Anthony Vicino is a value add multifamily operator who went from four months living in the back of a van to about $25 million in assets. On this episode, host Abel Pacheco and Anthony give passive investors a real framework for vetting a deal.
In this episode:
- Rule one: "it's all about the sponsor. You're betting on the jockey, not the horse," because "the difference between a million dollar idea and a million dollars is exactly $1 million worth of execution."
- Why IRR alone is the wrong lens: "you have to look through the risk adjusted return lens."
- How he underwrites honestly: he projects 15% IRR to investors while privately expecting to beat it, and keeps the cash out refinance out of the model.
- Do not be "an echo chamber of one." Know several operators and keep upleveling your education so you can ask better questions.
- Abel's scar: at Rackspace he sold "$50 million, $100 million, $300 million deals" but lost the relationships.
Abel Pacheco is a San Antonio real estate operator who went from 8 single family houses to a share of roughly 1,500 apartment doors, and now works as a fractional Chief AI Officer helping small and mid sized businesses put the back office on autopilot.
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