RCRE - The Great Debate: Development vs. Multifamily with Sam Bates

Dylan Marma and Mike Taravella interviews Sam Bates who is a Principal of Trinity Capital Group. 

  • City dictates the developments due to zoning, permits, and plans approved
  • Labor rates have been rising but has found material costs to decrease due to strategic partnerships
  • Sam looks to exit a property when syndicating in about 5 years
  • However, when working with a few investors he likes to hold indefinitely
  • Trinity Capital differentiates itself by systematizing and develop their niche in development
  • Be flexible and adaptable as a real estate investor
    • Sam traded a plot of land for a RV park
  • Developments focus on IRR and Cash on Cash Returns, instead of cap rates
  • Most recent development Trinity is targeting a 5 year hold and 30% IRR
  • HUD loans require longer periods to process so always have backup and options
  • Investor paradigm for development deal: It takes 2 years to build and is generally a longer hold period compared to multifamily acquisitions
  • Multifamily Acquisitions 
    • Pros: You know what you are getting
    • Cons: So competitive in the market
  • Always add value in a relationship
  • Expert Pro Tip: Always continue to learn with books, podcasts,  and your network


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