Tilden Moschetti: As a
syndication attorney, I meet a

lot of syndication, real estate
fund, investment fund sponsors

and managers. As a syndicator
myself, I also meet even more

now there are some common traits
that go throughout syndicators

that are especially successful.
Let's talk about those traits,

because maybe they're traits
that you can emphasize or build

within yourself in order to be
even more successful than you

are.

So what makes a great
syndicator, a great sponsor,

investment fund manager. What
are those things? Well,

certainly it's great leadership,
being able to work with a bunch

of different people and lead
them towards a common goal.

That's very important. Maybe
it's financial acumen, really

understanding the market and
understanding where things are

going that's certainly
important. Maybe it's

negotiation, being able to do
things, you know, make it the

very best deal for their
sponsors. That's there. Maybe

it's risk mitigation, being able
to identify risks and mitigate

those risks so that your
investors get the best return

possible. That's there. Maybe
it's the ability to build trust

and to get people to be all on
the same page, and if they not

on the same page, maybe to at
least trust you enough to take

the ball and run with it. That's
probably pretty close to the

very top. So those are some of
the basic just broad overviews

of the big ideas that are part
of what makes an especially good

syndicator or investment fund
sponsor. As you're coming along

and as you're beginning your
career as a sponsor, there are

hurdles along the way. As as
with anything you're you have

two jobs as a sponsor. So the
first job, find investors.

Second job, find deals, put them
together. That's what you really

are doing every day, to make
sure it happens. Finding

investors is challenging. It
takes a while to get comfortable

with it. It takes a while to get
to understand how to talk to

investors in a way that that
makes them trust you enough to

give you money. And it's just
hard. I mean, it's just, you're

going to somebody and you're
saying, Hey, let me use your

money so I can make more money.
It's not the easiest thing in

the world. The real ticket to
it, though, is how, learning how

to do it for yourself, learning
how to talk to yourself in order

to be truly successful, Lord
learning how to see your own

value so that you have the
confidence necessary when you're

talking to investors, it's
paramount. But I do totally

understand that finding that key
within yourself is challenging,

and it's probably the greatest
hurdle that you're going to have

to face when you're looking to
become a sponsor. One thing that

can certainly help new, new
sponsors grow and be better in

this business is to grow your
professional network. So it's

not only growing the the network
of your investors that's very

important, but it's also growing
that network of who you're going

to call so I like to think of
the Rolodex, right? So people of

a certain age, we all know what
a Rolodex is. For those of you

that don't, you can think of it
as your contact list in your

phone. So that Rolodex of
people, of numbers I can call, I

need help with this. Who is that
person? Or at least know how I

can get there. I have to deal
with that a lot as an attorney,

where I'll get a question about
something, how can I how can I

do something from a client of
mine, and I need to come up with

some resources for them, because
I may not specialize in that

area of law. For example, if
it's an employment thing, they

want to do some sort of benefit
program for some of their

officers in their syndication.
That's not me that knows that,

but I do know a lot of people,
and I do know a lot of people

that I can refer them to, and
then it's just a matchmaking

game there to see well, this
person really would be probably

best served by them, but being
able to have that Rolodex

actually adds to that confidence
that you have. It makes you not

as afraid to say I don't know,
because you already know who

does know, right? So if you can
say to an investor or whatever

it is, hey, look, I don't know
the answer to that question, but

I know who does, and I know how
we can answer it for you, you're

going to be very trustworthy in
their eyes, because that's

really what they're hiring us
for, not only is it for our

acumen and leadership and
financial ability, but also

being able to get that problem
solved, whatever comes up along

the way, solved in the best way.
And the best way to do that is

by having that strong
professional network of knowing

who you're supposed to contact
in the first place a lot of

times. Sometimes people will
work with a mentor or a

collaborator in order to lift
themselves up, and that's a

great way to get started, too.
So if you're newer in the

business, you may get you may
work with somebody. You may work

with somebody like myself, who
also works on the legal side,

but also we do our best to make
sure that you're successful in

your deal. Sometimes you may
work with another developer or

another person who's done a
bunch of syndications, and

collaborate together so that you
get the best of both worlds,

that there's some synergy there,
and that your investors are well

suited. That can be a great tool
to go to. Generally, there are a

lot of people out there who have
classes, and those classes can

be very good. Some of them are
not very good. Your mileage may

vary radically. I would suggest
you probably should talk to

people who've done the deals
first, like myself. If you want

to give us a call, we can
certainly help you with

understanding the market better,
to understand who you may want

to have a coaching relationship
with or other syndicators who

have had success. In order to
really understand it, I would

recommend that before I jump
into anybody's like program, one

of the most important things,
though, for your overall

success, again, it goes back to
the investors and it goes back

to trust, is a bill is
developing your ability to be

truly communicative and
transparent, being able to tell

people that you don't know,
being able to communicate

whenever something bad happens,
if something bad happens, you

should get almost excited,
because now is an opportunity to

talk to your investor or talk to
whoever it is, and now it's

going to be an opportunity for
you to build on that

relationship and build on that
level of trust. Obviously,

you're not going to go looking
for trouble, but having

difficult discussions can be a
very positive thing for you in

the long run, as uncomfortable
as it is in the short run, and

having that mindset of we can
solve this problem. We can grow

from here, we can get much
better. Is critical to becoming

successful in this business,
because things are absolutely

going to happen. Deals are going
to go sideways, there are going

to be challenges in fundraising
that you're going to have to

come up with crazy ways in order
to solve. It's just part of the

business, and there always is a
way to get it done, but you

always have to be willing to
talk about it and be transparent

about what's going on. Instant
you do that, you lose the trust.

If you forget to talk about
what's going on, you're gonna

lose the trust. So I've talked
to clients who are going to lose

money in their syndication. They
talk to they're gonna lose a lot

of money. I have a few clients
who brought me in later. I

didn't help them put their deal
together, but they brought me in

later, showed me a deal that
they have a problem with and

will lose all of the investor
money. So how do you deal with a

situation like that? The best
way to do it is transparency.

Communicate, communicate,
communicate, communicate. So

that way there is at least the
trust that at the end of the

day, you're on the same side as
your investor, similarly

related, at least in my mind, is
growing ourselves at the same

time. So not only allowing our
investors to grow and be able to

understand and grow that
trustworthy relationship. But

how do we grow ourselves? And
the best way to do that is to do

continuous learning and to do
improvement. Now, regardless of

what I said previously about
doing, about finding specific

trainers or things like that,
that is, that's an okay place.

There may be specific roles, but
learning the actual skills. The

actual hands on skills is very
important. I personally believe

it's very difficult to teach
sales. I think if you want to

find somebody to help you learn
capital raising, I think you're

going to have some challenges. I
don't think there's a lot of

people out there who can do
that. I think there is one

person who I could recommend,
and if you ever want to know who

that is, feel free to give me a
column. We can talk about your

project, and we can see if that
kind of person is appropriate.

But the rest of them out there,
the rest of them with the books

and the shiny things and the
glitzy light centered stage

shows, they're probably not it.
The kind of learning that I'm

talking about is details, or
learning that you can actually

learn in the fundamentals. I
went I got my CC im designation

because I knew it would be
important for me to be able to

understand investments at a
deeper level than I knew. After

I got my CCM designation, I
decided to work on becoming a

certified financial analyst. I
am not finished with that

process. I finished the first
test. I finished the second

test, which, by the way, is
really hard, probably harder

than the bar. It was really
tough. The third test is up and

coming. I will still take it. I
just need to find time in my

very busy schedule between do.
Deals and helping clients in

order to get it done, but that
focus on improving and always

improving is part of what we do.
I have podcasts in my car. I

have books on my shelf, reading
constantly. I'm constantly

either working on clients,
working on deals, or bettering

myself, those are the three
things that I do, besides the

time that I spend with my
family, which is even more

important,

it's also useful to leverage
technology for your success.

Now, most commonly, you'll use
things like an investor portal.

So investor portal software
allows your investors to be able

to log in and see what's going
on in their investment. They are

terrific. They're not
necessarily terrific, just

because it simplifies your life.
I think they're terrific because

in the mind of the of this
investor, it means, wow, this

guy's really a pro that I can
get my info just like as if I'm

going to Charles Schwab, right,
so that they can get their

things. They can see their taxes
at 2am in the morning, if they

want to. I think that's really
cool. I think it makes investors

look really think of you very,
very favorably. There are other

things that I think are very
important, like a con customer

relationship management
software. CRM is super

important. If you know me at
all, you know I rely very

heavily on my CRM. That's how
all the communication goes out.

My entire business is revolves
around me using my CRM in order

to stay in contact with my my
clients stay in contact with my

investors, make sure
communications go out so I stay

top of mind. Make sure
everything that comes in comes

in properly, and that nothing
gets dropped. It's all part of

what I do now, without my CRM,
without the technology, relying

on it, boy, would I be in
trouble. So because I need it, I

mean, it's just a fact of life.
I There are too many clients

that I have that I have to stay
on top of. I need to look at

notes to be able to understand
say, Oh yeah, that was the

client that we're doing this
deal for. Otherwise, I won't

remember. So I do look at my
notes. Just as an aside, look at

my notes before meeting with my
clients, so that I can catch

myself up once I see what it was
regarding, I know what I

remember the client. I remember
everything that's going on. But

you know, it's it's challenging.
I guess my last point to be

truly successful as a
syndicator, as an investment

fund manager, is to look long
term. Think long term. You're

the decisions that you make now,
if you make them for short term

gain, you will lose in the long
run. Making a decision to take

that additional point 1% for
yourself in exchange for taking

it or giving it to your
investors may be a costly

mistake. If you think long term
about the nurturing and care and

stewardship of your investors of
their money, if that's your

primary thing, you will be very
successful in this business,

because investors not only will
trust you, but you have earned

their trust. Right? You've shown
them that you absolutely can

deliver on what you've promised
them, they'll believe that you

always consider that you've put
their best interest first, which

is what you really kind of need
to do anyway. You do need to

make money in this business, and
you do need to do things, but

never take something for short
term gain. I'll tell you a

horror story that will make it a
little bit clear, working on a

partnership beforehand that I
was a part of. So there were

four of us as partners. A deal
came in that was terrible,

absolutely terrible. It was a
bad, bad deal that should have

like, stay away from this. Deal
still went forward, and I pulled

myself out of it very quickly,
but it still went forward, and

primarily was because one of the
sponsors said to them, I don't

care if we make any of the
investors money, we'll make a

lot of money for ourselves. Oh,
my God, that is the absolute

wrong mentality. That is the
wrong mindset to have in this

business. Your mindset needs to
be on 100% success for your

investors, with the knowledge
that when your investors are

successful, you are going to be
successful yourself enough

preaching. My name is Tilden
moschetti. I am a I have a

syndication attorney for the
moschetti syndication Law Group.

We help real estate syndicators,
businesses that are looking to

raise capital, private equity
funds with special offerings,

all those things, who are
looking to raise money from

investors who are going to take
a passive position and put

offerings together under.
Regulation D that's what we do.

If we can help you with your
project, we'd be happy to

discuss more. Give us a call or
visit our website and sign up

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what you're working on. You.