In this episode, Wayne talks to Rob Beardsley. Rob oversees acquisitions and capital markets for Lone Star Capital and has acquired over $350M of multifamily properties. He has evaluated thousands of opportunities using proprietary underwriting models and sold over 10,000 copies of his book, The Definitive Guide to Underwriting Multifamily Acquisitions. He has written over 50 articles about underwriting, deal structures, and capital markets and hosts the Capital Spotlight podcast, which is focused on interviewing institutional investors. 

Rob’s areas of expertise include: 

• Multifamily Underwriting: Basic overview, key metrics, sensitivity analyses, stress tests, comparables, cap rates 
• Partnership Structures: How to structure deals with investors, waterfalls, preferred equity, matching your strategy
• Raising Capital: How to partner with institutional investors, how to form joint ventures and co-GPs 
• Financing: Overview of debt options for multifamily, matching debt product to investment strategy, loan term nuance

Topics on Today’s Episode: 

• Rob got an early start in real estate through his parent’s brokage firm that focused primarily on construction and fix and flips. This led Rob to dive into multifamily as the best way to accumulate wealth and assets.  
• At 20 years old Rob, alongside his partner Kent Piotrkowski, started Loan Star Capital about 7 years ago. In that span of time, the firm has acquired close to $400M worth of multifamily properties.