RCRE - The Great Debate: Development vs. Multifamily with Sam Bates

Dylan Marma and Mike Taravella interviews Sam Bates who is a Principal of Trinity Capital Group. 

• City dictates the developments due to zoning, permits, and plans approved
• Labor rates have been rising but has found material costs to decrease due to strategic partnerships
• Sam looks to exit a property when syndicating in about 5 years
• However, when working with a few investors he likes to hold indefinitely
• Trinity Capital differentiates itself by systematizing and develop their niche in development
• Be flexible and adaptable as a real estate investor
• • Sam traded a plot of land for a RV park
• Developments focus on IRR and Cash on Cash Returns, instead of cap rates
• Most recent development Trinity is targeting a 5 year hold and 30% IRR
• HUD loans require longer periods to process so always have backup and options
• Investor paradigm for development deal: It takes 2 years to build and is generally a longer hold period compared to multifamily acquisitions
• Multifamily Acquisitions 
• • Pros: You know what you are getting
  • Cons: So competitive in the market
• Always add value in a relationship
• Expert Pro Tip: Always continue to learn with books, podcasts,  and your network

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