Today my guest is Dave Morgia. Dave is raising money for multifamily syndication. He’s based in the Big Apple, New York City. And he’s also the host of the podcast Making Money in Multifamily. And in just a minute, we’re going to talk with Dave about raising money for syndication. But first a quick reminder, if you like the show, C R E P N Radio, please let us know. You can like and share, you can subscribe. And as always, we’d love to hear from our listeners. You can leave a comment I also want to remind you if you’d like to see how handsome our guests are, be sure to check out our YouTube channel. And that’s Commercial Real Estate Pro Network. With that I want to welcome my guest, Dave, welcome to C R E P N Radio.

Dave Morgia  0:56  

Darrin, thank you for having me really appreciate having me on and excited for the time. today.

J Darrin Gross  1:01  

I’m looking forward to it. We had a chance to talk a little bit ago on your podcast. And it was a good time. And I’m delighted to have you glad you you agreed to come on today. Before we get started, if you could take just a minute and share with the listeners a little bit about your background.

Dave Morgia  1:23  

Yeah, absolutely. So I guess my story starts, it’s probably a little bit shorter than yours there and you have a lot, a lot more years under your belt than I do. But my story starts, I guess, in real estate about a year ago. Back at my previous job, I have experience in power plant operations, nuclear back where I’m from home and a swig of New York, upstate New York and then I recently moved down a year ago down here in New York City, do natural gas combined cycle now. So once I moved down here, I was kind of getting the itch to get real estate. I was a little bit before I moved down here, and I decided that I wanted to get into the space and it coincided really well. I found three like minded individuals just like myself. similar age, similar ambitions, similar mindsets. Travis, Tony and Forrest and the three of us have founded a syndication company. And it’s been pretty exciting journey. so far. 

We’ve grown a lot. I’ve met a lot of fun people. And like you mentioned, I run a podcast. And it’s just like you’re doing there in a great way to meet a bunch of new high quality people, a great mindsets, great knowledge to share. So it’s just an just great learning journey so far, and to get into the real estate experience, and we’ve kind of grown in with our company. We started out with this thesis, right, where we see a lot of these syndicators kind of just jump into things, and maybe not necessarily put, you know, the cart before the horse, but maybe they should be figuring out what their abilities are before they get too invested in these types of deals on the sponsor side, at least. Right. So our idea was, Well, why don’t we see our capital raising abilities because at the time we thought that our capital raising might be one of the weaker points that we had just because of our lack of experience and network in this industry. So we said, Why don’t we try to test our wits with this capital raising. 

And we did that by basically taking three deals of a sponsor, and I’m not going to name names just to kind of keep it kosher today, but a sponsor that we trust, and you know, like the deals that they put out, we think, you know, as a, as a sponsor, their quality and the deals are putting out obviously, quality and these deals, we’re not going to go in without backing ourselves. So we took these three deals, and we raised for these three separate deals. And you might ask, why didn’t you just try to raise for one deal and get a share of the equity. And we just kind of wanted to repeat success instead of just maybe claiming it as a one off. So instead of saying, I think the total end up being Darren around 200,000, something like that, it was, you know, into the six figures. So instead of saying why put 200 into one deal and get a piece of the pie. We wanted to kind of repeat and see if this thesis was true that we could, you know, continue to raise and attract investors to come along with us on this journey, and it’s worked out so far. And then obviously we have a lot going on outside of that those three deals, we kind of stopped that thesis. We were comfortable with that raising, but I guess I’ll leave it to you to maybe pick it that for a second.

J Darrin Gross  4:10  

And I appreciate you kind of sharing with your, or sharing with us a little bit about your background there. I guess the The first thing I would want to back up to you mentioned that the four of you are like minded, what was it that attracted you to real estate?

Dave Morgia  4:27  

What attracted me was probably a similar journey to a lot of people here, Rich Dad, Poor Dad as the Bible. Yeah, I did read that. And then, you know, I was always diligent, growing up, putting money away into retirement accounts, all that good stuff, trying to max that out as much as I can get pretty good at that. And I just saw myself needing to get to that next level where, okay, I can just continue to max my retirement accounts or do all this good stuff, you know, IRAs, yada, yada, but where am I really going to take it to the next level and try to create wealth that I can use today not, you know, 30 years Now and have to rely on having a job for 30 years. So I just, you know, research research, it’s kind of one of my things just I get really heavily into something and real estate was what stuck for me. It just made the most sense to me. And yeah, it just happened to coincide with when I moved down here. I happen to meet my three partners, like I mentioned, and yeah, we just kind of hit it off the relationship grew naturally. And yeah, we just we all wanted to get into syndication because we thought the scale was really attractive for us at our age and our ambitions, we wanted to, you know, really dive into this business and kind of, you know, jump jump a little bit instead of maybe dealing with a single or duplexes, something like that. So,

J Darrin Gross  5:37  

Got it, so instead of doing the one Z’s, you you recognize the power of the multiples.

Dave Morgia  5:44  

Exactly, yeah. And then I think a lot of it that attracts us to is not even the scale but just the well I guess what comes with scale is the consistency of the underwriting and everything like that. I mean, when you have a single or a duplex or triplex, you have one vacancy and your numbers get you know, torn apart for the month. They’re the few months that you’re recovering. So to be able to, you know, put a couple zeros behind those numbers and say, yeah, we can, you know, estimate a little bit more exact on, you know, our future analyze and expenses and all that good stuff. It was just really attractive for us.

J Darrin Gross  6:17  

So you mentioned that you, you and your your partners made the decision to focus on capital raising. Was there a process prior to that? Had you guys been underwriting deals? Had you been looking at possibly doing a deal was there you know, any any? How did you arrive at that this decision to raise capital?

Dave Morgia  6:44  

Yeah, so I think just to clarify, yeah, we’re always looking for our own deals, right. We invest in Florida, namely Tampa, Jacksonville, Orlando. And these deals, were not in those markets. But it was in Dallas, which is still a market we enjoyed, but that’s not where we’re going to invest. A sponsor. And I guess the theory was the bandwidth wouldn’t be too much more for us to handle raising for a deal outside of our own while we work on our own business, right. So we said, yeah, we can, we can attract investors and raise money for these three deals. And meanwhile, still grow our actual syndication business where we’re going to, you know, try to find our own deal and find our own partners, whether it be PMS, you know, brokers and all that stuff where we grow on our own. And then with that capital raising, that just further proves that we’re going to have that last piece of the puzzle to be able to fund the deal on the equity side. So, you know, it’s just one of those puzzle pieces that we wanted to shore up a little bit more to make sure that we were ready to do that. Because I mean, there and what would happen if we found the deal of a lifetime, and we didn’t think we could raise? I mean, that would just be awful. So, yeah, that’s kind of where we stand with that.

J Darrin Gross  7:49  

So we made the decision to raise capital. What was your process? What was your thinking? Take us through from the decision To raise and deploy the capital,

Dave Morgia  8:04  

I guess Could you just ask the question again?

J Darrin Gross  8:06  

Well, so you made the decision to raise capital were you? Did you go straight to friends and family? Were you? Did you do a lot of meet and greets? Were you How were you? Who were you raising the money from?

Dave Morgia  8:21  

Okay, yeah. So I guess I guess it would be a mix of both right. So we do have a couple of friends and family and those deals. But then we also have people that we’ve grown with our network. Along with the podcast, we have a meetup with the same name. In New York City every Tuesday, we do weekly, it’s pretty small, but it’s intimate. So the people that come there’s a, you know, a close group of us that come often and it’s kind of a little more friendly, and not that other meetups are not friendly, but we just have a little more laissez faire, we get a little more intimate with what we got going on and kind of less pitchy, and just more of just like a fireside chat mastermind II type meetup. So we enjoy that. We like to give that to investors who might be less experienced than us, right? So we can just tell them what we have going on. And I think that just naturally attracts some people because they can see that openness that we have, you know, week to week, that consistency that we’re still here, you know, we’re still doing our thing. And so there’s a couple of people like that in the deal as well. So I guess, you know, it’s a little mix of business and friends and family. So.

J Darrin Gross  9:20  

Gotcha. So building your, your list of prospective investors. Is it primarily been through the meetup and the podcast? has that kind of been your, your way to grow your, your list?

Dave Morgia  9:34  

Yeah, so I think the list Yeah, definitely grows a lot through, you know, interactions, whether it’s through the podcast or networking through there, or we started to really kind of ramp up our in person networking, just went to a conference recently, trying to go to more trying to really fill up our schedule, because there’s four of us and we’re trying to leverage that fact by maybe saying not all of us have to be at the same place at the same time, but you know, kind of spread those branches out and see Everybody meet everybody. So yeah, I mean, it’s just a concerted effort to make sure that we are meeting the right people and and it’s it’s pretty fun to do that. I mean, I’m sure you can attest to it to kind of reach out to people and learn about them. It’s a lot of fun it’s it’s really more almost I’d rather just meet them genuinely and intimately and then any benefits that come with that are just an added bonus. I mean, we haven’t done anything together professionally yet as far as the deal goes or anything there but I mean, I’ve enjoyed our couple week relationship already. I mean, you went on my show now I’m on yours. And then we’re going to be you know, bouncing back and forth when our shows come out. So it’s just fun to kind of create and learn and grow with people as we go. So see, I guess, going off the tangent there it’s it’s a little bit of both a little bit of the podcast a little bit of the branding and then a lot of it’s you know, the handshakes and meeting people in real life.

J Darrin Gross  10:49  

So if most of the people already been in the orb of real estate investing or have you attracted people outside of the the real estate world But perhaps hadn’t thought of real estate.

Dave Morgia  11:03  

Yeah, so I would say, going back to that meetup, a lot of the people that we attract to this group, a lot of them are kind of newer to real estate, or at the very least syndication and that model, so it is fun to kind of show them the ropes a little bit and bring them up to speed as to what this model really is. And a lot of the verbiage I mean, a lot of it is just a different language, right? So you’re talking about shortening words, and, and all this other stuff, these acronyms that people might not understand and scare them away. But it’s really just kind of learning the rules of the road. And it’s, it’s not overly complicated. So it’ll be able to bring those newer people in to see that as fun. And then in person, a lot of them are kind of in the space already. 

Because if you happen to go to a conference, say there and realistically, most of the people there are trying to grow their business already, or at least that’s what I’ve experienced, is a lot of them maybe seven or eight out of 10 kind of have something going on already. Even if it’s like a smaller business. You know, just Some smaller multifamily or single families that they’ll have something going on typically, and you find people that are completely fresh, and that’s awesome for them. I mean, it’s a great way to accelerate is to get to a conference when you’re new. But um, yeah, it’s almost it’s almost more where if you’re in a more kind of intimate setting, smaller setting, then you might see the newer people but in the bigger scale, that’s when like, the fear is over when you’re kind of growing, and that’s when kind of the big hitters show up and start to mingle and talk trade basically.

J Darrin Gross  12:29  

So from from the, I guess, more like the meetup, the the new people that you’ve, you know, Matt, or kind of mentored or, you know, worked with and kind of brought in and like you, you talked about, you know, explaining some of the lingo and and what it all means, if you found that there’s a, a an appeal to them. I mean, is it about Future is about tax advantages security, cash flow, appreciation, you know, leverage it. Is there anything that or is it just kind of all of the all of the elements that are the power of, of investing in real estate?

Dave Morgia  13:14  

Yeah. So let me as what these people are trying to get out of the meetup that we host is that what you mean, what they’re attracted to it for?

J Darrin Gross  13:21  

Yeah. When you’re talking to somebody new that, you know, that’s coming to your meetup, and they’re looking at it, maybe they’re they have heard of real estate, but they don’t know all of the, you know, all of the potential.

Dave Morgia  13:33  

Sure. Yeah. So I mean, for a lot of people, right, they see real estate, it’s, it’s got a lot of benefits to it. Obviously, we could have a whole episode about that. But I mean, there’s there’s tax advantages. There’s the leverage you can get. And then just you know, leveraging business partners is a great way also just to kind of really ramp your success up. And I could just go on and on. But I think the common theme between all these things for the people that are attracted to say my meetup Or anybody else’s meetup or just learning in general is the fact that most people just kind of have this itch, this drive to take more control of what they have in their life. Kind of like I spoke about previously, right, I was talking about my retirement and wanting to kind of switch that to today and improving today. 

So I think a lot of people just want to use real estate as that vehicle. And I mean, it just makes sense, right? There’s, there’s a lot of advantages, like I just spoke up where you can take advantage today of these rules in real estate and kind of take more control of your life, whether it’s you want to get out of your nine to five, whether it’s, you enjoy your nine to five, but you want to, you know, just have options and be more secure in your life where maybe you’re not earning as much as you like, but you’d like to earn some more on the side. I mean, there’s a dozen, multiple dozen reasons why people kind of get into it. And I think in our meetup, specifically ours, they see the value in the intentional behavior that we have at the meetup. They see that we care to share our story, they see that we want to grow along with whoever comes through the door. 

I mean, we have people that do single families, we have people that do stuff completely unrelated to syndication, and that’s fine. We, we talk it out, I’ve offered multiple, you know, types of advice to anybody with any type deal, because I mean, we’re pretty decently versed and other stuff too. So if you have something that’s, you know, problematic for you, and you come through the door on Tuesday, we’ll hear that story. And maybe we know somebody or maybe we have an idea for you. I mean, I’ve mentioned seller finance to a couple before and they’re like, Oh, I didn’t even know that was a thing. So it’s just really simple stuff that like, why not open that door and let people kind of come in and solve problems together. So I think, just in general, that problem solving and taking control your life mentality is what gets people in the door.

J Darrin Gross  15:50  

And I think there’s always power and in sharing your ideas and understand what matriculates or you know, comes out of that when you expose it to somebody else. That’s great. So a couple of questions on on the the decision to raise money. One is, how did you pick the sponsors? What were some of the things that you look for? How did you get to know or trust a sponsor of a deal that you’re going to be investing your investors? Money? And 

Dave Morgia  16:23  

Yeah, of course, so So like I said, way back in the beginning, we wouldn’t have gotten in a deal with our investors that we weren’t comfortable putting money in ourselves. So that’s step one, whether it’s, you know, this specific deal or any deal that we’re going to raise on and sponsor is having that alignment of interest, right. So we’re not afraid to go in it, we will back our dollars leader dollars and say, I believe in this so. So that’s a big thing right there. And I guess to get to that point is to say that I believe and hit that button just like the investor is this sponsor, we know we’ve communicated with Bob before, you know, several times. They have a good history, they have good experience. And they actually do a lot of teaching just like us. 

So there’s a lot a level of trust there where you can see that exposure, that kind of raw personality that raw I here I am type of vibe. And then just that’s just sponsor specific, right, so then there’s the deal side of it. And all their deals are pretty well underwritten. Anything they’ve underwritten and gone through a business plan with is nine times out of 10. Well exceeding expectations or, you know, doing at least on par with the expectation. So that to me just means right there that their underwriting is accurate and conservative, right, because if you are bullish on your underwriting, and you over promise you can under deliver, and that is going to cause, you know, a huge mess of expectations and bad communications because you’re going to have just a misalignment of what should have happened in the deal. So you just see that with the sponsor, and I mean, this is all kind of stuff that we try to emulate too. And that’s why we like to sponsor is because we see Sponsor as someone we want to try to be also not only just work with, but try to emulate and kind of mirror is someone with these attributes, right? It’s kind of just right there in your face not hiding anything, and just, you know, diligently underwriting deals, going through the business plan and executing. So I guess it just kind of the whole package is, is what we see in the sponsor and the deals that they back themselves up with. So

J Darrin Gross  18:24  

to know make sense that you There’s got to be something you’re looking for just kind of a history, it’s like more than anything kind of a, you know,

Dave Morgia  18:32  

Yeah, there is a relationship there for sure. Yeah.

J Darrin Gross  18:35  

Got it.  I want to ask you, how do you structure the in me pack everyone’s saying, what I’m assuming you’ve created an entity that your your investors invest in and then you make the investment from the entity is that how you’re the structure of how you’re doing this, you’re not taking, you know, individual amounts from everybody and then placed a bunch of individual investment All

Dave Morgia  19:00  

Right, yeah. So, so typically on these deals, Darrin, and I’m sure, you know, the listener might not know, but there’s going to be some type of minimum 50,000 $100,000 minimum contribution to equity on these deals. So yeah, like, like I said, if not all the investors were willing to pony that up, and it’s just not the way we wanted to do anyways. But it might not even been a real estate, if you want to do it that way. So yeah, like you were kind of hinting at you pretty much nailed it. On these deals, syndication deals, you don’t actually own a piece of the equity in the property, you own equity in the LLC, that owns the property. And there’s a big difference there. So you don’t own the real estate, but you own the company that owns the real estate. 

So what happens then is the depreciation, all the tax advantages and all that good stuff can be passed on to that LLC. And at the end of the year, you’ll get what’s issued a K one, it’s called, and that’s basically where you get your tax advantages that everybody preaches. And so with that model right there, we basically just took a one step. Further and I copy and pasted. Like you said, that entity right below the LLC that owns the property. So we will have that long view sub entity under the entity that owns the property. And we have that share of you know that pooled money and to take a percentage of that deal. And then we will take the key one and disperse it accordingly to who has shares in our company. So pretty straightforward kind of cookie cutter. It’s not a lot of math. I mean, it’s really just taking our numbers and giving it up to who owns what and yeah, it’s pretty simple. And we didn’t want to overly complicate things because this wasn’t a matter of proving our business Wits as far as systems it was more just seeing our capital raising abilities, like I said, so we didn’t want to make a huge, you know, crazy ordeal or anything. We just wanted to, you know, see what we could do as far as the raising side goes.

J Darrin Gross  20:48  

Right. Now, I think on on a larger scale. This is essentially like a fund of funds. kind of thing if I’m not from thinking clearly. I mean, you’re raising money for yourself. Creating a fund of sorts or are you raising deal specific? 

Dave Morgia  21:05  

Yeah. So it would be it would be deal specific. Yes. So that’s why it’s not. Yeah, exactly. If when the fund is not any type of thing like that, yep. Yeah. So in this case, we’d have three separate companies that people will put their money into.

J Darrin Gross  21:20  

Gotcha. And then as far as the are you guys compensated for any of the the money raising that you’re doing? As far as the sponsor of the, the LLC, you’re, you’re creating or is it more a matter of just trying to prove your ability to raise money and, and go forward in that direction?

Dave Morgia  21:41  

Yeah, so we we’ve actually talked about that way back when and we thought it might be a good idea to you know, charge a management fee for this process, because we are, you know, taking the burden of some risk and then some just managerial and I guess desk work, right. So we thought about taking A fee and in theory, we’re going to do that, but we just haven’t really gone through that because we don’t feel like those pennies are worth it to kind of, I guess soil not that you would soiler relationship but it just kind of is a little bit more of an annoyance to to charge that little fee and it wasn’t gonna kind of make or break our bank. So we just decided to kind of keep it a little more kosher and just focus on you know, making everybody happy. And like I said, it wasn’t gonna really change our lives too much. And we didn’t want it to be a bother to anyone else. So so we were just kind of moving forward. And yeah, just it’s fun now we’re just really distributing checks every quarter. So it’s pretty easy game now.

J Darrin Gross  22:40  

Yeah, I would think that in the beginning, you’d be is wise not to just as a matter of kind of prove some concept and and get some sort of positive, you know, traction have have people say nice things about you as opposed to dollar money. All I got Murphy’s. Yeah, exactly. So that’s, that’s great. So you’ve, you’ve raised money for three specific deals. Do you have anything in the pipe that you’re working on?

Dave Morgia  23:16  

Yeah. So Florida specific, like I said, our markets, we always are turning out, you know, deals to look at, we’re trying to open up the funnel for us. We’re figuring out systems, which are gonna help benefit us and kind of help with the bandwidth issues we’ve been having. So that’s a whole other conversation that we could have today there. But But yeah, so I would say on average, we look at 50 deals a month, which is, we’re always hoping to get that number up to kind of see more stuff. Just because in today’s market, it’s a little tougher to get a deal. It might be a conversion of one. One deal per 200 deals across the desk versus it used to be maybe a few years ago 100 or 100 change across the desk. So so that hit rate is definitely lower now. 

There’s, you know, a lot of money out there, we come close on a couple offers, and then a couple deals fell through just because of some crazy terms that we are not willing to match. So yeah, it’s just about patience for us, we are not going to do a bad deal. We’re not going to be impatient. It’s not who we are as a, as a team. And we want to be able to feel comfortable pitching this deal to investors that we’re going to be partnering with. And if I can’t sleep at night, it’s just not gonna work out, let alone the deal, but just my conscience and everything like that. So. So yeah, we are still working towards our first one. I’m getting close on a couple. And then like I said, hopefully one on one will come through the pipeline, and we’ll be able to kind of spread our stuff for real this time. But

J Darrin Gross  24:43  

So let me make sure I understand what we were just talking about as you guys are actually looking at a deal to to be the the key principle. 

Dave Morgia  24:51  

Yes. 

J Darrin Gross  24:52  

Got it. Yep. Got it. Got it. Got it. Got it.

Dave Morgia  24:54  

Yeah, so I mentioned those 50 a month. Yeah, that’s all for us being at least you know, a partial sponsor of the deal. Where Yep,

J Darrin Gross  25:01  

Got it. And how long goes been that you did the last raise.

Dave Morgia  25:09  

So the last raise? Yeah. So like I mentioned earlier, the three deals we did, we kind of decided after three that we didn’t want to do anymore Just because we felt good about our abilities. And not that it was distracting us to be able to raise money for these other deals. But it wasn’t the focus, right? The focus is not to raise money for someone else’s deal. We’d rather raise money for our own deal. So we put a halt to that. I think the last one was I’m spitballing here, but it was me anywhere between four to six months ago. So we’ve kind of you know, put a pause on that. And we’re enjoying the fruits of that labor where everybody’s, you know, getting their checks, all happy. And now we’re going to be like I said, moving forward to raise it for our deals for real or maybe we joint venture in someone else’s deal for real this time where we’re actually getting a piece of the equity. So

J Darrin Gross  25:57  

Got it. So I guess Where’s Trying to go from that question was how do you stay in touch with your potential investors? You know, when you’re in between deals or you don’t have something to present?

Dave Morgia  26:11  

Yeah, sure. So like I said, a lot of the people in those deals, at least specifically, we are, you know, pretty in touch with whether it’s family friends, or whether it’s those people at the meetups. But just systems wise in general, keeping in touch, that’s actually something we’ve been working on as a team, a lot of the systems and I just mentioned bandwidth. We use Monday comm now we’ve been using that for a little while. There’s a lot of similar things out there. It’s just a preference thing. There’s Monday, there’s Asana, some people use Trello. I mean, there’s a bunch of things to kind of make sure that you have everything in front of you. But Monday in any of these other programs, you can do a bunch of stuff, whether it’s use it as a CRM, you can use it for workflow testing. 

So we are doing better improving on making sure that we’re having a regular cadence with these people and not just you know, keeping in touch to make sure they’re ready to be on a deal, but just seeing what they’re up to, to, because maybe there’s a situation outside of real estate that we can help each other out on or maybe it isn’t real estate. So you never know. And like I said before, I mean, a lot of this is just kind of fun to get into and meet people with anyways, like, I’m sure we’ll be in touch after this there. And anyone else that we’ve met, I mean, we just try to stay in touch with just to say, so.

J Darrin Gross  27:22  

Yeah, no, I appreciate that. Because it is a you know, it’s easy to be forgotten or, or think you’re pestering somebody. I mean, yeah, definitely done. And then I think I every day, I look at my inbox and there’s all these emails that I don’t say, take me off your list, but I, you know, you know, that kind of thing, but it’s just so it is kind of a balance kind of thing. I think that there’s but as long as I think you have something of value, whether it be something, you know, deal you came across as Hey, we came in close on this one, but, you know, this didn’t work out or here’s what we’re up to or You know, just something that kind of keeps them interested, I think is kind of the key. Secondly, when the opportunity does come you still have a, you know, a base to draw from? Is there been a biggest challenge, you know, when you’re raising money that you You came across, or you can think of it was, or was just the concept of raising money.

Dave Morgia  28:28  

Um, the challenge was, I guess the raise wasn’t too bad. We stayed within our wits as far as our abilities and I think we did well on that side, logistically, making sure it was all kind of ducks in a row and making sure we could do it in the way we wanted to do it. That was probably the biggest thing. But just kind of learning from how the business works and learning you know, kind of the proper way to go about things. We made sure that everything is kind of lined up the way it needs to be. So I That’s just that learning curve was the biggest thing but that was also the reason why we wanted to do it was just to kind of see that those details that you can’t really get until you do. I mean, you can read about it but you can’t really you know, learn that until you actually try something out so that’s a little reason why we did it too is why capital raise for the first time on a big huge deal on your own when maybe you try it, you know, a little bit on different deal and see those details in real life.

J Darrin Gross  29:25  

Yeah, no, there’s no no substitute substitute for experience. 

Dave Morgia  29:29  

Definitely. 

J Darrin Gross  29:30  

Any advice for prospective of your listeners that that have considered raising capital that that haven’t quite yet gotten to that point?

Dave Morgia  29:41  

Yeah, raising capital um, I would say the biggest thing you have to do for some of you want to do it is just be a real person. People are gonna see that and when I say real person, it’s really just more believing in yourself and believing what you’re backing. So Like I mentioned, not only do I like to deal but I was in a deal. So I want to show that to whoever I want to partner with, whether it’s in a limited partner investor or a partner, co sponsor, whoever, I want to see that intention with whoever I partner with. And I try to give that back to them so that everyone is on the same page and comfortable. Because there are numbers, all these deals. Of course, Darren, and I’m not saying get into any deal as long as you like a person, but a lot of it is knowing the person who’s backing this deal. So if you’re going to cancel the race, make sure you’re a person that can be trusted and don’t do that maliciously, is a big thing.

J Darrin Gross  30:40  

Dave, I’d like to shift gears if we could. So as I’ve mentioned to you previously by day, I’m an insurance broker. And daily I work with clients to do risk management. And a couple of the things we look at when we’re when we’re considering risk management. There’s a couple of strategies we look at first one is can we can we avoid the risk? And then if we’re not able to avoid the risk, we we look for ways that we can minimize the risk. And if neither of those are options, that’s when we look to see if we can transfer the risk. And that’s what an insurance policy is. So what I’ve been asking my guests as of late, is if they could take a look at what they’re doing in their business. And if they can identify what what the biggest risk is. And just to be clear, I’m not necessarily looking for an insurance related answer. But if you’re willing, I’d like to ask you, Dave Morgia, what is the BIGGEST RISK?

Dave Morgia  31:52  

Yeah, so thanks for the prep before the show because I gave it some thought. I’m going to interpret this one as the biggest risks to myself. And my pride. And basically that I have now over the last year exposed myself into this field and made it public through these channels, whether it’s a meetup or a podcast or, you know, Instagram, whatever social media. So the, the fear that goes along with failure is the biggest risk to me because I pretty much don’t want to be able to say that I didn’t do it. I don’t want to have my tail between my legs and say that I failed. And I think there’s you know, some healthiness to having some fear. But then also, to kind of mitigate that risk, like you talked about is the thing that I’ve done is just go in further and double down because I mean, what else is there to do but just to try even harder to make sure that I do what I say I want to do. 

So for me it was Yeah, just just keep going. I don’t know your experience with podcasting, but I didn’t have any and I just kind of figured it out. I didn’t know anything about syndication. You know a little while back. It’s been more than a year obviously for that, but um, but I didn’t know any thing, you know, at some point in my life and just learning and absorbing and doing as much as I can today and this week and this month to get to the point where I won’t have that fear ever and I might have, you know, some type of fear. But to know that I made it that was the biggest risk for me and is the biggest risk for me is to make sure that I now get that first deal done and, and get success in this industry. So I guess that’s how I took it.

J Darrin Gross  33:26  

No, I love it. The fear of failure is pretty powerful. You know, and that that’s, I think a lot of people, myself included, definitely can identify with that. I appreciate you taking us through that. Dave, Where can the listeners go if they would like to connect or learn more?

Dave Morgia  33:46  

Yeah, so we have a website. We have social media. We have a podcast. website is LVARE.com. That’s in Longview acquisitions arias in real estate. So LVARE.com and then you can find me on pretty much Any channel that you can think of LinkedIn, Instagram, Facebook, and that’s just Dave Morgia. If you search that, you’ll find that and then last but not least, the podcast that you mentioned earlier is Making Money in Multifamily. We’re doing the same thing you Darrin is just having fun people on the show to talk about what they got going on. So any of those ways you can find me and definitely say hi.

J Darrin Gross  34:22  

Got it. Well, I will be sure to list all that in the show notes. Dave, I want to say thanks again for taking the time to talk today. I’ve enjoyed it, and learned a lot. And I hope we can do it again soon.

Dave Morgia  34:35  

Thank you again, Darrin, for having me on. It was a lot of fun today.

J Darrin Gross  34:38  

All right. For our listeners. If you liked this episode, don’t forget to like, share and subscribe. Remember, the more you know, the more you grow. That’s all we’ve got this week. Until next time, thanks for listening to Commercial Real Estate Pro Networks. C R E P N Radio.