An almost $2MM rebuild of a single-family home pushed Kristine Jefferson to transition into multifamily. The only problem was she knew that she wanted a partner to compliment her skillset. She found her partner at a meetup and focused on building a strong partnership that has led to a portfolio of 1400 units.
Her firm, Mission Bay Capital Partners, specializes in multifamily acquisitions and syndications. In this episode, Kristine shares what she learned from those single-family deals and how the skills transitioned into multifamily, how to build strong partnerships, and how they scaled their portfolio of 1,400 units.
Partner: Get Multifamily and Marketing Consultation through the Capital Impact Club
Key Insights
- Kristine started in single-family fix flips, raising money primarily through private funds.
- How an almost $2MM tear-down and rebuild of a single-family property pushed Kristine into Multifamily: “Why am I going through this for one door when I could be doing multiple doors?”
- How Kristine made the leap from single-family to multifamily. Her journey included: Going to meetups, a mentor, educational programs and a lot of drive.
- Why Kristine felt it was important to get a partner for her multifamily business.
- The qualities to look for when searching out the perfect partner.
- How to form a strong partnership. Tip: Do a deal together before making the partnership formal.
- How to build a solid business foundation to enable growth.
- Target Markets: Georgia, North Carolina, South Carolina. Most off-market acquisitions. Focus on secondary and tertiary markets.
- What to look for and what to avoid when investing in smaller markets
- Best practices when talking to investors and raising capital (investors are more concerned about the market vs. the property)
- Analyzing metro markets and their sub-markets: Sometimes you have to take a microscopic look to ensure a good investment
- Key advice on raising capital: Know the deal inside and out and remember raising money starts before you have the deal.
- Why it’s important to focus on the opportunity that you are creating for others
Partner: Download our Sample Deal Package
Bullseye Tips:
Apparent Failure:
Tear down rebuild/monster: pushed her to MF – time & money suck
Digital/Mobile Resource:
Investor Deal Room (online investor portal)
Most Recommended Book:
The E-Myth Revisited
Daily Habit:
Morning routine: Lunch for the kids, a walk for the dog, gym, reading, and prioritizing day
Wish I Knew When I Was Starting Out:
Wish she started when she was 23
Advice for Smart, Driven College Student:
It’s hard work: You get out of it what you put into it. Stay true to yourself.
Current Curiosity:
Business!
Best Place to Grab a Bite in Northern Virginia Fairfax (DC)
Teddy & The Bully Bar
Contact Kristine:
Website: Missionbaycp.com