Welcome to another Asset Management Friday segment, focused on educating operators, building better systems, and becoming a best in class operator. Today’s guest is Nic Espanet, a Principal at Thrive Multifamily LLC and a multifamily real estate investor based in Fort Worth, Texas. Nic has been passively investing in multifamily assets since 2016 and has been a multifamily syndicator and asset manager since 2018. He has worked as a licensed physical therapist since 1996 and has run his own private practice since 2012. His experience as a small business owner combined with his detail-oriented personality has equipped the strong growth of Thrive Multifamily, a Texas-based multifamily syndication company. Nic is currently an asset manager in 3 multifamily syndications totaling 452 units, and is a passive investor in an additional 1780 units at 7 properties. In this episode, Nic shares a bit about himself and his syndication business, his experience of asset management in tertiary markets, and some of the challenges therein. He also talks about building in economic vacancy in tertiary markets and explains how he mitigates tax and insurance increases, so make sure to tune in today!
Key Points From This Episode:
“On the main asset management side, it’s trying to put together contractors. Our property management company handles the biggest part of that.” — Nic Espanet [0:03:20]
“In the end, it’s what’s going in the bank is what’s important. Your NOI can be great but if your Cap X is over spending at that point and you’re not putting what you want into the bank, you’re not going to have money to distribute it. You're not going to have money to make the debt payment.” — Nic Espanet [0:07:59]
Links Mentioned in Today’s Episode:
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