All Forum Posts by: Taylor L.

@Joseph Bramante I'd say I have more 'roadblocks' than anything stopping me. Nothing is stopping me at all. 

Re: My own sponsorship business: I am building this now. I'm building an investor list, and I have access to multiple capital raisers who are looking for deals in the $20MM range. There, I just need to find a deal. Working on it. I run a Richmond VA Multifamily Investors meetup. I also post a weekly newsletter for Virginia Apartment Investors. Anyone interested in either can reach out to me via PM.

Re: My participation as an LP in more deals: I don't know enough sponsors who offer 506(b) deals. That's all. I trust the sponsors I have invested with, but I won't put all my eggs in one GP basket. That, and I'm prioritizing using my capital for my own GP deals.

@Wade McMaster Typically what people mean when they say "you'll find the money" is that you'll be able to find interested investors and then get the financing. It's almost guaranteed you'll need some substantial percentage down in order to get the deal.

I run the Richmond Multifamily Meetup and our next meeting is TONIGHT! (If you can get here in time - I'd recommend it)

Our speaker is a commercial lender. Our speakers last month are experienced syndicators with access to a lot of investor capital. One of them will be in attendance. 

We're here to help you through the process. 

Michael,

I decided some time back to go straight for syndication, as SFRs, duplexes, house hacking - all those good things - aren't right for me. Here is my strategy:

1. Align myself with and learn from an experienced mentor (Joe Fairless)

2. Build my resume as a limited partner, with capital I've accumulated from my W-2 (I am a Chem Engineer). I am now an investor/LP on 454 units valued over $21 million, and that may increase by another $20MM before the end of the Fall.

3. Do a considerable amount of market research, and know my chosen area very well. (I have cataloged every 5+ unit in my MSA, and have toured >130 of them in person)

4.Build my network in the multifamily syndication space - I started a Multifamily meetup and it is going absolutely fantastically. I attend at least 3 major REI networking events outside of my area a year.

5. Start a thought leadership platform - This one is pending. I'm excited for it.

All in all, it's been a year and a half since I started. I still struggle with limiting beliefs, but it takes a daily practice to overcome that. I started with zero background in real estate and little to no personal network. I am pleased with my progress thus far.However, I would do some things differently - like start the Meetup much earlier. Network harder. Follow up more effectively. And plenty of other things I just haven't identified yet due to my newness.

Our guest is Jay McNamara from Middleburg Bank. Jay is a key figure in Middleburg's Commercial Lending arm. Jay is going to tell us some of the advantages to working with smaller commercial lenders, teach us where to get the money, and help us get the most responsive service available from our bankers.

Please also let us know you're coming on Meetup: http://bit.ly/2rHvHku

If I was 18 again looking to enter Real Estate, I would find someone who is doing the work I want to do and work for them. Even if they won't pay you, find something you can do for them for free. Many of the old dogs in this business do not have a social media presence (because they don't know how they could benefit from it). Find one of them and help them, even if it's for free. 

@Lue C. Joe Fairless and his guest discussed this on his episode 995 of the Best Real Estate Investing Advice Ever Podcast, Link to the episode here

@Stephanie P. I met your husband at a networking event last night and he explained it all to me! Thanks :)

@Gregory A. since you're interested in Multifamily, please do join us at the next Richmond Multifamily Meetup. Link Here. We're meeting on 8/28 to discuss lending, and we have a commercial lending expert from Middleburg Bank coming in to talk with us. I look forward to meeting you!

Stephanie,

Mind sharing a big more about the Richmond building?

@Bj Ayoleke I can't provide advice for your situation, but I turned mine into a SDIRA and use it to invest in syndicated apartment communities. There are so many things you can do. For me it made sense to start with a RE asset class (apartments) and work from there.