challenge, you’re looking at conventional finance and a conventional finance and is, you know, with a bank, typically, like when a bank, a local bank, or a community bank, or creating in, you know, lending money to purchase the property.

You know, if that property isn’t like stabilized, typically, they wouldn’t lend you a, you know, unless you just have a really, really strong network and a pre-existent bank in relationship with that organization. So those, those things aren’t in place, it’s going to be very difficult. So, in my case, I went after hard money. Now, with hard money, these are more risky, invest investment firms that will, you know, fund the deal that’s left in 90% stabilization. But in return, they hire, they charge of a double the interest rate. know, they charge a higher amount of interest.

So, but a traditional buying people had been at 4% that time in a market cycle, but my hard money loan was about 14%. You get what I’m saying? So, that’s the big difference right there. Another thing with hard money is there’s no printable pay down. So, although I was making payments each month, my principal was, again, down with the hard money. So, but a young person didn’t really have a substantial net worth. They are lending more on the asset itself versus the person. So, they still wanted to make sure I wasn’t a felon, and I had like a reasonable credit score, but it wasn’t as difficult as like an agency loan, like a Fannie Mae of Freddie Mac loan or a conventional loan, both of which I’ve done. You know, it was just the easiest underwriting process ever because they look at performing, know, perform as, you know, Just, you know, your projections on what you think the property could do, you know, a lot of some banks don’t even look at that.


[00:35:32 – 00:36:58] – Nicole Pendergrass (Noirvest Holdings)

So okay, I want to interject there because you said it was 14%, but this also was not even a 90% occupied building. So, I know you said principal pay down wasn’t happening, so that means it was an interest only loan. So, you’re only paying on the interest on the loan. So, with the underwriting, what was the occupancy of the building and it was enough basically even with non-paying tenants to, I guess so then, I guess the more important question is what the economic vacancy of the property was or economic occupancy, whichever way you want to take it.

And that was enough to cover the 14% interest payment and what was the business plan that showed you that at the end of it, when either you sold or refinanced, you’d be able to cover the principal payment in full like when either when you refinanced or sold it or whatever.

So, you know, like, what that, what the cash flow was looking like at the beginning, how much I guess you had to put into the building to, like, renovate units, how long, like, the whole process of evicting non-paying tenants? I don’t know, Alabama laws with evictions and stuff like that, if it’s easier or harder. What your lease up right back is, because now you’re in, you said you’re in almost a war zone. So are you getting tenants who actually want to live there, but we’ll pay the rent. You know, I haven’t already posted. Sorry, one part of you with a lot right there.


[00:36:59 – 00:38:32] – Eddie Symmonett

Yeah, I don’t know if I, so you don’t have to help me out. So, okay, so I think, you know, as far as the cash flow, when I did the underwriting, so here’s one thing about the deal, it was very cheap, like, cost basis-wise. I was buying in the K unit. Yeah, put your buying a house for $10,000, you know, it don’t exist. So, I was buying it for 10k unit, which means each one of those units going to cost me 10k that was the smallest. So, because the mortgage was such a small amount, know, the payment each month, even with the economic, I mean, the physical was about 55% when I bought it, the economic may have been 40.

Oh, okay. Right. the tenants paid all that water, you know, they paid the electric as well, because it was individually metered. So as far as I utility bills, I didn’t really have much overhead on the utilities. So, I just had maintenance repairs. And I did, I did a lot of those, like, not me personally, but I had like guys I could call where I could pay them cheap, and I would drive them to the property. I’d get them lunch and I’d pay them.

And they’d make it help me out, like for the day, they’d help knock out like 10 work orders, you know, because I was doing this full time at the time, you know, I had people I met over the years, you know, that was able to kind of get the stuff done for cheap, as I was turning it around. So, I mean, it was a need to where I didn’t have to go out of pocket. I don’t think I ever had to go out of pocket to pay the mortgage payment since I like you threw that whole process of Stabilization because I bought it so cheap.


[00:38:33 – 00:39:06] – Nicole Pendergrass (Noirvest Holdings)

Yeah Okay, okay, that makes that makes sense and then overall how much money help wait so how you don’t still own it You said you did sell it right? Over the process of the stabilization or at least you said getting to the point where you sold it wasn’t still was some stuff to be done, but how much money do you think you put into it in? like turning units repairs and maintenance like a deferred maintenance all that kind of stuff? You have like a roundabout. It doesn’t have to be


[00:39:07 – 00:40:34] – Eddie Symmonett

I don’t remember the actual like the exact number, but I think it was in the ball park Purchasing rehab maybe like five something give or take five or six something give or take You know Open alone as well as like renovation because the you know outside of the funding on the down page I’m sorry We pay down like the down payment, which is about 20% of purchase and outside of that They funded a hundred percent of rehab, but the cost was the cost was only a cool when you drop down it So for those listening, you know, I mean is if I hadn’t so when you buy a renovation only a hard money loan They only charge interest when money borrowed.

So, you will have an asking account basically of 300,000 if we have money, but you’re not getting charged that until you take out 50,000 a hundred thousand that’s what you saw paying on it. So, I had I had the That money to decide but at the same time When we would draw the comment, we would get units ready. So, let’s say I was able to finish six units You know, I would draw down that money, but I also had more revenue coming in now because units it was occupied. You know what I’m saying? But as I’m turning units against stuff filled, even though my payment is going up, my revenue is going up too. So that’s kind of like how it was like set up.


[00:40:35 – 00:40:48] – Nicole Pendergrass (Noirvest Holdings)

Okay. And with getting those units filled, was it difficult finding good tenants to put in there so that you didn’t have repeat of like non-paying or deferred rent payments and things like that?


[00:40:49 – 00:41:38] – Outro

Okay, guys, don’t kill me, but I’m gonna have to cut this episode short. This is too juicy and we need to do this in a part two. So, stay tuned for the next episode that airs and you can hear the rest of our conversation.

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