All Forum Posts by: Kyle Curtin

Quote from @Michael Blank:

I started out in flipping and had a goal of achieving $10,000/mo of passive income.
I figured I'd need 50 single family homes to do this. OR I could switch to syndication and achieve this much faster by acquiring more units. 


In 2011, one of my wholesalers contacted me about a 12-unit apartment building in Washington, DC, he had under contract. It was listed by one of his residential realtors, and he thought I should take a look at it. I ended up closing on the deal—with none of my own money ( I didn't have any money to invest at that time so it taught me how to raise capital quickly.) 

That is how I got started. 

That is a phenomenal way to start! One of the things that I really like about this sector is the collaboration factor and putting the teams of experts together to be able to leverage everyone’s skillsets and relationships! :)

My partner Brian Ortins up in MA introduced this sector to me and I freakin fell in love with it… Multiple books and many podcasts later it has been a blast to learn about this sector of the industry and build relationships with you guys across the country! I have been building out the investor relations role and trying to learn as much as possible and share as much value as possible as I can!

🙂 How did you guys jump in?

Gooood mornin guys!

Yesterday I heard a few VERY interesting perspectives on a MF Zoom call that Tim Mai was hosting that I wanted to share with you guys and hear your thoughts on.

He was interviewing Robert Helms of the RE Guys radio show (pretty badass!).

The things that Robert mentioned after 30ish yrs of experience were:

*”When raising capital, it is a game of small numbers. If you have a total of 50 accredited investors that love working with you, you can basically fund anything you want.”

*He also mentioned a story of a sponsor that had 1 INVESTOR that carried with him for over $20m throughout different projects…. As well as the risk factor of if something happened to that investor and your whole business collapsing….

But the overall concepts of having fewer, but drastically stronger relationships over having larger amounts, but not as strong relationships…

These really got my brain thinking yesterday. What do you guys think? 🤔

Have a good day!

Kyle 🙂

Quote from @Josh Heatherly:

@Kyle Curtin thank you so much, I appreciate all of this feed back! Checking out these books and podcasts now!

My pleasure my man :)

Hi everyone!

   I am sure the title caught a good amount of eyes because of our current debt environment. I was curious if anyone is even considering using variable rate debt now to fund acquisitions. Our team personally stays away from variable rate debt in our syndications (at least thus far) and just sticks to fixed debt and leveraging solid relationships with local credit unions on our larger local multifamily projects.

What are your thoughts?

Have a kickass day today!

Kyle :)

Quote from @Mordy Silber:

Thanks for the info. Any suggestions of where to find a group near me.

Hey man! I recommend Eventbrite(dot)com (I did this in case they flagged me for sending a link in the comments haha, and also meetup(dot)com. Usually networking events are posted here and you can target to your area etc.

Quote from @John Christensen:

I am new to Apartment investing. I have been building them for years. Now it's time to buy! I would like to meet some like minded people who would like to partner up in ventures. I can find them, re-hab them, new build them (licensed G.C), what I need is cash help to purchase. Looking for alternative financing options, a mentor, a partner(s) to accomplish my goal of a legacy portfolio for my children and more time serving my community and church

I like commercial NNN properties and multi family. I am in the Inland empire in Southern California. And it is exploding out here lots of opportunities.

 Hey man! I am a bit newer to the syndication world in the past 8ish months or so, so I am definitely not a fit for what you are looking for haha! But I did want to share something with you that I heard last week that I really really liked that should help you. I connected with a sponsor last week who found his GP partners across the country. I was curious and asked him how they met, and he told me he was just super active on syndicator Facebook groups, answering people’s questions and giving value where he could. Eventually his partners saw his name showing up and giving selfless value and they reached out to him and eventually they hit it off and started working together. Just from giving value and helping others :) It is something I put into practice immediately after that phone call and I have already made a few friends so far! Good luck man!

Quote from @Josh Heatherly:

Been a little confused on exactly how syndication works. How are returns decided for a investment? If I had $50k and invested on a syndication deal , how/when do I get my 50k back? How do I know how much I will get monthly/quarterly as a split partnership? If not bought out before the property is sold, does the entire profit made on the sale get split between investors who helped fund the deal? I know I am over thinking it but would love it dumbed down for me. The process seems confusing to me so any help is more than appreciated!

Hey Josh! These are never ever questions at all! The syndication sector is one that takes a long time to learn, and is definitely an animal within itself. I am early in my stages of learning (about 8ish months or so) about it, and have found these resources amazing!

•”The hands off investor” by Brian Burke BP book (this one is a FAV!)

•”The best ever apartment investing book” by Joe Fairless

•”Lifetime Cashflow through real estate investing” podcast by Rod Khleif

•”Cashflow connections real estate podcast” by Hunter Thompson

As well as a few syndicator Facebook groups! 
*Mastering multifamily with Veena Jetti

*real estate syndicator community with Mauricio rauld 

*Capital raising nation group & events with Tim Mai

To @arn’s point, it is absolutely IMPERATIVE to ask these types of questions and get SOLID answers before you place capital with any operators in ANY deal. Bp is also an awesome resource to ask these questions as well with absolute experts here to help each other! 

Have a great day man! 

-Kyle :)

Quote from @George Fuller:

Hello all, I'm from upstate new york,  and looking for someone to help mentor me in my first syndication (or fund) deals. I do understand the basics, but I don't have a large degree of credibility in this space.

I've had some success on the residential side, but I've always wanted to own larger multifamily, and other commercial buildings. 

I want to learn this side of real estate, while also doing right by people that entrust me with their money. Any guidance is also appreciated.

 Hi George! My biggest piece of advice (I have been going through it for a little bit of time right now myself :) ) is the same as a few of the other awesome comments above. I was talking to a sponsor recently that I connected with via FB and he was telling me that his partners (fellow Co-GP's) are across the country on the west coast. I was curious and picked his brain as to how they met, and he was telling me that they reached out to him after seeing him continue to give value to the community in syndicator Facebook groups with 0 expectation of return. He would answer questions and give value where he could and be present in those communities. I have started making that a daily activity to try to give value where I can on BP in the apartment investing section as well as in 4-5 syndicator FB groups.

In addition to doing that, create some sort of thought leadership platform (I have a podcast where I interview sponsors :) ) that resonates with you and hammer home on it. Put yourself out there and tell your story and chat about syndication etc. 

One last thing that is helpful is to attend multifamily conferences. I am going to my first syndication specific conference in NY in a couple months :). 

Good luck my man!

Kyle :)

Quote from @Steven Rosenfeld:

So I follow the news and listen to the BP podcasts and the signs are clearly flashing danger for MF syndications - high interest rates and short-term debt coming due, constrained bank lending, slowdown in rent increases and tons of new projects coming online to soak up demand. Cap rates still heading up and getting more difficult to grow NOI. Valuations going down.

But - I am still getting inundated with 503c offerings still telling me I'm going to get that 15% IRR and 2.5X multiple in 5 years.

Is investing in MF syndications the foolishest thing to do right now? Is a massive collapse on the horizon or is this just a cooling down period? If the cap rates peak out in the next year or so wouldn’t it make sense to invest in fresh deals at that time that can take advantage of the higher cap rates? 

Please convince me one way or the other ? Is love to hear what the BP community is doing in this space right now.

 Hey Steven! Great thought. There is no doubt that there is billions (if not more) of bridge and variable rate loans coming due now -the next 36ish months. For the past few years, it can be argued that it was very difficult to lose money as an operator with debt rates being a fraction of what they are now and a very bullish aura in the general environment. The environment has changed significantly, but that being said, a lot of opportunity is coming to the marketplace. There are absolutely still deals now that pencil out, but I think that it is very important to really study the operators and opportunities that are here today before placing capital. 

Our team has only ever used fixed debt when doing mf syndications, and are sticking to that strategy for the foreseeable future. Given it is harder to find deals that are worth pursing from an underwriting perspective, but we are not comfortable with gambling with our investor's capital with that uncertainty. Fortunately our partners have very strong relationships with credit unions and we are still able to leverage more inexpensive fixed rate debt than most of the buyers in the marketplace. Long story short, in my opinion I think it is still a great time to be bullish on syndications in the current environment, but you really need to double down on operator & project due diligence before placing any of your capital :)