Real Estate syndication for dummies. First, let's get rid of a misnomer. You're not a dummy for watching this. Everybody starts out as a new person doing real estate syndication, I did myself about 10 years ago, you were starting out, it's all good. We will get you up to speed. This video is designed to get you everything you need to know to feel confident about starting to put together your own real estate syndication.
We're gonna go through all the major pieces that go into it, just to give you a framework for thinking about how to do it. It's a big endeavor, it's a big goal, you should be applauded for it. It's something that is extremely rewarding, not only for you, but also for your investors and for your family. So I know that it's given a real estate syndication has given me enormous benefits, a lot of them financial, but it's also given me a lot of friends. It's given me a lot of strength and belief
in myself. And ultimately, I've built my entire law practice around doing real estate syndication as well and helping other people on the journey. So without further ado, let's get right to real estate syndication for Well, not really dummies, but for you. So first off, let's understand the syndication basics. We need to understand what exactly we're talking about when we talk about syndication. Essentially, a syndication is defined as a
group of people coming together for a common purpose. Now, I oftentimes use the word syndication and fun, completely interchangeably. Why? Well, a syndication is a group of people coming together for a common purpose. A Fund is a group is a pool of money being used for a common purpose. So to me, they're very, very similar, if not completely identical. So understand that when we're talking about real estate, we're talking about syndication, and we're talking about funds, I may
use the term fund and syndication simultaneously. But what I'm actually talking about is getting a project done, where you take investor money, you manage that money into a specific asset or into a pool of assets, in order to achieve a common goal, which is to make more money. So whether that money is by appreciation, or whether it's straight cash flow, whatever it is, that's a syndication or a fund. So there are two kinds of roles as it comes into syndications is the
role of a sponsor and the role of the investor. Now, as a sponsor, that's you. So the sponsor is somebody who's putting the deal together, who's identifying it, they're finding the investors, they identify the assets, they're doing all the things necessary to get it started, they have a very active role. And in putting it together, and they do that. So the We also sometimes referred to them as the GP, or the
general partner. Now specifically, GP LP refers to a specific kind of entity formation, which is a limited partnership. And you're probably going to choose a limited liability company. And we have other videos on how what the entity structure looks like. But for this purpose, we sometimes call them GPS, the sponsor, the manager, really, we're talking
about you, the one who's running the show. Your investors, oftentimes we call them the LP, they're the investors, right, so your investors come in, they pool their money, and they give it to you in order to invest in the specific assets. And here, we're talking about real estate. So investment, real estate, whether that's multifamily office, retail, a hotel, whatever it is, it's generating cash, primarily through leases
that underlie it, right. So that's what we do. Now, in terms of the actual structure, the structure of these deals looks something like this. We have an entity here this is called the sponsorship entity. And we have over here an entity we call the investment entity. So you have the sponsorship entity here now that here is you You are part of that. So you're part of the sponsorship entity, the sponsorship entity manages the investment entity, your investors. They invest here
into the investment entity, so they invest in there. And that's it. And if you're doing a fund, and it has other entities, those come here, and they're managed, ultimately by you as the sponsorship entity. So that is the basic legal structure of how all these work. So you are here, the manager, your investors are here, all happy to invest, and ultimately, of the asset. So whether this is one asset down here, or here or here, or multiple assets, doesn't really matter. So this is the basic
structure. So either these are individual LLC is down here, or it's just the property itself. That is how these things are structured. In terms of the legal framework, now, under the rules, since whenever you have investors who are taking a passive role, it automatically becomes a security as long as the goal of that thing that you're putting together is to
make money. So almost always, this is a security, right? It doesn't matter whether you have one person investing, or 100 people investing or 1000 people, it doesn't matter whether you're raising $1, a million dollars, or a billion dollars, no matter what those are still a security. Now, under the Securities and Exchange Act, every security must either be registered with the SEC, or fall under an exemption registration you can
think of as going public. It's a very formal process. It's extraordinarily expensive, with a whole slew of lawyers and accountants, and underwriters all talking with the SEC. And there's a huge amount of back and forth goings on in order to make sure the investment works. That's not what we're doing what we're doing. Here we go under an exemption. Now, there are three basic exemptions and the hierarchy. And that hierarchy looks like this. You have Reg D, you have reg A, and you've have
reg CF. Okay, those are the three exemptions. I work exclusively in Regulation D Regulation D offers, and I'll tell you why. under Regulation D, there are two different rules that are primarily used. Rule 506 B, and rule 506. C, these are the two rules that are primarily there. Now under Regulation D, rule 506 B, you're gonna have an unlimited number of accredited investors, and then up to 35 non accredited investors in any 90 day period, you can raise an unlimited
amount of money. So you could raise a billion dollars, you can raise $10 billion, you can raise $1 trillion. And if you can raise $1 trillion. My god, I've got a job for you. But you can raise an unlimited amount of money is the bottom line. The only problem and the only reason why you may not do Regulation D rule 506. B is you cannot do a general solicitation. A general solicitation is where you put something out to the general public, you advertise it, you market it, you put a billboard
on Main Street can't do that. You need to make sure that and how do we know whether or not you've advertised? Well, we actually know because do you have a relationship with all of your investors? So if you've known all of your investors before you put the offering together, you must be legit because you couldn't have gotten those investors unless you add that relationship. Once you start advertising, that's when
suddenly you don't know them anymore. The only option for advertising is Regulation D rule 506 C under Rule 560 an unlimited number of accredited investors and unlimited amount of funds you can raise. But you have to make sure that every single one of your accredited investors Is in fact accredited using a third party verification system. So you need to make sure
they're all accredited. But then you can advertise, you can put something on Facebook, on Google on YouTube, you can put up a billboard on Main Street, that's how you can you can get new investors doesn't matter if you know them don't know them. But you still got to make sure that every single one of them is
accredited. So there are two other exemptions of with under the SEC rules that are fairly common, certainly not to the extent of Regulation D over 96% of all private money that's raised under the exemptions is through Regulation D for good reason. The second one is regulation, a Regulation A is actually a terrific exemption, it lets you raise differing
amounts of money based on the rules that you do. The challenge with Regulation A is it's basically reviewed by the SEC, which greatly slows down the process of who can come in or not. So the typical turnaround time of getting a Regulation A deal approved, is somewhere from six months at the absolute fastest to typically more like nine months. The cost in
attorney fees alone is generally around $70,000. Plus you have necessary absolutely mandatory accounting fees that have to take place because you need some third party, professional accounting and auditing services done by an accountant. To do it, Regulation A oftentimes will cost between 100 and $150,000. And take nine months, which oh my gosh, that's a long time and a lot of money. So not a lot of people use Regulation A for a
lot of these kinds of offers. There are certainly offers that definitely belong under regulation and are very good. Why? Because you can advertise to non accredited investors, you don't have to do a verification of your accredited investors. Huge benefit, right that you can now advertise to the entire world and still fall under an exemption. It's like going public, but without really going public. So it's a lot cheaper.
So it's a really good option. But it's just not a really good option for a lot of people, and certainly not a good option at all for a new person who's starting out in real estate syndication or real estate funds. The third option is regulation CF. Now under Regulation CF, you can raise up to 5 million, you can advertise, you can bring in non accredited investors. But the real challenge with REG CF is every part of that transaction needs to go through what's called a
registered portal. Now that registered portal is not yours. The Registered portal is a separate company that's advertised through a third party. Right. So I mean, that's been put together and approved by FINRA. So because it's been approved by FINRA, it has basically a license in order to be able to do these things. And there's a bunch of requirements that they need to do as well to make sure that somebody is there. Now the fees that a reg CF portal, oftentimes charges
can be about 10%. A 10% is a huge amount of money, basically that your investors are going to be losing that potential return. So I mean, if they were going to be making 20% IRR on the deal, now suddenly, because of a reg CF, it's now at like 10%. So it's a huge knock on, on the possibility to in order to do that. So bring CF really not a very good option in order to, to generate to maximize your, your offering. Almost always you're going to choose
Regulation D, it's the big gorilla. It's the most powerful one. And it's actually very, very workable to work with. So that's the very basics of syndication. So that's how it all works and how it kind of fits together. From a very high level. Obviously, we can go into a lot more details. And you'll see a lot more videos on my channel that break down into these in in quite a bit more detail. Now let's talk about
investor relationships and finding investors at all. When it comes to finding investors, there's really kind of two ways. And one thing that you've got to understand first is whether you're going to be under that Regulation D rule 506 B or rule 506 C. If you're under 506 B, you really have one choice as your basic mechanism in order to find investors and that's Going to your own internal network, finding out who you who in your network all those people that you know, everybody that you
know, are they interested in investing? Now you certainly do this under Reg D rule 506. C as well, because there's more investors, you know, wouldn't you want your friends and family to be able to invest challenges that they all have to be accredited investors at that point, if they're in that fight will succeed. So the basics place that we start, when it comes to finding investors is our own internal network, all the people that you know, if you think about the spheres of
influence. So if you think about sphere of influence, these are people you know. This is the people who you know, really well, these are your best friends, your your closing your family members, your closest acquaintances. And those people, you just pick up the phone and give them a call. Outside of that, are your business
contacts. These are people that you have have a relationship with in a business setting that you know that you can call up and say, hey, look, you know, we did that business, we did that deal. A while ago, I wanted to let you know that we're doing a real estate syndication, and I would love to talk to you about it. And then you'd go through it and discuss it with them. Alright, so that's your business context. That them maybe you pick up the phone and call them. Certainly, if you know them
pretty well. If you don't know them, if you haven't had a lot of dealings with them recently, maybe just start with an email that just says, Hey, we've lost touch, I'd like to get back in touch with you and talk to you about a few things. Outside of that business contacts, may be those acquaintances. Now the Queen's is starting to get into the area that you don't really
know them. So this is an area where you may want to build up that relationship as shored up before you specifically start talking about your syndication if you're doing a Reg D rule 506 B offering. So with those acquaintances, you'll basically kind of hey, I want to it's been a while since we've talked one to talk to you, you know, really just about let's talk about real estate investing and things like that. What ultimately you want to do is figure out two different tests that come to
whether you have a relationship with them. So these are these are the tests that the court uses in order to determine that the whether it's substantial enough in order to do a Reg D rule 506 B. So tests. The first one is do you understand them? Do you have enough of a relationship with them that you have a pretty good idea of to whether they when they decide to make an investment decision, that they're making a good
decision for themselves? That they're making a decision about something that ultimately that investment is suitable for them? Do you have that kind of relationship and understand them well enough to be able to help them with that? The second test is do they trust you? Now, this is from their point of view, do they have enough of a sense of who you are that they have enough trust? That essentially, if they had a question, they
could pick up the phone and give you a call? And have you know, go through a you know, I had a question about this, your marketing material or your private placement memorandum has said this? I don't understand what is this? You know, do they have enough of a relationship where they feel comfortable and feel comfortable in order to do that? If the answer is yes to
both of those got enough of a relationship? The answer is no to both of those or no to one of those, you probably don't have enough to be at that relationship to do take them in under a 506 b. Now you can bring them in, you can bring them up this scale in order to bring them closer to you in order to do the 506 B. And ultimately, those are the kinds of questions the kind of relationship you want to be building, understanding what they need an investment, understand what
their needs are, and then building that trust so that they feel comfortable with asking you those kinds of questions. Now once we start leaving a quick sentences obviously, we're in the world of advertising. And so doing the 506 B myths we call people you don't know. And so people you don't know can come in certainly under Rule 506 C, it happens mostly through advertising, where basically you have a not a good drive. Or basically you have a sales
funnel, people come in via ads. And maybe you give them a presentation. Then there's interest. And then there's a dialog. And then there's the materials. So they go through this process where they're getting to know your investment to be able to determine that it's suitable when they can see the ad. It's not suitable for them yet. They don't know yet. They you give them a presentation that's generic, you're talking to the world in a presentation manner, probably.
But it's still not personalized to them, you're not answering their individual questions, they raise their hand and say, Yes, I'm interested in them. But then then you start a dialogue. So
they set a meeting, you have that conversation. And then ultimately, you provide them the private placement memorandum, the operating agreement, the subscription agreement and investor questionnaire, so that they can begin to understand your investment very detailed, make a good choice for themselves, whether your investment is right for them, whether or not it is suitable. So once you go down that track, now suddenly, we need to identify well, at these
different stages at the different stages here. What do we need to be telling them? What does that communication need to be looking like? Right, what is the effective presentation that can move investors in order to do it will typically invest most sponsors and you will start with a pitch deck. So you'll start with basically an overview of what the property is, what the
fund looks like, how it basically works. And these don't need to be specific like into incredible detail, it needs to give them enough of an idea to be able to express their interest, in order to be able to give them the materials of the private placement memorandum, which has all of the details by dead. Now they should be completely congruent. So they need to be the they should match up. If you're promising, you know, a 20% IRR in one you should be discussing 20% IRR
target in your private placement memorandum. So they need to be congruent like that, but they don't need to be so specific. The most important thing about your effective presentation of those investment opportunities is making sure you're conveying to them what your founder investment theory is. So founder investment theory is the phrase that I use that I've come up with in order to describe what it is that you're talking to
your investors about. So founder investment theory, step one is identify what the overall strategy is, when we're talking about real estate, we're talking about different strategies such as value add a stabilized depreciation, play a development play, something like that re tenanting Those that's your general strategy that you're taking. Underneath that is your philosophy and your criteria, also known as your tactics, and their you may be targeting a specific asset type, or maybe
you're targeting a specific kind of geographical region. What is it that that makes that special? Now this in of itself is not enough to convince an investor right? So you can't say well, we're going to buy value add multifamily buildings and and get and think that you're going to get investors because you're probably not you haven't done all the work yet. But once the you say do that, now, you need to come up with your risk profile, where do you sit in terms of risk profile, because
your investors have different risk tolerances, right. So risk tolerance is they like very, very low risk or they like very, very high risk, high risk, high return, Low risk, low return, and you can't really cross the line between doing a low risk, high return thing big great if there was such an investment, but generally, the belief is that from people that there's not, so if I take a high return deal to a very, very low risk person, they're not going to invest, because they're going to
smell something off, they're gonna know that there's, they're gonna think there's some sort of scam going on, because you don't get those kinds of returns from a low risk deal. Likewise, you can't take a low risk deal to a low return deal to a high risk person, they're not going to take a very risky project and get a low return, that's just not their bellowing, they want those huge grand slams in order to do it. So you need to understand where that risk profile is. And then ultimately,
number four is you got to have a good story. People make decisions about what to invest in based on emotions, and then they apply to those emotions, rationality, that is how investment decisions are made. Without that story, and I'm not talking about a fictionalized story, I'm talking about something that people can emotionally get their arms around and feel good about and want to be a part of. That's how
you do it. Once you've got your fit, once you've got those four parts understood, and you can convey it into a story that makes sense for investors and can move them emotionally, you've got a very compelling investment opportunity that you can now present in an appropriate way. So you've been looking, you've been finding investors, you're presenting all
those things to them. And now is the big part where you need to actually be acquiring, you need to commit to the doing this property or this fund of properties, you need to commit to your investors and say we're doing this I'm going to be calling you for to make sure that you have all those materials. So you can make an investment decision.
Now, two different things happen at the same time, you have the purchase of your real estate that's going on on one track, right, so the you're going to be doing your due diligence, your risk assessment, making sure it's the kind of property that really is something that you want to be putting your name to
as an investment. You want to be able to tell your friends, think about it, if you're if your grandma was going to be investing in this property is something that you can sign your name to and say, yep, I promise you this is as good as it's gonna get. This is a great property, we really believe it's going to do amazing things. And I hope you come along with it. Or is it the kind of thing where it just smells bad and you're trying to shovel it? If it does, don't do it? It's not worth it.
There are other deals out there that are grand slams, that are amazing deals that you want to be a part of? Do those don't do the smelly ones? So you've got those going on one track? So you're also looking at, well, what's the best way that we can structure this from a purchasing standpoint? If you're going to a bank? How are you going to finance it, they're probably
going to want to know about your investors, you tell them? No, we because we don't have a single investor who has over 20% of interest other than meets, they're not going to be disclosed. They're just limited partners. And the bank's, most of the time will go along with it. Certainly, if you get your syndication attorney on the phone, like I do every week, with banks, give me a call. And we can get that all straightened out for you so that you can do the financing that you need to
do and still not have to disclose your investor. So you're doing that deal on the one track. The second track that's going on at the same time is the regulatory compliance, the security stuff, this is where I come into play. So as a securities attorney, what I do is I make sure that you're in compliance. Now we make sure your entities are formed, right,
with that structure that we talked about. We draft what's called the private placement memorandum, the private placement memorandum, we go through in detail, all those things that are necessary for your investors to make a good decision about whether or not they should invest, what the basic terms are, like what distributions are supposed to look like, whether there's going to be any ability to do capital calls, whether or not whether or not they have voting rights, all
those things are necessary for them to know. But it's also important that they understand the risks of the investment. It's an investment. It has inherent risks. They gotta understand that because if something goes wrong, you don't want them calling you up and saying, Well, you never told me I could lose my money. Because you told them in the PPM you're covered. So that's why we make sure we cover those rare risks that are that have some reasonable likelihood of
occurring and and conveying those to them. Also, in every syndication, there are conflicts of interest, you're making money. By putting this investment together, you have a vested stake on that you have of your very own, on whether or not this succeeds at what level, you probably will make more money if you sell the properties at one time versus another time. And those may be different than the best interests of your
investors. So your investors need to know, hey, there are conflicts of interest, here's what they are, make a good decision, I'm gonna do my best for you, but make your good decision for yourself. So whether or not to invest. So those sorts of things go into the private placement memorandum. Now, because these are formed as LLC is the entities themselves are formed his LLC season, whichever jurisdiction is the most appropriate than an LLC is
governed by a document called the operating agreement. An operating agreement is the rules for the road of how these things work in themselves. So what it what is necessary, what, you know, what the rules are a when an investor wants out, what does that look like, when management fees get paid? What does that look like? How does distributions happen? How does the capital accounts work, all those things take place within the operating agreement. Then there's a subscription
agreement. This is where your investors formally sign on to your investment. In exchange for this $100,000, you're going to get 100 units of XYZ fund. So that's what it what the subscription agreement does, it also provides several promises from the sin from the investor, things like I received a PPM, I
am able to make this investment. I've been forthcoming on whether I'm an accredited investor and things like that, which only protect you more, we also do an investor questionnaire, which also puts together the the basic information that you are going to need as a syndicator, from your investors. So things that are going to be necessary for tax time, but also things that comply with anti money laundering laws and know your customer laws. So a syndication attorney can help put all that
together. Can you do it on your own? Sure, you can. But why would you, I mean, for a small price to be paid, which is paid for by the, by the investors anyway, they get really reimburse you for this cost, you get all this level of protection. But you can theoretically do this for yourself, you can write a private placement memorandum, you just got to make sure that there's no conflicts that all this stuff that's necessary to be in a PPM is accurately and
adequately portrayed to all of your investors. If there's one missing piece, the whole thing can crumble like a house of cards, suddenly, now you owe all of your investors money back instantly. And that's a very, very bad thing. Criminal penalties can ensure in some cases, certainly civil penalties, and that problem of having to give you all the money back, we call that the right of rescission that your investors may have, if there is a huge mistake that's made in the ppm
or in the operating agreement for that matter. So that's what a syndication attorney can do. What also a syndication attorney can do, at least what my firm does, is we make sure that you have every opportunity to be successful. So me personally, I've done hundreds and hundreds and hundreds of deals for my clients. And I've done many, many deals for myself as well.
So I think I'm the only real estate syndication attorney out there who's actively doing deals today, who's got the experience, not only from a theoretical point of view, a legal point of view, but I've been in the trenches. I've sat across from investors and talk to them about things. I've had all the questions asked of me. I've asked had investors asked me about what why do you have this in there? Why do you have this in there, and I've had to explain it, to make sure that
ultimately, I want them to invest. And ultimately, I want them to make money. And I've felt that pressure. And I think that's a huge benefit that our clients get from it as well. And so you can use me as a resource to bounce questions off of us talk about marketing, how are we going to market this to investors? How are we going to do this with investors? Investors ask questions, you know, we're there to answer those questions. So that's the additional benefit that my firm
provides our clients as well. So that That's under the whole legal and regulatory compliance piece. Now, certainly, as part of that process, you're going to need to explain what's very important to you and your investors is exactly how did the finances work, and how does profit distribution work. So there we go into a lot of detail in other videos about how to do this. But what the basic idea is, is you'll probably be paying your investors in your first set of deals, some sort of amount of
equity. So they're going to get some piece of actual ownership of the whole thing, and they collect profits from. So typically, what this will look like is you will have a what's called a waterfall, profits come in most of the time, there will be a preferred return. And now, I'm just going to put numbers here because it doesn't, these are just, you know, occasionally, some, some sponsors do it this way, others may choose completely different numbers. So you made choose a
preferred return of 8%. That means that the of the very first amount of money that's available, 8% of the amount of money that's been invested on an annualized basis goes back to your investors, which leaves some more money leftover, right? Then out of that we saw here is a bucket, that's an additional pool of money that's leftover. Here, it's split. Between investors. And sponsors. And that number may be 70% 30%. Just as a rough
idea. That's a very basic waterfall. Again, I have other videos that go into a lot more detail about exactly how waterfalls work. So that's one aspect of how profits are divided now for you, you also care about another thing probably, you know, there is proud there is not only those, those profits, that gets split out, but there's also fees to be made. So typically, there's a number of set fees that happen.
Most commonly there will be an asset management fee. The asset management fee, often times is somewhere around 2% of the amount of money that's raised. So the total capital account, then there will be a property management fee, which may be paid to you. If you're doing the property management, or if you're hiring a third party, it just goes out to them. There
will be an acquisition fee. For the work that goes into buying the property, right, buying a property takes a lot of work not only from the real estate agents in the finance team, but you are going to be putting in a lot of work in order to complete the acquisition. And likewise, there's also oftentimes a disposition fee. That covers the, you know, preparing the property for sale. So putting all the due diligence materials,
things like that. Occasionally, there's also a finance fee. And that's for the work that goes into basically signing on a loan and promising becoming a guarantor on the loan, that's worth something. And so typically, they might not typically, a lot of times there will be a finance fee. So put together we've got profits, and we've got our splits is what we normally call them in the trade and fees, fees come out first, those are expenses that always get paid back before any
profits. And then comes the split. One thing I want to stress here in we talked about this a little bit in conflicts of interest. And what happens in splits, really across the board is the importance of ethics and the importance of your role to your investors. Look, these are people who are trusting you with a lot of money in order to make them money. You can't promise that you're going to make them money, but you can promise that you'll work your darndest to make sure that you do and that's
what they expect from you. So they may not necessarily they certainly want you to succeed did, but they also want you to try really hard to succeed. The most important thing is that you're there and that you communicate that you're an active, you are truly an active sponsor, it's somebody that they can call up, if they have any questions, they want to not only trust you, and when they make that give you the money, they
want to trust you at the end of the deal. And it'd be better if they trust you more, not only because these are people and that that's what you do. But also, just from a, from a purely materialistic standpoint, these are the people who are also going to be investing in your next deal. So you want to build that trust, you know, the best situation is you keep making people money, or you keep treating them perfectly, like wonderful investors, the great investors that they are, that's
what you want to do. You want your investors to feel good about investing throughout the entire investment. And so you do just do the right thing. I mean, we could go through the the fiduciary duties, and I have videos that talked about the fiduciary duties that you owe investors, the reality is, do the right thing and talk to them a lot. That's really what it boils down to, if you do those two things, 99.9% of it gets taken care of do the right thing, communicate a lot, treat
them the way that they should be treated. And you're not going to have any issues as it relates to, to ethics or in taking care of your investor interests. Almost always right. There always can be somebody who gets a little upset about something, something that never even happened, perhaps we can't help that we can just do our best. And that's what the vast, vast, vast majority of investors want is work really, really hard for them work really hard to make them money, and really try to
make them money. If you work really hard at it, the odds are so tipped in your favor that you're going to be successful, it's almost certain that you're going to be successful, as long as you do really good work for them. And they're going to see it and they're going to appreciate it. And there'll be your investors in the next deal, and the next deal and the next deal. And you'll both be making a lot of money together, which is perfect. That's exactly what you want from this relationship.
At the end of the day, you then close the deal. So you've you've run this deal for five years, seven years, three years, one month, whatever the duration is, you do all the things that are necessary in order to get your investors their money back to get them the returns that they've appreciated, and communicate with them about how proud you are of this syndication. Hopefully you are and the deal that you've done. And that's it. That's how you do a real estate syndication and
all the components that take place up in it. And I talked about this a little bit earlier, but my name is Tilden Moschetti. I am a syndication attorney with the Moschetti syndication Law Group. Now we call this video real estate syndication for dummies. I know you're not a dummy. And now certainly you know a lot more about syndication than you knew before you watch this video. So congratulations. Now look if we can be a part of your syndication journey, putting
together that first syndication, putting together that fun. I'm happy to work with new people I work with with the huge private equity funds with over $4 million. I also work with people who are putting together very small syndications. If I can be part of that journey for you and help you be successful, and ultimately, the more successful you are, the more you'll keep hiring me to do your second, third, fourth deal because you're making so much money. I'd love to be a part of that.
Please don't hesitate to give me a call