Finding deal sponsors for multi family

[Andrew Caton]

I'm just starting out in multi family. I haven't closed any deals but I've been looking for over a year now and I've come across 2 that I know are great deal. Because of my experience I couldn't close on them. I'm looking for someone to help me close great deals that I find. Idc about how much equity I get, I'm just trying to get my foot in the door. I look in central and South Florida, Arizona, Houston, and Atlanta. Let me know if you'd like more info about me. Let's do some deals!!!!

[Rick Versace]

@Andrew Caton Hey Andrew - Looks like your going about this the right way, you just need to find the right person/people. If the properties you are looking at are truly deals, you shouldn't have a hard time finding a sponsor (especially in today's market) - assuming you are looking in the right place! 

Here are some suggestions that you might want to try out to start meeting the type of people who would have the track record to help you take down a larger Multifamily property. Full disclosure - a lot of it comes down to being willing to go out and network at different events. BP can only take you so far!:

Some of these I am sure you have heard of, but the reason you have heard of them is because THEY WORK!

1. Real estate investing clubs - If you do a simple google search you should come up with a few options for local REI clubs depending on your area.

2. Real estate investing meet ups (Bigger Poclets events and Meetup.com)- Both BP and meetup.com have a ton of opportunities for real estate investing and just networking in general. The REI meetups have a mix up both new and seasoned investors. If you make it very clear to everyone you talk to that you have deal flow, and you are looking for a sponsor and your willing to take less equity to get started you shouldn't have a problem finding the right person.

3. Ask some members of your team! If your plan is to acquire a larger multifamily property, you most likely have a team in place for when that time comes. (Broker, Property Manager, RE Attorney, Accountant etc.) As a new investor, you should be looking to put together a strong, experienced team to help you side step any landmines you are bound to run into. That being said - if you have put together an experienced team they will have other relationships in the real estate investing community. Leverage their relationships for a warm introduction! After all if you get the deal done, you are creating more opportunity for everyone involved!

4. Real estate investing Conferences/Expos - These are a great way to completely immerse yourself in real estate investing for a couple days, and be surrounded by like minded people the entire time. Some of them can get a little costly, but look at it this way - if you are able to get 1 deal done from going to that conference it pays for itself 100 times over! Check out bisnow.com or multifamilybiz.com for a list of different conferences all over the country. Or simply google search multifamily conference near me and see what comes up! I would suggest if you are going, do your best to find people who will be attending also and prearrange meetings with them. Nothing too formal, just a quick coffee chat. By setting up meetings beforehand, you ensure you are getting your money's worth out of the event, instead of just hoping to run into "the right person" on the exhibition floor. 

5. Lastly - Bigger Pockets is a great resource, and I think this post will help you find some people who are interested in partnering! I know I am interested in hearing more about your deals you have been looking at! 

Hope this helps. Getting your foot in the door is tough, but as I am sure many investors will tell you - the first one always takes the longest to get under your belt, but after that it gets much easier!

DM me if you have any specific questions and with some more info on what types of deal you are looking at.

Thanks