What are the pitfalls in starting deals as a syndicator or what are the first steps in getting a deal done start to finish.
First step is to get educated. Here is a reading list:
https://www.amazon.com/Its-Whole-New-Business-how/dp/1511928808 - "must read" for a syndicatior
Thanks @Nick B. I actually have read the mult family millions by Dave Lindahl real good book guess I need to pull it out again, I have been reading, researching and talking to people now just want to put the info into action.
Lindahl's book is good but short on analysis and numbers. Burges' book fills this gap.
The third book is purely legal but is a must read to understand all legal requirements and hurdles.
@Nick B. Thanks Nick as well I will look into those books...
For syndication once you're educated and have analyzed deals from brokers, property managers, then it is time to start talking with potential investors. After you have a list of potential investors then you can find a deal to take down. Wholesaling a property is a great way to start, but if it was me I would take less of a wholesale fee or none and be a partner in the deal.
Like @Todd Dexheimer , it all comes down to access to capital if you're ready to start syndicating. Yes, you need to understand all the legal responsibilities and make sure you don't go to jail--but without investors/access to capital you've got nothing.
I'd also think about getting a mentor. There are lots of folks out there offering mentorship programs--I think the advantage is they can help walk you through your first few deals and answer questions as you proceed each step of the way.
@Andrew Campbell that's the issue I have been having is finding a mentor that will teach me a system and not sell it to me any recommendations
@Dennis Johnson keep reading and take action. Start where you're comfortable. The mentors will come organically. Keep reading books; not podcasts! Block out all real estate content that doesn't fit your formula. Focus dawg!
Lol @Ivan Barratt i have the reading and The action part is easy just need that one persons to show the steps and direction I got the leg work. Would like to walk me through the process of a syndication scenario