First multifamily deal has gotta be the HARDEST deal!!!!!!!

[Darrin Yon]

Oh, the woes of getting funding together for that very first deal!!! Some of you seasoned pros can remember what it was like when you first started. If any of you have used an equity partner in any of your deals I'd like to know how you did it. How'd you fund your first multifamily deal?????? 

[E. C. "Stony" Stonebraker]

@Darrin Yon, you are right!  The first deal is really tough.  You have to keep the faith that even if the next deal doesn't close, there will be others after it.  Be sure to build relationships with fellow investors and syndicators and treat everyone well.  This is a team sport and people have to know, like and trust you and vice versa.  Networking is critical.  Also offer to help others in their deals, even if you don't get compensated, as long as you learn.

I built a team of GPs who had been LPs and had raised small amounts for other syndicators' deals, then we found a deal ourselves and had others as GPs in our deals in return for helping with asset management, loan co-signing, capital raising, etc.  Adjust your target deals to the capabilities of your team.  And if your team needs expertise of a certain type, keep networking, attending meetups, conferences, etc. to find a partner to fill the gap.

Good luck!