Every question,
every answer.

The minimum investment is $100,000. That gets you a 7% preferred return, roughly $7,000 per year, paid quarterly. At the 5-year exit, your target return is approximately 20% annually, equating to a ~2x equity multiple.

Everything is available in our investment portal. We'll drop the cash flow portal link in the chat so you can find this presentation and all other pertinent documents. If you can't or don't want to ask your question live, just reach out. We are always available.

Yes 100%. I'll share it with everyone who registered.

Our general partnership team is heavily invested in this. This is a rather small equity raise. We anticipate this deal, similar to all of our other deals, will be oversubscribed. I do not foresee an equity gap here, especially with this opportunity. With all of the new data points coming in, where the deal is already outperforming our projections before we have even fully closed, it doesn't get any better than that.

To add to that, the last deal we closed in February was a much larger raise and was oversubscribed. This one is going to go even faster.

Great question. People often wait for opportunities, but you have to create opportunities. When the opportunity is here, the numbers are aligned, and the vision is aligned, you go in. We hold ourselves to a strict acquisition discipline. The deals that pass our screen are rare, and this one passed.

This asset is about nine minutes from my office. I drive by it on Windy Hill. The area is blowing up. Atlanta is now the sixth-largest metropolitan area in the U.S., and there is a housing shortage here. There are no new assets being built in this submarket. Close to the highway, close to everything. I'm all in.

Head to milapennchazak.com/harmonygrove or open an investor account at the Mila Penn Capital portal. From there you can review the full offering memorandum and submit your soft commit. If you would prefer a one-on-one conversation first, just reply to any of our emails or reach out directly and we will set up a call.

Yes. The full investor package, including the deck, financial model, and offering memorandum, is available on request. Reply to your registration email or reach out at invest@milapennchazak.com and we will get it over to you the same day.

Yes the deck will be sent to everyone who attended, and we will set up one-on-one meetings with anyone who is interested. Reach out at invest@milapennchazak.com.

More than happy to meet anyone who wants to go through it personally. We will share the website and the due diligence as well, so you can review it closely and see if it aligns with your overall financial plan and portfolio construction.

We are hoping to wrap up this raise at the end of this month and close by the middle of July. We are really excited about this opportunity. The rents are coming in stronger than what we underwrote, and we want to be in operational control as soon as possible to capture that lift.

The minimum is $100K, but there is precedent for pooling. Reach out to the team if you want to explore fractional. Sometimes a group of investors put their capital together to participate.

Dr. Cliff Eke and I did some investments together earlier on when we could not invest the full amount individually, so we put our money together. There are always opportunities to be a part of this. I was very hesitant a few years ago when I started doing this. Now this is my sixth deal.

Limited partners receive their preferred return first. At exit, LPs are paid until they meet their target return; only then does the operating sponsorship team get paid. That alignment forces us to outperform, to make a dollar, we have to deliver what we promised.

We are buying at $103,000 per unit. The trailing 6-month average comp is $141,000 per unit. The most recent sale (December 2025) was $155,000 per unit. Replacement cost is $200,000 per unit. Equity is built in at the basis.

Class A is designed for cash flow distribution and gets priority. They don't share in the upside, but they enjoy a priority card during the years we hold the asset. For Class B, the scenarios are exactly what the sensitivity table shows worst case, target, and best case and they translate directly to what a Class B investor can expect in each market condition.

Class A investors sit right behind the bank the bank gets paid, then Class A, then Class B. So Class A's 11% preferred return has priority. In our worst-case sensitivity, instead of the 20% Class B target the return is approximately 16.86%, which still outperforms the broader stock market.

The mortgage rate is 6.25%, fixed for the 5-year business plan.

Amortized over 30 years. It is an agency loan (Fannie Mae or Freddie Mac) and we are intentionally not over-leveraging anticipated loan-to-value is approximately 70%.

The timeline for investment is open through the end of this month June 30th. The first distribution, coming from the property's cash flow, begins after Q3, at the end of the third quarter. From there it is consistent throughout, all the way to the end of the deal.

It is a 75-unit multifamily property in Marietta, Georgia. The unit mix is roughly 53% two-bedrooms, the remainder split between one-bedrooms and studios (about 16% studios). On investor economics: there are two classes. Class A is a straight 11% preferred return with no profit split, designed for investors who want predictable cash flow. Class B is a 7% preferred return plus a share of the upside on the sale, designed for investors who want their capital to grow alongside the cash flow. In Class B, some of the preferred return is held back in years 1 and 2 (the renovation is capital-intensive) and pays out in years 3, 4, and 5 along with the upside at exit. The minimum investment is $100,000 in either class.

The cost segregation study projects approximately a $35,000 first-year tax loss on a $100,000 investment. That's delivered via K-1 for your CPA to apply. Depending on your income level and tax situation, that can be a meaningful offset. Always run it by your CPA first.

The instrument is a self-directed IRA . If you have an old IRA or roll over an old 401(k), you can pick a custodian that allows alternative-asset investing (multifamily real estate, syndications, private deals). The transfer itself is tax-free as long as it stays inside the IRA wrapper. Distributions from the investment then accumulate inside the retirement account. The vast majority of our investors use cash, but a growing subset uses a self-directed IRA. After the session, Kirk shared a Healio article walking physicians through the full structure: Integrating multifamily real estate syndications into a physician's financial portfolio .

It depends on the situation, but $20,000 to $40,000 a year in savings is very typical just from the low-hanging fruit, before any investing. Some clients save hundreds of thousands. Compounded over a working life, the difference is life-changing.

Typically around 25%, give or take, so roughly $25,000 on a $100,000 investment, allocated to you per the operating agreement.

More to leverage: multiple tenants so a single vacancy is not a 100% loss, economies of scale, easier financing (you can refinance by unit), and more built-in equity. Several single-families can get close, but multifamily achieves it with less vacancy risk and more ease.

Doctors almost never qualify, not mainly because of the 750 hours but because real estate must exceed the hours you spend in any other income source, and physicians earn more from medicine. The workaround is a spouse qualifying. If any tax professional ever tells you that they'll take that REP status for you, that should be a pretty big red flag.

Yes, a short-term rental is the easiest unlock. It requires material participation but not much time (answering renter questions, facilitating fixes, working with a manager). To count as short-term the average stay must be 7 days or less, with at least two rentals showing income. Long-term rentals are capped at $25,000 a year per property.

If you have a passive-loss offset (a short-term rental or a spouse with REPS), the cost-segregation study is the biggest. Without that offset, a non-professional with a long-term rental is capped at $25,000 per property, so the 1031 exchange becomes the biggest lever because it defers all of the capital gains.

The owner of the property or partnership initiates it, and a good tax professional should recommend it. Doc Wealth provides a referral list of engineering companies to choose from.

Not entirely. Depreciation recapture is normally taxed at your marginal rate. A step-up in basis at death converts it to the lower capital-gains treatment, and heirs can then do a 1031 to defer further. It lowers the tax substantially, but it does not erase it outright.

By self-directing it. Instead of holding stocks, you self-direct the plan, make the purchase, sell later, and roll the proceeds back into the plan (kept at arm's length). The money keeps growing inside the plan. That's actually how Warren Buffett got as rich as he did, through his cash balance plan.

Yes, options that do not require hours: REITs, Qualified Opportunity Funds (hold 10 years and pay no capital gain on the sale), and syndications. In a syndication, if a cost-seg is done at the entity level the losses pass through to you, and as a passive investor they accumulate and carry forward, typically reducing taxable income to zero without a negative hit.

Backdoor Roth conversions reported incorrectly, which are costly and time-consuming to unwind. The fix is working with a well-seasoned professional. The other mistake is simply waiting too long to start, people kick themselves for not doing it sooner.

Get with a proactive tax-planning professional you trust. Reactive filing only tells you what you owe; the investment vehicle does not matter nearly as much without a seasoned planner on your side. Tax planning is really where it's at.

Oil and gas investment. Investors typically deduct 80% to 90% of the investment in the first year via depreciation, depletion, and drilling costs, and those losses can offset active earned income. The back-end ROI is also tax-advantaged.

It is not the number of deductions, it is the percentage of each category versus your gross revenue. The IRS keeps a database of normal expense percentages by business type. Claiming 30% rent when 10% is typical, or 40% marketing when 5% is typical, is a major flag and is how fact-based (non-random) audits are selected.

A big difference. Above roughly $80,000 of net income, an S-corp election starts saving meaningfully, easily $5,000 to $6,000 or more a year for a typical practice, because distribution income is not subject to self-employment tax. One caveat: some states penalize S-corps.

It is about the type of event, not the room. For a large gathering, pull comparables from event centers or hotel ballrooms; for a smaller meeting, use hotel meeting rooms or coworking spaces. Deductions can run $600 to $1,000 or more per rental, totaling roughly $11,000 to $14,000 across the year.

The principal of the payment is not deductible. You write off the vehicle either by actual expenses (gas, repairs, interest, depreciation) at your business-use percentage, or by mileage (about 72.5 cents per mile this year). To take 100% of the purchase price in year one, the vehicle must be over 6,000 pounds.

The opposite. We have multiple insurance quotes in hand. We budgeted approximately $1,950 per door, but quotes are coming in around $600-700 per door, which actually helps NOI. We always budget insurance conservatively, and real-world quotes tend to come in lower.

About a week and a half before this webinar, we toured the asset, looked at every single unit, opened every door and closet, walked the roofs with our general contractors, and inspected the pipes. We then ran a full financial audit of lease files and historical operations. As I sometimes say in the spirit of Jay-Z: men lie, women lie, numbers don't.

The same reason we plan to sell at year 5. Buying an apartment building is buying a business; people sell when their business plan is complete and they move on to a bigger one. That's how the industry functions.

During due diligence we had the roofs checked. The newest roof on site is 2 years old; the oldest is 5 years old across a total of 9 buildings on the property. The HVAC has already been replaced by the current seller. Everything that we checked is expected to hold through the business plan.

The video playing right now is from our due diligence aerial shots of the property, our team on site with the property manager and our general contractors. We opened every single door, turned on every faucet, looked at every electrical panel. Yes, the asset has age but that is precisely where the opportunity sits: a 1964-vintage comp just traded at $155,000 per door.

The electrical upgrades are already in our renovation plan we knew before sending the offer. We're buying this asset because there is an opportunity to come in, fix things, and bring it to market. Nothing was a surprise. Our general contractor was on site with us during due diligence and gave us a quote in the same scale we had built into the underwriting.

We've already accounted for it inside a very healthy renovation budget $1M with a 10 to 15% contingency on top. Under-promise, over-deliver.

Renovations are funded out of the raise. Every line item has been sourced and estimated, and we carry a 10-20% contingency on top of that for unforeseen issues. We are not borrowing additional money for the renovation budget.

Beyond that, we hold a $155,000 operating reserve in the bank, doing nothing, available only for unforeseen circumstances.

Approximately 12 months end-to-end. We sequence it in phases: exterior first fence, paint, curb appeal to improve quality of life for current residents before any rent conversations. Interior work follows. We are not just here to earn a return; we want residents to feel they're getting value for any rent increase.

Exterior renovation begins at month 3. Interior renovation begins at month 9. The property's lowest occupancy over the past 5 years has been 94%, and it is currently 97%. We work outside-in, slowly bringing the interior plan up to pace.

Year-1 break-even occupancy is approximately 76%, and as operations improve, the break-even falls to approximately 68%. We renovate about 3 units at a time to balance rent uplift with occupancy. Anticipated downtime is roughly 1 month per unit.

We have two interior strategies. First: renovate units only as people leave. Second because this is such a desirable area that people don't want to leave we offer existing residents the chance to move into an already-renovated unit, then renovate their old unit. The on-site team told us during due diligence that residents want washer/dryer, new countertops, new cabinetry so either option will appeal.

Current rents are $1,092 versus a $1,435 market a meaningful delta. The existing property manager already planned $75 rent bumps at renewal regardless of renovation. Our renovation budget includes contingencies on top of contingencies we'd rather have a healthy budget we don't use, and return capital, than be caught short. Under-promise, over-deliver.

We are forcing this appreciation. We are doing the work, and it is not heavy lifting on the resident experience. The renovation plan is phased so we are not turning over the entire property at once. Residents who are paying market or near-market and are good fits stay through their renewal.

By the time we finish the renovation and add the rent premium, we will still be below market. If anything, more people will want to move into this particular spot because of the rate of the rent compared to the rest of the area.

It's simple. There are two units empty today, and the plan is to renovate roughly three units per month from month 9 through month 21. Leases generally run 12 months as they end, residents who don't renew free up a unit we renovate and re-lease at market. If that doesn't happen, we can offer a resident an already-renovated unit to move into, then renovate the one they left. Our due diligence showed residents want washer/dryer in-unit, new countertops, new cabinets, and new utilities so they are willing to move to the renovated units.

And if a resident wants to keep their classic unit, that's fine rents still go up an average of ~$75 a month on renewal, and we've spent $0. If they leave, we spend ~$12,000 and capture ~$175. Either way it's a win-win. The market is growing ~4.1% and we underwrote only ~2 to 2.5%, so the conservative delta is already built in.

On the rent delta, we benchmark against the market rent of properties in the same condition we plan to deliver. We pick comparable assets of similar vintage and similar renovation level, then capture the gap between those rents and ours, and that is the lead we follow.

Current average rent is about $1,092. Today's market rent in this sub-market is $1,435. That $343 gap is the opportunity. We're targeting a $175 premium per renovated unit, deliberately conservative.

There is a beautiful golf course nearby it is where Usher goes, so the area knows it. A family-friendly water park is about 28 minutes away. The Atlanta United soccer practice facility is close by, and the Battery Atlanta (where the Braves play) is just minutes away and hosts concerts and family-friendly activities year-round.

On the asset itself, there isn't currently a clubhouse or a barbecue area we're going to introduce both. Behind where Claude is standing in the video, we're turning that area into a clubhouse, putting in grills and a picnic area, and fixing up the playground to be more family-friendly. Within a 6-mile radius there are roughly 38 miles of trails along the Chattahoochee, plus excellent employment Lockheed Martin, the Battery, Cumberland Galleria's ~80,000 jobs, the Home Depot HQ, and Truist.

Correct the next two years, eight quarters. There are no new apartments scheduled to be delivered to that market. Whatever is currently there is all that people have to rent, and we have already seen the effect on our most recent rent roll: even though these units are 100% classic, they are able to push rents toward market because people want to live in Marietta.

The market drives the rent we can't just assign a random number. When more people move in and demand is higher, the comps from similar units around us pull rent up. The fact that this property is already getting those rents and we haven't touched a single unit for renovation really speaks to the demand. Anyone can Google the population growth into Atlanta and the suburbs and watch how it has expanded.

The competition around this asset is already charging about $1,450 this property was simply trailing the market, and the current ownership is capturing the value without spending a dime. Look at any major U.S. city: it is rare to look back five years and see rent decline. Rent may freeze at a point, but on a five-year basis it is always up. The $1,400 here is first catching up to market, and it hasn't yet applied the growth other assets are already seeing. By Year 3 I'm predicting it could be meaningfully higher $1,500-plus.

On top of the market, there are operational efficiencies the current seller never charged for: a trash fee (~$28/unit/month), pest control (~$5/unit/month), water and gas bill-back, and assigned parking residents have specifically asked for. As leases renew, that's additional revenue. We are forcing appreciation by improving the asset, not relying on market forces.

Our longest-standing tenant has lived there 24 years and pays around $1,100. She loves the place we met her on site, and she was excited about what we are planning to do. On the Dobbins Air Force Base share, we don't track that yet but a plan with our property manager is to partner with nearby employers so some of their staff can live on the property and help turn around the resident profile.

Our previous deals have consistently been oversubscribed and this raise is relatively small. If you are interested, get your soft commitment in as soon as possible, spots are limited, and I do not foresee us not raising enough capital.

Over the last 5 years a period that included COVID, high inflation, and a lot of economic uncertainty this property never dropped below 94% occupied. People need somewhere to live, and the rents here are basement-floor versus a $1,435 market. We've also conservatively underwritten: there are ancillary income streams (~$28/month trash fee, ~$5/month pest control) the current owner is not charging that we will. Even in our cap-rate-expansion worst case, the property still sells at a profit and delivers approximately 16.86% annual return.

Look at the data from the two recent downturns. In 2008, when single-family homes were losing value and people were losing their homes, apartment rent growth was phenomenal people moved into apartments. After the initial shock of COVID in 2020, the next 7 to 8 months produced the highest rent growth of the decade. History tells us what tends to happen when the market dislocates.

By the time we finish the renovation and add the rent premium, we will still be below market. If anything, more people will want to move into this particular spot because of the rate of the rent.

Our general partnership team is heavily invested in this deal directly. We have a history of oversubscribed raises. Our February acquisition closed oversubscribed with a much larger raise than this one. With the operational data already validating the underwriting, we do not foresee an equity gap. If one ever materialized, our GP capital and the network around us would close it.

That is a wonderful question, and it is the question I asked when I first started investing. We start with the end in mind. Our entry basis is already covered: $103,000 per unit when the market is $141 to $155. Population could stop moving to Atlanta, but Atlanta is growing rapidly. New construction could come in and stall rents, but the submarket has zero new builds within three miles. Even if no one moves out and we cannot renovate the 50% of units we planned, when residents sign a new lease we are still raising rents at least $75/unit on average. So we spend zero to capture $75 instead of $12,000 to capture $175. We also have operational efficiencies layered in: the current seller does not charge $28/month for trash or $5/month for pest control, both standard. We will. Plus the parking and washer-dryer programs. We have downside protection, contingencies, and working capital built in. We have accounted for the classic ways things go wrong.

It's about a nine-minute drive from my office. Great location. There are not that many assets left in Atlanta, they don't make land anymore. To my surprise, they have already increased the rent to where we thought it would be in two years without doing anything. Which means we can go higher.

Yes. The full stress-test page is in our deck and is available on request. The headline: the current Atlanta market cap rate is about 5.5%, and we deliberately underwrote at 5.6% to stay conservative. The CoStar 5-year forecast shows cap rate compression to roughly 5.3%. Our worst-case scenario, with no compression at all, still sells the property for $12.6 million and delivers approximately a 16.86% annual rate of return . That is the floor, and it still far outpaces the long-run stock market average of ~7%.

Our strategic operating partners have over $250 million of multifamily assets under management. The property management firm is already managing another asset in this same Atlanta sub-market and has been used on three of our strategic partners' Atlanta deals. That's not a theoretical relationship, it's a proven one.

I have not had a deal I personally participated in underperform, because I underwrite to very conservative assumptions. We also partner with experienced operators with $250M+ of AUM. I take Warren Buffett's rules to heart: Rule 1, don't lose money. Rule 2, see Rule 1.

And we eat our own cookie.

I am personally invested across 10 different deals. Our most recent acquisition closed with operating partners who have taken multiple deals full cycle they have over $270 million of assets under management, with many of them located right within the Atlanta market. So while I personally have not yet taken a deal full cycle, the operating partners taking deals full cycle is exactly what they do. Real estate is a team sport, and this is a plain-vanilla value-add strategy we are very confident in.