All Forum Posts by: Chris Tracy

How did you make your first multifamily deal happen?  I linked up w/ an experienced syndicator, along w/ a few others and made it happen by coming from contribution and offering to be as helpful as possible to get the deal done... anything for the team.  Most newbies make the terrible mistake of approaching seasoned players and ask them to "mentor" them for free- taking from the relationship, when in fact it needs to be the other way around with conviction.

What were some key points you would share with others?  Get crystal clear on how you can add value to the lives of others (and it doesn't always have to be money).  I met an influencer at a seminar and discovered what his current challenges were.  Ready for this?  He told me that he didn't know how to use Bigger Pockets... lol.  I told him that this forum is the place to be and I could help him w/ that.  So I went home and made a video tutorial that explained how to use this site and he was blown away by that and said that he was so impressed because all he ever gets is people asking him for stuff.  Now I have a great relationship established with a guy that can probably help me fund just about any deal I come across.

Steps you would tell them to take and ones also to avoid..... Learn enough to get going, then get going.  I would recommend trying to dump gasoline on someone else's more experienced/ well established fire, rather than trying to push a boulder up a hill.  Establishing a track record and credibility will be one of your biggest challenges as well as staying motivated.  Perhaps the biggest pitfall I would say to avoid is the "Shiny Object Syndrome".

There's so much to cover and I'm sure others will jump in and cover what I may have missed... Hope that gets you kickstarted anyway!

Crime rate and Landlord friendly are a few good ones to add.

We use Podio.  You can also check out Insightly.

I would add the new one by Joe Fairless to that list (Best Syndication Book Ever).

And to piggy back off of what Greg was saying... I would also add passion.  If you have a burning desire to do something, that is going to increase your success rate.

Dennis- Start posting any helpful comments, experience and wisdom you may have.  An accredited investor just reached out to me the other day and he told me it was because I appeared to be so open and willing to help.  I believe Joe Fairless recently did a podcast episode on this.  Don't try and reinvent the wheel... seriously.

Hi Chris... I am willing to hop on a call and share what I know and hopefully shed some light on what you're trying to accomplish.

It depends.  What would you like to do?  Be active or passive?  Would you like to oversee a property management company or have some other syndicator do all the work, and you function as a passive investor?

I love where your head is at!  Break it down even more... Here are what most sponsors need:

*deals

*capital/help raising funds 

*key principals to help buy bigger deals

*help underwriting

*help with time consuming tasks such as market research, due diligence, etc.

What is your wheelhouse?  Are you a numbers guy or a people person?

Approach it like that!

What are we talking?  SF?  Apartments?