5 Qualities to Become a Multifamily Syndicator

5 Qualities to Become a Multifamily Syndicator

January 18, 2020 0 By Kailee Schamberger


I received a message yesterday night after
my last video. They person asked what it takes to become
a multifamily syndicator. Here are the five qualities I rely on every
day: 1) You Must Be Determined Like any business, there are days when things
don’t go your way. Sometimes, you are disappointed because someone
let you down. When things go hard, you go harder. I will work to make things happen. I will reach out to people and travel in person
if needed to meet face to face to hash something out. Having that “whatever it takes” attitude
is a core principle for me. When you are making the leap either from single
family or from zero, you need to be determined to get past all the no’s you will encounter. As a syndicator, we have processes that take
us from start to finish, but there are always challenges and there is no clear map to get
to the end sometimes. So clear determination is a must to see your
deals and your dreams through. 2) You Must Be Trustworthy
Another core principle is that you need to be trustworthy. People need to be able to recognize you are
a trustworthy person. If you cannot trust yourself with handling
your money, forget about raising money from others. If you are looking for investors to put up
thousands of their hard-earned money into your deal but you have a hard time managing
your own, you may need to revisit your options. 3) You Must Have a Track Record When I say track record, it doesn’t need
to be in real estate syndication, but it does help. For some of you, it could be that you have
experience doing fix-n-flips or wholesaling and you consistently earned profits from money
borrowed from lenders and investors. For others, you may have a proven track record
in the corporate world. I started out in single family more than 15
years ago but also built a career as a Chief Information Officer in the financial services
industry. I can point to my operational and budget management
experience. If you are just getting out of college with
no experience in the real estate world it will be tough to start out on your own. However, you can partner up with others that
are in the syndication game either in cash or sweat equity. Ultimately, investors need comfort that their
money and the asset itself are in good hands. You need to demonstrate you have the business
acumen to execute on the plan you outlined. 4) You Must Know Your Numbers
Knowing how to analyze and put a deal together is crucial. You don’t need to have 15 years of experience
analyzing deals. Rather, you can partner with someone who has
the knowledge and experience. Regardless, you need to have an understanding
of how the numbers work, know how to read a given market, and know the verbiage used
by brokers, lenders and sellers. You don’t want the lender asking you if
you would like to do an “IO Loan” and you have no idea what they are talking about. 5) You Must Appreciate Your Team
Many great leaders talk about gratitude and with a good reason. When you are positive and appreciate the work
that your partners, property managers and vendors are doing for you – and you tell them
– it will make all the difference in the world. People like to know that you recognize their
efforts. And when you do recognize, they will work
that much harder for you. It will help you make each day a positive
experience and help you on your path towards everyday greatness. Tell me what you think. What qualities have made you successful? Leave a comment and let me know.