I was told to need a KP to be able to fund a commercial deal. How do I find one? How do I find a GP that will take me under their wing and what can I offer them without a balance sheet?
Where can you find a KP? Anywhere and everywhere. The question is like saying "Where can I find a spouse?" Anywhere and everywhere. However, you may not be happy if you jump into bed with the first person that comes along.
A better questions is where can you find a KP that is supportive, helpful, synergistic with your efforts. Just like finding a spouse, that is more complicated. Network, reach out, have conversations, attend new events and gatherings. Eventually, you will find a match, hopefully one made in heaven.
I’d start with local real estate meetups, BiggerPockets, commercial brokers, and people already doing the type of deals you want to do. Pick a few GPs whose deals you like and start getting to know them.
You don’t need a balance sheet to be useful. You can bring deal sourcing, underwriting, due diligence, broker relationships, or help managing the project.
I’d approach it as “here’s what I can do for you” rather than “will you mentor me?” That’s a much easier conversation to have.