Seeking Advice on moving toward large multifamily

[Andrew Kniffin]

Goal: My goal is to purchase a 100+ unit apartment complex that is somewhat distressed (eg, high vacancy or poorly maintained) but in a Class A area. Improve its operations and NOI, and obtain "forced appreciation" through the process.

My challenge is "how to get there". To do this, I'll need to syndicate the deal, which meals I'll need to possess a track record of success in (I'm assuming) smaller deals.

This feels like a Catch 22 to me: need success to get investors, but need investors to have successes.

Background: I currently work Finance at a Fortune 500 company. With RE, I have 2 SFRs and invest "on the side". I plan on moving to fulltime RE soon (my wife also works, and so we're not dependent on my W-2 income for groceries, gas, etc) so that I can accelerate this plan.

Question: Should my plan be to move from 4-plex to 8 units, to 16, to 32, etc? Or, do I just "go for the jugular" and try to leap from a 4plex to the 100+ unit.

[Brie Schmidt]

Personally, I would start small with multi's - that way you can build your track record. I would also listen to these podacasts

http://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/

http://www.biggerpockets.com/renewsblog/2014/03/06/bp-podcast-060-serge-shukhat/

http://www.biggerpockets.com/renewsblog/2014/01/09/bp-podcast-052-raising-millions-ken-mcelroy-rich-dad/