Viewing Properties and Analyzing Deals

[Reed Meyer]

Over the next year I plan on raising money for a syndicate multi-family investment. I will be looking in the 16-32 unit range.

Given my lack of experience I will need to bring a lot to the table in order to raise money from investors. I will need a home run deal that offers downside protection and a significant preferred return (8% or more) in order to convince an investor to provide the down payment. I also understand that I will need to gain the investor's confidence by being an expert in the local multi-family market. 

My plan is that outside of my 60 hour work week I will view properties and analyze deals on the weekends just to increase my knowledge and understand what a good deal really looks like in my area. I want to improve my "deal combing" skills in order to have an elite understanding of where value can be added, what makes a high quality area, where I can generate appreciation due to an area's rent disparity, and what makes a deal just "feel good". Does anyone have any suggestions for the best approaches to do go about this? Should I just be going out to properties on my own and checking them out from the outside and asking pedestrians about the area? Should I be arranging viewings with the properties' broker? I am thinking I want to be viewing 6+ properties every single weekend.

Thanks a lot. Any and all responses are greatly appreciated and no suggestion is too far fetched. I will put it in any amount of effort necessary (even if it seems unreasonable) to ensure that I can be trusted by investors and able to raise money without a track record.

[Avery Carl]

Have you ever invested in a syndication? I'd suggest reading as many books and podcasts as possible, but in the end experience is going to trump all of that. If you haven't ever invested in one before, I would start there to get your feet wet.