Starting a Real Estate Private Equity Fund with Parker Smith | The Real Estate Investing Club #37
Gabriel Petersen 0:02
Hello and welcome to another episode of The Real Estate Investing club. Place investors go to learn tips, tricks and stories from other investors in the field. If you feel we provide value to you go ahead and hit that thumbs up, share whatever it may be. And if you’d like for us to cover a specific topic, let us know in the comments or reach out to us on our website. Today we have a very special guest. So buckle up, grab your pen and paper and enjoy the ride.
Unknown Speaker 0:33
Gabriel Petersen 0:34
we are live Parker, thank you very much for joining us today. How are you doing?
Parker Smith 0:39
No problem. I’m doing fantastic. Thanks for having me on game.
Gabriel Petersen 0:43
Absolutely. I love it. And get us started. Why don’t you tell everybody you know who you are, where you’re from and how you got started in real estate in the first place.
Parker Smith 0:51
Yeah, absolutely. So my name is Parker Smith. I’m originally from Las Vegas, Nevada, but I live out here in beautiful San Diego County. fornia I’ve been here for the last 12 years and I got started in real estate I’ve always had a passion for real estate really. I’m an attorney by trade and got started just by investing in smaller smaller deals through through the network that I was able to build out here in San Diego I got introduced to some some opportunities and and want to get my feet wet so I kind of jumped in and then since since then about a year and a half ago with a couple my business partners we started calcia Realty which is which is really opening the door for a lot of people to get into commercial real estate.
Gabriel Petersen 1:43
Awesome. I love it. So it sounds like you were you’re not from San Diego, you you got started in Las Vegas. Is that are you you went to school or not Las Vegas in Nevada.
Parker Smith 1:52
Yeah, yeah, Las Vegas. So I went to that’s where I grew up. I went to actually went to school in Utah Provo, Utah. So BYU, and then I then I came out here to California. Been here.
Gabriel Petersen 2:09
I love it and you’re you’re an attorney by trade. So you got that background. I’ve noticed attorneys tend to do very well in real estate. So that’s a it’s a good, good feather in your cap there.
Parker Smith 2:17
Yeah, it’s alright. I know I know about that. We’ve, yeah, we’re Yeah, I’m excited. It’s a good background to have for sure. When dealing in real estate, so
Gabriel Petersen 2:28
awesome. So, so you got started however many years back, and you you were an attorney, and you were just you’re investing in projects on the side with your friends with the network that you’d developed out there? Yes, San Diego. And since then, you’ve kind of you’ve started your own company called Cal tear. And so let’s let’s just jump into that. Let’s hear a little bit more about Cal tear from what your conversation earlier kelsier you guys are kind of democratizing the access to higher grade institutional investing. So kind of tell us, you know, what do you guys do? And and what made you want to jump into that that area in the first place? Perfect.
Parker Smith 3:09
Absolutely. So, I guess before I jump in and tell, I should say, because we do have an SEC qualified fund, so the term Vina attorney and I know the attorneys are gonna hate me if I don’t say so. If you want to check out our offering circular, you can go to our website, counter realty fund.com. And that’s where you can check out our offering circular, because we do have a live sec qualified regulation, a plus fund, so it’s a commercial real estate fund. So you have to get that other way. But, but yeah, to answer your question, so cemetery I have actually my law partner I we’ve had a law firm know for about six, seven years now. I was investing in some, some real estate deals, as you mentioned, through through my network and between myself and a couple other one of the managing partners of Kathy realty we have, there’s two other managing partners. So between the three of us we are noticing, hey look, I always wanted to get into real estate, I didn’t know how to get into real estate, I heard you know, I actually you know, attended some of those, you know, seminars about how to flip a home and do all that, you know, which which is which is a great source of income, don’t get me wrong, you know, and looked into other avenues. But as I mentioned, I got introduced through through my network just by luck and then in kind of, you know, who you know, type thing which often real estate is and had the opportunity to invest in a couple bigger deals, you know, commercial real estate deals multifamily value, add opportunities, and, you know, it hit me if I wasn’t so lucky to get in with that network. How would I have invested in something Like this right? What are my options elsewhere? And so that’s kind of the passion that drove us to start Calton realty is we wanted to give the access to everybody, you know, to the everyday consumer to be able to participate into what we consider institutional grade assets. You know, typically you’re talking multifamily that can range anywhere from 100 to 300 units. You know, in core locations, you know, there’s a value add component to it. Typically, these are off market. And so not everyone has access to those, you know, it’s typically reserved for somebody who’s accredited investor, who has it was in part in a particular network and the minimums generally start at 250,000 or up right. And so if you don’t have $250,000, you don’t know somebody in that industry. And you’re not a credit investor. How do you participate in those and now Really what drove us to start calcia Realty. And that’s so we we worked. It took us about a year to get it right. But we worked with our, you know, work with our attorneys or sec attorneys to get it to get qualified by the SEC. So our fund is now live as of the end of last year. And I appreciated that it was I know no small feat. It did take a lot of a lot of work a lot of back and forth with with our attorneys with sec obviously to get to get it qualified. So so it’s a live fund and really anyone over the age of 18 can participate. You know, you don’t have to be an accredited investor you can be You don’t have to be and and the other component to it is we do have with our with our background or in international background, right we have a couple of my partners were involved in the EB five program that a regional center my our firm does immigration law So we have a lot of international investors that it’s open to as well. So that’s another driving forces. We saw the need to bring in, you know, a lot of our clients were asking, Hey, how do I get involved in, in real estate? I’m invested in this Eb five project, maybe getting me to 3% if I’m lucky, right? More like a percent, or half a percent typically. And, you know, how do I invest in something that will actually generate a higher return? I like us real estate. I like the markets more stable. It’s kind of a safer place. I have money to deploy, how do I get involved? And someone opened up to our international investors as well.
Gabriel Petersen 7:42
I love it. I love it. So what do you How much do you guys have under management currently, or it sounds like you’re focused more on multifamily. Do you office Do you do retail?
Parker Smith 7:52
So yeah, in in. Personally, I’ve been you know, I’ve been involved in deals outside of multifamily, but that’s kind of our bread and butter what we decided to fund, we specifically designed it, you know, it is a multi family fund. Okay. And and the reason being I mean, not we, we appreciate all other real estate asset classes, we like multifamily is specifically value add, you know, you know opportunities that are existing not not ground up only because we want to generate a cash flow we want cash flowing assets. So we want assets that are cash flowing, typically day one not not always the case but but but typically day one, they’re cash flowing and they do have a value add component to it. So you can go in and you can rehab the asset, you know, maybe maybe you want to upgrade the interior do some exterior work, maybe the amenities right, so that you can ultimately raise rents and then increase the value when when when you sell Right. So
Gabriel Petersen 9:01
nice. And so, do you Are you already have projects? I mean, you’ve already deployed capital It sounds like you already have something under under management,
Parker Smith 9:10
correct? Yeah. So we have currently so Caldera as a company I have to clarify. So the fund in general the fund is like I said, we started the end of last year and with you know, Coronavirus, and yeah, that thing. So, the fund itself currently does not have any assets under under management. I want to be clear about that. But Caltech is a company, we we are a fund management and acquisition company. So we do have multiple funds. We have what we like to call direct acquisitions, right. So so on top of the fund, you know, while we were waiting for the fund to get qualified with sec, we went out and and through a reg D which is for credit investors. We deployed money into A few assets. Right, so, so we have right now assets under management, we have about $16 million of assets under management.
Unknown Speaker 10:10
Unknown Speaker 10:12
multifamily and multifamily Yep. Awesome. I love it.
Gabriel Petersen 10:15
So, so I mean, taking the perspective of the ones you know, you have under management 60 million a year. That’s awesome. I mean, it’s more than most people, vast majority of people have so so I mean that all it starts with the process at the very beginning of that process is finding the deal. And so I mean, you’ve said it before you you’re really big on networking. Most people on the show they come on, they say network is the biggest thing. So when it goes to finding those deals, finding those multifamily I know multifamily is super competitive now. What is the thing that you do? What What do you do to find these value add multifamily deals?
Parker Smith 10:54
Or have it Yeah, that’s a fantastic question. So I will say we you know, we We started kelty Realty, we didn’t set out to reinvent the wheel. Right. You know, there’s, there’s we have a vast between between our team and not only the the three managers but also the rest of the team, right we have a director of acquisitions and that we have a great network. And so one of the things that actually does set us apart and I’m glad you brought up is the we embrace the partner model. So so we don’t have to go in and we don’t have to be the hero. We don’t have to go in and take down an asset all by ourselves, right? We we embrace the partner model. So knowledge Well, the vast majority of network of brokers that will will send us deals that are typically off market, but we also you know, through our partners, we we there’s no shame in us going in as a coach. GPS or coming in as an LP structure right to to a particular asset. And so that’s how that’s how we’re able to find deals and find deals that that we, you know, obviously, in our opinion, we feel are prime real estate opportunities, right? You know, every every real estate bill is different and every real estate has risk involved. But for us, you know, we feel like these are real estate opportunities that the typical, you know, firm or person may not be, may not have access to or may not, may not see, right. And so, so we have a couple partners that we we worked with in the past and we’re actually looking at a couple deals right now with some of our partners that either we found the deal through our network of brokers or they found the deal and we’re we’re going we’re doing a joint venture with them either co GP or coming in as an LP On that asset, so
Gabriel Petersen 13:02
awesome. So it sounds like a lot of partnerships, a lot of jayvees. You find them through I mean, either party, it sounds like mostly brokers, you guys don’t do any marketing. You’re just you’re networking, connecting with other brokers in the field. And then through that you will be finding the multifamily deals. Yeah, I would be completely remiss if I didn’t go in the direction of your law degree. I mean, just from the way you speak, you’re very, you know, you know what to say and so I we need to ask something about your about the law. You’ve already spoken a bit about structuring partnerships. So I want to go into that a little bit. I mean, a lot of people listening to the show watching, they’ve considered doing a JV with somebody else. They’ve considered partnerships. So in your opinion, what is the best way to structure a deal? And what are the I guess, what’s one of the pros and cons of the different ways of structure permissions? Yeah,
Parker Smith 13:58
absolutely. So, if we’re talking specifically the partnerships, I think one thing that that’s helped us is, you know, what, what is everyone? bringing to the table if you’re if you’re structuring a deal, right, so, if you’re bringing the, you know, typically you’ll need someone because we our deals are levered, right? Or I said, most of our deals are levered, right? So you need somebody that can sign the carve outs, right? So you need somebody that has the balance sheet to be able to sign the carve outs, you need somebody that you know, if you’re doing a, you know, a value add, you need somebody that has experience and they can do the the construction management, right? You need somebody that can do asset management, typically will bring in a third party property manager, unless it’s local, right. So, so it really depends. So the from, from our, from my perspective, the best thing thing is the outline. Okay, what what is everyone bringing to the table? Right? And then you got you got the capital, right? You know, who’s bringing the capital? And so that, so start from there, and then you can go, you know, you can break it down into Okay, you know, maybe, you know, maybe it’s best structure as a co GP structure where you both you both are responsible for, for, you know, the due diligence, right and the due diligence costs. If you have to go hard, or maybe some, you know, you know, put put some money down like you both are equally responsible for that. And then, yeah, again, like I said, who’s doing that the asset management, who’s doing the construction management? Are you hiring a third? You know, is there a third party you’re bringing into the mix? Right. And so, that’s, that’s, I guess my biggest recommendation I know that’s not probably the legal aspect. Have a bit of figure out who’s bringing what to the table and and then kind of kind of go from there. And then you know there are there are laws and rules that you have to you have to worry about when you’re talking about you’re bringing someone who is you know, there’s certain there’s issues exemption and other things you have to go into as far as I can’t be paid strictly for the capital you bring in and that kind of thing, right so, so so really outline who’s, you know who’s doing what, and then you know, when you’re when you’re actually putting the deal on paper, you know, and, and I have to say this as well. I’m an attorney by trade but uh, you know, my I’m not a real estate attorney as far as like putting the deals down. So work with a good real estate attorney, that can actually guide you on the on actually putting the deal down on paper, but Again, the big structures, who’s bringing what to the table? Who’s Who? What are everyone’s roles, and then figure out from there how that how that would look and work with a real estate attorney, obviously,
Gabriel Petersen 17:11
obviously, if I love it so, so who’s bringing what to the table that’s like, that is the thing that matters the most when it comes to generate or creating a partnership. And it sounds like in your, in your perspective, there are basically four different four different positions in a partnership. You got your construction management, your rehab, or your management, asset management, your construction management, whoever is bringing that the capital, there was a fourth one, but I forgot to write it down. What was that fourth one?
Parker Smith 17:39
So then the property manager, right.
So the property manager typically, like I said, typically for us, it’s a third party so so for instance, we you know, we have a Yeah, we have a deal in in Killeen, Texas, of all places, right. And, and one of the reasons why we like clean On a side note, because it’s close to military base, right, that says, right by bite for hood and which is one of the bigger military bases in the US, if not the biggest. So we’d like that aspect of it that it’s close to two military which we find, you know, fairly stable, right. You know, especially in during these times so. So we have asset in Killeen, Texas, obviously, I’m not I don’t live in Killeen, Texas. Why our network isn’t really we don’t really have too many ties to clean Texas. And so we have a property manager that that is the boots on the ground brought on that manages the property, right. And so they they’re responsible for, you know, getting getting the leases, you know, and you know, they’re, they’re responsible for
Gabriel Petersen 18:59
it That’s a hired a hired property manager.
Parker Smith 19:03
Not a partner. Right? Correct. Yep. Gotcha. So that so that’s, so that’s, that’s, that’s the fourth, the fourth one. Gotcha.
Gabriel Petersen 19:12
Okay. So again, on the on the legal side, I mean, every time I mean that I buy a property, I put it in an LLC. I know you’re not a real estate attorney. But I’m going to ask the question anyways. Yeah. Is there is that I don’t know if that’s best practice. It’s what I was taught. Is there a better way to structure that? Is there a different type of legal structure that you’d put the property in or? And in what case, would you would you change that?
Parker Smith 19:37
Yeah, absolutely. So the, the, the short answer is is and favorite lawyer answer, right or attorney answer is, it depends, right? It depends on where you’re trying to accomplish. But I will say typically, and it’s not legal advice, but typically, ours. Ours are in an LLC format, and I And that’s typically what I see across the board. You know, you want to create, you know, an SPE, special purpose entity and from the majority of deals that I see are, are held in an LLC format. So, yeah, you’re and you’re not wrong, but there are other structures and and that I would say, you know, it depends on, on what you’re trying to accomplish, what are your objectives and in your personal situation, right. You know, but, and the partnerships that you might, you might bring into the table, but yeah, typically, an LLC is what we see.
Gabriel Petersen 20:41
Perfect. Yep. Awesome. Well, you know, we try to keep these shows to about 20 to 25 minutes. So I’m going to move us on here just a little bit. We’ve heard a lot about, you know, the Cartier Realty, we’ve heard about how you got up to this point. So I want to go a little bit into the stories Because you know, anybody in real estate, we have stories, real estate, it’s a it’s a roller coaster you go down, get your your valleys and your peaks. So take us to the valley take us to one point where, you know, something happened that wasn’t expected and that was a struggle. And then tell us what was the lesson that you learned on the other side of that?
Parker Smith 21:20
Yeah, absolutely. That’s that’s a great
great question. So now I’m trying to think of what what the best story is still to tell here so I will say I’ll because I mentioned it before the deal in Killeen, Texas, right. So, we so that one was a little bit rocky did from from the start, you know, we we actually, you know, there was, you know, back and forth on, on closing, we’ve actually extended the closing date, twice on that on that particular project. And it is Closing, obviously, which is great. Yeah, that’s always a win. And, and, you know, I so so that happened, you know, last year, kind of third I think third quarter, third, third fourth quarter last year and everything was going smoothly and then we we had there was a fire and a number of the assets like thank goodness thank goodness nobody was was hurt but you know and and you know so it actually worked to our benefit in this sense where we have insurance money that can actually help pay for for some of the renovations that we were going to do anyways. So does that help it so there’s a fire and then on top of that then COVID happened right and so it’s been down yeah, it’s been a rocky Time went with this asset but but through you know, we that we had an Another thing that happened as well, that, you know, was was a tragedy that happened in, you know, to one of the residents and in the asset as well. So, so we have three kind of strikes against this right 3333 opportunities for it to have but but luckily, you know, because we we picked a solid and what we think is a solid asset, right. It’s, it’s, you know, like, like I said it the the, done we It was very well underwritten, right and underwritten conservatively. And so, it’s still still producing, you know, occupancy, it’s still 95% occupancy, and then we have you know, the the rent our rents, now our collections have not taken much of a dip at all, even through through COVID-19 and through everything that’s happened so, so the lesson I learned is, is You know, a lot of times we get enamored by deals, right? And we look at the, you know, best case scenario, but that’s, that’s not you’re gonna have these values, you’re gonna have things that you don’t see happen. None of us could could say that we saw COVID happening, right? No one could have predicted COVID I know that us and others that we’ve worked with, you know, predicted, potentially a downturn in 2020 just because the cyclical aspect of the market, but no one anticipated COVID or a pandemic happening to kind of cause that so or accelerate that or whatever, however, yeah, it happened. Right. So you so really, it’s doing, you know, being able to really analyze a deal and look at it conservatively so that if things like that happened, you’re not underwater because that happens to a lot of people, right? They they underwrite it to the best case scenario, and when something happens then the luck. Exactly. So. So if you underwrite it very conservatively, you can absorb some of those those blows that happen along the way.
Gabriel Petersen 25:14
Love it. So it sounds I mean, you guys, it sounds like you had this property and claiming you were just repeatedly hit when you’re down three times, things happen. But you came out the other side because you did your underwriting correctly. Yeah. So that’s a great lesson. It sounds like they’re actually two lessons. The first one is have insurance. Yes, I’m insurance for sure. The second one is when you underwrite your properties, do it conservatively. You never know what can happen. Coronavirus. Nobody could have predicted that. So make sure that you’re conservative when you underwrite your properties. And if you do that, hopefully crossing fingers, it should be a good asset into the future.
Parker Smith 25:55
Gabriel Petersen 25:56
Awesome. So that was a trough that bring us to the top, you know, top You’re still here in real estate today. So you’ve gone through the bottom Why do you keep going to it and what gets you out of bed for this?
Parker Smith 26:06
Yeah, absolutely. Like I said it’s really you know, you know, I say I say real estate is my passion and and partly because I do you know, I do have a finance background and I, I really, you know, I do I say dabble a little bit and you know, in the stock market and Angel stocks, I do enjoy that as well but but really what what really drives me in real estate is this, historically speaking and any finance class will pay and then when you talk to, you know, you know, that is has preserved their wealth, you know, typically does it in some form of real estate, right, they have some real estate is part of their portfolio. And, and the reason is is it over the long run, it will go up in value. Right. And you talk about supply and demand, there’s, you know, there’s only so much real estate out there, there is a lot, right, but there’s only so much out there and so is going to go up over time. And so that’s really what drives me is knowing, you know, if I really want to, you know, preserve, you know, generate wealth and preserve wealth for my family, it real estate is is, is, in my opinion, the best avenue to do so and, and to create that financial security for for myself, my family and future generations. You know, it’s something that can be passed on to future generations. And and that’s really what drives me. And, and, and it is fun. It is funny, I enjoyed the peaks in the valleys and, and and being along the ride of closing deals and getting deals done. So,
Gabriel Petersen 27:53
absolutely. And I mean, you’re absolutely right, they’re not making any more land. So real estate is there’s a reason that it keeps going up. Population keeps growing. It’s not gonna stop. I heard until 10 billion people so we’ve got a ways to go. So
Parker Smith 28:05
we got a long ways to go. Yeah.
Gabriel Petersen 28:09
Awesome. Well, Parker, I really appreciate it having you on. I know I can speak for everybody listening and watching. We appreciate the wisdom you shared today. We all need to receive things as well. So if you wanted to receive something and someone were to bring something to you from, you know, listening or watching to the show, what would that be?
Parker Smith 28:28
Yeah, I’ll go back to what I said from the beginning. Part of our, you know, our passion when we started kelty Realty, is we really wanted to provide access to what we consider to be prime real estate opportunities. And so I would just anyone listening that that wants to participate in real estate, you know, maybe doesn’t have the experience or network or even, you know, maybe you have, you know, for our fun you can start as you can put in as little as $500 right. You Put as much as you know, 50 million if you want, right as the funds $50 million, it’s a $50 million fund, right? But But yeah, anywhere from five $500 to $50 million, you can go in and you can participate in some some cash flowing assets. It’s a portfolio of assets. I want to make that clear. Because sometimes we get questions about that, but it’s a portfolio of assets. So you can invest in, you know, an asset in Austin, Texas, in San Diego, California and Seattle, Washington and you know, so, just for example, right, there is a portfolio of assets you can participate into, with as little as $500. So, if you want to find out more, go to our website calcia. realty fund.com you can go to our corporate website kelty Realty comm To find out more about our company in general, if you’re interested in direct acquisition, you are accredited investor, we can do that as well. But if You’re just a beginner in real estate, check out Cal TLT fun calm, that’s why we put it together is for consumers to participate in those those types of deals.
Gabriel Petersen 30:09
So awesome. I love it and that is actually the next question. If somebody did want to get in contact with you, Calcio Cal tear realty fund coms not the best way for them to do it.
Parker Smith 30:20
That’s the best way to do it. You can email me I’ll give out my personal email. I that’s one of the things too if you’d like to be I love having conversations with people. So you can you can email me directly at Parker at Cal tear realty COMM And for it spelled ca l TI er, and then realty r EA l t y.com. So
Gabriel Petersen 30:46
perfect. So you guys heard it if you want to get in contact with Parker if you want to invest in his fund. You can get him at Parker at kelty realty.com. Or I will put his LinkedIn profile in the notes can also go to calculator fund.com. Again, Parker, thank you very much for coming on. I appreciate it. I know everybody listening watching did as well, for everybody. That’s, that’s with us today. Thanks for being here. And we look forward to having you guys on the next episode.
Parker Smith 31:16
Appreciate it. Thanks. Good. Thanks for having me on.
Gabriel Petersen 31:22
Thank you for joining us on The Real Estate Investing club. If you feel we provided value, and you would appreciate it if you hit that thumbs up, share it with your friends online, whatever you’d like to share or partner with us on an investment deal. We are always looking for quality projects, go to http://www.hp real estate investing club.com to get contact with one of our partners. Otherwise, I hope you guys have an absolutely fantastic day and I look forward to seeing you on the next episode.
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