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Global Investors Podcast
GI94: From Apartment Investing to Mobile Home Investing with Dylan Marma
April 8, 2021
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Dylan has been a lead sponsor on over $60M in real estate transactions and 1,000+ units over the last 5 years through joint ventures and syndications.

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Transcript:

Announcer:
Welcome to the Global Investors Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host, Charles Carillo, combined decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now here’s your host, Charles Carillo.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Dylan Marma. Dylan has been a lead sponsor on over $60M in real estate transactions and 1,000+ units over the last 5 years through joint ventures and syndications. So Thank you so much for being on the show! Dylan.

Dylan:
Thanks for having me Charles.

Charles:
So what was your background prior to starting to invest in real estate?

Dylan:
I got started in real estate at around 20 years old, so I didn’t have a longstanding professional background. Prior to that, I started off working in construction around 15 years old and spent most of my summers and free time. Really this out there in the, in the, in the hot sun and upstate New York you know, pounding the pavement and learning what I didn’t want to do for a living. And if anything, teaching me that the value of a dollar. And then when I was, when I was 20, I, I took a pretty big leap of faith left upstate New York to sunny San Diego with the pursuit of building this whole lifestyle by design had of course been immersing myself into personal development and real estate investing books combined and wanting to get into the business some way somehow. So I got my foot in the door working for a real estate investment and education company and started off buying my first single family and sort of solely grew from there until I got into multifamily and, and whatnot.

Charles:
Nice. Okay. So why did you choose real estate as your investment called that it just coincide with what your personal plan was?

Dylan:
I think that just like we believe that many of the asset classes that we invest into provide a strong risk adjusted return. I felt like this is a risk adjusted return of a vehicle to invest time into. Right. I saw that the odds of becoming wealthy in real estate are very high. I don’t think the odds of becoming ultra ultra wealthy as in, you know, say that of maybe like the technology space. It might be less common in real estate, but, but to create a, a moderate level of wealth for yourself and for your family and your future, I think the odds of doing it are relatively high and I think there’s really a proven path to being able to create a baseline of success. So I think that for me, that was a big part of, it was just sort of having some, a decent level of that. If I really apply myself and learn the systems and get good at this, that I can, I can make something of myself and you know, be happy with what it produces. So

Charles:
You started in real estate on the construction side of it. What was your first real estate investment that you made and how did that turn out?

Dylan:
So my first investment I made when I was working in San Diego and San Diego real estate is hard to find cashflow. So I invested out of state in a turnkey real estate investment property managed by a turnkey company. And I actually bought a single family. I bought a duplex that was there, both in I won Illinois th the quad cities areas, and it was amazing because it tastes the, you know, the taste of cashflow was, was very rewarding, getting to experience what it was like, having your money work for you and kind of seeing those initial checks come in each month and starting to kind of see how your wealth can compound once you you’re able to do that. But looking back as an actual investment, certainly nothing to brag about. You know, I had made an okay amount of cashflow, but had virtually no appreciation ended up selling off both of them to put it into a bunch of multi-family later on.

Charles:
Nice. Okay. So what is your current acquisition criteria and strategy?

Dylan:
So I’ve done a lot of apartments. That was really where I spent most of my time. Up until beginning of last year, and more recently, I’ve made a big shift to the mobile home park space. I am a huge believer in the returns there, and again, that the risk adjusted return in my view, I think they offer some of the most attractive return profiles, if anything, out at this point in time. And my strategy right now is going after mainly deals that have institutional level qualities to them, but have some kind of problems that need to get solved before you can hand it to an institution on a silver platter. So it’s, it’s stuff that has the potential for a really, really attractive exit down the road. But in the meantime, you know, ha has, you can do some heavy lifting by bringing in your operational expertise.

Charles:
What’s an institutional piece of like a mobile home park look like, I know for multifamily, it might be something that’s 200 plus units that’s in a, that’s a, B or a B plus and above asset. What’s an institutional grade asset in a mobile home park. Is it going to be one of those really nice new ones that we see now that have you know, $200,000 motor homes in them? Or is it you know, explain kind of what you’re looking for?

Speaker 3:
Yeah. I think it’s a moving target right now. I think that if you look back five years ago, it was a lot of the 55 plus senior living communities and non senior living communities, but the, the large communities that had sort of that feel where maybe there’s there’s you know, nice of course, clean, paved, driveways, larger homes you know, car ports you know, curved roads and, and whatnot throughout the community. But I think that it is shifting a bit as more and more people enter the space because anyone even loosely following the space has seen that it’s becoming more competitive. And I think now what I’m seeing is a lot of large portfolio deals taking place. And you see a lot of groups like Treehouse or ELs or right. A lot of the times they’re not going after one specific deal they’re going after a giant portfolio of deals. And I think that they’re less interested in all of the little upside plays that we might love, like, like, you know, infill or Parkland homes and converting them to tenant owned homes, just to kind of get every last bit of value out of these deals. It seems like there are a lot more interested in how the portfolios are going to be operating upon acquisition and how can they get the best possible financing in place. So our view is that right now is a great time to acquire deal-by-deal these portfolios and build them in the specific markets that we think are primed for a nice institutional exit, and then, you know, convert any Parkland to tenant owned handle any infills and, you know, increase the rents as, as needed up to market. And just get them primed to where we eventually have some scale in specific geographies to be able to have a nice exit.

Charles:
So this is a big thing for institutions to purchase these assets.

Dylan:
Yeah. And I think that just like with any institutional investors, they have usually a larger minimum check size, so they’re really going for scale.

Charles:
Explain that just so if people don’t understand what an institutional investor is.

Dylan:
Yeah. So I would say institutional investor is mainly someone that is coming from, you could say family office could be the start of institutional investors potentially, right. If you have a large enough family office, they might have a minimum sort of check size that they’re looking to invest in. A lot of the times you have a lot of private equity groups that are backed by billions of dollars that are seeking the highest possible returns that raise money from all different sources along the way. But when I say institutional investor, that’s, it’s sort of Mo more than anything. I think it’s more the scale of the investor that you’re dealing with. You know, I call, I consider a lot of even what we do to an extent today, more of like a retail level investor, right. Even though we could technically be considered private equity, because we raised from a lot of different, you know, high net worth investors and, and it is private capital. I still consider it retail because a lot of, you know, a lot of our investor base is high net worth, right. And retail investors could also be just your people that are going out there, guns slinging with their own capital. You know, and I think we oftentimes are targeting a different deal profile than institutions do. Yeah. I would also add into their life insurance companies. It might be coming in buying them straight cash, just looking to make, you know, mid, single digit returns on it and to cover their payouts on their rent, to their clients. The so it’s very interesting. I had someone on recently that was telling me that 65 to 75% of self storage complexes are owned by mom and pops.

Charles:
Do you have any kind of stats in regards to currently where we are a mobile home parks being owned by mom and pops? Like what percentage?

Dylan:
I don’t have the exact figure, but I’ve heard that it’s higher than that. And it’s surprising to hear I’m sure it also depends on how you quote the stats. I’m sure if we look at how many of the 200 plus unit communities are owned by mom and pops, it’s probably much less than 50%, right. A lot of the larger communities have been purchased at this point, but I’m sure if we just look at total number of community in general, there’s a ton of these small 15 to 2030 unit communities. Right. And I think there’s always going to be value in those because I think that institutions and even larger operators, even, even us, for instance, I don’t think we’re going to be chasing after stuff. That’s, that’s 20 units because it’s going to be such a, it’s going to be such a pain to, to manage that. So I think those will always trade at higher cap rates on average, and they can make a great investment for someone that’s looking to, you know, make their first personal investment in their backyard or something like that. So let’s talk

Speaker 2:
Well, the management, does your group utilize third-party property management companies or is it done in-house and how is it normally done? Obviously there’s mom and pop. It’s probably done all in house without professional third-party management. That’s why it’s mom and pop, but how are you guys doing it when you take over a, a, you know, a park,

Dylan:
We self manage everything that we do. We set up an entity called TRG living and that’s our management arm. And it depends on the type of deal in terms of the intensity of the management. Because I come from the apartment background, we’ve found a lot of value in a lot of heavy Parkland home deals, if you’ve probably heard me reference it before. But that’s when we actually own the homes and you’re treating them more like a traditional rental model. And then you’re typically selling the homes off through some different strategies to eventually convert it to tenant owned, but there’s very high cashflow. And then there’s large upside for those that can go in and successfully convert it, but it takes a ton of work and you have to really be on top of it when it comes to the management, just like you have to with an apartment complex because your turnover is 50% per year, but then for tenant owned home strategies you know, you’re talking about a turnover that somewhere between five to 10% oftentimes, right? So you’re, it’s a lower turnover significantly higher collections because it’s a lower total dollar amount. Right. So I think it becomes a better less, let’s say there’s less risk or volatility in the cash flows at that point, which is what attracts a lot of operators into the space in the first place. And it’s definitely less management intensive, but again, you know, you, a lot of the low-hanging fruit is gone in today’s environment. But yeah, th so we self-manage, and I’d say most people that I come across do self-manage, there are a few reputable, large third-party management companies out there, but for whatever reason, I see that most people tend to bring it in.

Charles:
Interesting. So tell us about your team and what is your role on your team at your company?

Dylan:
Yep. So our company is called the requisite group or TRG, and I wear a lot of hats day-to-day because we’re still a small team you know, working on stuff from the acquisitions, asset management and investor relations and so on. My partner Charles also he, he leads up a lot of the acquisition side of things because he’s also has experienced on the acquisition side, has been in the industry the mobile home industry for much, much longer, and also has brokerage experience. So he really understands the buying and selling and kind of the transaction side of the business. And then we have Jen who is our operations manager who runs the day-to-day you know, we do daily calls with all of our property managers. So I jump on those, but then she handles every fire that’s going on behind the scenes. Day-To-Day which there’s always something. And you know, that that’s sort of our core team right now. And then outside of that, we have, you know, we outsource or our accounting and, and whatnot. We have a firm that we’re partnered with. So that’s, that’s our base right now. So it’s still pretty, pretty lean and nimble and quickly growing.

Charles:
Nice. So when you’re wearing the acquisitions hat, what are some of the main features of a deal that you want to see before investing? Is it like certain populations, locations past management issues on our property?

Dylan:
I tend to try to take like a holistic view on every property. And I’m kind of the believer that everything has a price on it for the most part, right. Even though our thesis is mainly based on targeting the nicer quality assets, I think sometimes you could usually put a price on most things that can make sense. But a lot of the times we will pass on lower quality communities, just because it’s not something that we’re interested in dealing with. They have lower exit potential. They’re also going to be more headaches to, to manage and whatnot. So it’s a nicer quality community. What does quality mean? I mean, that’s, that’s the hard part, right? It could be that we’re in a very good market and it, it might be ugly today, but it can change. It could be that we’re in a, not so great market, but we have beautiful community aesthetically. But as far as like some major things that we are going to look for, we don’t like anything that has, you know, a student housing component to it even. I think that there’s a lot and there’s not a lot, but, but that is one thing that we stay away from. We typically are going to be a no-go in anything that’s in a heavy flood zone, because these are very difficult to ensure if you’re in a heavy flood zone. We typically, I typically like to see a growing city. It doesn’t have to be, you know, we’re not chasing like 4% a year growth or anything like that, but, but definitely not a dying city, right. A growing city that, that essentially has some level of positive momentum and a diversified job base. Oftentimes at least 50,000 better, a hundred thousand in the MSA. One of the big metrics I think there’s important to pay attention to is what the median home sale prices. Right. Because you can see in certain areas, if you go to areas in Detroit, for instance, there might be single families that are selling for $10,000. Right. And, and why would someone move into a mobile home if they have an option to buy a home for the same price. Right. so you really have to pay attention to that. We usually want to see at least a hundred thousand the higher, the better though the median home sale price, because this isn’t just an alternative to an apartment. And if you wanted to compare it to an apartment, you’re probably talking like a C class three bedroom apartment is probably the most comparable in many cases, but this is oftentimes an alternative to a home because people like the space. They like, they have families, they have kids, they want to get the extra space to run around and have their freedom.

Charles:
Yeah. That’s very interesting. The other thing too, like you were talking about with with the different class sizes is that when you’re, I see what the mobile home park is that it’s closer to a home. So if someone had an issue with a house they’re more likely, instead of going into a apartment, apartment complex, living, going into a mobile home park, and maybe there’s some huge differences, but there’s also a lot of similarities. And I know for us, I know you put it at the a hundred, I would say the same thing, especially when we’re looking for multi-family. I would say 80 is like the minimum minimum that we want to see for, you know, medium houses around the area, but obviously yeah, the higher, the better, and you, because you can’t be comparing your rental to someone cause it’ll just buy, you know what I mean? And so when, so like you’re saying for red flags, quality of property, stuff like that, the what, what type of financing is available to these properties and how were you initially financing them? And what is the goal with the financing?

Dylan:
So, because we’re doing a lot of value added properties, I’ve taken on more recourse debt than I would like to, but I believe what we’re doing. We have really good, really solid debt coverage ratio. So I am comfortable with recourse on anything that we’re doing. We’re getting the proper insurance and whatnot. But a lot of the times the product that you’re taking on is, is some form of like a recourse regional or national bank. And you’re able to finance usually 75 to 80% of the purchase price on most of the deals that we’re coming across interest rates can be a little bit higher than there would be an agency. But so the cap rates are higher as well. Right. And that’s kind of a big piece of it is that if you convert this into something that’s agency ready, you’re going to get cap rate compression. So that’s a big part of the upside agency is available and for all tenant own home, or almost all tenant on home communities and communities that have sort of what we were talking about, like overall good location, they check off with the aesthetic field. There’s a, it’s not a completely black and white scenario, but agencies will take a look at it as well and take it 360 degree view. And then they, they will finance a lot of these communities, but we’re usually going in with recourse and trying to get it positioned to later be ready for non-recourse. I think that the lending world is going to get, it seems like we’re moving in a direction where it’s getting increasingly interested in the appetite for mobile homes and affordable home housing in general is, is certainly going up a whole lot.

Charles:
Yeah. I mean, so we, we invest mostly in like C plus I would say B minus type apartments. And I always kind of say that there’s some sort of mode around that compared to investing in a, you know, new, new inventory that comes in the markets can be, BMI’s going to be a minus and above. And I don’t think no one, no one’s going to spend the money to build the C plus asset. So I think you guys even have more of a moat because people don’t want to have a mobile home park in their backyard. I mean, just really this. So

Dylan:
I see it on the lender side too. I always like to follow the money and see what Fannie and Freddie are putting out there. And there’s a reason that when you’re buying the affordable, you know, BC apartments and I’ll still buy it, I still plan to be doing occasional apartments as well. But when you buy that type of product, you, you will you get a heavy discount right. On your interest rate for purchasing it. Yeah.

Charles:
Okay, cool. And what is the reasoning for, I’ve heard this from different operators within the mobile home park space. And one thing you mentioned just for the listeners when he was talking about cap rate compression, when you get agency debt. So that means like Fannie Freddie Mac and cap rate compression just means that your, the value of your property is going up. So once you have this property at a certain level, once it’s performing a certain level, then you can get better debt, which is going to make it when you sell it. It’s going to be, it’s going to be add to the value because now somebody can go in and they don’t have to put pledge their personal assets when they’re buying it. And it can be a nice clean long-term fixed loan where we just saying, Oh, that’s the one we’re talking about. Like the next couple years coming through with mobile home parks, what do you see there?

Dylan:
It’s hard to say how long of a runway we have with this sort of compression phase that we’re in right now. We’re where you’re seeing a lot of money flow into the space and whatnot. And it’s hard to say how things will shift after even after COVID where it’s off. If money, some of the money goes back out into other asset classes, because it does seem like throughout you know, since, since COVID initially hit, the pendulum has swung very heavy in this direction. There’s a lot of money flowing here. But I think that there’s still a lot of value add deals to, to be made here. And that’s, I see a lot of parallels to what the apartment space went through, especially like talking to the C class apartments face, went through in the last 10 years because we, we of course saw cap rates compress tremendously in that space. And I think for many of us, we don’t think they’re going to be expanding a whole lot because it was more than anything. It was almost a paradigm shift, right? To people viewing the space as a more secure place to park their money. We’re in a lower return environment overall. There’s a lot of uncertainty in there. The other alternatives when it comes to different asset classes in real estate. So I think people are waking up to the fact that this is a really quality, risk adjusted return. And I think it’s going to be viewed differently moving forward. It’s quite possible that there could be a little blip where maybe prices go up a tad after people start waking up and getting back into other asset classes after kind of COVID, you know, this is the vaccination gets spread wide and things open up again. But I think that from my, what I hear at least I think a lot of these institutions that are buying right now, and you talked about life insurance companies, I think they’re looking long on, on the acquisitions that they’re getting involved with and there’s not intentions to sell a lot. So I think this is a time to, to buy before things consolidate. And I think you’re able to get cash flows and yields that that might be tough to find at least in the bigger assets, long term.

Charles:
Yeah. The other thing too, is that the amount of new mobile home parks that are being developed I mean, if you drive w you know, we’re both down in Florida, if you drive through any kind of hot market you know, a half hour urinary see an apartment complex being built and or being refitted. And I feel that with mobile home parks, that’s something that, I mean, do you, I mean, it’s, I’ve heard it’s very minimal new inventory on the market, is that correct?

Dylan:
Yeah. It’s usually a negative net supply year over year. It’s less than 1% decrease. So it’s usually like a 0.1% or something like that. It’s very, very small, but it, yeah, there’s usually more to, that are torn down to use for higher invest use than there is being built. I have heard more people recently starting to talk about building them. I know there’s some development going on in Texas, and there’s certain areas of, I seen recently in Tennessee and whatnot, but a lot of the times what you find is that due to the NIMBY or not in my backyard restrictions, a lot of counties will not approve new mobile home community is getting developed because they think it brings down the value of the surrounding area. And they oftentimes see it as a lower tax revenue generator than you’re going to get off a lot of other types of vehicles. And then if you’re in an area that the County doesn’t care, what you build a lot of the times, the economics just don’t make sense. So you have to really be in a good area where you can get probably at least in the fourth, somewhere in the four hundreds for your lot rents to make sense of it with development costs in the first place. So it, it is tough to find the real sweet spot.

Charles:
Yeah. The other thing too, is I imagine those new parks being made, being constructed are going to be very high class, you know, so they’re not like you said, $400, monthly, lot rents and stuff, which is not obviously normal for properties that most outfits like your own are are buying. So I, I would a couple of more questions here, but one of them was just kind of circling back. The main thing when I speak to different operators is always about how, why they don’t want a park owned properties, pro park, Parkland trailers, homes, wherever you want to call them on their books and how do you get rid of them? And what’s the reasoning for not having them.

Dylan:
So with the management side of it, it becomes a lot more difficult to manage because of exactly what I mentioned before of you have 50% turnover versus somewhere between five to 10%, probably if they’re all tenant owned and if that’s all you’re used to, or if that’s all you want, then this brings a whole plethora of additional things that you have to keep an eye on. Now, because now you have to think about how quickly are you turning these over? What’s your exit strategy? Are you renting it? Are you selling it? Are you doing a rent to own type of vehicle? And there’s just, you, you need, usually full-time people on staff to do the maintenance side versus you wouldn’t need that otherwise. Right, because you’re not fixing up the homes anymore. So there’s just a lot of complexity that it adds to the equation. For me coming in from the multi-family space, that’s just normal, right. That chaos that you would feel is like, all right, well, I’m used to 50% turnover and used to guys on staff for maintenance and whatnot. Right? So it doesn’t really bother me very much, but I will say just like with multifamily, you want the scale to be able to afford full-time maintenance guys because buying a 30 unit, if it’s all parked on homes, just like buying a 30 unit apartment building, you’re going to have to hire all these handyman who are under a law, unreliable. You only have one full-time person. If lucky that’s, full-time on staff as the quote unquote community manager. And it’s just a lot more difficult to manage. So a hundred plus is definitely the way to go. In my view, I’d rather have a hundred plus park owned homes than have, you know, 20 park owned homes, because then I can afford the staff that’s really needed to get in there and do the work. So that’s, that’s that if, if it were up to me, apples to apples, I’d rather have tenant owned homes on it, on everything. But the reason that we’re doing Parkland homes is because we’re getting it at a price that you’re able to get in at, you know, get yields and create upside. That is hard to find. There’s a lot of, you know, a lot of the layup tenant owned home deals are gone, right? So we have to just accept that and realize that this can give us sort of an outsized return comparable and then converting. It is definitely not an easy process. You know, our, our preferred method of sales is cash sales, of course, right. Especially in tax season. This is a great time of year to where we can oftentimes get some cash sales and you’d be surprised. I mean, just, just today, we had over $20,000 plus cash sales. So it does happen. But not, it’s not the norm by any means. We oftentimes you’ll see a couple of different formats of rent to own, and I think everyone has their own take and everyone’s attorney has their own take on how they go about doing this and the best way you see some, some people do lease purchase options. Some people do kind of a, a, a rent credit program. We typically, if we have a rent credit program in place, we typically have them pay a larger down payment down and have sort of a fixed period of time that they can make, they can make payments that will count as credits towards the, the purchase of their homes. But there’s a number of ways to go about it, but that’s typically what you find most common. And then you also will see third-party financing get involved. The challenge though, is that third-party financing is easier to get involved on, on the nicer stuff. And the bigger loans we know how lenders are, they always want the big loans. So you know, when you, when you’re doing the loan, that’s, that’s, you know, 5,000 or 10,000 bucks, we haven’t really found any, any really solid solutions to being able to provide those smaller loans. And a lot of the times the people don’t always qualify for the loans that they are providing. So that’s kind of what you’re up against, but those are the three different ways you would exit them.

Charles:
Interesting. Yeah. It’s a whole new infrastructure you have to bring in when you’re managing the actual homes, not just the land in the park, what are common mistakes you see new investors make?

Dylan:
I think that getting started I think it’s really important to learn about every facet of the business, as much as you can. I think a lot of people can kind of pigeonhole themselves into one area of the, or kind of chase vanity numbers over their own growth or education and, and results. Right? So I think what can prove really valuable is getting your hands dirty, at least on the early investments. You don’t have to do this forever, but I think that really getting in there and being a part of the reposition on a property or doing something that that’s small enough to, to start with that you can really wrap your head around it and get an understanding as to how it works is much more valuable than getting, you know, 1% of a, a 200 unit deal because you’ve brought some capital in or something like that. Right. So I just think, you know, th there’s a lot of competition of course right now. And I think that it’s important to sort of try to, I think the way you can differentiate yourself is by focusing on your education and your competency on how the asset class works and operates and whatnot, and then everything else will, will follow.

Charles:
Yeah. I think there wouldn’t be any promotion on unit numbers or lot numbers or anything like that. If there weren’t real estate gurus out there charging tens of thousands of dollars, because that’s how they, it’s some kind of weird way of figuring out you know, how successful someone’s been, like you said, they could just be brought a little bit of money or brought something to a large deal. And their quarterly distributions are a couple hundred bucks. So it’s a, it doesn’t really go to show you and some, but that

Dylan:
Doesn’t sell anyone. So now

Charles:
The truth about it that never really sells. Right. so what do you think are the main factors that have contributed to your success, Dylan,

Dylan:
Huge learner? So I think early on in my career, the first job I had, I saw that, you know, our CEO, there was always learning, always had his head in the books, investing into coaching and education. I tried to apply that myself as much as possible by really just putting education first and spending a lot of time sharpening the ax. If you would like, I think it’s eight blinking who says, if you had six hours to cut down to the treats from the first five sharpening his ax. So I think that’s, that’s a big, big piece of it. And then, you know, outside of that, just, yeah, of course, having the right people around me, right. Mentors and peers, to, to lean on along the way.

Charles:
Nice. So how can our listeners learn more about you and your company?

Dylan:
Reach me on LinkedIn. That’s the only social media platform I’m somewhat active on these days, but you can, you can add me on there. You can also reach out to us or check out our website. It’s the equity group.com. That’s the R E Q U I T Y group.com. Okay.

Charles:
I will put those links into the show notes. So thank you so much for coming on and look forward to connecting with you in the near future.

Dylan:
Thanks a lot, Charles.

Charles:
Talk to you soon.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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About Dylan Marma

As principal of the Requity Group & CEO of TRG Living, Dylan spends much of his time overseeing the day-to-day operations. He has been a lead sponsor on over $50M in real estate transactions over the last 5 years through joint ventures and syndications and is proficient with all areas of the business. Prior to founding The Requity Group, Dylan joined Rand Partners in 2017 and helped facilitate the growth of the portfolio from 800 units to 1,600 units. He has been featured on dozens of podcasts, public speaking events, and has spent hundreds of hours consulting to real estate professionals in the space. Dylan is an Active member of the Florida West Coast CCIM District.

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