Real Estate Syndication In A Shifting Market: Thriving In Uncertain Times With Charles Carillo

In this episode, we explore the world of real estate syndication and its impact on investment strategies. Derek Dombeck sits down with Charles Carrillo, founder and managing partner of Harborside Partners. Charles, a seasoned expert in the field, shares his firsthand experiences and battle-tested strategies for navigating the turbulent waters of today’s market. He emphasizes the importance of thorough due diligence and strategic property selection. Charles shares his transition to larger-scale syndications and insights on capital preservation, risk mitigation, and identifying promising investments. Tune in to gain a competitive edge, protect your capital, and seize lucrative opportunities in any market condition.

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Real Estate Syndication In A Shifting Market: Thriving In Uncertain Times With Charles Carillo

Before we introduce our guest, which is going to be a really fun show, he’s got a bunch of experience. He’s been in this market since 2020 or 2006, actually. I love interviewing people who have twenty-plus years of experience. I want to talk to you a little bit upfront about the elite negotiations academy, which we’ve launched. This is twice a month. I’m going to take recorded negotiation phone calls, or it could be kitchen table conversations that were recorded from our members or from myself. We’re going to pick them apart, and we’re going to talk about what could be done differently, how to talk to people, how to lead that negotiation to the outcome that you want. It’s really awesome. If that’s something that you think can help you, go to EliteNegotiationsAcademy.com.

Charles’ Expertise In Real Estate Investing

Also, the REI Circle of Trust has got some openings. If you’re looking for a real estate investor mastermind like no other, where we get together twice a year in person, we stay in a house together, and you’re immersed with your group. Go check out REI Circle Of Trust, and it’s REICOT.com, and give us a little feedback on yourself. I’ll interview you and talk to you about what we do. With that, I’m really excited to bring on Charles Carrillo. As I mentioned, he’s been in multifamily for many years now. He does syndications. He started out house hacking when he first started. It’s a great interview. I can’t wait to bring him. Let’s do it.

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With no further ado, Mr. Charles Carillo. Charles, thank you so much for giving us some of your time. Why don’t you tell the audience a little bit about who you are and where you come from?

Thank you so much for having me on. It’s great to be here. I’m originally from a small town in Connecticut, and I’ve been down in Florida where I am now, in Southeast Florida, Palm Beach area since 2012. Originally, I began investing in multifamily real estate in 2006. There was not really a term back then, but now it’s called house hacking. That’s what I was doing. I was living on 1 floor, renting on the other 2. A couple years later, I did that in ‘08, completely different times of buying property. It was the end of ’08, literally two weeks after close on that second property, two weeks after Lehman went under and like a month before Madoff.

Every time you turned on any type of news, it was like something else went out of business. Someone else isn’t lending. It was a crazy time. Then about a year or so later, I bought my first commercial property and went from there. I built this small portfolio of properties over the six years. I moved to Florida in 2012. I put professional management in place of it, held it for ten years and I sold them all to an investor out of New York in early 2022.

Since 2018, our firm has been involved with syndications down here in Florida. Purchasing larger apartment complexes with investors in Florida throughout Central Florida and also with a couple of different teams we have in Dallas and then also in Atlanta. That’s what we’ve been up to over the last few years.

I got a lot of different questions. We’ll start in the beginning and then work our way into the syndication, but when you started in ‘08, because a lot of people have no idea what to do now as the markets are starting to change. As we’re recording this, we found out who our president-elect is going to be. Some people are jacked about that, and some people aren’t. Could that have a positive effect on markets? I guess time will tell. Specific question, when you bought that property in 2008, did you buy at the top of the market and then your property values went down, or were things already going down when you started buying?

It was already turning into a buyer’s market. You didn’t really see all the blood in the streets, but it was happening. The first property I bought at end of ‘06, that was definitely at the top of the market, but at the end of ‘08, that property, it was a much better property. I paid a little bit more for it, but it was definitely, it was a much better property. I kept tenants in there longer. It was literally like a block and a half away. It was bigger. The units were bigger, and everybody stayed longer. I made more money on that property, so I was buying better properties for a similar price, let’s say.

It wasn’t like getting into like 2009. When I bought a property at the end of 2009, I think that was like blood in the streets because I had money from another business and I was investing it, and it was the end of ‘09. The only things that were really moving back then were stuff that was on FHA. We flipped some properties during that time too. I flipped some properties with my dad and my brother. I remember when we were flipping, you had to be completely 100% sure that this thing was going to get FHA financing, or you couldn’t do it. It was be too risky.

You’d see stuff and you’re like, “I don’t know about that stairway.” I remember turning down deals because you’re like, “Yeah, stairway doesn’t have this. No, I’m not going to do this. I’m not going to take the chance on it,” because if it doesn’t get it, you’re not going to be able to sell it. That was the only thing that was lending. Some of those properties in that residential were going like that but when you got up to five units or more, it was over. There was nothing. I remember putting in offers on properties that were like 5, 6 units some would be on the market for five months. You can go in about 30% under, and they’ve already lost half what it sold for before.

You go in 30% less and they would respond to you within hours. Stuff was not moving and you could go in there and name prices and buy stuff to get stuff off their books. That was, I think, 2009, what I saw was the lowest part of the market that I was working in. I think stuff started opening up in 2010 and ‘11 a little bit, but there still wasn’t even lending in 2010 or ‘11 for that type of property. I remember I want commercial property refinanced and a bank that my family had done business with for many years, I had had a relationship for a few years, they literally were going to give me a 10% or 15% loan to cost. This thing was all rented out the whole nine yards, cashflowing, no mortgage. That’s what it was.

It’s like there was no lending on anything that was happening that was reasonable. Even private lenders were like, “I’ll lend half of what the appraisal is,” or whatever the thing was. It was like 30% loan to value. It was a much different time. If you had cash, it was king, just how it usually is in these situations because the debt is such a propulsion for people buying real estate.

That does lead to a burning question of how did you fund your deals back then.

I did FHA mortgage for the second one. In ’08, that was like a conventional mortgage. I put down a larger down payment and they were fine with that. It wasn’t really a problem. It was when you’re getting over five units and that’s when I would come through. I was putting cash in. Also, I use a private lender that would put some money down. It was extremely safe for them. It was someone I knew that I had bought a property before and it was one of their lenders. If you were coming in and you had a sizable down payment, they would lend it, but it was one thing that it went longer. They want to do like one year on a year. It’s not going to be able to be right. You finance in one year. You had these conversations up front, so then you can go 2 or 3 years on it.

How To Evaluate Cash Flow

Primarily, you’ve always bought based on cashflow, which I love because there are so many people, especially in the last few years who got, I think, caught up again in the dream of, “It’s appreciating, so maybe we’re not going to make any cashflow or we’ll actually lose money each month, but we’ll base it on appreciation.” I hate that model. That model kicked my ass back in the 2000s. What’s your feeling on how should a property cashflow? Do you base it off of actual numbers or are you basing off of cap rates? I’m sure some of that may have shifted from when you’re doing small multis to now large multis.

Yeah, the cap rate game, when you’re working with larger apartment complexes, it’s all off the cap rate and you’re working off the NOI and stuff like that. It depends on what people are paying for. I sold some properties. We sold a property in 2023, a C-class property. I sold it at cap rate in the high 4%. That buyer extremely overpaid for that property, but he had other properties in the area and he’s probably doing well at whatever he is doing there. The thing though was how do I know that when I have a broker that’s telling me, “It’s supposed to be 4% or 5.5%,” or I’m working all my numbers on its 5% cap and then buyers are coming in at 5.5%.

I think that’s very difficult. With smaller properties, I find it’s much easier because it cashflows and you know what your debt is. Those first properties, getting longer term debt or the ability to go longer on it, like my first couple properties. Those were 30-year amortizations on those. Going through wasn’t a problem. I bought property with myself with all cash. It was a smaller property, and then I bought another one with a private lender. It was like the ability of having that long-term debt and having some idea of what your interest rate is fixed. You can do it even with commercial mortgages going to banks, but bet it for your 5, 7, 10 years. Pay more for it.

Know that you’re going to have that prepayment penalty too. I know everybody hates that, but it’s something that if you are unsure, those are the ways. There’s three ways I’ve figured out when I teach people. It’s really like, long-term fixed debt, at least 7, 10 years, it’s having the reserve fund and buy stuff that’s cashflowing. The problem is that they’re using expenses from the seller. You have to use fresh property taxes and fresh insurance quotes, especially now, insurance quotes are all over the place. If you have the debt insurance and the taxes figure it out and you’re pretty sure on what those are going to be, it’s difficult at that point to have something that you’re going to lose money on.

The Impact Of Rising Interest Rates

As we start to talk about syndications, what do you think about all the people that have syndicated properties and got the 3-year or 5-year bridge loans that are now coming due and they bought it 4% cap rates and they’re not going to cashflow at 7% interest rates. What do you see? It’s obviously opportunity for some of us, but do you think there’s going to be blood in the streets?

It depends on what you read and what you’re listening to, but I’ve spoken to syndicators that have had issues. We haven’t had any capital calls or anything that, but when I’ve spoken to syndicators that have had capital calls and have had loan workouts, the better properties like your solid B class and above properties, are the ones that I hear are getting workouts from the bank. They’re getting a little bit more leeway because I think that they’re betting on a debt. When construction and delivery slows down here over the next 12, 24 months, they’re going be able to capture their loan amount and people are going to be able to walk away, maybe not making much, but they’re not already losing. I think that’s a workout.

The deals that I’ve seen that have gone south have been poor quality deals in poorer areas, less ideal neighborhoods and stuff like this. When you pull them up where they foreclose and you look at them, you pull them up on different maps of where we would do our due diligence if we were buying that property. Anybody that drives by this property is going to be like, “We’re just going to get rid of it now.” These properties aren’t going to come around anytime in the next few years or whatever it might be. I think those are the properties that are going to be in a much difficult positions.

Your older properties, maybe your C or C-minus properties, are below, I don’t see those really coming back around. People that got bridge, that have workouts with their lenders, who are maintaining their properties that are keeping their occupancy high, have a chance. They have a chance of coming through and working through it, maybe getting a capital call to short stuff. On a couple past investments I’ve had in multifamily, I’ve had some capital calls. On one of them, they are in the process of writing, but one of them pretty much righted it. It’s one of those things where, obviously, interest rates coming down helps as well, but it’s one of those things that you have to work out what you’re doing so people don’t lose money.

I think that’s one of the most important things. I think better properties are the ones, and the ones I see struggling in my passive deals and funds I’ve done are ones that aren’t in the best areas. They aren’t in that area where people want to go because right now, people can go anywhere. It’s a renter’s market out there. Concessions on brand new stuff for months and months, free moving, free everything just so they can get that 90% and those developers can sell the property. As that starts peeling away over the years or two, we’re going to get back to a much more normal number market and normal rents.

Rent Projections And Risk Mitigation

Obviously, that’s going to be based on location. I’m in Wisconsin, upper Midwest. We don’t have people giving concessions to fill their units yet. Obviously, where you are in Florida, that’s happening and in other markets, it’s certainly happening. As we start talking about syndication, how do you project what your rents are going to be moving forward in your market specifically? You’ve got these brand new construction buildings, they’re given concessions. It’s going to drive rents down, and now you want to go and buy an existing building or even build new. How do you structure your syndication to mitigate risk and to keep it safe for your investors?

Typically, in a normal market, if you’re buying a property that’s built in 1990, you’re looking at what rent comps are from everything, probably late ‘80s to where you are. That 1990, not really going over it and figuring out where rents are now, you have to take the whole market, all your comparables and look at them all. A property built in 1990, years back, might not have any issues with something built in 2024, but now, you’re seeing rents that might even be comparable over a year period where you are getting two months for free here or this or that for free or whatever it might be. More amenities for sure. You’ll have renters that are jumping there.

I think the real idea is figuring out for what work you’re doing to the property and currently where it is, and seeing exactly, finding true comparables in your area of exactly your same condition right now and putting that all together. When you’re going through uncertain markets, what we’ve done before is we have a property that’s 157 units in Gainesville, Georgia. Before we had all these interest rates changing in 2023 and stuff like this, we were we were doing probably 3 to 5 renovations on turns every month. Now that’s down to 1 to 2. It’s a little safer. You’re making sure that any renovations you’re doing, you’re going to be able to achieve what you’re projecting or you start painting and painting and cleaning and re-renting.

I think understanding that because syndicators as well get into it and they’re like, “We’re going to turn everything in two years and we’re going to put $7,000 in every unit and we’re going to get $200 more rent,” or whatever the numbers is they’re working on. When you’re getting into markets this, you need to have that difference in rent between the new deliveries coming on. It has to be even wider now because for people that make that decision of staying in your property versus going to that Class A property that has easy underwriting, all amenities, free rent. I think knowing your comparables exactly where your condition is now, and understanding exactly what the property’s comparables are, where they’re going now, where they’re going in the future, and seeing how those are renting.

Everybody brings up technology and AI, and this is great, but real estate, you’ve got to really walk the properties. When I would check out new property managers, you walk the properties. Not just drive by the ones they’re managing, but go into the properties and walk them and see how they look and stuff like that. It’s the same thing if you’re mystery shopping your comparables because you’re going to walk into some of them and you’re like, “This is not a comparable. This is much nicer or this is not as nice.” Comparing that to your property, your subject property you’re looking at, is very important. At this point, it’s extremely important because there’s no buffer.

In hot market, you have the buffer with rents going up. In hot areas locations, you have that and you’re like, “Okay, I can overpay a little bit if rents are going up this much. All these people are moving into it.” When you get into markets like it is now or stagnant rent, your numbers have to be right on. Most of our properties in Central Connecticut were all cashflow properties. There wasn’t really appreciation there. You had to make sure your buy was correct or you would never make money because there wasn’t appreciation.

Property Age Preferences

You mentioned 1990 a few times. Do you have an age range of where you will not even look at a property if it’s older than?

We sold our last C-Class property built pre-‘85 in 2023. Now we predominantly do B-Class properties that we’re working on. I’ve made the decision. We paused 2020, and then we sold that. I think since 2020, 2021, we’ve made the decision of going into properties that are 1985 or newer. There’s a number of a few different construction type of materials that we’re not going to go into and touch and stuff like that because you get older and as you’re getting older, you’re putting a lot of work into the property and you’re fixing a lot of items that are the bones of the property that really aren’t raising rents.

That’s one thing where I don’t mind doing it, but there has to be the discount. It has to be quite the discount to do that because you’re not just disrupting a unit for two weeks or a month from the time someone moves out to the time that you might have someone looking at it to rent it. You’re doing it for months now. If you’re getting into pulling out walls, changing pipes, plumbing, all that stuff, so you have to be really compensated for it because it’s not a work that you’d be like, “It’s going to cost you $5,000 to do this, but you might not have the unit for six weeks or whatever it might be. This is something that you have to put that into your numbers too, where it’s not just $5,000. It might now be $9,000 because I lose two months of rent or whatever it might be. These are things that people have to put in, and usually you don’t see those discounts in many situations.

Very few people talk about this. That’s why I really wanted to know your answer, because like you described earlier, we’re going to have a blanket two-year timeframe and put $7,000 into each unit, but do they really factor in when you do have to open up that wall or you find out that you’ve got bad piping throughout and now you’ve got to open up every unit wall in the bathrooms or the kitchens. I love the idea of keeping it newer.

For myself personally, in the residential space, 1975 and newer and it’s primarily because it’s conforming sizes for doors and windows and all of that type of stuff. My markets have a lot of 100-plus year-old houses and I get a lot of leads on those types of properties. Typically, if I do put them under contract, I’m going to wholesale them off because they take too much time and there’s nothing conforming about it. It’s all custom and it gets very expensive.

A lot of unknowns, too.

Raising Capital For Syndications In The Current Economy

Definitely. Are you finding it harder right now in this economy to raise money for syndications? Have we seen people get burnt on other syndications, not yours, but people that have gotten burnt and they did have capital calls, so now they’re gun shy and they’re holding their cash?

Yeah, a little bit of everything. When I speak to people in our potential investor base, you have a lot of people who lost money. They put multiple deals in with a lot of syndicators multiple times per year, which is my red flag when I’m investing passively. I won’t invest with the same operator twice in one year. Obviously, I don’t go over no more than 5% of your net worth into any deal. It should be a little bit less if you have more money. It’s one of those things that if you can maintain that, then you can really limit your downside if anything goes bad. There are people who were like, “I invested in July 2021 with this person, then September 2021.”

It doesn’t give you much of a fluctuation of what’s happening. It’s amazing. A lot of people who have been in real estate investing for decades have lost their shirt going through this one. They bought thousands of units with, like you were saying before, this ultra-low bridge debt. The other thing, too, I’m finding with syndications is that a lot of the deals I’ve seen coming across my desk from other operators, they’re not true value add deals. They’re coming through and they’ve already been renovated to a certain level. It makes me wonder where the value comes from to show me that you’re going to get 18% returns in five years per year, whatever it is. I don’t see that, and it’s like, “We’re raising rents or we’re doing this.” That’s not the business plan to be working at this part.

Not that I want to get into something where I’m moving walls or really heavy renovations, but it’s also something that there has to be some value you’re adding to it, or there’s a reason why the person’s selling it is not raising rents. That’s not a good sign if you’re a potential passive investor looking at a deal. That’s one thing I’ve seen. I was talking to another operator and he was like, “You have to get a new investor list.” If you’re having problems raising money from people who have been burnt before, even from other syndicators, they’re not going to return. You have to find new investors.

It might be true. I don’t really like that per se, but all the questions and everything that went through with them negatively, now you’re going to have to explain to them why you’re different compared to someone that’s new to the area, new to what you’re doing and new to this investment class. It’s not making it easier, that’s for sure.

Syndication Deals And Market Focus

I love that because it’s a thinning of the herd. The cream rises to the top. I love market shifts and my audience knows that about me because I really enjoy creative real estate deal structuring. I don’t typically use institutional funding for anything. I don’t like to see people lose money, but I to see the tire kickers and the wannabes exiting the business. Specifically with your syndications, how do you figure out the deals or the markets you want to focus on? Some people don’t even really know how syndication works. Talk about sponsors and operators and a little bit of the basic stuff.

Syndications really work off of two different parties. There are two parties in the syndication. There are the general partners, key principals, operators, sponsors, all these different names that are given to you. Everybody in there has a slightly different role, but they’re the general partners and they’re really running the deal. They’re doing everything from locating the market, to the properties, to raising money, to closing it, to manage it when it’s happening. Working with the property manager to ultimately selling the property down the road.

On the other side of the deal, you have the limited partners, passive investors, investors in general, and they are the ones that are funding the whole deal. Now you’ll have some of the general partners, and usually, when we do a deal, general partners are putting 20%, 25% of the money, so they’re actually on both sides.

If you’re a general partner, you should be on both sides of a transaction. You have skin in the game but also, you’re doing all the time of doing everything. That passive investor, once they do their due diligence on the deal, on the sponsor, their work’s pretty much done. They should be getting a monthly communication, possibly a quarterly one from the sponsor. After 6 or 9 months, you’ll probably start getting your first distributions depending on the business plan of that property. Usually, that’s quarterly. What happens as well is that you’ll get a K-1 at the end of the year. Your work’s done after you do your due diligence on the deal and the sponsor and you wire funds over. That’s really how the whole process works.

Usually, it’s split in a sense of where you have some preferred return, which is usually about 7%. That means that these past investors over here are going to get that 7% every year before profits are shared with those general partners. After that 7%, it’s usually split somewhere a 70/30, where 70% a above that goes to these past investors and 30% goes to general partners. It’s a very simple explanation, but how it shows where these two parties work together. It’s been a model that’s worked for hundreds and hundreds of years outside of real estate, but all the way back to the renaissance they’ve been using to raise money. It’s carried interest. It’s being able to cover people with the risk that they’re putting in the capital they’re putting up at risk.

I don’t know how you do it, but now, most syndicators are raising 20%, 30%, 40% of the money and then using institutional financing for the bulk of the purchase.

This is something that’s happened over the last few years. We weren’t doing this. We did this on one of our deals, and it’s fine working with some mezzanine lender, something like this, a preferred equity lender, and it puts the past investors one step behind. It’s become a requirement for some certain syndicators that are overpaying for deals to a certain level. Now you can still show the returns to these investors, these past investors. You have these limited partners, but you show those returns because you’re taking less of their money and you’re utilizing almost in the sense of a second mortgage on the property, let’s say.

You have your main senior debts at 65% loan to value, and then you’re taking this preferred equity piece. It’s maybe 15% that’s going to get paid right after that senior debt. You’re going to have this last 20%, which is going to be past investors. Years ago, we would raise this whole thing from 70% or 65% to 100% ourselves. It’s not something that we use. We’ve used it once before, and I’ve been on deals with it before as a past investor, and there are pros and cons to it. Any passive investor money that’s getting put in there is going to get wiped out first. It’s much more dangerous in that sense.

It’s one of the things that’s had a when people are getting into bigger deals and also deals where the deals aren’t as great. I’ve seen on some of them. It works sometimes when you do it and you get really good returns. If you have a really good operator, it’s a really good deal. It can be very dangerous, too, because you’re wiped right out. Possibly, some of that preferred equity, too, is going to be wiped out, but usually, they’ll come out majority of their money back.

For clarification, are you raising all of your money without using institutional financing for your syndications?

Yeah. We’ve done one deal with doing a preferred equity piece. End of 2022 when we closed on that property. Interest rates were already pretty much 4%-plus at that point. It’s fine. It was a huge deal so it was one more level of complexity that you’re working through. Also, somebody might say on the pros or cons of that deal is that you can pause distributions if you want with keeping the property to that preferred equity piece. They’re not going to be the happiest person for that group to work with, but you can pause it if you’re really getting into trouble. Let’s say you got a higher loan amount or something like this, you’re not going to be able to really pause your loans with your lender.

As with most things, there’s pros and cons to it, but how it’s supposed to work is where you’re supposed to elevate these returns for these passive investors where they will take on the risk of doing it. For that preferred equity piece that’s putting that 10%, 15% in, coming in with 65% loan of value to 80% loan to value, they’re getting paid usually low double digits, low teens probably. Now it’s probably mid-teens for taking that risk where it’s not first piece secured, however, it’s going to be very difficult for them to lose all their money. They’re usually secured on that pretty well.

The Importance Of Buying Properties In Better Areas

I truly your model far better than what a lot of syndicators are doing with the institutional debt. I’m a firm believer in dealing with people instead of bank boards. You can have a great relationship with that bank and one person gets fired or decides to leave and it’s gone. I truly love that. As we start to wind down here, Charles, what’s one question I should have asked you that I haven’t? It doesn’t have to be about the topic we were talking about, but I like to ask all of my guests this.

A few different things for people who aren’t going to buying property safely. If you’re on your first property and securely, you do it, I think one thing I would say for that to answer would be buying properties in better areas. Growing up, my dad was a multifamily investor since the time I was born. When I bought my first property, he pushed me into doing it. He bought really poor area properties and they were extremely management-intensive and he started taking his own advice when I bought my first house hack. I found out it was a lot easier to manage.

As you buy properties in better areas, people stay there longer, you make more money, it’s less hassles. You’re dealing with credit tenants, people that actually have credit. You’re not making a deal every time someone moves in. Don’t be scared to pay more for property and be comfortable with it, but there’s a difference when you’re looking at two different properties and you’re like, “It’s much lower per door over here.” This is a mistake all new investors make. Look at these huge returns over here, high cap rates, everything’s great, and then over here, it’s lower, less units, all this stuff. You realize with that more expensive property, it is probably going to appreciate faster. You’re going to have more buyers, more lenders that want to deal with that than dealing with this over here because this is going to be a management nightmare. They never want to take this over. I find that there are always buyers in good or bad markets for good real estate. You’re not going to get the same price you were in that hot market, but it’s much different to unload your C-minus property or D property in a bad market.

We’re going to have a link for everybody to be able to contact you at TheGenerationsOfWealth.com/Charles. What can my audience do to help you?

If you’re interested in learning more about what we’re doing, our company is Harborside Partners. If you go there, we have a wealth of information. I have a YouTube channel and a podcast. We have a free investor guide if you’re a past investor. I also do some one-on-one coaching for active investors if that’s what you want to be doing. You can find all that information right on our website. It’d be great. If you’re interested in passively investing with us, set up a call with myself or someone else on the team by going through our form there. I’m looking forward to speaking with you.

I appreciate you taking the time, giving us your feedback. I always enjoy talking with people who have been in the game for twenty-plus years because we have seen market shifts and we can help the audience based off of some of the lumps that we’ve taken. Thank you very much, Charles.

Thank you so much for having me on.

With that, everybody that’s a regular, you know the deal. Please go out, share this with anybody who possibly can help grow the Generations of Wealth community. Give us all the likes, the loves, the five-star reviews that you possibly can. If you just found us, welcome. We appreciate you being here. Until the next show, go out and live your vision and love your life. See you.

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About Charles Carillo

Charles Carillo is the founder and managing partner of Harborside Partners.