Master List of Syndicators

Multi-Family and Apartment Investing
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Master List of Syndicators

Brentin Hess
Real Estate Investor · Baltimore, MD · Member since 2016 · 18 posts · 25 votes

"If you want to fast, go alone.  If you want to far, go with others". - African Proverb

It would be extremely helpful to organize a single thread with anyone who has completed at least one multi family syndication and is willing to help/answer the questions of others.  

Please comment if you meet the criteria listed above - thanks!

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Brian BurkePro Member
Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
9y

It's interesting how many people talk about syndication yet how few actually do it. Having done it many, many times over several market cycles I can see why. Not only because it's a big responsibility, but also because finding a deal worthy of the trust of your investors, and finding those investors to begin with, is a business unto itself.

But the dedicated will persevere. I started with a small blind pool raised from my co-workers at my "day job" that I was leaving to go full-time into real estate. That was over 15 years ago and since I've had the opportunity to raise over a hundred million from private investors--and still growing.  It's a great business if you consistently perform for your investors. 

Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
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  • John BrittPro Member
    Real Estate Consultant · Chattanoooga, TN · Member since 2008 · 194 posts · 52 votes
    8y

    Hi everyone,

    I like to know where to get started, I have a small opportunity in the Memphis market (42 units).  The only thing that I know is that syndication would be a great way for me to participate in acquiring an apartment complex.  But I don't know enough about it, and I am not sure where to being.  Plus me and my partner in Memphis are in the middle of talking to this owner about his apartment complex that he has not improved in a year of owning it.  Can any one point me in the right direction or come along with us, to put this opportunity together?

    1Reply
  • Steeve Breton
    Investor · Natick, MA · Member since 2013 · 108 posts · 69 votes
    8y

    Hi All,  just saw this post at John has brought it back to the forefront.  I've invested in 13 syndications (1,100 units) and last year launched my own Syndication business.  Closed on 106 units in March.  Prior I've had a dozen properties (up to 6 units) that I managed myself.  Have begun selling them.

    @John Britt happy to jump on a call about your Memphis opportunity and getting started in general if you want to email or PM me to setup a time.

    1Reply
  • Lane Kawaoka
    Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y
    7 or so deals 1200+ units.
    2Reply
  • Michael Bishop
    United States · Member since 2015 · 401 posts · 394 votes
    8y

    Just a tad bit late to the thread, but likely wouldn't have been able to contribute much when it started a year ago anyway.

    I got my start in the syndication game just under a year ago. While I don't have as much experience as some of the folks you'll see popping up in syndication related threads, I have dedicated myself to learning as much as I possibly can as quickly as I can, and so far I'm satisfied with my progress. In 2018, I've already participated in my first two deals; one in SS and one in MF.

    Happy to connect and share ideas (deal structure details, general education, networking, anything) with anyone interested so don't hesitate to connect.

    1Reply
  • Sherwin Gonzales
    Rental Property Investor · San Francisco, CA · Member since 2015 · 236 posts · 156 votes
    8y

    Thank you @Brentin Hess for starting this thread! Lots of great, inspiring posts especially from.... 

    @Brian Burke, "Finding a deal worthy of the trust of your investors, and finding those investors to begin with, is a business unto itself. It's a great business if you consistently perform for your investors."

    @Andrew Cushman, "Ironically, I've found it's easier to lose discipline when buying for just yourself than when you know other people are counting on you!"

    @Amy Wan, "The best thing you can do for your first syndication is find a coach or an experienced syndicator to partner with, bring money to the deal, and help you figure out all the kinks. The legal is not the difficult part. It's building a good network of investors who trust you."

    @Steven Stokes, "The best piece of advice I can share is that it's all about building relationships. Put some deals together, keep them in the loop on your successes and failures this builds trust and confidence. When they feel comfortable it becomes an easy conversation."

    Let's keep this thread alive and going for those like me who have the syndication bug! I just closed on a 16 unit property and about to make offers on 30 unit property and a 48 unit property.

    My day job is a designer at an architecture firm actually working on multi-family projects both ground up construction and re-positioning/ renovation work. I hope to use that experience to transfer over to the investor side and as @Michael Bishop mentions, looking to connect with people to share ideas, experiences, and stories and perhaps collaborate on a deal together!

    4Reply
  • David Thompson
    Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
    8y

    You may also want to look at several sponsors in several niches to determine right fit for you.  Here's some ideas on vetting them and some areas we like including MF, self storage and manufactured home parks.  We specifically like recession resistant niches at this stage market.

    https://www.biggerpockets.com/blogs/9145/53959-vet...

    5Reply
  • Amber Turner
    Turlock, CA · Member since 2016 · 77 posts · 15 votes
    8y

    @Brian Burke We (my husband and I) have started looking into syndication deals, and like you said, it is a little nerve-racking putting your trust in someone whom you don't know very well. We hope to find some good deals however. We are interested in learning all that we can.

    0Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    8y

    So true, @Amber Turner.  It is a major leap of faith to wire someone six figures with only a subscription agreement to show for it.  It's especially nerve racking if the sponsor hasn't done this before or if they don't have a substantially-sized business at stake if they screw it up.  Be sure to do your due diligence on the groups you are considering, and once you narrow it down, a visit to their office to meet face-to-face and make sure they are a real business is a really good idea.

    And I hope you find some good deals too--just remember that it's almost less about the deal than it is the sponsor. Find a good sponsor or two to work with, and then wait for them to show you their good deals. 

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    2Reply
  • Ben Leybovich
    Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    8y

    You have to look at the deal!

    0Reply
  • Steve K.
    Honolulu, HI · Member since 2017 · 247 posts · 315 votes
    8y
    Originally posted by @Brian Burke:

    So true, @Amber Turner.  It is a major leap of faith to wire someone six figures with only a subscription agreement to show for it.  It's especially nerve racking if the sponsor hasn't done this before or if they don't have a substantially-sized business at stake if they screw it up.  Be sure to do your due diligence on the groups you are considering, and once you narrow it down, a visit to their office to meet face-to-face and make sure they are a real business is a really good idea.

    And I hope you find some good deals too--just remember that it's almost less about the deal than it is the sponsor. Find a good sponsor or two to work with, and then wait for them to show you their good deals. 

    @Brian Burke I came up with a motto, "trust the syndicator, trust the deal"

    if you believe the operator has your best interests in mind, and will always work for you (which rewards them, and gets them repeat investors), then you have to spend less time doubting the deals, and more time choosing which one fits your needs

    aloha

    steve 

    1Reply
  • Steve K.
    Honolulu, HI · Member since 2017 · 247 posts · 315 votes
    8y
    Originally posted by @Account Closed:
    Originally posted by @Steve K.:
    Originally posted by @Brian Burke:

    So true, @Amber Turner.  It is a major leap of faith to wire someone six figures with only a subscription agreement to show for it.  It's especially nerve racking if the sponsor hasn't done this before or if they don't have a substantially-sized business at stake if they screw it up.  Be sure to do your due diligence on the groups you are considering, and once you narrow it down, a visit to their office to meet face-to-face and make sure they are a real business is a really good idea.

    And I hope you find some good deals too--just remember that it's almost less about the deal than it is the sponsor. Find a good sponsor or two to work with, and then wait for them to show you their good deals. 

    @Brian Burke I came up with a motto, "trust the syndicator, trust the deal"

    if you believe the operator has your best interests in mind, and will always work for you (which rewards them, and gets them repeat investors), then you have to spend less time doubting the deals, and more time choosing which one fits your needs

    aloha

    steve 

     My motto is the best Syndicators are expensive.    Whats the point?

     @fred frontstone

    I stated my point...

    0Reply
  • Adanna Davis
    Rental Property Investor · Toano, VA · Member since 2018 · 91 posts · 22 votes
    7y

    I am always looking for deals in Virginia to submit to syndicators, great post!

    0Reply
  • Yusef Alexander
    Rental Property Investor · Los Angeles, CA · Member since 2016 · 4 posts · 0 votes
    7y

    Brentin, 

    I've been enjoying the comments in the thread. The feedback has come from all types...the beginner to the savvy investor. I have a question. Is there a master list of syndication groups I can look at, on BP?  

    Wishing you well, 

    Yusef Alexander 

    0Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    Great thread!

    I have invested in 12 projects, with 8 operators totaling thousands of units. Just getting started. Trying to shift the majority of my real estate portfolio into passive syndicated investments. This type of investing works great for a 6 or 7 figure employee or entrepreneur who is always on the move!

    Happy to share and discuss deals and sponsors with folks both on the sponsor and investor side :)

    4Reply
  • Alina Trigub
    Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    7y

    @Brentin Hess

    Thanks for starting this great thread. While BP does have a number of deal sponsors, a lot of the good ones are not on here or not active here. So searching the WWW and the word of mouth should also be considered.

    Since it's been a couple of years, curious to hear what have you been able to learn/do over this time. 

    0Reply
  • Yusef Alexander
    Rental Property Investor · Los Angeles, CA · Member since 2016 · 4 posts · 0 votes
    7y

    This thread has interesting comments and good spin-off topics. I have successfully syndicated many deals with mid-size and large multi-family assets. My experience has been "trusted expertise". If you can partner up with an investment source that trusts your expertise, the partnership is set up to achieve desired returns. 

    Cheers to the good discussion...

    0Reply
  • Jack Martin
    Specialist · Scottsdale, AZ · Member since 2014 · 626 posts · 700 votes
    7y

    @Brentin Hess I ran across this 2 year old thread and wanted to add some perspective.  As a syndicator for more than a decade, I have managed dozens of successful syndications and a couple funds as well, first in single family, then in multi-family, and more recently with a focus on mobile home parks and RV parks.  That experience has taught me far too much to share on a thread like this, but here are a few highlights for you to consider when seeking a good syndicator:

    • Character - In a syndication or fund, you are a passive investor with little control over the day-to-day decisions, so if the sponsor is dishonest everything else will not really matter.  Make sure to do proper due diligence on the sponsor and consider acquiring testimonials from current/prior investors.
    • Smart strategy - Is the sponsor's overall real estate strategy smart?  Have they considered the potential market risk, economic risk, interest rate risk, etc?  What is their backup strategy if the market turns?  You'll want to make sure the overall strategy has been well considered and stress tested. Even if you find a sponsor with great character, the project can still be a bad one if the strategy is poor, or the pro forma is too aggressive. Gaining clarity on this will help you avoid jumping into an investment just because you know a good person who says they "have a great deal".
    • Fair model - The relationship between an investor and a sponsor as it relates to how income and profits are split is extremely important.   Investment models can include a host of fees to the sponsor, preferred distributions, claw backs, equity splits, inversions, lockups, tails, etc. which can be complicated and confusing for investors, so make sure you understand the model completely before you invest.  Consider the most important question to be:  "With this model force decisions to be made in the best interest of all parties?"
    • The Business - Most real estate sponsors are good at real estate, but can get so focused on the real estate that the other business requirements get ignored. Some of the areas where that will cause investors to become frustrated are things like regular reporting, timely delivery of payments, accurate and transparent financials, timely delivery of tax documents, and the ability to meet timelines, budgets, and target projections. To be candid, this may be the most important and most overlooked component of choosing a syndication or fund investment. Make sure the sponsor has a well thought out communication plan that can be clearly demonstrated.  This will help you sleep at night.

    When you find a sponsor capable of creating comfort for you on those items, you will probably have a good experience investing in a syndication or a fund. 

    All the best,

    Jack

    13Reply
  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    7y

    Very well said, @Jack Martin!

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    2Reply
  • Jack Martin
    Specialist · Scottsdale, AZ · Member since 2014 · 626 posts · 700 votes
    7y

    Thanks @Brian Burke!   Whether you know it or not, your commitment to sharing has made an impact on a lot of people, and I have certainly enjoyed the perspective you've shared over the years. 

    3Reply
  • Theo Hicks
    Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
    7y

    Great reply @Jack Martin. Just to add to your points, I think something else that is important is having alignment of interests. Maybe that falls into the "fair model" point. But I think it is important for the syndicator to have their own skin in the game so that if they fail, they don't just lose out on making money but they lose money as well. Even better if they have other aspects of their business that aren't specific to that deal (i.e., podcast, conference, books, consulting programsetc.). Because if they do something shady on one deal, their overall reputation takes a hit and they lose more than just the trust of the investors on that deal. 

    4Reply
  • Anthony Woods
    Rental Property Investor · Corona, CA · Member since 2015 · 46 posts · 8 votes
    7y

    @Brentin Hess. Hi I am a syndicator out of California and have done deals. I agree it is a lot of work, and sometimes. Like pulling teeth. It is. Really a good. Toll. For those wanting to invest in real estate but not be landlords. I will be happy to talk to anyone about the whole process

    0Reply
  • William Chu
    Investor · Stockton, CA · Member since 2015 · 19 posts · 8 votes
    7y

    @Brian Burke

    Is there any different invest in crowdfunding and syndicating? Invest in 6 figures on both you still have to DD on it. Not sure syndication has better return? Crowdfunding pretty much over 10% per year. Any advice will be appreciated.

    1Reply
  • Ian IppolitoBusiness Member
    Investor · Tampa, FL · Member since 2015 · 1k+ posts · 1k+ votes
    7y
    Originally posted by @William Chu:

    @Brian Burke

    Is there any different invest in crowdfunding and syndicating? Invest in 6 figures on both you still have to DD on it. Not sure syndication has better return? Crowdfunding pretty much over 10% per year. Any advice will be appreciated.

     William, crowdfunding is essentially just syndicating that is allowed to be done on the Internet.

    Neither has a "better" return, as you can find deals that are all over the spectrum for risk and projected return in both areas. So it's also not accurate to say that crowdfunding is 10% per year either.

    The Real Estate Crowdfunding Review
    View Page
    2Reply
  • John Clarkson
    Member since 2020 · 3 posts · 0 votes
    6y

    We syndicate senior housing properties specifically. Tremendous returns, the right team makes all the difference! Closing on an 11.5% cap portfolio now.

    0Reply
  • Brian Garlington
    Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    This is a fantastic thread

    0Reply
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