Recently inspired by John Cohen and his recent success story post on Syndication deal. I decided to post one of my own that i closed last week. It's a mini version!

This is a triplex found on the MLS but it looks like a single family house attached to one another. Original Listing price is 270k but i successfully negotiated the price down to 190k. The property need about 50k of work but since i have great relationship with the bank. They are willing to finance 75% both renovation cost and the purchase price as well.

I wanted to go solo on this deal but I remember Rich Dad saying that investing is a teamsport and you have to help other people get rich with you. Also if i go solo i will be exhausting almost if not all my reserve cash so if some thing come up in another rental or if something happen to my day time job, i would be screwed :(

So i asked my gf if she have 18k to chime in, she said yes, I called up another buddy to see if he wants to chime in, he said yes. I call up another friend who i know is financially stable to see if she has the money, she also said yes. and yes, I do have a strong track record with all my current rentals in order to do this!

They way i structure this deal is very simple (aka I have no idea on how to do the compliate one yet). we opened an LLC with all 4 members. each of us put in 18k to fund the purchase price and the rehab. I thought about charging them an up front acquisition fee and all kind of fee i can come up with to compensate for my time and expertise but i decided to drop it. An experience investor once told me "Let your investors win" and also "Don't do syndication because of the fee. You do syndication because you want to share the wealth and even if you go solo on the deal, you still make your investment objective" I decided to practice that very strictly and charge each member...only $25 bucks each month.

And that's it, after going through all the drama. we closed the deal and the renovation on the outside already started. one other cool thing about this deal is that there are already tenants occupied in all 3 houses. I can do the outside work and they still paying rent (hopefully)

Happy Investing!