Best calculator/software for syndicate sponsor

[Brian Orr]

Hey all,

This is about my 5th deal and I'm trying to syndicate a small 10 unit property. Here's the info, it may be long:

I was planning to invest in this through my current partnership LLC. My partner decided she wanted to be more passive and I simultaneously gained interest from friends who wanted passive opportunities... I decided to try the syndication model which will basically be my newly created "sponsor" company as the GP and my partner, 1 or 2 investors and possibly myself personally as LP's the building purchase LLC. Problem is I'm caught up on the projections for all this. I've tried the straight acquisition analysis, i've tried waterfall schedules etc... What I've been unable to account for in the models I've found is specific line estimates for Sponsor fees, day one rehab and unit turnover rehab. I've tried plugging them into models I've found but it never works right combining all the moving parts.

I've raised enough for the down payment and the full exterior rehab as well as the first 2 or 3 turnovers. I have no idea how to account for this on these models. It's skewing the return terribly in some, mostly by not allowing the repositioned income potential in year 2 and the future NOI and so on...

The bottom line question is, can anybody offer up a model I can use to get this all down efficiently and accurately? And of course, any other advice will be appreciated.