Syndication-How to get a track record as a beginner

[Michael Charles]

Hi guys, been reading up a lot about syndication deals. One common point that comes up is that you need to have a very good track record on prior syndication deals to get investors to join. How would somebody as a beginner get involved in this type of real estate investing? What investors would ever want to do a syndication with me if it is my first deal? Thanks !

[Taylor L.]

Michael,

I decided some time back to go straight for syndication, as SFRs, duplexes, house hacking - all those good things - aren't right for me. Here is my strategy:

1. Align myself with and learn from an experienced mentor (Joe Fairless)

2. Build my resume as a limited partner, with capital I've accumulated from my W-2 (I am a Chem Engineer). I am now an investor/LP on 454 units valued over $21 million, and that may increase by another $20MM before the end of the Fall.

3. Do a considerable amount of market research, and know my chosen area very well. (I have cataloged every 5+ unit in my MSA, and have toured >130 of them in person)

4.Build my network in the multifamily syndication space - I started a Multifamily meetup and it is going absolutely fantastically. I attend at least 3 major REI networking events outside of my area a year.

5. Start a thought leadership platform - This one is pending. I'm excited for it.

All in all, it's been a year and a half since I started. I still struggle with limiting beliefs, but it takes a daily practice to overcome that. I started with zero background in real estate and little to no personal network. I am pleased with my progress thus far.However, I would do some things differently - like start the Meetup much earlier. Network harder. Follow up more effectively. And plenty of other things I just haven't identified yet due to my newness.