A Father-Son Duo Built 96 Units Before Their First Syndication

From Flips to Multifamily to Syndication

Justin got his start in real estate after 12 years as a mechanical engineer. A book and a gut check pushed him to pursue more freedom for his family, even if it meant picking up hammers and flipping houses after hours.

Jarom was just a teenager when he joined. At 16, he was managing his first renovation, hiring classmates, learning codes, and finishing projects on budget. He kept showing up after school and weekends, stacking reps and experience.

Over time, they flipped dozens of properties, acquired small multifamily assets, and kept reinvesting their profits. They built 96 units through direct acquisitions and small JVs before ever raising outside capital.

Their first syndication was a 17-unit heavy value-add project with 17 LPs, nearly all friends and family. The property needed everything. Rotting pipes. Collapsing floors. Below-market rents. But it was close to home, and they had the construction background to execute.

They raised the capital in waves, renovated in phases, and brought it back to life.

The Play: Heavy Value-Add With Construction and PM Experience

Justin and Jarom focus on multifamily assets that most operators pass on — properties with deferred maintenance, neglected units, and upside that comes from doing the hard work.

They bring construction in-house and are building toward in-house property management as well. Their model relies on:

• Infill locations with population and job growth

• Rent-to-income ratios below 30 percent

• One-bed median rents around $1500 or less for affordability and upside

• Local teams or boots on the ground during renovation phases

Their early deals were in Oregon and Washington, but they’ve since shifted their focus to Ohio and North Carolina. They’re now targeting 50-unit-plus properties in more landlord-friendly states, with a goal to double their portfolio this year.

Why This Works

1. They built real equity first
Before syndicating, they owned and operated nearly 100 units. That gave them proof of concept, hard-won experience, and investor trust.

2. They use construction as a superpower
Jarom and Justin know exactly what needs to be fixed — and what doesn’t. They don’t rely on overpriced quotes or deferred scopes. That edge protects margins.

3. They complement each other
Justin brings experience, engineering, and a strategic mindset. Jarom brings energy, marketing, and deep investor relationships. The combination gives EagleCap a strong foundation to scale.

The Risks (And How He Manages Them)

Timing:
Their first syndication taught them that renovating too many units at once crushes occupancy. They now stagger CapEx more strategically to avoid cash flow dips.

Market selection:
They moved out of Oregon and Washington to avoid anti-landlord laws and scale in business-friendly markets like Ohio and North Carolina.

Capital constraints:
They started with friends and family but now have a system for building LP relationships early, staying in touch with regular updates, and expanding beyond their circle.

What You Can Learn (and Steal)

1. Use flips as a launchpad
Justin and Jarom used single-family flips to build cash flow, learn construction, and test partnerships. That base made their first syndication much less risky.

2. Partner with family the right way
They treat EagleCap like a real business. Clear roles. Shared values. Mutual respect. If you can do that, family becomes a multiplier.

3. Track record before traction
By the time they raised money, they already had years of experience and dozens of deals behind them. They didn’t rush the process. They built real momentum first.

Listen to the full episode

🎙 Groundbreakers with Justin and Jarom Pratt

In it, we cover:

• How they built 96 units before ever syndicating a deal

• What it’s like renovating houses together as father and son

• How they raised for their first syndication (and what surprised them)

• The investor updates and tools they now use to stay in touch

• Why Ohio is their new focus market and what their buy box looks like today