All Forum Posts by: Chris Tracy

I'm in.  Let's do it!

@Mike Taravella- What's your plan for if a broker sends you a deal and the numbers work?  Do you have the capacity to take it down?  Do you have investors lined-up??

Also, if you need help with the talking to brokers part... let me know.  I can help you overcome the objections that will be thrown at you and as Mr. Blank says, "Not sound like a newbie...".

@Ryan Evans- A general solicitation is basically when you spam people with an offer to invest with you and you don't know them yet.  You can advertise under 506 (c), but you can only accept accredited investors.  Just build relationships progressively with people and document everything you do and you should be fine.

@Aaron Van Curen- I don't believe the investors being family, etc has anything to do with it.  The bottom line is do you know these people (in this case-yes) and where are they in the grand scheme of things- sophisticated or accredited and what type of an offering are you doing 506 (b) or (c)?  And no... we as syndicators don't file our deals with the SEC because it's too expensive and takes way too much time- that's the whole point of using the 506 exemptions.

But... as always... check with an attorney before you take advice from anyone in a forum.  lol

@Jeremy Marek... You had me all worried... thinking you were going to get hit with a fine.  lol

@Jeffrey Odu- Typically what you would do is raise private $ and form a syndication to cover the down payment, closing costs, etc.  Hard money is too expensive.  There's a reason why they call it "hard".  lol

We love property management companies.  You would be surprised at how much awesome information you can get from just a simple phone call!

@Daniel Brown- First off, I'm sorry to hear about your experience with that education program that didn't help you.  

I just came back from @Brad Sumrok's event and if it's an ecosystem you're looking for... I think he's got it... may be worth exploring (I don't work for Brad in any way, shape or form).

What you have my friend is a classic example of "The Elephant & The Mouse Relationship".  

Ask me how I know this... as I was in that scenario (as a mouse)... not too long ago.

You need an "elephant" right?

The "elephant's" biggest need (generally speaking) is time.

You would be better served if you can articulate your specific skill sets, rather than just saying, "I'll do whatever..."

For example- Are you strong with numbers?  Do you know how to underwrite deals?  Or are you a people person?  Can you bring deals and/or potential investors to the table for a syndicator on here?

That's what I do for my team is I go to various events, network and try to bring various opportunities back to my group.

There's alot of people on this forum that I'm sure would love some help... just figure it out on your end, then see what specific value you can bring to the table!

If you want to hear a specific story regarding what I just described... check out episode #1038 on @Joe Fairless's podcast.

Raising private money can be a grind... but it's fun...

Good luck & keep us posted!

Hi Kusum- What route are you looking to go- active or passive?  A good option too (if you want to go the passive route)... you could divide $2.2m up into $50k-100k chunks and choose your favorite syndicators on this lovely platform, invest and see who treats you right!

@Jeff Greenberg- Are you near Long Beach?

We don't buy every deal like that.  It just made sense for that specific scenario.

2 main reasons we did it:

1) We bought a distressed property and the financing would have been too expensive

2) Less risk and don't have to worry about the debt coverage