How Ryan Byrne Built a Multifamily Portfolio and Entered Senior Living Real Estate Investing
Real estate investor Ryan Byrne shares how disciplined underwriting, strong partnerships, and strategic networking helped him scale from analyzing hundreds of deals to operating more than 1,500 units. His story offers valuable lessons for investors interested in multifamily properties while also highlighting the emerging opportunity in senior living real estate investing.
Ryan’s journey began long before multifamily. After serving in the Marine Corps and earning an MBA in finance and accounting, he worked in mergers and acquisitions on Wall Street. Exposure to financial modeling and valuation gave him a strong analytical foundation, but books like Rich Dad Poor Dad and The 4-Hour Workweek shifted his focus toward building wealth through real estate.
MFRS Ryan Byrne Transcript
He initially invested in single family rentals with his wife before realizing the scalability and efficiency that multifamily real estate offers.
The Power of Conservative Multifamily Underwriting
One of the most important lessons Ryan shares is the importance of conservative underwriting. Many investors claim to be conservative, but Ryan takes that concept a step further by modeling deals as if everything could go wrong.
Instead of assuming optimistic projections, he stress tests deals with scenarios such as
• zero rent growth in the first year
• longer stabilization timelines
• higher capital expenditures
• expanding cap rates
• insurance costs doubling
If the investment still works under those conditions, the team moves forward. This disciplined approach allowed Ryan’s team to survive unexpected expenses like major insurance increases and operational delays while still maintaining strong deal performance.
Senior Living Real Estate Investing FAQ
What is senior living real estate investing?
Senior living real estate investing involves acquiring, developing, or operating housing communities designed for older adults. These properties may include independent living, assisted living, or memory care facilities. Investors generate income through resident housing payments and service fees while benefiting from long term demand driven by aging demographics.
Why is senior living real estate investing attractive in 2026?
Senior living real estate investing is gaining attention in 2026 because of strong demographic trends. Approximately 10,000 Americans turn 65 every day, creating consistent demand for senior housing options. At the same time, many existing facilities are outdated or underperforming, creating opportunities for investors to reposition assets and increase value.
What types of properties are included in senior living real estate investing?
Senior living real estate investing typically includes independent living communities, assisted living facilities, and memory care centers. Independent living properties provide housing and lifestyle amenities for active seniors, while assisted living and memory care facilities offer additional healthcare support and supervision. Each property type has different operational requirements and revenue structures.
How does senior living real estate investing generate income?
Income is primarily generated through resident rents and service fees. Assisted living and memory care communities may charge additional fees for healthcare services, medication management, and specialized care. As occupancy increases and pricing aligns with market demand, the property’s net operating income rises, which can significantly increase the asset’s value.
How does senior living real estate investing increase property value?
Property value in senior housing is closely tied to income performance. When operators improve occupancy, enhance services, adjust pricing, and manage expenses efficiently, net operating income increases. Higher income leads to a higher appraised value when the property is refinanced or sold.
What role does the operator play in senior living real estate investing?
The operator is critical to success because senior living properties require strong management and regulatory compliance. Operators oversee staffing, resident care, service quality, and day to day operations. An experienced operator can improve occupancy, maintain compliance with regulations, and create a positive living environment that attracts residents.
How is senior living real estate investing financed?
Senior living real estate investments may be financed through commercial loans, agency backed healthcare financing, private equity, or joint venture structures. Some investors also raise capital through syndications where passive investors provide equity while the sponsor team manages the project. Development projects may use construction loans before transitioning to long term financing.
What are the biggest risks in senior living real estate investing?
Risks can include staffing shortages, regulatory changes, rising healthcare costs, and operational challenges. Senior housing requires strict compliance with healthcare and safety standards, which adds complexity compared to traditional multifamily properties. Proper due diligence, experienced operators, and conservative underwriting help mitigate these risks.
How does senior living real estate investing compare to multifamily investing?
Both asset classes rely on increasing income to drive property value, but senior living properties typically involve more operational complexity. Multifamily focuses primarily on rents and expenses, while senior housing may include care services, staffing management, and regulatory oversight. However, senior living can generate higher revenue per unit due to the services provided.
Is senior living real estate investing suitable for passive investors?
Yes, senior living real estate investing can be suitable for passive investors when structured through experienced sponsors and operators. Investors often participate through syndications or funds where they provide capital while the sponsor team manages acquisitions and operations. This allows investors to benefit from potential returns without handling day to day responsibilities.
Disclaimer: This summary was written with the help of AI and reviewed by Rod’s Team.
00:00:28:24 – 00:00:44:23
Rod Khleif
Welcome back to Multifamily Rockstar. So as you guys know, this is where we dive deep into our guest deals and really give you actionable and and and and even beginner advice for getting started in this business. And as always, I’ve got my co-host Mark with me. What’s up Mark.
00:00:44:24 – 00:00:57:00
Mark Nagy
Go on rod. And I’m excited for this one because we had a little bit of a unique story of Ryan here who was connected to our group before he came into our group. I’ll let him tell the story, but yeah, we don’t worry, Ryan.
00:00:57:05 – 00:01:07:20
Rod Khleif
We’ve got Ryan Byrne here and, and he’s it is a great story. So, Ryan, take it away. But. So why real estate? What did you do before real estate. Give us kind of a high level overview, if you would.
00:01:07:22 – 00:01:15:18
Ryan Byrne
Sure. We go way back, right out of high school. I ended up joining the Marine Corps. I wasn’t ready for higher education, and.
00:01:15:20 – 00:01:17:07
Rod Khleif
Did. Thank you for your service.
00:01:17:11 – 00:01:45:06
Ryan Byrne
Nice is my pleasure. I took advantage of the GI Bill, got an MBA in finance and accounting, and then landed a job on Wall Street doing mergers and acquisitions. I was doing valuations and spreadsheets and PowerPoint presentations. Along the way, I read to game changing books. It was the four hour workweek and, rich dad, poor dad that planted a seed in my head.
00:01:45:06 – 00:01:59:08
Ryan Byrne
I had been a lifelong investor. But I transitioned into real estate, and my wife and I, we started with single family, long term rentals. Along in that journey, I discovered that.
00:01:59:08 – 00:02:02:02
Rod Khleif
Where we’re at, right where we’re at geographically.
00:02:02:04 – 00:02:35:17
Ryan Byrne
Scottsdale, Arizona and California is where we were doing doing those. And, along the way, I discovered the beauty and magic, that multifamily had to offer. And, and we transitioned the transition there, started as, as an investor, and eventually found an opportunity to, be on the active side of multifamily real estate. I’m partnered with many of the members in the Warrior Group, in your and your group.
00:02:35:17 – 00:02:50:15
Ryan Byrne
And, now we manage 1500 units. We’ve done about 15, value add acquisitions. We have seven new developments along the way. And things are things are going great.
00:02:50:17 – 00:03:00:01
Rod Khleif
So so talk about how you kind of got exposed to my ecosystem because that’s the story I’d love you to share. You shared it before we started recording. I’m like, Holy crap. No kidding. Yeah, sure.
00:03:00:01 – 00:03:21:10
Ryan Byrne
That I was I was masterminding with a colleague. At the time, I was doing real estate sales because I wanted to get closer to the real estate action. And, I learned a lot about sales. Not really about, investing in multifamily, but, he was sharing me these tales that were the things I was looking for.
00:03:21:12 – 00:03:38:21
Ryan Byrne
And and I asked him, hey, where are you getting all this? Where are you doing this? How do you learn how to do this? And he he mentioned you and the warrior group. And I was like, well, I’m joining I’m joining that group. Right now. And he’s kind of like, well, hold your brakes. You know, like I think he was worried that we were going to step on each other’s toes.
00:03:38:21 – 00:03:53:07
Ryan Byrne
He’s like, I’ll share education. You join another network. But eventually it was like, hey, this is where all the actions at. And I ended up joining, last year, but we were partnered in, in spirit, doing warrior stuff all along the way.
00:03:53:09 – 00:04:13:01
Rod Khleif
Yes. Yeah. This is John the Wells. This. That’s awesome. And you guys have done a ton of business together. And now, and now you’ve partnered with another warrior, who’s who’s prolific in senior housing. And, so you bring in some senior housing and some multifamily out of the ground. He’s a developer. I mean, he’s a GC general contractor.
00:04:13:01 – 00:04:15:22
Rod Khleif
And yeah, you know, I’ve been my neck of the woods.
00:04:15:24 – 00:04:41:05
Ryan Byrne
Yeah. And that’s that’s where the real excitement is. And one of the hot topics, you know, at your meet up, your last mastermind meet up with, multifamily operators in Phoenix. I mean, it was I and it was senior living. Those are the two hot topics in senior living. If you didn’t know, it’s the largest and fastest growing demographic in the country, but it’s also the most affluent.
00:04:41:07 – 00:04:49:04
Ryan Byrne
Seniors control 70% of household wealth and their housing needs. The demands are not being.
00:04:49:06 – 00:05:10:16
Rod Khleif
Oh, there’s a huge shortage. Huge shortage. It’s very exciting. It’s a tidal wave. They call it the silver tsunami. Yeah, I talk about it. I talk about it regularly on the show. And, you know, and I teach it now as well. So, you know, it’s part of the warrior. What part of the warrior teaching and and, we’re pretty much doing all asset classes at this point, including, you know, industrial flex and mobile home parks and self-storage.
00:05:10:16 – 00:05:16:24
Rod Khleif
But I’m most excited about the multifamily opportunity that’s coming because of the distressed deals and senior housing.
00:05:17:01 – 00:05:18:10
Ryan Byrne
And so.
00:05:18:12 – 00:05:19:02
Rod Khleif
Yeah, go ahead.
00:05:19:02 – 00:05:33:05
Ryan Byrne
Especially in Florida. You’re in Florida, I’m in Florida developing Florida has the highest concentration of seniors. But fun fact it has three times the migration than any other state. It’s been going on for years. It’s continuing to happen.
00:05:33:05 – 00:05:48:06
Rod Khleif
And of course keep people away. You got you need you need you need we need to put a wall up in in coming into Florida now, I love Florida. I mean, I have two homes in Florida. I love it here so much. I’m at my Miami place right now, but, so. So where are you at, by the way?
00:05:48:06 – 00:05:48:23
Rod Khleif
In Florida?
00:05:49:00 – 00:05:50:16
Ryan Byrne
I’m. I’m based in Dallas, Texas.
00:05:50:22 – 00:06:06:04
Rod Khleif
Oh, you’re in Texas. Oh, okay. I thought you said you’re okay. You’re developing in Florida. Got it, got it. Okay, so let’s drill down on one of your deals, buddy. Let’s, we talked about this before we start recording. You want you want to bring up the first deal you did, with with Warriors?
00:06:06:06 – 00:06:31:20
Ryan Byrne
Yeah, I’d love to. The first deal we did. And and full disclaimer. It took us a while. So if you’re out there, you’re a new student, you’re underwriting, you’re getting a little frustrated. Just know that the the group of us as a team, we underwrote more than 300 opportunities for an entire year before we were basically, I don’t say, got lucky or given a shot by two different brokers, to, to do this deal.
00:06:31:20 – 00:06:55:23
Ryan Byrne
So, when we found it, it seemed too good to be true. It met our buy right criteria. It met our underwriting standards, all of it. But what had happened was we were doing a lot of follow up with brokers saying, hey, did you close where you got are you going to close anything about our offer? And two of the complexes that we, wrote offers on.
00:06:55:23 – 00:07:14:09
Ryan Byrne
They they fell out of contract and we were top of mind. And next in line and, we were given that opportunity. It was to see C-Class workforce housing plays. One had 70 units. And this was like Augusta, Georgia.
00:07:14:11 – 00:07:15:11
Rod Khleif
Good market.
00:07:15:13 – 00:07:40:14
Ryan Byrne
Nice market. Everyone knew it too, because of the masters, which was great. It was easy to tell and explain. Explain. People had good economic, fundamentals behind that area. And it was a 70 unit and a 75 unit that just so happened to be the exact same build asset class and, and tenant base. And we were put both those under contract and, we came together to make it happen.
00:07:40:14 – 00:08:03:00
Ryan Byrne
It was a, a $10 million purchase price that required about 4.5 million in capital to close. But spread out amongst our solid team of warriors, we, we we figured we could all bring ten people each to that deal, and that’s and that’s how we, that’s how we got to close.
00:08:03:00 – 00:08:04:09
Rod Khleif
That’s how you raised the money.
00:08:04:11 – 00:08:30:00
Ryan Byrne
Yeah, yeah. And, that was a learning experience in ourself because we were doing real estate kind of siloed and by ourselves almost keeping it a secret. And then we reached out and shared the opportunity with our friends and family and the, the appetite to join us in that endeavor caught us off guard. It surprised us. And that’s basically what launched my business.
00:08:30:00 – 00:08:43:24
Ryan Byrne
My wife joined, the business. And, we said we were doing a disservice and keeping this a secret, almost selfishness in a way, when we were benefiting from it and not allowing our immediate network.
00:08:43:24 – 00:09:00:13
Rod Khleif
And the and that’s, that’s the that’s the attitude you want to have when you’re raising money, not begging for money. Listen, I’ve got an opportunity here, whether you take me up on it or not. That’s completely up to you. But I’m remiss if I don’t share it, that that’s the when you have that sort of an attitude, an energy.
00:09:00:15 – 00:09:02:18
Rod Khleif
You know, people feel it and it makes a difference.
00:09:02:20 – 00:09:18:12
Ryan Byrne
Yeah, yeah. And I was excited to to share what we discovered too, because we’ve been looking for this for forever, it seemed like. And now, now we had it and said, hey, oh am I, am I crazy? I wonder do people’s opinions too? I was like, am I crazy? This work? I mean, not like these are the risks.
00:09:18:12 – 00:09:22:20
Ryan Byrne
This is what we got lined up and and they shared my enthusiasm and came along.
00:09:22:23 – 00:09:45:22
Mark Nagy
So it’s so funny. You mentioned the underwriting experience. I had the same experience that you did where you underwrite 200 deals and they all look bad. Then you finally get a good one and you start second guessing yourself. Wait a minute, am I doing this right? Am I looking at this right now? You mentioned you’re super power here is kind of underwriting and conservative planning on these deals.
00:09:45:24 – 00:10:06:06
Mark Nagy
Tell us some specifics, cause everybody says conservative underwriter, but I don’t know a single person that says okay, do aggressive underwriting obviously. But what what what specifically does that mean? What are what are sort of the levers that you pull out a deal to make sure it’s conservative, that maybe some listeners that haven’t done a deal yet can start doing and stress testing their deals before they get into their first deal.
00:10:06:08 – 00:10:31:06
Ryan Byrne
Yeah. You you said it correctly. Stress tests, sensitivity analysis. What I do when I underwrite is not, underwrite a scenario that I think is going to play out. I want to underwrite a scenario where everything goes wrong. The market turns south, cap rates, expand and set of contract. The timeline for execution is much longer than we anticipate.
00:10:31:08 – 00:10:54:21
Ryan Byrne
And then I want the deal to work in that scenario. The deal works. In that scenario, we’re going to be okay. And we’re leaving room for for upside. So that’s what I mean by my conservatism. I like I want to I want to see what this deal looks like when we have zero rent growth in year one. And then maybe we’re averaging rent growth at 1 to 2% in those later years.
00:10:54:21 – 00:11:17:02
Ryan Byrne
I want to anticipate, the CapEx being larger than we anticipate. And I want to anticipate like stabilization not taking a year, 18 months. Let’s see what it looks like when it takes two years, because the things happen. You know, sometimes you get pushback from tenants. Sometimes you get in some litigation and you have to press the brakes.
00:11:17:04 – 00:11:35:17
Ryan Byrne
You know, not not litigation or anything that you’re doing wrong, but, you know, like they’re calling the city and saying, hey, do they have permits? And then the city, you know, comes and kind of can slow you down. And sometimes it might be a lending relationship where they’re releasing your your CapEx draws on a delayed timeline and, and things, things like that.
00:11:35:17 – 00:11:44:08
Ryan Byrne
So that’s why that’s what I do. I want to underwrite as if nothing goes to plan, everything goes wrong and I want it to be a win.
00:11:44:10 – 00:11:45:13
Rod Khleif
That’s the way to do it.
00:11:45:15 – 00:11:57:07
Mark Nagy
So I key point real quick, so you’re not pulling a couple of levers and you’re you’re making them all basically look bad across the deal and saying, hey, does it make sense if everything goes wrong, not just a couple of different things, then yeah.
00:11:57:07 – 00:12:19:11
Ryan Byrne
Yeah, exactly. And things did go wrong. Things got delayed. Like what happened to insurance in that time. This is four years ago and our our insurance rates doubled in that timeline. And if we didn’t have that huge buffer, built in to, to like, we would have been screwed. It would have been too tight, not enough meat on the bone to make that make that work.
00:12:19:11 – 00:12:41:22
Ryan Byrne
So even now with insurance rates where they are, I said, it’s like, what happens if they double? What what does this deal look like? Are we cash flowing? Can we meet debt service? And like we don’t have the extra, extra deep pockets to like do a cash flow negative deal. You know, like they can do in California, in New York, like we need some wiggle room like we do.
00:12:41:23 – 00:12:43:02
Ryan Byrne
We do have to cash flow.
00:12:43:02 – 00:12:54:12
Rod Khleif
So so give us a little more description about this deal. What what vintage was it if you if I missed that? And how many doors and and what what was the value add plan on that. On that asset.
00:12:54:14 – 00:13:17:09
Ryan Byrne
Yeah. Was 145 doors total. Okay. Very unique. Vintage and build as a cardinal build. I don’t know if you’re aware of the 1980s style. They have subfloor that it was workforce housing that was meant to be like. You could lift them up and take them somewhere else if you wanted. Oh no, no one ever did. And, it was an operational value add play.
00:13:17:10 – 00:13:46:23
Ryan Byrne
It was just being mismanaged. It was understaffed and the rents were way behind on market. Most of them were one bedrooms and with a mix of two bedrooms in there and some studios as well, where the average rent was like 650 a door, which is kind of what the rents were in the early 2000. And the owner wasn’t staff to deal with turnover and marketing and leasing like he had no one in the leasing office.
00:13:46:23 – 00:13:52:22
Ryan Byrne
So he kept rents, he didn’t raise rents and he didn’t get turnover. And right, which.
00:13:52:22 – 00:14:07:00
Rod Khleif
Which is which is the you know, well, some owners do that, you know, they just don’t want to deal with the turnover. So they don’t bring rents up. And, you know, of course they’re missing out on a lot of on a lot of cash flow. But there you know, it it it minimizes the brain damage. So, so to speak.
00:14:07:02 – 00:14:16:08
Rod Khleif
But that, that that’s the best opportunity you can possibly find. So, now now you guys are vertically integrated. Were you at that time or did you use third party management? Initially.
00:14:16:10 – 00:14:39:13
Ryan Byrne
We did a hybrid. We brought in a, property management expert consultant who basically built property management for us or got it into those initial phases where, she was doing the hiring and leasing and, and being heavily involved in, in that way. But she didn’t have her own there. She didn’t have a property management company.
00:14:39:15 – 00:14:59:04
Rod Khleif
Gotcha, gotcha. She helped you build your by the way, guys, vertically integrated means you’re you’re doing your own self management. It could mean you’ve got your own construction company as well. That’s another vertical integration. And and I’ll tell you, the most successful operators that I see, in, you know, across the country are the ones that are vertically integrated.
00:14:59:06 – 00:15:07:02
Rod Khleif
So, you know, it’s wonderful that you guys went right into that. And so what were you able to get the rents up to just curious.
00:15:07:04 – 00:15:30:12
Ryan Byrne
We, we got them up to 900 really, really quickly. That happened. That happened in the first in the first year, we were able to go through and turn all those units. They were just so far behind market that we could do a renewal from 650 to 850, without even turning the unit itself. So just, you know, there was that much value add.
00:15:30:12 – 00:15:31:03
Ryan Byrne
I mean, so.
00:15:31:03 – 00:15:47:08
Rod Khleif
You’re able to basically leave them as classic units and still get the rent bump. So, yeah. By the way, guys, the term if you’re not, if you’re not doing any renovations or improvements would be you’d call that typically call that a classic unit. And then of course you’ve got renovated or made ready, you know, units that you renovate.
00:15:47:10 – 00:15:48:13
Rod Khleif
Wow.
00:15:48:15 – 00:16:12:17
Ryan Byrne
And and we had budgeted we one of the, one of the benefits you say conservative underwriting is going in with more capital than you think you need. And if you don’t need it, you can give it back. It’s like, but over raise, especially if you’re new because you don’t know the problems that are going to exist like one, let’s say a fire or flood can wipe out, you know, eight units worth of CapEx.
00:16:12:19 – 00:16:23:14
Ryan Byrne
You know, if you can’t turn units, then you’re kind of kind of stuck here. You don’t want to be in that in that position. Yeah. We had budgeted about like 7000 a door for the for the turns.
00:16:23:20 – 00:16:40:10
Rod Khleif
Did you? I teach six months of operating reserves as six months of expenses as operating reserves, you know, to be super conservative and you always, you know, raise more CapEx than you think you need as well, because it’s always more than you think. So that’s really that’s really good advice.
00:16:40:12 – 00:16:56:01
Mark Nagy
Yeah. So then what was the next step for scaling? That was your first deal years ago now you said 1500 units. What what were some of the things that you had to put into place, whether it was more networking, more capital raising, more deal finding whatever. How did you get to that, that next level, that of where you’re at now?
00:16:56:01 – 00:17:17:13
Ryan Byrne
Obviously that and that that involves people in a network. When it took us a year to find us that first deal, we didn’t anticipate the next one coming within a month or a two, two months. And that’s kind of the way it happened. You’re on the broker radar now. You’ve moved up and they’re they’re they’re list of people who are capable of closing.
00:17:17:19 – 00:17:45:13
Ryan Byrne
And now you’re getting access to deals that you didn’t have access to before. And so that changed a lot. And we were presented with a deal that was more attractive, was in a better market, made even more sense. It’s like, well, let’s let’s pull in the people, the help us get this across the finish line. And you can’t do that without being in a room with people in a network, in a, in a mastermind.
00:17:45:15 – 00:17:48:11
Ryan Byrne
And that’s why that warrior group was so beneficial to us.
00:17:48:11 – 00:17:49:22
Rod Khleif
Why did you join?
00:17:49:24 – 00:18:00:15
Ryan Byrne
I joined late, late last year. And so I was tangentially, you know, involved with the warrior Group via my my partners. Eventually, I just.
00:18:00:15 – 00:18:02:04
Rod Khleif
Couldn’t, like, four years ago, I think.
00:18:02:06 – 00:18:06:15
Ryan Byrne
Yeah. Right. Yeah. I was tired of being left out of that all the time.
00:18:06:17 – 00:18:11:07
Rod Khleif
Why did you join? Why did you join after already having all that traction?
00:18:11:09 – 00:18:31:16
Ryan Byrne
It it was it to expand the network and develop higher quality relationships, both with people who were operating, raising capital, doing things. And you’re always you’re always learning from people who are doing things differently than you. And you’re looking for partners. A lot of the times always.
00:18:31:20 – 00:18:41:02
Rod Khleif
Yeah. I mean, it’s how you met Brian to do the development, I’m sure. Yeah. So I know you. You went to the Phoenix event. We’ve got our next event, in Sarasota in May. Are you coming to that?
00:18:41:04 – 00:18:43:16
Ryan Byrne
Just booked it, but I’ve just had.
00:18:43:17 – 00:19:03:06
Rod Khleif
Fantastic. Fantastic. By the way, guys, if you’re listening and you want to, you know, get that, get access to this kind of a network which is truly the most extraordinary network in the business by far. Our, our, our results eclipse everybody else combined, you know, every other the thought leader Myspace. Our results eclipse them all combined and it’s it’s very proud of that.
00:19:03:12 – 00:19:13:07
Rod Khleif
You know, if you’re interested, text the word crush to seven, two, three, 4 or 5. And that’s how you apply. Again that’s the word crush to seven, two, three, 4 or 5. Yeah.
00:19:13:09 – 00:19:33:16
Mark Nagy
So I tell us about the the challenges that you’ve had scaling along the way because at this point you’ve had two different markets, right? You, you had the Covid boom. And then we’ve the last few years we’ve been through the Covid bust, obviously things have come down. And I think we’re probably at the bottom and starting to move back up very, very slowly.
00:19:33:18 – 00:19:44:20
Mark Nagy
You obviously mentioned over raising and having extra reserve, but what have been some of the other struggles and things that you’ve gone through over the past few years of getting to where you’re at, things to look out for?
00:19:44:22 – 00:20:06:22
Ryan Byrne
Multifamily is nothing but struggles and problem solving. It’s it’s a, it’s a new thing every day. It’s something and as far as, like scaling for us, it was just getting better. Every single deal where we’re adding a new system, that made our lives easier, a new person that brought a new skill set and and resources.
00:20:06:24 – 00:20:36:04
Ryan Byrne
I think about the time we got to 800 units. We had outgrown our property management consultant. And we leverage our network, and we got some talent from a p shop, with a regional property manager who had, 6000 doors managed under her belt. And then she kind of brought a whole team and resources with her and became a partner in our deal.
00:20:36:04 – 00:20:54:11
Ryan Byrne
So it wasn’t stuff that we had to figure out on ourselves. We were looking for the expertise that we didn’t have and, and, and made it through, that way. It and saved us. I mean, take she’s been doing this for 20, 20 years. You know, so and well, that’s.
00:20:54:11 – 00:21:02:02
Rod Khleif
The secret to success, you know, that’s how Ellen does it. That’s how Jeff Bezos does that. They find the best people they can find you. You did the same thing. Yeah.
00:21:02:04 – 00:21:08:18
Mark Nagy
Yeah, I was in the same place. Or did you have to hire people in various different markets that you guys invested into? What was that like?
00:21:08:20 – 00:21:31:15
Ryan Byrne
They were drivable, at the time. They were drivable. We had our, boots on the ground. John and Sam Wells were out of, Charleston, and our markets ended up being, you know, Augusta, Charleston, Savannah. So. Right. Right in there. And, once you find deal flow in a certain market and you have your team there, it’s it’s kind of easy to tack on.
00:21:31:15 – 00:21:45:14
Ryan Byrne
Not easy, but it’s easier to tack on another set of hundred units when you have your operations there. You have your contractors there, your people then going into a new market and and doing things that way.
00:21:45:16 – 00:21:45:23
Mark Nagy
Very.
00:21:46:00 – 00:21:49:18
Rod Khleif
Successful. Are you doing this full time now or you still have something else you’re doing?
00:21:49:20 – 00:22:07:04
Ryan Byrne
Yeah. It was it was full time. This is where the opportunity was. And, I had a vision in my head of multiple streams of income from different businesses. I was thinking I could do the real estate sales income streams, and I had my my people in California and Texas, and then I was going to do multifamily.
00:22:07:06 – 00:22:15:18
Ryan Byrne
But, like, once you take your attention away from something, it has a consequence. And, this was where the future was, so I just left that behind.
00:22:15:23 – 00:22:36:09
Rod Khleif
You can’t dilute your you can’t delete your focus. But I’ll tell you on that note, you know, I get people to call me that, say, should I quit my job and do this full time? My answer is always no. Only because unless you’ve got I mean, you probably had some financial resources from your previous endeavors and, and you know, and, you know, maybe ex-military, they’ve got some retirement income, then the answer is yes, but but if not, no.
00:22:36:09 – 00:22:46:16
Rod Khleif
Because if you leave your job and, you know, you could have what’s called, you know, financial stress and that can paralyze you. And so you don’t want to be very, very careful with that.
00:22:46:18 – 00:22:48:04
Ryan Byrne
Oh yeah. 100%.
00:22:48:06 – 00:23:06:08
Mark Nagy
Right. I want to get you and we talked about this last, last week actually on the podcast as well of, senior living. And, and you mentioned new development in Florida. Maybe it’s a coincidence, but was pivoting into, you know, new development and senior living in Florida, was that because of the fact that Florida has been struggling the past few years?
00:23:06:08 – 00:23:18:09
Mark Nagy
I, I know I pivoted more to the Midwest around 23 for similar reasons, but maybe it was just a coincidence. I’d love to hear your opinion on why you kind of moved into, different style of deals at this point in Florida.
00:23:18:11 – 00:23:49:11
Ryan Byrne
You could say it was luck, but it was. Proximity to proximity is power. When you’re putting yourselves in these rooms, you will be presented with opportunities and developing relationships, and things will start taking place. And, you’re in a position to take advantage of those. I had initially sworn off development because it was to mom and Pop. It was like my uncle’s a contractor and and it was it was too like, I don’t, I don’t know, like my risk tolerance wasn’t there for it.
00:23:49:13 – 00:24:14:06
Ryan Byrne
But I in the, in the warrior group, I have a sub like, organic mastermind of four people. We, we meet and talk every two weeks and discuss strategy and, communications and things like that. One of those members was, my, my good friend Brian Fay. I was sharing the things I was doing on my side with value, and he was sharing the stuff that he was doing on construction and new development.
00:24:14:08 – 00:24:40:10
Ryan Byrne
We didn’t exactly understand the different things, but we’re getting exposure to it. And, I was in a chat of Of Warriors and I saw this deal come up, and I knew Brian was the, sponsor on the deal, and it needed funding, and I called him up immediately. I was in a Las Vegas VIP event. Business owners studying tax mitigation and asset protection type of type of stuff.
00:24:40:12 – 00:25:01:09
Ryan Byrne
I saw this game of call. I was like, yeah, we lost an investor and rates ticked up and the lender required they need $1 million and two weeks to close. I was like, I’m going to send it to you, take a look at it. Now, I don’t know that much about development at the time, but I do know about the fundamentals of valuation and risk mitigation.
00:25:01:11 – 00:25:18:00
Ryan Byrne
And when I saw it, it was like a slam dunk deal. It was like, oh my God, this is unbelievable. And but it’s not what I do. So my first instinct is like, swipe left, put it in the trash to too much too quick. And then I just kind of looked around the room and I was like, wait a minute.
00:25:18:00 – 00:25:34:12
Ryan Byrne
Like, not for me, but maybe for someone else. I grabbed two of the connections I made in that room that weekend, and I said, hey guys, I’m looking at something that looks phenomenal to me. I’m going to put something together. I want to review it. I want to get your thoughts on it. I think we could do this together.
00:25:34:14 – 00:25:58:23
Ryan Byrne
I pulled an all nighter, did my PowerPoint presentation, underwrote the deal, fully presented it. I thought the three of us were going to bring investors to to take a look at it. The one guy wanted to do it all himself. We flew to, Florida, met the development team, that next week. And then he wired the million and and that was a game changer for all of us.
00:25:58:23 – 00:26:06:08
Ryan Byrne
That one deal did more for me economically than my entire W-2 career. Before that. It and what.
00:26:06:09 – 00:26:07:20
Rod Khleif
Is it described? Describe the development.
00:26:07:23 – 00:26:35:20
Ryan Byrne
Oh, that was a, it was a multifamily 485 unit, a class independent living community. So independent living is the least operationally complex. It’s it’s age restricted for 55 years and above. And it’s senior focused amenities of wellness, safety and community. And that was one of the parcels of the of the 50 acres that they were developing.
00:26:36:01 – 00:26:38:02
Rod Khleif
Is this this is Max’s deal.
00:26:38:04 – 00:26:41:01
Ryan Byrne
Yeah. Max it Max shores on that deal. Mark.
00:26:41:03 – 00:26:45:03
Rod Khleif
Yeah, that’s that’s what I thought. Okay, fantastic. That’s.
00:26:45:07 – 00:26:58:08
Mark Nagy
I have to ask one more. Have you had any headaches yet, Ryan, in this development process, I’m doing my first new construction development as well. And and dealing with the city government was not fun and took a lot longer than we thought it was going to take.
00:26:58:11 – 00:27:00:19
Ryan Byrne
The city has been the easiest to work with.
00:27:00:20 – 00:27:02:04
Mark Nagy
Oh, they they.
00:27:02:06 – 00:27:29:11
Ryan Byrne
Really they really love senior housing because it brings a ton of property taxes and revenue to the city and doesn’t put strain on their, their infrastructure like there’s not added commuter traffic to work. There’s not additional schools needed. So it was easy working with them. But yeah, there’s things coming up all the, all the time, like we discovered, I think, gopher tortoises way more.
00:27:29:11 – 00:27:32:08
Rod Khleif
Oh, God. Oh, God. Oh, Jesus.
00:27:32:10 – 00:27:54:06
Ryan Byrne
And, breaking one of those, I want to remove a tortoise. Like, it’s not just you lift it up, put it in a box and take it somewhere. It has to be a sanctioned and licensed sanctuary. The trenches that we’re digging are, like 20ft deep to to find these tortoises. Frickin tortoises. We’re talking about 7000 a tortoise and.
00:27:54:07 – 00:27:59:05
Ryan Byrne
Oh, yeah, yeah, yeah. So it’s there. Oh, no, it’s a slight delay.
00:27:59:05 – 00:28:01:16
Mark Nagy
You can’t make it. That’s it.
00:28:01:18 – 00:28:04:14
Rod Khleif
You can’t make this shit up. Oh, God, you can’t.
00:28:04:16 – 00:28:12:23
Mark Nagy
On that topic, we had great woodpeckers one time that was pecking on our building and creating holes, like, just stuff you never think of. It’s so funny to hear stories.
00:28:12:24 – 00:28:20:20
Rod Khleif
Oh, this. These protected things. Oh, God. Yeah. Well, listen, if if people want to get Ahold of you. Ryan, what’s a good email for you, buddy?
00:28:20:22 – 00:28:45:13
Ryan Byrne
Yeah, send me an email at Ryan at Cash flow capital club.com. Mention the warrior Group, and I’ll send over an A to Z walk through on what a development deal looks like. The underwriting, the business plan, the execution, the risk mitigation, all of that. Just just send it to Ryan at cash flow Capital club.com and Mission Warrior Group.
00:28:45:15 – 00:28:56:10
Rod Khleif
Super appreciate I appreciate you coming on brother. Appreciate it. Please say hi to John and Sam for me. I have seen them in a long time and, and, thanks. Thanks for adding some value today, my friend.
00:28:56:16 – 00:28:58:10
Ryan Byrne
We’ll do look forward to seeing you in Florida.
00:28:58:12 – 00:29:08:20
Rod Khleif
All right. That’s. Thank you for watching multifamily rock stars. If you love the show, please subscribe and leave us a five star review.
