If you had one question for a professional Syndicator, what would it be??

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If you had one question for a professional Syndicator, what would it be??

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Rene HosmanPro Member
Rental Property Investor · Denver, CO · Member since 2024 · 583 posts · 655 votes

If you had one question for a professional Syndicator, what would it be??

Now is your shot to ask! Brian Burke has acquired over half a billion dollars’ worth of real estate over a 30-year career, including thousands of multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Though he prefers to reposition existing multifamily properties, he has also subdivided land, built homes, and constructed self-storage. So he has a ton of experience in all types of Syndications, raising capital, and he literally wrote the book on passive investing The Hands-off Investor - The Insiders Guide to Investing in Passive Real Estate Syndications. To celebrate BiggerPockets book sale happening NOW Brian is answering your questions!!

Want to get more of your questions answered about investing in real estate in a truly passive way? Check out Brian's book The Hands-off Investor on sale THIS WEEKEND for Black Friday. Get your copy at the best price ever, right now here!

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Greg Kasmer
Rental Property Investor · Philadelphia, PA · Member since 2021 · 782 posts · 505 votes
1y
Quote from @Rene Hosman:

If you had one question for a professional Syndicator, what would it be??

Now is your shot to ask! Brian Burke has acquired over half a billion dollars’ worth of real estate over a 30-year career, including thousands of multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Though he prefers to reposition existing multifamily properties, he has also subdivided land, built homes, and constructed self-storage. So he has a ton of experience in all types of Syndications, raising capital, and he literally wrote the book on passive investing The Hands-off Investor - The Insiders Guide to Investing in Passive Real Estate Syndications. To celebrate BiggerPockets book sale happening NOW Brian is answering your questions!!

Want to get more of your questions answered about investing in real estate in a truly passive way? Check out Brian's book The Hands-off Investor on sale THIS WEEKEND for Black Friday. Get your copy at the best price ever, right now here!

Rene - I'd like to ask a syndicator how have they navigated a high interest rate environment the last two years? Did they previous take on bridge debt and has that caused them undo "pain" in the recent years? Or, have they adjusted their project to accommodate a higher interest rate environment?
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  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    1y

    Sorry if this was already asked, but what's an average return per year, in terms of cash flow? If I live a busy life and don't have the time or care to invest on my own, but want to put, lets say $200k to work, is a 15% cash flow return reasonable?

    1Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    1y
    Quote from @Robert Ruschak:

    Would you skip the 700+ single family houses and scale up faster into multi-family?

    @Robert Ruschak I'm a firm believer in "everything happens for a reason." My first multifamily purchase was my 34th acquisition and my first multifamily syndication was my 103rd acquisition (and wasn't my second multifamily purchase, either). That pace feels pretty good to me...I can get past the "rookie mistake" phase of my career before there is investor money on the line, and I can "fail small" because SFRs and small multifamily doesn't hurt as much as larger properties when things go wrong.

    Timing had a role, too. Had I scaled up in 2002 after buying my first multifamily, I'd have had a much larger multifamily portfolio during the great financial collapse and I probably wouldn't have survived it. And I certainly wouldn't have survived it with no investor losses, as I was able to do thanks to having a manageable portfolio at that time.

    All that is to say that I wouldn't change a thing. Had I scaled faster, I wouldn't be where I am today--I'd probably be working a job somewhere and have a lot of investors hating me.

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    1Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    1y
    Quote from @Timothy Hero:

    Sorry if this was already asked, but what's an average return per year, in terms of cash flow? If I live a busy life and don't have the time or care to invest on my own, but want to put, lets say $200k to work, is a 15% cash flow return reasonable?

     @Timothy Hero unfortunately not. If anyone tells you that you can get 15% cash-on-cash it's either a scam or ultra high risk. Fifteen percent IRR is possible, and single digit cash on cash is achievable. This would mean that the difference between the cash on cash return and the IRR is appreciation, which you'd receive upon sale. Higher risk structures can achieve higher IRRs, but can also break even or even lose money.

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    3Reply
  • Victor PatelBusiness Member
    Real Estate Broker · Cincinnati, OH · Member since 2022 · 133 posts · 89 votes
    1y

    Rene...I would ask the syndicator if he/she has his own money invested as an LP.  If the syndicator won't invest his own money then neither will I!

    [email protected]513-764-4775
    0Reply
  • Victor PatelBusiness Member
    Real Estate Broker · Cincinnati, OH · Member since 2022 · 133 posts · 89 votes
    1y
    Quote from @Timothy Hero:

    Sorry if this was already asked, but what's an average return per year, in terms of cash flow? If I live a busy life and don't have the time or care to invest on my own, but want to put, lets say $200k to work, is a 15% cash flow return reasonable?


     About 15 years ago, my partners and I developed several commercial properties from ground up.  It took about 2 years from contract to opening.  Back then we were able to achieve 20% to 25% cash on cash once open.  

    Today, it would not be reasonable to expect that.  I would think 7%-10% is more realistic.  Times have changed for sure.  Construction costs, Labor costs, interest rates and Maintenance costs have skyrocketed over the years.

    [email protected]513-764-4775
    1Reply
  • Antoine Black
    Member since 2025 · 10 posts · 6 votes
    1y

    So he know about private lending

    1Reply
  • Account Closed
    Member since 2022 · 2 posts · 1 vote
    1y

    For someone rebuilding their real estate business and looking to transition into larger multifamily deals, what’s the most effective way to position yourself as a valuable partner in syndications—especially when capital is limited but market knowledge, deal-finding ability, and local expertise are strengths?

    1Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    1y
    Quote from @Account Closed:

    For someone rebuilding their real estate business and looking to transition into larger multifamily deals, what’s the most effective way to position yourself as a valuable partner in syndications—especially when capital is limited but market knowledge, deal-finding ability, and local expertise are strengths?


    My best advice is to align with an active sponsor in a role that embraces your skill set.  If you have strong market knowledge and the ability to find deals, working in acquisitions for a syndicator or a real estate private equity shop could be a good fit.  There you can build up your skills even further and these jobs can pay a lot if you are producing great results.  

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    0Reply
  • Paul Azad
    Member since 2024 · 162 posts · 232 votes
    1y

    Hi Brian, are you concerned about the new deportation policies by the new administration? Here in Texas, thousands of people have been deported in the last 2 weeks and many who have not committed any crimes per our local news agencies. President Trump said during campaign to plan on 14 million to be deported out of 32-35 million illegal immigrants in US out of 335 mil population base. This would amount to about 4-5% of US residents and of a demographic which disproportionately rents multi-family and also SFRs not owns. This could depress rental rates which have fallen y/y by 9% in Austin and other formerly Hot Cities already. Combined with increasing supply, what could this reasonably do to MF market and syndications near term, ie next 1-2 years?  thankyou

    separate question on Tariffs possibly causing trade war and inflation and higher 10yr yield and cap rates?

    0Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    1y
    Quote from @Paul Azad:

    Hi Brian, are you concerned about the new deportation policies by the new administration? Here in Texas, thousands of people have been deported in the last 2 weeks and many who have not committed any crimes per our local news agencies. President Trump said during campaign to plan on 14 million to be deported out of 32-35 million illegal immigrants in US out of 335 mil population base. This would amount to about 4-5% of US residents and of a demographic which disproportionately rents multi-family and also SFRs not owns. This could depress rental rates which have fallen y/y by 9% in Austin and other formerly Hot Cities already. Combined with increasing supply, what could this reasonably do to MF market and syndications near term, ie next 1-2 years?  thankyou

    separate question on Tariffs possibly causing trade war and inflation and higher 10yr yield and cap rates?


    Paul, the deportation efforts aren't overly concerning personally because the few assets I have left in my current portfolio don't have a high immigrant resident profile (nor do the submarkets).  

    Having said that, I am a bit concerned as it relates to the overall market, especially in class C properties and most especially class C properties in border states.  C class in general is in for a major correction in my opinion (a lot of which has happened already but I think there is more to come) and this will be another nail in that coffin.

    But as with all chaos, opportunity breeds.  C properties may become investible again in another year or three, for those who have the stomach for it.  And at a much better basis than any time in the last several years.

    Class A and B I'm less worried, but there is still a chance that in some areas there could be some temporary absorption disruption.  But I think the market overall will take it in stride.

    As for tariffs, it's hard to say.  Who is tariffed, what is tariffed, what exemptions, and how much all play a role.  Would tariffs cause the 10-year to tumble?  Will it spark the fed to act, and if so, in which direction?  No one knows, even the people saying they know might not really know.  Remember after COVID the consensus was rents would suffer and property values were in trouble?  That bet didn't pay...

    At the end of the day, deportations and tariffs are things us RE investors can't control, so instead, focus on things you can control.  Buy quality properties in strong submarkets, finance with low leverage, bulk up on cash reserves, diversify geographically, and you'll be positioned to survive whatever the economy throws at you.

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    2Reply
  • Kyle Vogeler
    Rental Property Investor · Emmaus, PA · Member since 2021 · 154 posts · 85 votes
    1y
    Quote from @Rene Hosman:

    If you had one question for a professional Syndicator, what would it be??

    Now is your shot to ask! Brian Burke has acquired over half a billion dollars’ worth of real estate over a 30-year career, including thousands of multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself. Though he prefers to reposition existing multifamily properties, he has also subdivided land, built homes, and constructed self-storage. So he has a ton of experience in all types of Syndications, raising capital, and he literally wrote the book on passive investing The Hands-off Investor - The Insiders Guide to Investing in Passive Real Estate Syndications. To celebrate BiggerPockets book sale happening NOW Brian is answering your questions!!

    Want to get more of your questions answered about investing in real estate in a truly passive way? Check out Brian's book The Hands-off Investor on sale THIS WEEKEND for Black Friday. Get your copy at the best price ever, right now here!

    What methods of fund raising for syndications have given you the most success? Or has it been a mixture of multiple methods?

    0Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    1y

    @Kyle Vogeler I’d say it’s a mixture, but has all boiled down to word-of-mouth and referrals.  That’s a slow road to growth, but it works.  Another avenue is podcast appearances and speaking engagements at conferences.

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    2Reply
  • James McGovern
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    1y

    I would ask what is the cheapest fastest legal way for others to become syndicators?

    0Reply
    • Brian BurkePro Member
      Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
      1y
      Quote from @James McGovern:

      I would ask what is the cheapest fastest legal way for others to become syndicators?

      Probably by going to work for an active syndication sponsor, work your way up, then work your way out on your own.  You’ll gain experience and get paid while you do it.

      Starting any syndicate will cost between $10K and $40K depending on complexity, and putting a property in contract and getting through due diligence will require $10K to $1M or even more, depending on deal size.  

      “Cheapest” isn’t really in the syndication vocabulary.

      Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
      1Reply
    • Don KonipolBusiness Member
      Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
      1y
      Quote from @Brian Burke:
      Quote from @James McGovern:

      I would ask what is the cheapest fastest legal way for others to become syndicators?

      Probably by going to work for an active syndication sponsor, work your way up, then work your way out on your own.  You’ll gain experience and get paid while you do it.

      Starting any syndicate will cost between $10K and $40K depending on complexity, and putting a property in contract and getting through due diligence will require $10K to $1M or even more, depending on deal size.  

      “Cheapest” isn’t really in the syndication vocabulary.

      What a PERFECT description of the syndication business. 

      Here’s the only thing I’d add.  

      Syndication isn’t just “another way to fund a deal”, as some really dangerous “educators” would have you believe. 

      Before taking on the RESPONSIBILITY of accepting responsibility for peoples wealth, retirement, and life savings, make sure you have the KNOWLEDGE, EXPERIENCE and ABILITY to provide a proper deal analysis, competent acquisition negotiation, professional asset management, professional property management, and ability to exit at maximum value.  

      Have a significant percentage of your personal assets invested in the deal.

      Structure in such a way that your interests and the limited partners (non managing LLC members) interests are aligned to the extent possible.

      DON’T do anything, until you KNOW WHAT YOU DON’T KNOW! 

      There are two ways to enter into syndication SUCCESSFULLY. 

      1. Become an experienced, knowledgeable expert with a track record of success in a subcategory of real estate investment

      or 

      2. Work for a syndication company or REIT for as long as it takes to gain the knowledge, experience and responsibility to handle the management of a syndicated property on your own. 
      Private Mortgage Financing Partners, LLC
      WebsiteView Page
      2Reply
  • James McGovern
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes
    1y

    My one question would be where can I find copies of all contracts and documents used by syndicators to study?

    0Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    1y

    Request information from open syndicates as if you were going to invest (and maybe you will).  You’ll receive the PPM, operating agreement and subscription agreement.  Study those and you’ll have studied the syndication documents.

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    1Reply
  • Wendy PattonBusiness Member
    Real Estate Consultant · Clarkston, MI · Member since 2009 · 864 posts · 350 votes
    1y

    Do you have experience and let me see the financials for those projects 

    Michigan Real Estate Investors540 Reviews
    WebsiteView Page
    0Reply
    • Don KonipolBusiness Member
      Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
      1y
      Quote from @Wendy Patton:

      Do you have experience and let me see the financials for those projects 

      Wendy, did you ever publish an update of your book? 
      Private Mortgage Financing Partners, LLC
      WebsiteView Page
      0Reply
  • Wendy PattonBusiness Member
    Real Estate Consultant · Clarkston, MI · Member since 2009 · 864 posts · 350 votes
    1y

    @Don Konipol yes i did!!!!   it's on Amazon 

    Michigan Real Estate Investors540 Reviews
    WebsiteView Page
    0Reply
  • Josephine Ch
    Member since 2025 · 7 posts · 2 votes
    1y

    Is this a bad time to get into multifamily real estate investing? 

    0Reply
    • Brian BurkePro Member
      Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
      1y
      Quote from @Josephine Ch:

      Is this a bad time to get into multifamily real estate investing? 


      That depends. If you are looking to buy/syndicate large multifamily (or invest passively in same), this is not the best time.  It’s not the worst, either, that would have been 2005-2008, or 2022-2024.  Prices are better now, which is why I say it’s not the worst time.  But there will be more distress ahead, so I believe that an even better time will be 2026 or even 2027.  But we’ll see.

      But if you are talking about buying small “mom and pop” size multifamily for a personal investment, and holding for years or even decades, this is a great time. 

      Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
      0Reply
    • Kyle Vogeler
      Rental Property Investor · Emmaus, PA · Member since 2021 · 154 posts · 85 votes
      1y
      Quote from @Josephine Ch:

      Is this a bad time to get into multifamily real estate investing? 


       It could always be a bad time. But at the same time, if everyone is telling you that multi-family is "bad" but you have the option to buy a building for $1, wouldn't you do it anyway? I think the individual deal matters more than the overall market. If the deal makes sense, then you should invest.

      1Reply
  • Josephine Ch
    Member since 2025 · 7 posts · 2 votes
    1y

    Thanks for your reply.  I heard its not a good idea to join a syndicate unless you're running it.  Is this true?

    0Reply
  • David Briscoe
    Investor · Dallas, TX · Member since 2017 · 33 posts · 12 votes
    1y

    How fast can you raise the capital?

    0Reply
    • Brian BurkePro Member
      Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
      1y
      Quote from @David Briscoe:

      How fast can you raise the capital?


      There's no single answer, unfortunately.  This depends mostly on your relationships with the sources of capital.  If you have a lot of investor relationships and a strong track record with those investors, you can raise the capital quickly in most cases.  If you are just developing these relationships, and/or have a thin track record, it will take quite a bit of time and a mountain of effort.  Best practice is to start small and work your way up to larger deals as your track record thickens and your investor relationships grow.

      Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
      0Reply
  • Charlemagne BenjaminBusiness Member
    Real Estate Broker · Member since 2023 · 49 posts · 3 votes
    1y

    @Brian Burke You provide very insightful replies & posts Brian and I'd be looking forward to potential meeting and seeing how we can further your reach and help continue to educate those interested in Real Estate & those wanting to take their investments to the next level. 

    917-804-8063
    Charlemagne Benjamin Realty Team531 Reviews
    WebsiteView Page
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