Coming from the tech world, Yomesh Deliwala started his investing career by investing in townhomes. From humble beginnings, he grew his portfolio steadily over time. Today, Yomesh is sharing 5 key items that attracted him to his first syndication, the top 3 reasons he was able to raise rent on day 1, and how he’s able to offer his investors 25-30% returns.
Yomesh Deliwala Real Estate Background:
- Full-time IT Executive aiming to go full time in real estate
- owner, operator, and syndicator, passively investing in 3 deals, Co-GP in 2 deals (336 units total), leap operator in 3 deals (419 units), multifamily (value add and ground-up development), and 100,000 square foot storage (ground-up development)
- Based in Charlotte, NC
- Say hi to him at: www.Exponential-equity.com
- Best Ever Book: Measure What Matters
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TRANSCRIPTION
Ash Patel: Hello, Best Ever listeners. Welcome to the Best Real Estate Investing Advice Ever Show. I’m Ash Patel and I’m with today’s guest, Yomesh Deliwala. Yomesh is joining us from Charlotte, North Carolina. He’s a full-time IT executive aiming to go full-time into real estate. Yomesh is an owner, operator, syndicator and passive investor in a number of deals, including a 100,000 square foot ground-up development storage facility.
Yomesh, thank you for joining us, and how are you today?
Yomesh Deliwala: I’m doing very well, Ash. Thanks for having me on the show.
Ash Patel: It’s our pleasure. Before we get started, can you give the Best Ever listeners a little bit more about your background and what you’re focused on now?
Yomesh Deliwala: Absolutely. So thanks for that introduction. I do come from a very humble background back home in India, I come from a Western state called Gujarat. I have same aspirations like any other immigrant in this country, so coming from a technology world, got myself into passive investing. You know, I have been introduced with constant hustle for a long time, so I learned that way back home as well.
So one of the things that I tried right after getting here in this country was get my hands on some individual townhomes and residential units. Fun fact, I actually invested in my first real estate passive income townhome while I was still living in the apartment. So that’s how dedicated I was. So I wanted to make sure that I created a passive income stream that is someday going to replace everything that I’m doing from technology. So that’s what I am 16 years on, and trying to still get out of there, I’m making slow and gradual progress in there. But between then—that was back in 2006. Between then and 2016, I picked up a lot of different units across Charlotte market, made myself a good portfolio of those units, still have them, great cash-flowing assets, infinite cash-on-cash return on each of them, because I’ve kind of cashed out everything that I’ve originally invested in that.
But other than that, I kind of took a pause between 2016 and 2019 because of how hot the market got in the cash flow and the ROI, did not make any sense after that. So I took a pause. And then in 2019 is when I was introduced to commercial real estate, and that’s when I rolled up my sleeves, went in there head-first, so to say. I went into being a limited partner in three deals, co-GP, built the right relationship being a co-GP, and then earlier this year, started doing all soup to nuts deals within our team itself. So I went over and bought 800 units, that come close to about $50 million to $80 million assets under management starting this year. So I’m pretty excited.
Ash Patel: Yomesh, it sounds like you’ve had a lot of success in real estate… But if you’re trying to go full-time into real estate. What’s still keeping you in IT?
Yomesh Deliwala: Honestly, it’s the relationship. I was in a management consulting technology consulting role, traveling all across one of the big four companies. And then I wanted to focus on setting up my business, and that’s when I reached out to my local contacts and got in touch with the leadership of the company that I’m working on right now. And then I was offered a position, there were a few departments that I had to set up. So I’m still in the process of doing that. So it’s just a mere relationship, right? At the end of the day, I value the relationship the most, whether it is commercial real estate, residential real estate, broker, syndicator, and the same goes with the technology world. So this is a great relationship that I share with the senior management, so I’m going to do my part, slowly, gradually put the pieces back together and then… I have—I’ve been fortunate to have a really good team on the commercial side as well, which is the business that I’m setting up with my partner and the remaining team of eight people that we have. So I’m able to dedicate some time back to my 9-5, but eventually, the goal is to get out of this as soon as I’m able to put the pieces together.
Ash Patel: Yomesh, you actually mentioned after that pause, you became a co-GP on a deal. Can you tell us about that deal and how you became a co-GP?
Yomesh Deliwala: Yeah, so just like most of the listeners, I started my journey on a learning side of it, right? So learning from the podcasts like this, learning from several other podcasts, going to the conferences – this is before COVID, right? So right in 2019 is when I attended a couple of conferences. So I built some right relationships, I understood the deals from a passive investor standpoint. This is where I evaluated a few operators that are there, syndicators that that are there. And then eventually, I decided to understand the whole process from a passive investing standpoint, because eventually my goal was to become a syndicator, to became an operator. So it’s very important to see yourself from the investor shoes, and outside in, into a deal, on what you would evaluate, how you would evaluate, and go about doing that. So that’s when I became an LP to learn the game. Then I became a co-GP on three of the deals based on the contacts that I made as part of those conferences and relationship and networking, I found out the right operators, and built those contacts, then became GP. So this is co-GP, is where I dedicated my time as a capital raiser or boots on the ground, in different functions across when it comes to the operator or syndicator side of the world, right? When you go on the other side, you become GP.
So part of those roles, I volunteered myself to a couple of them by pro bono basis, just to understand the game and understand what lies ahead, being a full-time syndicator, being a full-time operator. So that’s how I forged those relationships and became a co-GP, and got into several roles, being boots on the ground on a Lafayette property that I have; it’s a 128 unit Class B property, then capital raiser for a 208 unit in Tulsa, Oklahoma that’s doing fabulous. Last time — it’s just over a year that we have acquired that property. Then we started going into more soup to nuts, now that we saw the things that are behind the curtains kind of thing, and then started to kind of build everything in-house, put the team together, and then started taking soup to nuts deals.
Ash Patel: Okay. So you became a co-GP on one deal by raising capital for that deal.
Yomesh Deliwala: Yeah.
Ash Patel: What were the benefits of being a co-GP? Did you put any of your own money into the deal?
Yomesh Deliwala: Absolutely. That’s the first question that typically, until this day, anybody in my family and friends’ network has asked me, right? “Would you put your own money in?” And that is the reason why I mentioned about the LP side, where you need to start seeing the things from the other side of the table. When you put yourself in the investor shoes and then evaluate the deal, that gives you a clearer understanding of how the deal equates towards the KPIs that you would want from a good operator, a good deal, a good market… Realistic expectations, not just putting expectations on a piece of paper, just because you want to raise money, but realistic expectation in terms of cash flow, the performance of the asset, all of that good stuff. So that definitely helped me a lot, and not only did I put my own money, but I also got my family and friends and brought their money as capital raiser as well.
Ash Patel: Yomesh, in a situation like that, where you bring a lot of capital for someone else’s deal, what is the reward for doing that typically? Is it a few points of equity?
Yomesh Deliwala: Typically, yes. So a lot of different operators have a different way of operating. Some of them are standard in their operations, how these deals are, and typically the capital raiser also accompanies other roles as well. So you cannot be just a capital raiser and get a share of equity. What you do have to do is you have to have a supplemental role where you’re actively contributing towards the profit.
Ash Patel: And what are examples of actively contributing?
Yomesh Deliwala: So actively as in you participate in the operational calls, you do audit of the quarterly income statements, raise the right questions from that standpoint. Basically, keeping your investors’ interest in mind, evaluate the performance of the property, whether it is from a performance of property management company, the operator themselves, how the capital is spent… You could just take the entire CapEx and spend it in six months, versus have a nice plan where you can dedicate and put the budget in place so that you have a proper execution of the CapEx plan. So several ways you can contribute, but that’s more like an active way of contributing towards a deal’s performance.
Ash Patel: Do you have to be an active contributor to satisfy SEC laws?
Yomesh Deliwala: Exactly.
Ash Patel: Okay.
Yomesh Deliwala: That is one of the reasons that we cannot have, from a capital raiser perspective — SEC does not allow being just a capital raiser and part of the deal to get an equity. So you have to have an active role, which is what I explained. Yep.
Ash Patel: Got it. And on your second deal, you were boots on the ground for the operator?
Yomesh Deliwala: Yep.
Ash Patel: Let’s hear that story.
Yomesh Deliwala: Yeah. So boots on the ground – there are a specific set of activities that we have to do, including getting to the property every couple of months; there’s a huge checklist of items that we go through, assessing the current work that’s happening, the upkeep of the property, how is the property management staff on the presence of it when you walk into the office, and most of the times we keep all of these visits as unannounced. So we want to have that surprise factor to be in play there, and work it out accordingly.
But yeah, all the salient features, if there are any additions to the property, any rehab being done, how that is performed, the quality of the work, exterior, interior, quality of the property management, the overall performance of the property that you can put into a three-page checklist and kind of walkthrough with the operations’ team once we are done.
Ash Patel: Was the syndicator out of state on this deal?
Yomesh Deliwala: The syndicator is out of state. Yes.
Ash Patel: Okay. So you were essentially the eyes and ears, boots on the ground for this deal. What sort of issues did you run into?
Yomesh Deliwala: We typically had, like every other operator in the last six months, we had labor issues and material issues. From the last one year is what we have seen, quite often, there has been some mitigations, where the operator has been able to get some crews from out of state and perform some of the work… But then we are at the mercy of some of the materials that would come out from a shipment standpoint. So we had to delay. It was all genuine out-of-control items that we had to work with. But yeah, those were the primary set of challenges.
Ash Patel: What was your first syndication that you started on your own?
Yomesh Deliwala: So earlier this year, quarter, March 31, 2021, when we closed on our 246 units in Winston-Salem, North Carolina. That was our first soup to nuts deal. We have a couple of other new construction that we are also doing, but this was the first soup to nuts deal; it’s a lighter property, it’s a low-income housing tax credit, for the listeners who don’t know. It’s a fabulous property to be a part of, there are some regulatory concerns over there that we need to abide by. But other than that, the property is in a stellar instance seller market, which is number six in the rent growth, according to Yardi. So very well positioned, very nicely maintained property that we took over, and between now, and we’ve just made a bunch of improvements, we’ve got a good relationship with the city, with the mayor’s office and kind of extended all of those, and improved the life of the tenants out there.
Ash Patel: What was it that attracted you to this deal, other than the rent growth?
Yomesh Deliwala: So one was the market itself, right? Winston-Salem market is, like I said, number six in the country. But it’s right in our backyard, right? So our main focus here, the target markets that we have, predominantly Carolinas, Georgia, where we look for property across the sandbar. But barbecue in our backyard is much better than anywhere else, and we could have better control, we can do economies of scale, work with a property management company to put in the right KPIs, and manage them very closely. It is just an hour away from where I live, so I take my car and just go out there and take a tour of the property any day I want. And that has helped optimize a bunch of things. The more you are at the property, the better you can make as an owner. So a lot of those changes have come across in this property, and we have improved. We had a good CapEx amount introduced in there, good rehab happening at the properties, all of that have been firsthand monitored by the operator itself… It’s been a satisfying experience to see how that property has come about, and going through the transition. It’s a satisfying experience.
Ash Patel: What was the purchase price and the capital raise on this deal?
Yomesh Deliwala: So the purchase price was $11 million, and the capital raise was somewhere around $4 million.
Ash Patel: Why so high on the capital raise?
Yomesh Deliwala: We got the CapEx included as well on some of the capital raise, which was an LTV side of the loan, versus LTC. So we had to raise a little bit extra to suffice on the CapEx side.
Ash Patel: And what’s the anticipated return for investors?
Yomesh Deliwala: The anticipated returns are over 25% to 30%. We’re fairly confident. Like I said, it’s a LIHTC property, but the rents according to the LIHTC limit, versus what they were charged, there was at least a $400 difference between what we can charge versus what was charged. So it was right off the bat, we could make the changes and increase the rents, which we have accomplished to a certain extent within the last six months. But yeah, like I said, it’s a compliance process, we have to abide by a certain paperwork and all of that. So it’s a little bit of a learning curve. But when you master that game, it’s a fabulous property to invest in, at affordable pricing, and then given how the market is progressing, the returns out – we’re looking at at least 2x returns for our investors.
Ash Patel: Yomesh, low-income housing tax credits… Is that similar to Section 8?
Yomesh Deliwala: Yeah, pretty similar. But then there are further restrictions where you have to go by the minimum income level that has been designated for that property.
Ash Patel: Okay. And your value-add approach for this is, I’m going to guess if you put a dishwasher or a washer or a dryer, you get to charge an increase in rent?
Yomesh Deliwala: Yes, and no. So depending on the utility allowance, we can charge, but then there are certain rent limits that we have, even without adding any of those. If you just do a rehab of the interior, like you know, the regular flooring, kitchen and all of that – we could just bump up the rents.
Ash Patel: What are other things that they look for, that they reward you, in terms of increased rent?
Yomesh Deliwala: Community in general, right? So bringing in some of the community features. So this property already has a community center, kids come in for education, after-school education, all that is free, the meals come in free; all of that is already established in that community. But what we had to do was add some amenities to the community. So maybe a gathering space like a patio or a gazebo, add more grilling stations, picnic stations, and then we work closely with the city. The name of the game over there is “improve the quality of life.” At the end of the day, one way of that is improving from a rehab, and how that has been done, all the exterior CapEx and all the amenities that we could add, which is [unintelligible [00:17:32].14] improve.
And then lastly, is the security, right? Some of those low-income housing, there is a myth that they are not secure. But obviously, we need to do our part to make sure that we have the right security equipment installed across the community, so that we can deter all of that ongoing stuff that’s happened.
Ash Patel: And have you dealt with any pushback from increasing the rents?
Yomesh Deliwala: No, the rules are pretty clear. From a Housing Authority perspective, there is a rent limit that you cannot hit. Anything below that is fair game. So obviously, we’re not there to just go in day one and just bumping up the rents by $400. We don’t want to do that. So that’s why our business plan has a 3-5 year plan where we gradually increase the rents, so not just one-off… But yeah, as long as you’re able to comply to everything that the Housing Authority has, you’re free to increase the rents.
Ash Patel: What kind of debt did you put on this?
Yomesh Deliwala: It was a bridge loan that we had to take.
Ash Patel: How long is that bridge loan good for?
Yomesh Deliwala: Seven years.
Ash Patel: Would your intention be to refinance prior to that, and pay back the investors?
Yomesh Deliwala: Yep, exactly. That is the plan.
Ash Patel: Okay.
Yomesh Deliwala: So we are right now at a three years plan to refi and get the money back to investors. We’re right around 86% occupancy. We got a bunch of applications approved yesterday, so we’re going to be hitting over 90% soon. Our goal is that within a year, if we are able to get the property to 92% to 93%, occupied, we kind of go to the agency loan and kind of refi, and move from the bridge loan.
Ash Patel: Yeah, so $11 million… This was a large project that you undertook; what was your biggest challenge in getting this deal done?
Yomesh Deliwala: The biggest challenge is red tape around LIHTC, right? So I’d LIHTC is LIHTC, right? So on the face of it, it looks daunting, but then now that I’ve operated the property for 6, 7 or 8 months, I feel like as long as you’re able to put all your ducks in a row, you can successfully operate that. So the compliance is the number one thing.
Number two is the property management, right? So you need to have the right relationship within the city, you need to have the right combination of resources who are ready to work from a property management standpoint. These are low-income housing, so not the best for the tenants, but then you need to have the right caliber to handle the tenants when it comes to low-income housing. Nothing out of the ordinary, but it requires that suite-level smartness and tact to handle those tenants. Any property management who is proficient in that level of management is preferred. So I think we got lucky on both sides and we kind of hit the ground running after take over.
Ash Patel: What was your biggest challenge in raising the $4 million?
Yomesh Deliwala: We had to do a lot of investor education. LIHTC is not your traditional deal, so you have to go through and educate investors as to what that means. What are we getting in, versus what’s your outcome going to look like from a return standpoint. So the biggest challenge was education. But once we got through that hurdle, the money was really quick to raise.
Ash Patel: What advice would you give a new syndicator raising money for the first time?
Yomesh Deliwala: Would you put your own money? So you would evaluate the deal as if you are going to put your own money, right? So there are several resources available to evaluate an operator, to evaluate the deal, to evaluate the market, and understand the property management and get hold of the budgets, get hold of the CapEx, and then put all of those things together and see, does this make a realistic expectation from an investor standpoint?
There are quite a few deals that I’ve seen, at least we, as a team, underwrite at least 50-100 deals every month, and then it comes to our desk for final evaluation, about 20 of them, and then from there, we can put LOI on five of them. But the point there is on paper there can be an enormous amount of returns, but when you actually look at the past performance versus how other properties are underwritten from a future performance perspective, that can kind of make or break the property as we go along. So yeah, doing that due diligence would be perfect.
Ash Patel: What’s the hardest lesson you’ve learned in your real estate career?
Yomesh Deliwala: It’s a team sport. So you cannot do everything all by yourself, right?
Ash Patel: I want to hear a tough lesson, something that burned you.
Yomesh Deliwala: You’ve got to keep the emotions out of any deals; you have to evaluate the deal as it stands. So we’ve been into a couple of deals where we have lost some money as well; we have lost our EMD, we’ve lost a few deposits that we had put in from a due diligence fee perspective.
So at the end of the day, it’s not just the money that goes into a failed deal, right? A failed deal means that you get a lot of lessons, what not to do in the next future deals. So we had a couple of deals of our share, and one of the topmost thing is, you’ve got to do your due diligence in terms of the property; the paperwork that you receive is not always true. Let me put it that way. The OM looks beautiful, but the reality is, at the ground, how the property is operated, how the numbers are reported, how the numbers are not reported, and then when you go into that actual due diligence is where you need to uncover all of that.
A simple example I give is you can make a $50,000 mistake while you’re in the due diligence period, or you can make a $5 million mistake after you take over the property. So it’s better to make a $50,000 mistake and get out of the deal. And not to do a good deal with bad people, but also not to do a bad deal with good people, right? So it’s worked both ways. You kind of balance it out in such a way that you have your right due diligence in place, and you don’t work with the bad operators, as long as you don’t find a bad deal, and put all your good investors in that deal. So that’ll work both ways.
Ash Patel: Yeah, that’s a great lesson. I think what happens is, when you are chasing the deal, you want it at all costs, you kind of have blinders on. Once you get it under contract, it’s even more of a win. Now you want to find a way to take it down, and you’re just hyperfocused on getting the deal done, and it’s easy to overlook a lot of things that, from an outside perspective, would be easy to see, but you’re just chasing that closing.
Ash Patel: What was the deal where you lost your earnest money deposit?
Yomesh Deliwala: We have a couple of them. One of them, we did not lose it, but we were very close to evaluating the property; it was another 205 units in Winston-Salem, where the paperwork or the P&Ls, and everything was a little bit on the other side, so we kind of had to go through a fine-tooth comb to kind of uncover all of those information. It could be more than one ways where the numbers are hiding within the P&L. So it’s important to understand and kind of uncover those details. That was one of them.
And then we had another deal, 100-plus units in Dallas, which is where we lost some portion of EMD. It was a good lesson. One of the things that came out of that was permitting with the city; not many people would look at violations and permitting, open permits and violations within the city. But that’s another way to look at it, if the property owner or the property has been called out and have a bunch of open violations, open permits. And they are promising to do all of that before the closing. But you know, once you go under contract in which there’s no guarantee of getting that all done, so you’ve got to take a real good look at all of those before money goes hard.
Ash Patel: Yeah, very important to have that on your due diligence list. What timeframe do you typically allow for due diligence before your money goes hard?
Yomesh Deliwala: We typically, have our deal 30/30/30, so we have a 30-day due diligence, 30 day for closing, and then a 30-day extension on unforeseen circumstances. We have implemented another version of it where we are getting an early access, so it kind of works as a win-win situation with the sellers as well, where we get access to the property, the property financials, physical access to the property, walking all the units. So it’s like a mini due diligence over a period of seven days while we write the contract. So that’s one way of handling like an early access where we get access to the property. Before we even get under contract, ratifying the contract, we have our eyes on the property, we have our eyes on the financials, we have our eyes on the units itself by doing the unit walk, we have a tentative budget in mind in order to fix all of that… That has been very rewarding. So we’re slowly shifting from a 30/30/30 to a seven-day early access with a 21 day due diligence after that, then kind of break it down into that aspect.
Ash Patel: That’s an interesting approach. Have you found that a lot of sellers don’t want to disclose financials, unless it’s under contract?
Yomesh Deliwala: They do. But that’s where your relationship comes into play, right? So when you are going with a specific broker… So between last couple of years, all we were focused on is good relationships, right? So all the major broker firms here in the Carolinas, across the Sun Belt, we have personally invested to make first-name basis relations with them, right? So it goes a long way. And when the broker speaks about the buyer to the seller, it goes a long way, and that’s where you kind of build a reputation where when you come up with that proposal, the seller is actually willing to appreciate and say that, “Hey, these guys, they have a different process, but they are doing the right thing and they would abide by it.”
Ash Patel: And during that seven-day process, it’s not under any type of contract. Do you have an LOI, which is [unintelligible [00:29:23].15]?
Yomesh Deliwala: Yeah, LOI. LOI.
Ash Patel: Okay, so LOI is are non-binding, right? I honestly don’t even know what the point of them is. So somebody else could swoop in and get the property under contract, while you’re doing your seven-day due diligence.
Yomesh Deliwala: Yeah.
Ash Patel: Why not just sign the contract and have a way out?
Yomesh Deliwala: That was possible when we did not have an influx of operators who would come with a day one hard money. So the game has changed a little bit in the last six months; every deal that comes to our desk, the first requirement is day one hard money, and your day one hard money is when we ratify the contract, you put your hard money. And in order for us to be comfortable, and that’s where the combination of relationship and a combination of right persuasion, we get into a deal where we are ready to put in day one money, but we need that seven days to be sure that yes, we are going to write the [Inaudible [30:18] a gentleman’s verbal agreement across the board. We have gone into three contracts so far, and all of them, we’re closing on one property early December, and it’s all in place. Now we are in due diligence, but there was a seven-day period, we got access to everything and it all went good.
Ash Patel: Yeah. Day one hard money does not sound appealing. That’s a tough one. Yomesh, what is your best real estate investing advice ever?
Yomesh Deliwala: Keep learning. As the saying goes, “There’s more than one way to skin a cat.” But there’s more than one way syndications are done, right? Syndications – there are several roles, responsibilities where you can bring your value, right? So that would mean that you can be a capital raiser, you can be a boots on the ground, you can be an operator… Anything that fits you well. So how would you know all of that is by learning. So listen to podcasts like this, listen to YouTube channels, podcasts, attend conferences, get into a mentorship program, learn about all. Continuous learning is the way to do it. How syndication used to happen five years ago is completely different from how it is happening now, and for the most part, it’s going to change within the next five years as well. So the only way to get ahead and keep yourself active is to keep learning.
Ash Patel: Yomesh, are you ready for the Best Ever lightning round?
Yomesh Deliwala: Yeah, let’s do that.
Ash Patel: Let’s do it. Yomesh, what’s the best ever book you’ve recently read?
Yomesh Deliwala: There’s a book called Measure What Matters. I come from an operational background. So the objectives and key results is called OKRs. So across our team, across the property is what we are setting up. The book is called Measure What Matters, it’s by John Doerr, but it’s based on the philosophy of Objectives and Key Results (OKRs).
Ash Patel: And Yomesh, what’s the best every way you like to give back?
Yomesh Deliwala: I believe in giving back from a community standpoint as well. I’m part of a couple of non-profit organizations here imparting knowledge regarding real estate, commercial real estate in general. So any of that. Plus, I’ve also participated in some of the local mastermind events where I can go and speak as well. My contact information is there, you can pick up the phone, call me and I’ll be more than happy to assist you, wherever I can.
Ash Patel: Yomesh, how could the Best Ever listeners reach out to you?
Yomesh Deliwala: Yomesh Deliwala is probably the only person with that name in the whole world, so you look me up in any platform and you will find me. But you can also look it up on our website, exponential-equity.com. So that’s our team and you will find me there.
Ash Patel: Well, Yomesh, thank you for joining us today and sharing your story from your humble beginnings, coming from India as an immigrant and getting into the IT field, and working your way into real estate, from your own deals when you first came to the US, to being a passive investor and now a successful syndicator… So we thank you for sharing your story with us today.
Yomesh Deliwala: Absolutely. It was a pleasure talking to you.
Ash Patel: Thank you. Best Ever listeners, thank you for joining us, and have a best ever day.
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