People who have been engaged in multifamily syndications know one thing: starting is difficult. If you haven’t nurtured a healthy network of real estate connections with commercial brokers, investors, other like-minded people yet, building a syndication from scratch can be an uphill battle.
It can discourage you, but everything gets easier eventually if you decide on taking action. It was a long and laborious beginning with me and my team 11 years ago. But persistence, overcoming obstacles, keeping attitudes as positive as possible and daily and weekly goal setting and achieving them helped us build a strong foundation.
If you ask me, nothing is impossible if you want to make a lot of changes in your life. I made my decision over 40 years ago when I arrived in the United States with $7 in my pockets.
I was an engineer pursuing an MBA. Never did I realize that I would become a motivational speaker, fundraiser, and a syndicator later on.
Considering my limited ability to communicate in English and my lack of experience in the real estate industry back then, I can only look back and appreciate what I have become.
The point here is that I made a decision to be in the real estate business. This gave me a lot of willpower to develop my professional skills and expertise. I was taking action, mostly because I wanted to make a crucial difference in my life. I also wanted to work toward my family’s fortune and development. This has allowed me to strive for success.
Taking action shouldn’t be that difficult. By using the right steps, you’ll be surprised at how much you’ll be able to accomplish as a multifamily syndicator.
Educate yourself
The first thing you’ll need to do as a first-time investor or syndicator is to read a lot about the topic. Make it a healthy habit every day to absorb as much as you can about the multifamily sector. You can read blogs from sites like Bigger Pockets. You can also listen to podcasts and webinars to further reinforce what you already know about the multifamily sector.
But all this won’t take away the fact to really learn from the best and scale up is to find a coach or a mentor. Invest a small amount in a coaching program and excel in the multifamily field.
This one idea will pay you huge dividends. It surely did for us. We spent almost $165,000 in coaching and mentoring programs to teach us the very best techniques and rules of this game.
Build your base
Once you have equipped yourself with substantial knowledge about multifamily investing, you can start inviting people over to form your investor base. You can let family and close friends join in. Once you have your investor base, it’s only a matter of educating members of this base on how they can invest through their self-directed IRAs.
There is approx. $26 Trillion in retirement plans in the USA but only 5% of that is in self-directed retirement plans. These are invested in Real Estate or other alternative means of passive income generation.
More importantly, you can discuss with them about the many reasons why apartment complexes are much more profitable than single-family homes.
Search for emerging markets
One advantage with multifamily properties is that there is a growing demand for affordable housing among millennials, and this has resulted in emerging markets across North America.
You should be able to set your eyes on these markets. To do that, you need to talk with community officials, local brokers, and the business community. You also need data from various websites.
Focus on economic growth in the particular segment of the MSA and remote tertiary markets. This enables you to have a clear view of the opportunities that these emerging markets would offer.
Build your investing team
Nothing is possible without having a group of smart and professional individuals. An investing team is crucial to your success in the multifamily arena, so it’s important to find CPAs, securities attorneys, property managers, and brokers that have a lot to offer. With such a team, you can build a solid syndication that promises a lot of positive cash flow.
Once you have applied these steps, it should be smooth sailing moving forward. Taking action isn’t that hard. If you are dedicated to accomplish a certain goal in your life, go for it!
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