Is it feasible to do a value-add 160 units yndication deal out of state, given that I will have a great property management company to be onsite.
Is it feasible to do a value-add 160 units syndication deal out of state, given that I will have a great property management company to be onsite?
Anything is possible. You just have to consider all angles, and just have a gameplan for things that will go wrong. The more educated you are, the less risk you take on.
If the numbers make sense and you have the team in place then go for it!
As someone on the limited partner side. I would caution that it makes it a little harder to raise money. I would not help anyone fund their first out-of-state deal. There are many variables, and I would want to make sure they had demonstrated the ability to manage remote and produce a return.
This may vary for friends and family. Just something to keep in mind. The first syndication I ever did was one where the investor had demonstrated and incredible track record in the very same market.
@Trevor Ewen thank you so much! Do you mind sharing how you found your first syndicator or how they found you?
Networking and building relationships. Bigger Pockets was a piece of that as well. When you meet or hear about someone doing something complimentary to you, try and get to know them. It's likely nothing comes to fruition in the near term. Build the relationship and you never know what can happen in time.