I have a very promising 11-plex that I am looking to partner with investors on. One key piece that I am missing is a more experience investor to sponsor the deal. Does anyone have any suggestions on how to find sponsors? I do know that lending can be complicated with a sponsor and a less experienced person on the deal, but I know a good lender to go through, so I am confident that it will be possible to overcome that obstacle.
In addition, this is a relatively small deal. It is not a 100 unit behemoth. Are sponsors willing to go in on smaller deals?
@Daniel Spear we will need more details to help you. What town is the deal in? What are some of the key financial indicators? I like the way you are thinking, but most likely you will end up having to bring on partners, not a "sponsor". You will also need to personally guarantee the loan at that size loan balance. I am in the same space as you and am currently purchasing a 19 unit deal in Berwyn, IL. It is a cash intensive sport, and I ended up bringing on a partner so as to be adequately capitalized. I would suggest going that route if I were in your shoes. I would also get on the phone with a lot of the local and regional community banks to start running the deal by them for financing.