How a Banker Built 5,300 Apartments and Nearly Lost His First Deal w/ Sam Morris | GI345

Описание: How do professional multifamily investors really think about risk, scale, and returns?
In this episode of the Global Investors Podcast, host Charles Carillo sits down with Sam Morris, Partner at Lone Star Capital, to break down what it actually takes to operate large-scale multifamily investments.
Sam shares how he went from underwriting over $1B in bank loans to overseeing a 5,300+ unit apartment portfolio, including the hard lessons learned from disasters, insurance claims, property taxes, preferred equity, and vertical integration.
This conversation goes far beyond surface-level investing advice. You’ll hear how institutional operators evaluate deals, why management matters more than spreadsheets, and how real-world challenges like hurricanes, rising taxes, and capital stack complexity can make—or break—a deal.
If you’re a passive investor, active syndicator, or serious about understanding how large multifamily deals actually work, this episode delivers real insight from decades of experience.

🔍 What You’ll Learn in This Episode:
How early underwriting experience creates long-term investing advantages
Why large multifamily deals are often easier to manage than small ones
Lessons from a hurricane that destroyed Sam’s first apartment deal
How insurance, CapEx, and refinancing can reshape returns
Why Texas taxes and insurance require specialized strategies
The real benefits of vertical integration in multifamily
How syndication fees actually work (and what to watch out for)
Preferred equity explained—and why investors need to understand it
The single biggest mistake investors make: underestimating management

📘 Learn More About Sam Morris Here:
LSCRE - https://www.lscre.com/

00:00 Introduction to Sam Morris
01:02 From Corporate Banking to Multifamily Investing
02:52 Why Sam Skipped Small Deals and Went Straight to Scale
04:18 The Hurricane That Nearly Destroyed His First Deal
05:33 Insurance, Contractors, and Crisis Management Lessons
06:45 Rebuilding, Rent Growth, and Refinancing the Property
09:30 Lone Star Capital’s Investment Strategy in Texas
11:08 Supply, Demand, and the Texas Multifamily Market
13:15 Insurance and Property Tax Challenges Explained
15:43 Using Tax Abatement Strategies in Multifamily
18:51 Why Lone Star Is Fully Vertically Integrated
21:19 How Faster Unit Turns Increase NOI
23:42 Syndication Fees: What Investors Should Understand
26:40 The Real Risk GPs Take Before Raising Investor Capital
29:24 Preferred Equity Explained for Passive Investors
34:04 The #1 Mistake Investors Make in Multifamily
36:17 How to Learn More About Lone Star Capital

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💬 Comment below: What part of multifamily investing do you want explained next—fees, underwriting, or capital stacks?

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