probably goes without saying.
But finding properties for a
syndicator is pretty critical
without a property. There's

nothing really for us to talk to
investors about, and nothing
really we can sell them.
Properties are the raw materials

that a syndicators work with. So
how do we find deals, because
without those deals, there's
nothing really for us to do.

Fortunately, we have a four step
system, and we're going to go
through that, and you'll walk
away with a system. And with

that system, you're going to
find properties. Without a
system, well, progress is going
to be really difficult for you,

because you're going to be left
to the winds of chance, with
probably nothing to show for it
at the end.

So what is this four step
system? So it all starts with
our founder investment theory,
founder investment theory is the

backbone of what we do, because
that's how we identify our
properties. It's how we talk to
investors, it's what we do and

what we invest in. So obviously,
we start with the founder
investment theory. So let's

it starts with, if you recall,
our founder investment theory
had three questions number one,
was our strategy.

Number two, is our niche. And
number three is our risk
profile. So in our strategy,
when we're trying to identify a

property, you should have
already your whole founder
vestment theory. Now if our
strategy is development, we're

looking for raw land or
underutilized property. If we
are value add, we're looking at
high vacancy or deferred

maintenance.

Or missed opportunity. If we're
doing a stabilized value add,
we're looking for expiring
leases.

Or below market rents.

If undervalued, we're looking at
below replacement cost.

And if cash flow, we're looking
at either appreciation potential
or rent escalations.

Right, and if you need more
clarity on that should go back
to the founder investment theory
module and look at it again,

because this is critical that
you've identified, what strategy
is it that you're going for? Now
it's possible, you'll be going

after more than one, but I
wouldn't go after like four, I
would go after one or two, maybe
three at the most, but probably

not three. So certainly, we need
to identify what that main
strategy is, then we've got our
niche. And in our niche, we've

got our property type. And our
location. Now, why am I going
through this because it's
critical that we do this right.

And we need that founder
investment theory in order to in
order to build that what our
plan is, first the steps 323 and

four, and then we've got our
risk profile, which is our risk
profile. How risky is it? And
some of that will come out of

our financial analysis. But for
the time being, just think about
our risk profile is that gut
sense, you know about how risky

that it's going to be. So once
we've identified our fit then
it's time to come up Over to
our, our other steps. So this is

step one. Step two, is we go to
our existing database. Now most
of you are probably real estate
agents or property managers or

somebody in the real estate
business. Anyway, so you
probably have a database already
of people that, you know, owners

that you know, and things like
that. If you don't have that
database already, you will start
developing it on your own, you

need to start ident knowing
what, who the owners are of
these properties. So you have a
database, and then you've

identified what it is. So now
you build a list of what fits
that fit. So you build a list,
right? And

have what fits the fist, the
fit, then you simply make
contact all those owners and
see, well, they take an offer.

As an aside, which, which you'll
notice, especially if you're a
real estate agent, and you start
having these conversations with

owners, even if they're not
interested in the offer that
you'd make, you're actually
starting the confirmation

conversation, where you may end
up with more listings than you
originally had thought of
anyway. And number three, you

follow up until you have
details.

In here, we're talking about
rent rolls and operating
expenses. Number four is your
financial analysis.

And five you make an offer. If
it fits if it works, you
obviously are making an offer if
it does it.

I know that some syndicators
like to just make offer after
offer after offer, even if they
don't think that it's likely to

because they'll get the the
income and expense and they can
use that for their brokerage, I
wouldn't recommend doing this. I

think it's kind of underhanded.
And shady, what you end up doing
is you're you're basically lying
to the potential owner, in order

to get a listing, even if it
doesn't work for purchasing for
you. It's either a good deal or
it's not. And it's either going

to work or it's not. And I think
just leading them on and telling
them that you're going to make
an offer on it. But it has to be

at some sort of CAP rater has to
be at some sort of thing, where
you have no idea what any of the
expenses are what the what the

rent roll actually looks like. I
think that's kind of shady. My
opinion. You can do with it what
you will. The third step is

agents. Now as I said, most of
you are probably already real
estate agents. So why on earth?
Would you be talking to other

agents? Aren't they competitors?
Well, they may be competitors in
the sense of that you are
competing with them in it to get

real estate listings. But this
is a whole different thing. So I
think it is a wise idea to build
out a comprehensive list of who

all those agents are anyway,
understand that who all they
are, because you may need them
for yourself or you may need

them for one of your projects.
Or they may very well have a
buyer for you the next time
around. So we agents do tend to

be a congenial community as well
who can do deals together as
well as be competitors. I
wouldn't look at other agents

especially when as a syndicator
as an adversary. Now, if another
agent has that perfect great
property, don't hesitate let

them take the commission in
exchange for you getting the
getting to buy it and syndicate
it. It's it would be foolish to

to let that great opportunity go
just because you wanted to make
a few extra bucks from a real
estate commission when you had a

whole bunch more opportunity for
it in syndicating. So a lot of a
lot of syndicators don't like
even being their own agent and

only work with a other agents
and do not take a commission
themselves. So you certainly
wouldn't be wouldn't be unusual

for you to be working with
agents in that manner. So the
steps to working to agents is
you build a list. Now, who is

it? You know, who are the big
players in that property type
that are is in your fit. And in
that location? Yeah, who are

those big players, you know who
they are probably, if you're a
real estate agent, as well, you
probably know who they are,

anyway, they're probably your
competitors. Or they are, you
probably have met them in
networking groups or things like

that. Then, just like before,
make contact. And now you want
to explain exactly what you're
looking for. I am a syndicator,

I am looking for apartment
buildings in the downtown area
that are trading at a five cap,
but really have some sort of,

you know, major add value
component to it by by turning
the units, something like that,
something that that they can

understand. And also when you
communicate like that to the
agent, you're letting them know
that you're a professional, and

that that they can work with you
very easily and get a deal done.
You also would want as part of
that discussion to have a

conversation about fees from the
very beginning because they are
likely to be confused on whether
you're calling because you want

them to be your agent or because
you are just looking for deals
that you're going to just shop
to your own people. So I would

say make sure that they
understand what that fee is and
say look I'm looking just for my
myself I am a syndicator and so

we'll be we'll be we'd be
syndicating out this property
you are welcome to leave your
fees in the deal or not in your

get paid but you can represent
us and the syndication firm in
exchange for finding a really
great deal that we'd like to

syndicate then you follow up
keep following up with them

fine trying to find that deal.
And then again financial
analysis

and hopefully make an offer

the fourth step is is your your
CIA's now see the phrase CAE
came from my mentor stands for
commercial information exchange.

So the big CI E's you've
probably heard of our catalyst
LoopNet co star CoreXY those
kinds of things our CAE is the

MLS you're gonna know which for
your property type and your
location, you need to know which
CIA's are more prominent than

others. Because in some
everybody uses the MLS. In other
areas. Nobody uses the MLS for
your property type and they all

use catalyst or they're on
costar, whatever it is, so you
need to know those. So first see
ies The first step is to build

out searches that are consistent
with your fit then put them in
the different CIA's and save
them.

I also think it is a good idea
to just kind of keep poking
around for more so inquire, you
know, for more things. When you

reach out to an agent and you
find a property that's a good
fit. Ask agents what they have.
Everybody needs to know what you

are looking for and what your
fit is.

And then regularly review.

Now this is a process. These are
the four steps that you do now
the first step you do once or
maybe you decide that you want

to keep revisiting it, making
sure it's the right step. But I
would do Two, three and four on
a weekly basis. So these are

some of the base hits that we'll
talk about in the last set of
modules. These are the things
that you should be doing on a

weekly basis, just continually
checking that list, maybe even
daily, it all depends on what
you need and what your market

says. But these are the four
steps. So first, identify your
founder investment theory again,
get it concrete, so you know

exactly what it is you're
looking for. If you don't know
what it is, you're looking for
it, you're not going to find it.

Second, you find your database.
You you go to your database, and
you start looking at it through
the through the lens of your

founder investment theory.
Third, you contact agents and
you let them know what that
founder investment theory is and

what you're looking for. And
probably if it makes sense to
you to opt say that they will
get the commission for the buy

side. And then lastly, is your
commercial information
exchanges, build those searches
out. They are on market

properties. So they may not be
the best possible source. But I
found a lot of deals that have
gotten missed by other agents or

other investors because they
didn't know exactly what they're
looking for because they didn't
have a founder investment

theory. So that is our four step
process in order to find
properties. So think about what
makes sense for you. And then in

the next module, we are going to
talk about getting you paid so
one of the most important things
in doing syndication is getting

paid right why else would we be
doing it? So we're going to go
through fees, broker fees and
the promote and how to get paid