️ Guest: Bill Ham — multifamily owner/operator since 2005, author of Real Estate Raw & Creative Cash, founder of Creative Cash Academy.
👤 Host: Eric Lindsay — Moonlight Real Estate Syndication Show (built for people with a W-2 or full-time business).

💡 What Bill Actually Did (and Why He Says Don’t Copy It)

✈️ Started as a pilot out of school, read books, and bought a duplex as his first deal.

💵 Duplex cash-flowed ~$300/month; he had ~$10k saved and quit his aviation job.

🧑‍🍼 At 28, with no kids and no real debt, he still lived on every penny from the duplex—repairs were hard.

⚠️ Advice: Don’t quit your job because a guru said a duplex/fourplex can replace your income. He wouldn’t recommend doing what he did.

🧮 Underwriting the Smart Way (Back-of-Napkin First)

📄 Get the T-12 (month-by-month P&L) or recreate it.

🧰 Use a template; start with the seller’s asking price just to see if you’re in the ballpark.

🏦 Quick loan plug-ins he used “today”: 25% down, ~6.5% interest, 25-year amortization.

📊 Target DSCR ≈ 1.25. If you’re below that, either pay less or borrow less.

⏱️ Spend ~10 minutes to get a go/no-go before deep dives.

🧱 “Actuals” vs “Pro Forma” & What’s Real Value-Add

🧯 Only buying on actuals can make you miss true value-add; calling everything value-add leads to buying garbage.

📉 Rent growth is low to flat in many places—don’t assume tenants can cover underwriting mistakes.

🧪 Example he gave: 60%-occupied asset in a 95%-occupied area with abandoned operations—a case where pro forma made sense.

📈 Where Bill Is Now & His Market View

🏁 Built about 1,000 units, then sold everything ~2 years ago (before rates climbed).

🔎 Deal flow is limited, but he expects distressed sellers/properties to create opportunity.

🧭 If you own now: try to hold; “not a great time to sell.”

🎯 If you’re new: study and get ready—opportunities are coming.

🧠 Creative Financing (Use Carefully)

📝 Two main tools: seller financing (requires clear title) and master lease options.

⚖️ Subject-to/wraps are much riskier on consumer homes; in Florida, missing a payment on a homeowner subject-to can be a first-degree felony.

🏦 Lenders usually won’t allow 100% financing via big seller carries/undisclosed seconds; adding a second after closing without consent is often a loan violation.

📚 Books mentioned: Creative Cash (creative financing) & Real Estate Raw (how to buy multifamily).

🎯 Action Steps — Tailored to You
For Active Investors (W-2 or Business Owners) 💼🔧

✅ Start with what you can personally borrow and translate that into units in your market.

🧮 Run the 10-minute DSCR check (≈1.25) with 25% down / ~6.5% / 25-yr am as a baseline.

🚫 Don’t overpay and expect rent hikes to bail you out.

🧱 Be picky: true value-add is operationally fixable in a strong area—not “distressed = value-add.”

For Passive Investors (LPs) 💤💸

🕵️ Vet operators who underwrite with T-12s, talk DSCR, and avoid “raise rents and pray.”

🧪 Be skeptical of blanket “value-add” claims—Bill noted cases where LPs lost money when plans weren’t executed.

📚 Ask about debt terms, down payment, and whether lender rules allow any creative structure being pitched.

Website: https://ericlindseyml.com/
Click On The Link Below To Schedule A Call With Eric:https://calendly.com/moonlightequitiesgroup/scheduled-conversation
Click On The Link Below For More Information About Eric Lindsey:
https://linktr.ee/ericlindsey