Tory Sheffer
@ToryJSheffer
Real Estate GP | Investing in Class B Suburban Multifamily
If you can find Midwest apartments, I’ll pay you. Fee, piece of the GP, or both — we’ve done all three. Buybox: - Suburban Multifamily - $2–25M - 30–200 units - Class C+ to A- - Value-add - $70k+ income, $300k+ home value zip codes - Markets: Detroit, Grand Rapids,…
New passive income opportunity. What do you think this sells for?
Met a guy this week who intro’d me to his GC. Apparently their last project was $34.5 million contract with $125k of net change orders and delivered 3 months early. I don’t play in that world, but this seems remarkably good. Question for those that do, is this common?
Detroit’s biggest CRE event of the year, headlined by Mr. Wonderful. Great event every year.
Differences of Class A vs. B vs. C apartments that’s not talked about much Class A •Rent is on time or early, autopay Class B •1st-4th of month, late fees typically applied if after the 4th, so they’ll beat the timing for the fee Class C • 40% pay on time • 30% pay by…
Bought apartments: $995,000 12 units + barn Sold apartments: $1,325,000 Timeline: 265 days Got an unsolicited cash offer that didn't make sense to turn down. Looking for the next deal. If you have suburban apartments in Detroit, Grand Rapids, Indianapolis, Cincinnati, I'm a…
Bought apartments: $1,200,000 19 units + 8 garages Sold apartments: $1,675,000 Timeline: 395 days Feb 13, 2024 - March 14, 2025 Looking for the next deal! If you have suburban apartments in Detroit, Grand Rapids, Indianapolis, Cincinnati, I'm a buyer.
Getting active here on X again, just like the old days. Expect some catch-up posts. Quick recap: -Bought 5 deals in ‘24 - Sold 3 already with strong returns - Listed #4 today - Took a ~28% loss on a ‘21 deal — not fun, but survived - Partnered with a PE group many of you may…
Bought apartments (8 units): $815,000 Sold apartments: $1,440,000 Timeline: 369 days. May 30, 2024 - June 2, 2025 This was a fun one, way faster than expected. On to the next!
Has anyone bought out an entire Co-Op housing development? Trying to find the best way to approach co-op shareholders with an offer to buy their equity but not displace tenants.
If you don’t follow Ben, you should. Quietly building a machine since going out on his own less than a year ago.
Bought: $10.2mm Sold: $15.25mm Timeline: 8 months Bought vacant, leased for 10Y, then sold—4th full cycle deal at my new venture. LPs are happy, and onto the next!
Always good to be back in the desert. Scottsdale is a top 3 city in America.
Return of the Michigan Man @ToryJSheffer