BiggerPockets

I recommend "Priciples of Real Estate Syndication" by Samuel Freshman. Any other recommendations for books on real estate partnerships or syndications?

I'd also look into Gene Trowbridge's stuff.

Originally posted by Don Konipol

I recommend "Priciples of Real Estate Syndication" by Samuel Freshman. Any other recommendations for books on real estate partnerships or syndications?

Freshman's book is a bit academic for my taste. It had a lot of great information in it, but I couldn't take it and put the information into practice. I knew nothing about Gene Trowbridge....thanks to others for posting about that.

InvestorTours University in Austin has some great material, but it doesn't amount to a book. Joel Block also recently founded The National Association of Syndicators and does bi-annual seminars to build a network and educate on the subject.

The best education I have had on the subject is working with a 35-year veteran and seeing how he structures deals and securities. A lot has to do with how the deal is presented and what you can offer LPs you approach. Your track record is obviously a big draw for capital to take down deals too.

Thanks for the great list Khary! I added all of your titles to my reading list.

Does anyone have other helpful resources or books to share for someone looking to learn more about RE syndication?

This is Gene Trowbridge. Thanks for mentioning my book.

I am very interested in syndication. I have done quite a few deals with other investors in my Equity Participation Program (EPP).

It basically works like this: I get a contract on a property that would be a great rental. I bring in an investor who pays into escrow an amount enough to cover the acquisition, escrow, rehab, and a fee to myself. Escrow records a trust deed against the property for the amount the investor paid. We close in a trust of which I am the Trustee. I handle the management and withhold impounds to cover taxes, insurance, a % for maintenance, and I get 10% management fee.

This program has worked exceptionally well. The real beauty of it is the acquisition fee, generally $10,000, which is part of the recorded TD. Because it is borrowed money, it is not taxable to me until the property is sold.

My investors are protected with an equity cushion because of my low acquisition price, they are averaging 9% return on their invested cash, and the operating agreement states that we split the upside (above their TD amount) 50/50.

I think syndication would take me to the next level. I have read only one book on it and it was by a California company named First Tuesday. This book has all the forms in it.

Great topic! I will definitely go to Amazon and add Samuel's & Gene's books to my wish list.

Seems a bit pricey Aaron ;-)

We have a BP group on real estate syndication if anyone cares to join.

I had a chance to meet Sam Freshman a couple months ago at his office. That guy is the real deal and shows what syndication can do for you! Pretty cool setup he has.

Near LAX.

He owns over 1,000,000 sq ft of retail space and I think about 2,000 apartments. Many in Las Vegas.