First Time Syndicator with Corporate Experience

[Keith Semerou]

I’m 38 with about 15 years of experience across large real estate private equity firms and investment banks. For most of my career, I’ve operated inside institutional platforms, closely involved in deal evaluation, asset management, and capital markets — but always as part of a larger machine.

I’ve been very involved in asset management, including business plan execution, operating performance reviews, budget and capex oversight, interaction with property managers and operators, and decision-making around hold, refinance, or sell. I’ve also spent significant time in the field touring properties with brokers and operators, walking assets, reviewing physical condition, and evaluating deals firsthand. I haven’t personally built full underwriting models or written IC memos end-to-end, but I’ve spent years reviewing them, stress-testing assumptions, providing feedback, and helping determine whether deals were good or bad investments.

What I haven’t done is originate and execute a deal entirely on my own as a principal.

Specifically, I haven’t personally:

• Sourced deals directly from brokers as a buyer under my own entity

• Run a full acquisition process independently

• Set up banking, accounting, and reporting systems from scratch

• Selected and onboarded property managers and construction teams independently

• Built investor systems and reporting infrastructure from zero

• Put legal documents in place for a new investment platform

• Fully controlled the capital raise, including locking in commitments ahead of bidding with confidence

Conceptually, I understand how all of this works, but it still feels theoretical because I haven’t personally owned every step. Part of the challenge is also that I don’t fully know what I don’t know yet — especially around execution risk, sequencing, and the small but important details that only show up once you’re actually running a deal yourself.

The capital side is the biggest gap — not just raising money, but understanding timing, how to secure real commitments without over-promising, and how to avoid bidding on deals without capital certainty. I could also use guidance on expanding beyond friends and family, even though I likely already have an underutilized industry network.

Multifamily feels like the most straightforward entry point, particularly from a friends-and-family capital perspective, and most coaching or mastermind programs seem heavily MF-focused. That said, I can also see attractive opportunities in other property types and sometimes wonder whether narrowing too tightly to MF early on is necessary or whether it’s simply the most executable starting point.

Beyond technical guidance, I think there’s real value in accountability — having someone help pressure-test decisions, keep momentum, and make sure things actually move from analysis to action.

I’m not looking to learn real estate fundamentals. I’m trying to bridge the gap between institutional exposure and independent, full-cycle execution as a principal.

Any recommendations on what I should do? I am very eager to start sponsoring my own deals and gaining momentum and build a credible sponsor. 

• Did you work with a coach or mentor?

• Partner with a more experienced operator on early deals?

• Raise capital for other sponsors first?

• Join a mastermind or accelerator?

• Or simply learn by doing?

Would appreciate perspectives or recommendations from people. Thank you so much!

[Stuart Udis]

@Keith Semerou You do not need a coach. Please do not join an accelerator course, they teach deceptive capital raising techniques. Start small and start with your friends, family and personal network. That's realistically who will invest with you. The accelerator programs will convince you that you can raise capital from complete strangers. It's only true if you use the deceptive techniques they teach. Don't be that person.  To respond to your questions:

• Sourced deals directly from brokers as a buyer under my own entity Network and communicate with the sales agents who represent the types of properties you are targeting. You know how to underwrite from your 15 -year experience.
• Run a full acquisition process independently Hire a good transactional attorney with local expertise to prepare the contract with adequate protections. Lean on your 15 years of experience completing the same diligence items evaluated in transactions your employer relied upon.
• Set up banking, accounting, and reporting systems from scratch  You don't need the bank account until you have an executed operating agreement and take money.  Perhaps identify the accounting firm who will be responsible for tax prep because prudent LP's will want to know this. Nothing to report at this phase, and when the time comes you don't need anything elaborate. Be a good communicator and provide updates in accordance with the operating agreement. 
• Selected and onboarded property managers and construction teams independently Vet
• Built investor systems and reporting infrastructure from zero Network with construction firms and PM's. Evaluate how other comparable buildings are managed and seek out the same management. Your initial investment will consist of your close friends and family. You don't  need elaborate reporting infrastructure. Be a good communicator. 
• Put legal documents in place for a new investment platform  You hire an attorney to prepare the syndication and organization documents at the start. 
• Fully controlled the capital raise, including locking in commitments ahead of bidding with confidence You are going to be raising capital from your friends, family and immediate network. Begin by educating them and gauging their interest. Once you've identified the parties who are interested, then you can advance the capital raise. Make sure your legal docs are set up (likely can use a 506(b)) given the investors will be existing relationships but your attorney will help with this.

Oh and just in case I didn't get it across the first time, DO NOT SIGN UP FOR A MULTIFAMILY ACCELERATOR COURSE BECAUSE OF THIS:

17 C.F.R. § 240.10b-5 

It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange,

(a) To employ any device, scheme, or artifice to defraud,

(b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or

(c) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security.