In our interview with Dyami Myers, he discusses his experience with Syndication, Acquisition, Flips, National Strategies and so much more!
Dyami talks about how he started real estate investing after selling his book of business, moving to San Diego, and not knowing what to do next. He then heard of a guy called Dave Lindell talking about real state and apartments. In his first in the real estate industry, he ended up doing 26 wholesale transactions that were mainly institutional real estate investors that were coming into the real estate market.
Dyami says that when the ecosystem is healthy, you do better by winning the war over the vendor but you may lose the war. if the stakeholders of your business like the vendors, shareholders, community, environment, employees are all impacted. When you maximize the benefit to everybody, it has the network effect of increasing everything and the opposite is true. If you mess up with people, it will be like the economy. When you're concerned about spending money, then I will have to cut back, cut back your service then you lose revenue hence cut your service which becomes a domino effect.
He says that he currently put on hold off-market deals. His new strategy is off-market real state deals that should first go to the market. All the off-market deals go to the email folder until he has enough investors in his database. That's when he will be like lets partner up or syndicate or even buy 10 million dollar property.
Dyami talks of getting the skills and knowledge that will make you effective in what you wanna do. He further notes that in the real industry there's a lot of different flavors and stuff, so you should be clear on what you want and want to provide. The market place only rewards what is valuable and a market is a market place unless you're going to work for a company or get trained plus also there isn't skipping of steps in the process.
Dyami answers my question about the GP LP Structure which is General Partner, Limited Partner which typical for a fund though most indications aren't set up for as a fund. A fund is a different type of entity like an LLC, an S corporation. A fund is typically an LP with a different type of entity and for that type of company like syndication would be part of the manager group. Typically the most simple structure is that you have the property LLC that buys the property, so the LLC takes title to the real estate but property managers and real estate investors own the LLC that takes title to the real estate.
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