What book do you recommend to learn how to syndicate?

[Christian Walker]

Hey guys! I’m looking to start transitioning my business plan into a syndication style. What would you say the best way to learn it would be? I’m really trying to find a book to get all the concepts and step by step information on how to start from scratch. What do you recommend? 

[E. C. "Stony" Stonebraker]

@Christian Walker, Taylor recommended two of the best books.  Fairless' book (Best Ever Apartment Syndication Book) teaches you how to go about putting a syndication together with all of the tasks that need to be done.  Kim Lisa Taylor's book (How to Legally Raise Private Capital...) will keep you out of trouble with the SEC and it is important to follow her guidelines.  

While Kim addresses raising capital in her book, she focuses on the legal and structural aspects with a lighter touch on marketing and so on.  I'd recommend you also read Hunter Thompson's (Raising Capital for Real Estate) which goes into more depth in marketing and developing relationships to build an investor base.  

Building your investor base is probably the first thing you should focus on since most everyone underestimates how long it takes to not just develop relationships, but to get to the point that someone is actually going to trust you with some of their life savings.

A final word: syndication is not a one person game, not is it something you read in a few books and then go out and do it.  It is a team sport.  Your best bet to gain experience, IMO, is to join another syndicator as part of their team to follow along and learn the process.  Perhaps volunteer to help, but you will learn this business much more quickly if you work on another team on multiple deals and read the books at the same time.  Good Luck!!