Underwritting and Getting Started with Syndication

[Ben Drucker]

Hi BP,

I have been a long time podcast listener and have been reading everything I can get my hands on about syndication and am looking to break in as the underwritter for a GP team, however, I don't have any connections to any syndicators nor do I have any money to put in to be an LP. Does anyone have any recomendations for where to start? I'm really interested in the Self storage syndication space and figuring out the best way to analyze deals and markets.

I appreciate any and all feedback.

[Brock Mogensen]

Interesting, this is exactly how I got into syndication!  I learned the underwriting side then found partners with experience and capital raising connections. I did a ton of networking and ended up finding two other guys to partner with.  There are lots of people out there that have experience and capital connections but lack the analytical/underwriting side to tie it all together for a syndication deal. Try finding someone in your target market/niche that has a decent track record of buying deals on their own.  Provide value to that person and try selling them on the idea of doing syndication deals.  You can be the expert in all things structure and underwriting on the syndication side.  The other person/persons will bring the experience and capital.  Good luck and let me know if I can help at all!