Latest / Master Passive Income Podcast Network / Unlocking the Secrets of Multifamily Syndication: Expert Insights - MPI Multifamily Commercial Real Estate Investing

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Unlocking the Secrets of Multifamily Syndication: Expert Insights - MPI Multifamily Commercial Real Estate Investing · Master Passive Income Podcast Network

• 1:17
  You're
• 1:17
  listening
• 1:17
  to
• 1:17
  the
• 1:18
  Master
• 1:18
  Passive
• 1:18
  Income
• 1:19
  Podcast
• 1:19
  Network.
• 1:23
  Hey
• 1:23
  guys.
• 1:23
  Welcome
• 1:24
  to
• 1:24
  the
• 1:24
  Master
• 1:25
  Passive
• 1:25
  Income
• 1:25
  Multifamily
• 1:26
  Podcast.
• 1:27
  Charles
• 1:27
  Seaman
• 1:27
  here
• 1:27
  with
• 1:28
  Erica
• 1:28
  McNew.
• 1:29
  And
• 1:29
  today
• 1:29
  we're
• 1:30
  going
• 1:30
  to
• 1:30
  be
• 1:30
  talking
• 1:30
  all
• 1:30
  about
• 1:31
  syndication
• 1:31
  structures
• 1:32
  and
• 1:33
  how
• 1:33
  you
• 1:33
  can
• 1:33
  use
• 1:33
  them.
• 1:34
  If
• 1:34
  you're
• 1:34
  interested
• 1:34
  in
• 1:35
  our
• 1:35
  Commercial
• 1:35
  Real
• 1:35
  Estate
• 1:36
  Success
• 1:36
  guide,
• 1:37
  text
• 1:37
  the
• 1:37
  word
• 1:37
  freedom
• 1:38
  to
• 1:38
  333777.
• 1:44
  Welcome
• 1:44
  to
• 1:45
  the
• 1:45
  Master
• 1:45
  Passive
• 1:46
  Income
• 1:46
  Multifamily
• 1:47
  Podcast
• 1:48
  where
• 1:48
  we
• 1:48
  guide
• 1:49
  you
• 1:49
  to
• 1:49
  invest
• 1:49
  in
• 1:50
  commercial
• 1:50
  real
• 1:50
  estate
• 1:50
  with
• 1:51
  a
• 1:51
  special
• 1:51
  focus
• 1:52
  on
• 1:52
  raising
• 1:53
  money
• 1:53
  from
• 1:54
  others
• 1:54
  to
• 1:54
  buy
• 1:54
  bigger
• 1:55
  and
• 1:55
  better
• 1:55
  deals.
• 1:56
  And
• 1:56
  now
• 1:57
  here
• 1:57
  are
• 1:57
  your
• 1:57
  hosts,
• 1:58
  Charles
• 1:58
  seaman
• 1:58
  and
• 1:59
  Erica
• 1:59
  McNew.
• 2:03
  Erica,
• 2:04
  we're
• 2:04
  going
• 2:04
  to
• 2:04
  talk
• 2:04
  about
• 2:04
  syndication
• 2:05
  today,
• 2:05
  so
• 2:06
  this
• 2:06
  might
• 2:06
  be
• 2:06
  a
• 2:06
  new
• 2:06
  topic
• 2:07
  for
• 2:07
  some
• 2:07
  of
• 2:07
  our
• 2:07
  listeners.
• 2:08
  What
• 2:08
  is
• 2:08
  syndication?
• 2:09
  Well,
• 2:09
  I
• 2:09
  guess
• 2:10
  basically
• 2:10
  where
• 2:10
  a
• 2:11
  bunch
• 2:11
  of
• 2:11
  people
• 2:11
  pull
• 2:12
  together
• 2:12
  money
• 2:12
  and
• 2:13
  that
• 2:13
  way
• 2:13
  they
• 2:13
  can
• 2:13
  buy
• 2:14
  larger
• 2:14
  multifamily
• 2:15
  properties
• 2:15
  totally
• 2:16
  is.
• 2:16
  You
• 2:17
  know,
• 2:17
  if
• 2:17
  you're
• 2:18
  anything
• 2:18
  like
• 2:18
  me,
• 2:19
  the
• 2:19
  first
• 2:19
  time
• 2:19
  I
• 2:19
  heard
• 2:20
  syndication,
• 2:20
  at
• 2:20
  least
• 2:20
  in
• 2:21
  this
• 2:21
  context,
• 2:22
  you
• 2:22
  know,
• 2:22
  it
• 2:23
  wasn't
• 2:23
  something
• 2:23
  I
• 2:23
  was
• 2:23
  familiar
• 2:24
  with.
• 2:24
  You
• 2:24
  know,
• 2:24
  when
• 2:24
  I
• 2:25
  think
• 2:25
  syndication,
• 2:26
  I
• 2:26
  think
• 2:26
  television,
• 2:27
  I've
• 2:27
  heard
• 2:27
  it
• 2:27
  in
• 2:28
  connection
• 2:28
  with
• 2:28
  like
• 2:28
  the
• 2:28
  mafia,
• 2:29
  but
• 2:29
  I
• 2:29
  never
• 2:29
  really
• 2:30
  heard
• 2:30
  it
• 2:30
  in
• 2:30
  terms
• 2:30
  of
• 2:30
  like,
• 2:31
  you
• 2:31
  know,
• 2:31
  real
• 2:32
  estate
• 2:32
  up
• 2:32
  until,
• 2:33
  you
• 2:33
  know,
• 2:33
  a
• 2:33
  decade
• 2:33
  or
• 2:34
  so
• 2:34
  ago.
• 2:34
  And
• 2:35
  syndication
• 2:36
  can
• 2:36
  be
• 2:36
  used
• 2:37
  for
• 2:37
  any
• 2:37
  investment.
• 2:37
  Just
• 2:38
  to
• 2:38
  be
• 2:38
  clear,
• 2:38
  it
• 2:38
  doesn't
• 2:38
  have
• 2:38
  to
• 2:39
  be
• 2:39
  for
• 2:39
  real
• 2:39
  estate.
• 2:39
  You
• 2:39
  can
• 2:39
  use
• 2:40
  it
• 2:40
  if
• 2:40
  you're
• 2:40
  going
• 2:40
  to
• 2:40
  be
• 2:40
  starting
• 2:40
  a
• 2:40
  tech
• 2:41
  company,
• 2:41
  you
• 2:41
  can
• 2:41
  use
• 2:41
  it
• 2:42
  for
• 2:42
  any
• 2:43
  business,
• 2:43
  but
• 2:43
  you're
• 2:44
  involving
• 2:44
  partners
• 2:45
  who
• 2:45
  are
• 2:45
  going
• 2:45
  to
• 2:45
  be
• 2:45
  the
• 2:45
  ones
• 2:46
  that
• 2:46
  are
• 2:46
  the
• 2:46
  sponsor
• 2:47
  or
• 2:47
  the
• 2:47
  general
• 2:47
  partners.
• 2:48
  They'll
• 2:48
  be
• 2:48
  the
• 2:48
  ones
• 2:49
  in
• 2:49
  charge
• 2:49
  of
• 2:49
  all
• 2:49
  the
• 2:49
  decision
• 2:50
  making.
• 2:50
  So
• 2:50
  they'll
• 2:51
  do
• 2:51
  the
• 2:51
  structuring
• 2:52
  of
• 2:52
  the
• 2:52
  investment.
• 2:53
  They'll
• 2:53
  do
• 2:53
  all
• 2:53
  the
• 2:54
  raising
• 2:54
  of
• 2:54
  the
• 2:55
  capital.
• 2:55
  They'll
• 2:55
  do
• 2:55
  the
• 2:55
  management.
• 2:56
  They'll
• 2:56
  make
• 2:56
  the
• 2:56
  ongoing
• 2:57
  decisions
• 2:58
  and
• 2:58
  they'll
• 2:58
  ultimately
• 2:58
  be
• 2:59
  responsible
• 2:59
  for
• 2:59
  the
• 3:00
  success
• 3:00
  or
• 3:00
  the
• 3:00
  failure
• 3:00
  of
• 3:01
  the
• 3:01
  investment.
• 3:01
  And
• 3:01
  then
• 3:02
  you
• 3:02
  have
• 3:02
  passive
• 3:03
  investors.
• 3:03
  A
• 3:03
  lot
• 3:03
  of
• 3:03
  times
• 3:04
  you'll
• 3:04
  hear
• 3:04
  them
• 3:04
  referred
• 3:04
  to
• 3:04
  as
• 3:05
  limited
• 3:05
  partners
• 3:05
  or
• 3:06
  LPs.
• 3:06
  With
• 3:06
  those,
• 3:07
  they're
• 3:07
  the
• 3:07
  ones
• 3:07
  who
• 3:07
  put
• 3:08
  up
• 3:08
  the
• 3:08
  money
• 3:08
  many
• 3:09
  times
• 3:09
  in
• 3:09
  these
• 3:09
  syndication
• 3:10
  investments.
• 3:10
  They're
• 3:11
  not
• 3:11
  going
• 3:11
  to
• 3:11
  have
• 3:11
  any
• 3:12
  decision
• 3:12
  making
• 3:13
  power
• 3:13
  in
• 3:13
  the,
• 3:13
  in
• 3:14
  the
• 3:14
  investment,
• 3:14
  how
• 3:14
  things
• 3:15
  are
• 3:15
  run,
• 3:15
  but
• 3:16
  they're
• 3:16
  going
• 3:16
  to
• 3:16
  receive
• 3:16
  the
• 3:16
  financial
• 3:17
  benefit
• 3:18
  and
• 3:18
  they'll
• 3:18
  be
• 3:18
  passive
• 3:19
  in
• 3:19
  nature.
• 3:19
  So
• 3:19
  that's
• 3:19
  typically
• 3:20
  how
• 3:20
  these
• 3:20
  investments
• 3:20
  are
• 3:21
  set
• 3:21
  up.
• 3:21
  So
• 3:22
  Eric,
• 3:22
  as
• 3:22
  we
• 3:23
  look
• 3:23
  into
• 3:23
  that,
• 3:24
  you
• 3:24
  know,
• 3:24
  what,
• 3:25
  what
• 3:25
  are
• 3:25
  we
• 3:25
  let's
• 3:26
  talk
• 3:26
  about
• 3:26
  the
• 3:26
  structure
• 3:26
  a
• 3:27
  little
• 3:27
  bit.
• 3:27
  So
• 3:27
  for
• 3:27
  somebody
• 3:27
  who's
• 3:28
  not
• 3:28
  familiar
• 3:28
  with
• 3:29
  these
• 3:29
  at
• 3:29
  all,
• 3:29
  what
• 3:29
  have
• 3:30
  you
• 3:30
  seen
• 3:30
  in
• 3:30
  different
• 3:31
  syndication
• 3:31
  Deals
• 3:31
  that
• 3:31
  you've
• 3:32
  been
• 3:32
  exposed
• 3:32
  to.
• 3:33
  So
• 3:33
  I
• 3:34
  see
• 3:34
  that
• 3:34
  there
• 3:34
  are
• 3:35
  general
• 3:35
  partners
• 3:35
  that
• 3:35
  will
• 3:35
  be
• 3:36
  raising
• 3:36
  capital
• 3:36
  for
• 3:37
  equity
• 3:38
  positions
• 3:38
  for
• 3:38
  the
• 3:38
  limited
• 3:39
  partners.
• 3:39
  And
• 3:40
  that
• 3:40
  can
• 3:41
  include
• 3:41
  raising
• 3:41
  capital
• 3:42
  for
• 3:42
  equity,
• 3:43
  even
• 3:43
  if
• 3:43
  debt
• 3:43
  is
• 3:44
  being
• 3:44
  assumed,
• 3:44
  which
• 3:45
  I
• 3:45
  have
• 3:45
  seen
• 3:45
  lately
• 3:46
  a
• 3:46
  little
• 3:46
  bit
• 3:46
  more
• 3:47
  often,
• 3:47
  I
• 3:47
  feel.
• 3:47
  And
• 3:47
  then
• 3:47
  you
• 3:48
  also
• 3:48
  have
• 3:48
  debt
• 3:49
  syndications
• 3:49
  where
• 3:49
  you're
• 3:50
  raising
• 3:50
  capital
• 3:50
  from
• 3:51
  the
• 3:51
  group
• 3:52
  of
• 3:52
  investors
• 3:53
  and
• 3:54
  that
• 3:54
  is
• 3:54
  the
• 3:55
  debt
• 3:55
  that
• 3:55
  they
• 3:55
  will
• 3:56
  own
• 3:56
  on
• 3:56
  the
• 3:56
  property.
• 3:57
  The
• 3:57
  property
• 3:58
  will
• 3:58
  be
• 3:58
  utilized
• 3:58
  as
• 3:59
  collateral.
• 3:59
  So
• 4:00
  I
• 4:00
  see
• 4:00
  equity
• 4:00
  and
• 4:00
  debt
• 4:01
  syndications,
• 4:02
  like
• 4:02
  I
• 4:02
  said,
• 4:02
  even
• 4:02
  on
• 4:03
  the
• 4:03
  equity
• 4:03
  syndication,
• 4:04
  sometimes
• 4:04
  they're
• 4:04
  actually
• 4:04
  assuming
• 4:05
  debt.
• 4:05
  Right.
• 4:06
  And
• 4:06
  a
• 4:07
  lot
• 4:07
  of
• 4:07
  times
• 4:07
  with
• 4:07
  these
• 4:07
  syndication
• 4:08
  structures,
• 4:09
  there's
• 4:09
  usually
• 4:09
  a
• 4:10
  split
• 4:10
  of
• 4:10
  the
• 4:11
  partnership
• 4:12
  between
• 4:12
  the
• 4:13
  general
• 4:13
  partners
• 4:13
  and
• 4:13
  the
• 4:13
  limited
• 4:14
  partners.
• 4:14
  So
• 4:14
  that
• 4:14
  way
• 4:14
  there's
• 4:15
  some
• 4:15
  financial
• 4:16
  benefit
• 4:16
  for
• 4:16
  everybody.
• 4:17
  Many
• 4:17
  of
• 4:17
  them
• 4:18
  also
• 4:18
  include
• 4:18
  what's
• 4:19
  called
• 4:19
  the
• 4:19
  preferred
• 4:19
  return
• 4:20
  for
• 4:20
  limited
• 4:20
  partners.
• 4:21
  So
• 4:21
  the
• 4:21
  preferred
• 4:22
  return
• 4:22
  isn't
• 4:22
  a
• 4:23
  guarantee
• 4:23
  of
• 4:23
  payment.
• 4:24
  It
• 4:24
  means
• 4:24
  that
• 4:24
  if
• 4:25
  funds
• 4:25
  are
• 4:25
  available,
• 4:26
  those
• 4:26
  funds
• 4:26
  get
• 4:26
  paid
• 4:26
  to
• 4:27
  the
• 4:27
  investors
• 4:27
  before
• 4:28
  they
• 4:28
  go
• 4:28
  to
• 4:28
  the
• 4:29
  general
• 4:29
  partners.
• 4:29
  And
• 4:29
  that's
• 4:30
  the
• 4:30
  incentive
• 4:30
  of
• 4:31
  being
• 4:31
  a
• 4:31
  limited
• 4:31
  partner.
• 4:32
  That
• 4:32
  puts
• 4:32
  money
• 4:32
  in.
• 4:32
  Yep,
• 4:33
  absolutely.
• 4:34
  So
• 4:35
  let's
• 4:35
  talk
• 4:35
  about
• 4:36
  one
• 4:36
  of
• 4:36
  the
• 4:36
  more
• 4:36
  important
• 4:37
  aspects
• 4:37
  of
• 4:37
  a
• 4:37
  syndication
• 4:38
  deal.
• 4:38
  So
• 4:39
  that
• 4:39
  aspect
• 4:40
  is
• 4:40
  money.
• 4:40
  You
• 4:41
  need
• 4:41
  to
• 4:41
  have
• 4:42
  investors,
• 4:43
  and
• 4:43
  that's
• 4:43
  going
• 4:43
  to
• 4:43
  require
• 4:44
  you
• 4:44
  as
• 4:44
  the
• 4:45
  operator
• 4:45
  to
• 4:45
  go
• 4:45
  out
• 4:45
  there
• 4:45
  and
• 4:46
  build
• 4:46
  a
• 4:46
  strong
• 4:46
  investor
• 4:47
  network.
• 4:47
  So
• 4:48
  how
• 4:48
  do
• 4:48
  you
• 4:48
  find
• 4:49
  this
• 4:49
  is
• 4:49
  done
• 4:49
  most
• 4:49
  effectively?
• 4:50
  Erica?
• 4:51
  I
• 4:51
  find
• 4:52
  that
• 4:52
  people
• 4:53
  networking
• 4:54
  events
• 4:54
  have
• 4:54
  been
• 4:55
  phenomenal
• 4:55
  for
• 4:56
  me.
• 4:56
  I've
• 4:57
  met
• 4:57
  a
• 4:57
  lot
• 4:57
  of
• 4:57
  accredited
• 4:58
  investors
• 4:59
  at
• 4:59
  networking
• 5:00
  events
• 5:00
  and
• 5:01
  being
• 5:01
  on
• 5:02
  podcast,
• 5:02
  being
• 5:03
  co
• 5:03
  host
• 5:03
  on
• 5:03
  podcast
• 5:03
  is
• 5:04
  a
• 5:04
  great
• 5:04
  thing.
• 5:04
  Having
• 5:05
  your
• 5:05
  own
• 5:05
  podcast
• 5:05
  is
• 5:06
  amazing.
• 5:06
  I
• 5:06
  think
• 5:06
  that
• 5:07
  social
• 5:07
  media
• 5:07
  marketing
• 5:08
  is
• 5:08
  a
• 5:08
  really
• 5:09
  big
• 5:09
  one
• 5:09
  that's
• 5:09
  underutilized,
• 5:10
  especially
• 5:11
  for
• 5:11
  capital
• 5:11
  raising.
• 5:12
  I'm
• 5:12
  now
• 5:12
  seeing
• 5:13
  a
• 5:13
  lot
• 5:13
  of
• 5:13
  sponsored
• 5:13
  ads
• 5:14
  on
• 5:14
  Instagram,
• 5:15
  for
• 5:15
  instance,
• 5:15
  around
• 5:16
  capital
• 5:16
  raising
• 5:16
  for
• 5:16
  projects,
• 5:17
  which
• 5:17
  is
• 5:17
  interesting.
• 5:18
  So
• 5:18
  I
• 5:18
  think
• 5:19
  there's
• 5:19
  a
• 5:19
  lot
• 5:19
  of
• 5:19
  different
• 5:20
  avenues.
• 5:21
  Networking,
• 5:22
  investor
• 5:22
  meetups,
• 5:22
  I
• 5:23
  go
• 5:23
  to
• 5:23
  about
• 5:23
  6
• 5:23
  of
• 5:23
  those
• 5:24
  a
• 5:24
  month.
• 5:24
  I
• 5:24
  think
• 5:24
  those
• 5:24
  are
• 5:25
  really
• 5:25
  important,
• 5:25
  especially
• 5:26
  local
• 5:26
  ones,
• 5:26
  but
• 5:27
  really
• 5:27
  just
• 5:27
  networking
• 5:28
  and
• 5:28
  getting
• 5:28
  yourself
• 5:29
  out
• 5:29
  there
• 5:30
  and
• 5:30
  being
• 5:30
  present
• 5:31
  in
• 5:31
  those
• 5:31
  communities
• 5:32
  and
• 5:32
  being
• 5:33
  consistent
• 5:33
  in
• 5:33
  those
• 5:34
  communities
• 5:34
  is
• 5:35
  a
• 5:35
  really
• 5:35
  great
• 5:35
  way
• 5:36
  for
• 5:36
  people
• 5:36
  to
• 5:37
  come
• 5:37
  to
• 5:37
  you
• 5:37
  when
• 5:37
  they
• 5:37
  have
• 5:38
  opportunities
• 5:38
  and
• 5:38
  also
• 5:39
  for
• 5:39
  you
• 5:39
  to
• 5:39
  be
• 5:39
  able
• 5:39
  to
• 5:39
  raise
• 5:39
  capital
• 5:40
  for
• 5:40
  your
• 5:40
  own.
• 5:40
  Yeah.
• 5:41
  So
• 5:41
  social
• 5:42
  media,
• 5:42
  like
• 5:42
  you
• 5:42
  said,
• 5:43
  is
• 5:43
  really
• 5:43
  a
• 5:43
  big
• 5:43
  one
• 5:44
  nowadays.
• 5:44
  And
• 5:44
  I
• 5:44
  think
• 5:44
  you
• 5:45
  do
• 5:45
  see
• 5:45
  a
• 5:45
  lot
• 5:45
  of
• 5:45
  groups
• 5:46
  use
• 5:46
  that.
• 5:46
  But,
• 5:46
  you
• 5:46
  know,
• 5:47
  there's
• 5:47
  always
• 5:47
  ways
• 5:47
  to
• 5:47
  utilize
• 5:48
  it
• 5:48
  more
• 5:49
  and
• 5:49
  maybe
• 5:49
  more
• 5:49
  effectively
• 5:50
  and
• 5:50
  efficiently.
• 5:51
  You'll
• 5:51
  see
• 5:51
  a
• 5:52
  lot
• 5:52
  of
• 5:52
  groups,
• 5:52
  I
• 5:52
  think,
• 5:53
  aim
• 5:53
  to
• 5:53
  have
• 5:53
  a
• 5:53
  presence
• 5:53
  in
• 5:54
  there
• 5:54
  because
• 5:54
  today
• 5:55
  it's
• 5:55
  all
• 5:55
  about
• 5:55
  content.
• 5:56
  And
• 5:56
  when
• 5:56
  you're
• 5:57
  out
• 5:57
  there,
• 5:57
  you
• 5:57
  have
• 5:57
  to
• 5:57
  create
• 5:58
  content,
• 5:58
  so
• 5:58
  that
• 5:58
  way
• 5:58
  you're
• 5:58
  staying
• 5:59
  relevant,
• 5:59
  you're
• 5:59
  staying
• 6:00
  on
• 6:00
  top
• 6:00
  of
• 6:00
  people's
• 6:00
  minds.
• 6:01
  And
• 6:01
  by
• 6:02
  having
• 6:02
  that
• 6:02
  content,
• 6:03
  it
• 6:03
  allows
• 6:03
  people
• 6:03
  to
• 6:04
  connect
• 6:04
  with
• 6:04
  you,
• 6:04
  even
• 6:04
  if
• 6:04
  they're
• 6:05
  not
• 6:05
  connecting
• 6:05
  with
• 6:05
  you
• 6:05
  directly.
• 6:06
  You
• 6:06
  know,
• 6:06
  for
• 6:07
  me
• 6:07
  personally,
• 6:07
  things
• 6:08
  I
• 6:08
  realize
• 6:08
  is
• 6:09
  that
• 6:09
  people
• 6:09
  that
• 6:09
  have
• 6:10
  reached
• 6:10
  out
• 6:10
  to
• 6:10
  me,
• 6:10
  some
• 6:11
  of
• 6:11
  them
• 6:11
  have
• 6:11
  followed
• 6:11
  me
• 6:11
  for
• 6:11
  years,
• 6:12
  and
• 6:12
  I
• 6:12
  have
• 6:12
  no
• 6:12
  idea
• 6:12
  who
• 6:12
  they
• 6:13
  are,
• 6:13
  and
• 6:13
  they
• 6:13
  haven't
• 6:14
  said
• 6:14
  anything,
• 6:14
  you
• 6:14
  know,
• 6:15
  but
• 6:15
  they
• 6:15
  reach
• 6:16
  out
• 6:16
  on
• 6:16
  their
• 6:16
  own
• 6:16
  time
• 6:17
  when
• 6:17
  they're
• 6:17
  ready
• 6:17
  to.
• 6:18
  Now,
• 6:18
  if
• 6:18
  you're
• 6:18
  just
• 6:18
  starting
• 6:19
  out,
• 6:19
  that's
• 6:19
  not
• 6:20
  gonna
• 6:20
  happen
• 6:20
  on
• 6:20
  day
• 6:20
  one.
• 6:21
  So
• 6:21
  keep
• 6:21
  that
• 6:21
  in
• 6:21
  mind.
• 6:22
  You
• 6:22
  gotta
• 6:22
  go
• 6:22
  out
• 6:22
  there
• 6:23
  and
• 6:23
  do
• 6:23
  something
• 6:23
  to
• 6:23
  attract
• 6:24
  people
• 6:24
  to
• 6:24
  you.
• 6:25
  But
• 6:25
  if
• 6:25
  you
• 6:25
  stick
• 6:26
  with
• 6:26
  this,
• 6:26
  you
• 6:26
  know,
• 6:27
  eventually
• 6:27
  you'll
• 6:27
  find
• 6:27
  that
• 6:27
  some
• 6:28
  people
• 6:28
  gravitate
• 6:28
  to
• 6:28
  you
• 6:29
  because
• 6:29
  they
• 6:29
  see
• 6:29
  the
• 6:29
  content,
• 6:30
  they
• 6:30
  see
• 6:30
  the
• 6:30
  messaging,
• 6:31
  and
• 6:31
  ultimately
• 6:31
  they
• 6:32
  see
• 6:32
  that
• 6:32
  that
• 6:32
  content
• 6:32
  and
• 6:33
  that
• 6:33
  messaging
• 6:33
  hits.
• 6:34
  All
• 6:34
  of
• 6:34
  it
• 6:34
  resonates
• 6:35
  with
• 6:35
  them.
• 6:35
  So
• 6:35
  it
• 6:35
  makes
• 6:35
  them
• 6:36
  feel
• 6:36
  a
• 6:36
  certain
• 6:37
  way
• 6:37
  and
• 6:37
  they
• 6:37
  want
• 6:37
  to
• 6:37
  connect
• 6:37
  with
• 6:38
  you.
• 6:38
  Absolutely.
• 6:39
  Providing
• 6:40
  value
• 6:40
  and
• 6:41
  education
• 6:41
  on
• 6:42
  your
• 6:42
  social
• 6:42
  media
• 6:42
  platforms
• 6:43
  is.
• 6:44
  That's
• 6:44
  something
• 6:44
  that
• 6:44
  people
• 6:45
  really
• 6:45
  latch
• 6:45
  onto
• 6:46
  and
• 6:46
  appreciate,
• 6:47
  and
• 6:47
  it
• 6:47
  comes
• 6:48
  off,
• 6:48
  you
• 6:48
  know,
• 6:49
  humble
• 6:49
  many
• 6:49
  times.
• 6:50
  And
• 6:50
  that
• 6:51
  is
• 6:51
  something,
• 6:51
  I
• 6:51
  think,
• 6:51
  that
• 6:52
  builds
• 6:52
  community.
• 6:53
  And
• 6:53
  if
• 6:53
  you
• 6:53
  can
• 6:53
  build
• 6:54
  community
• 6:54
  through
• 6:55
  your
• 6:55
  branding
• 6:55
  on
• 6:56
  social
• 6:56
  media
• 6:56
  platforms,
• 6:57
  that
• 6:57
  is
• 6:58
  really
• 6:58
  powerful
• 6:58
  when
• 6:59
  it
• 6:59
  comes
• 6:59
  down
• 6:59
  to
• 6:59
  needing
• 7:00
  investors
• 7:00
  for
• 7:00
  your
• 7:00
  projects.
• 7:01
  Right.
• 7:02
  And
• 7:02
  another
• 7:02
  way
• 7:02
  is
• 7:03
  track
• 7:03
  record.
• 7:03
  So
• 7:03
  when
• 7:04
  you.
• 7:04
  When
• 7:04
  you're
• 7:04
  starting
• 7:04
  out,
• 7:05
  nobody
• 7:05
  has
• 7:05
  a
• 7:05
  track
• 7:06
  record.
• 7:06
  We
• 7:06
  all
• 7:06
  have
• 7:06
  to
• 7:06
  start
• 7:07
  from
• 7:07
  ground
• 7:08
  zero
• 7:08
  and
• 7:08
  we
• 7:08
  build
• 7:08
  up.
• 7:09
  And
• 7:10
  once
• 7:10
  you
• 7:10
  have
• 7:10
  that
• 7:10
  track
• 7:11
  record,
• 7:11
  it
• 7:11
  certainly
• 7:12
  helps.
• 7:12
  Something
• 7:13
  that
• 7:13
  I've
• 7:13
  seen
• 7:13
  personally
• 7:14
  is
• 7:14
  like,
• 7:14
  you
• 7:14
  know,
• 7:14
  I
• 7:14
  say
• 7:15
  every
• 7:15
  time
• 7:15
  you
• 7:16
  close
• 7:16
  a
• 7:16
  new
• 7:16
  deal,
• 7:16
  it's
• 7:17
  almost
• 7:17
  like
• 7:18
  leveling
• 7:18
  up
• 7:18
  in
• 7:18
  a
• 7:18
  video
• 7:19
  game.
• 7:19
  Right.
• 7:19
  So,
• 7:19
  you
• 7:19
  know,
• 7:19
  you
• 7:20
  kind
• 7:20
  of
• 7:20
  gain
• 7:21
  another
• 7:21
  experience
• 7:21
  level.
• 7:22
  You're
• 7:22
  moving
• 7:22
  up,
• 7:23
  and
• 7:23
  all
• 7:23
  of
• 7:23
  a
• 7:24
  sudden,
• 7:24
  doors
• 7:24
  that
• 7:25
  may
• 7:25
  even
• 7:25
  close
• 7:25
  to
• 7:25
  you
• 7:25
  at
• 7:26
  one
• 7:26
  point
• 7:26
  open
• 7:27
  up.
• 7:27
  Absolutely.
• 7:28
  I'm
• 7:28
  very
• 7:28
  good
• 7:29
  at
• 7:29
  making
• 7:29
  sure
• 7:29
  to
• 7:29
  update
• 7:30
  my
• 7:30
  resume.
• 7:31
  I
• 7:31
  actually
• 7:32
  have
• 7:32
  a
• 7:32
  business
• 7:33
  card
• 7:33
  that
• 7:33
  has
• 7:33
  a
• 7:33
  QR
• 7:34
  code
• 7:34
  on
• 7:34
  it
• 7:34
  that
• 7:34
  goes
• 7:35
  directly
• 7:35
  to
• 7:35
  my
• 7:35
  resume
• 7:36
  so
• 7:36
  that
• 7:36
  I
• 7:36
  can
• 7:37
  hand
• 7:37
  that
• 7:37
  out
• 7:37
  to
• 7:37
  potential
• 7:38
  investors
• 7:38
  so
• 7:39
  they
• 7:39
  can
• 7:39
  see
• 7:39
  the
• 7:39
  track
• 7:39
  record
• 7:40
  I've
• 7:40
  currently
• 7:40
  built.
• 7:41
  It's
• 7:41
  always
• 7:41
  being
• 7:41
  updated,
• 7:42
  obviously,
• 7:42
  as
• 7:42
  I
• 7:43
  go.
• 7:43
  And
• 7:44
  having
• 7:44
  something
• 7:44
  like
• 7:45
  a
• 7:45
  biography,
• 7:45
  a
• 7:45
  resume,
• 7:46
  or
• 7:46
  something
• 7:47
  about
• 7:47
  yourself
• 7:48
  and
• 7:48
  what
• 7:48
  you're
• 7:48
  doing,
• 7:49
  I
• 7:49
  think
• 7:49
  is
• 7:49
  always
• 7:49
  important,
• 7:50
  too,
• 7:50
  to
• 7:50
  create
• 7:51
  that
• 7:51
  instant
• 7:51
  credibility.
• 7:52
  Totally.
• 7:53
  So
• 7:54
  aside
• 7:54
  from
• 7:54
  the
• 7:54
  investor
• 7:55
  network,
• 7:55
  you
• 7:55
  need
• 7:55
  something
• 7:56
  to
• 7:56
  put
• 7:56
  in
• 7:56
  front
• 7:56
  of
• 7:56
  them.
• 7:57
  Right.
• 7:57
  So
• 7:57
  you
• 7:57
  need
• 7:58
  a
• 7:58
  compelling
• 7:59
  investment
• 7:59
  pitch.
• 8:00
  Absolutely.
• 8:01
  And
• 8:01
  any
• 8:01
  deal
• 8:02
  or
• 8:02
  any
• 8:02
  investment
• 8:03
  Always
• 8:03
  has
• 8:03
  to
• 8:03
  have
• 8:03
  a
• 8:04
  story.
• 8:04
  Right.
• 8:04
  Because
• 8:04
  people
• 8:05
  want
• 8:05
  the
• 8:05
  story.
• 8:06
  Do
• 8:06
  you
• 8:06
  agree
• 8:06
  with
• 8:06
  that,
• 8:06
  Erica?
• 8:07
  Absolutely,
• 8:08
  I
• 8:08
  do.
• 8:09
  And
• 8:09
  the
• 8:09
  more
• 8:09
  that
• 8:09
  you
• 8:10
  can
• 8:10
  communicate
• 8:10
  that
• 8:11
  story
• 8:12
  within
• 8:12
  your
• 8:12
  offering
• 8:13
  memorandum,
• 8:13
  which
• 8:13
  is
• 8:14
  basically
• 8:14
  like
• 8:14
  your
• 8:14
  flyer
• 8:15
  which
• 8:15
  you'll
• 8:15
  be
• 8:15
  giving
• 8:16
  to
• 8:16
  potential
• 8:16
  investors
• 8:17
  initially,
• 8:18
  I
• 8:18
  think
• 8:18
  that
• 8:18
  it
• 8:19
  helps
• 8:19
  to
• 8:20
  streamline
• 8:20
  the
• 8:21
  amount
• 8:21
  of
• 8:21
  consultations
• 8:22
  you're
• 8:22
  able
• 8:22
  to
• 8:22
  get
• 8:22
  with
• 8:22
  those
• 8:23
  investors
• 8:23
  and
• 8:23
  then
• 8:24
  therefore
• 8:24
  streamline
• 8:25
  the
• 8:25
  amount
• 8:25
  of
• 8:25
  money
• 8:25
  you're
• 8:26
  able
• 8:26
  to
• 8:26
  help
• 8:26
  raise
• 8:27
  for
• 8:27
  that
• 8:27
  project.
• 8:28
  So
• 8:28
  a
• 8:29
  really
• 8:29
  decent
• 8:29
  offering
• 8:30
  memorandum,
• 8:30
  I
• 8:30
  agree,
• 8:30
  is
• 8:31
  so
• 8:31
  important.
• 8:31
  Yeah.
• 8:32
  And,
• 8:32
  you
• 8:32
  know,
• 8:33
  there's
• 8:33
  so
• 8:33
  many
• 8:34
  different
• 8:34
  ways
• 8:34
  you
• 8:34
  can
• 8:34
  structure
• 8:35
  them.
• 8:35
  Right.
• 8:35
  So
• 8:35
  I've
• 8:36
  been
• 8:36
  with
• 8:36
  some
• 8:36
  people
• 8:36
  that
• 8:37
  put
• 8:37
  together
• 8:37
  these
• 8:38
  offering
• 8:38
  memorandums
• 8:39
  like
• 8:39
  they're.
• 8:39
  They're
• 8:39
  almost
• 8:39
  like
• 8:40
  books
• 8:40
  and
• 8:41
  they
• 8:41
  have
• 8:41
  a
• 8:41
  lot
• 8:41
  of
• 8:41
  words
• 8:42
  and
• 8:42
  they're
• 8:42
  very
• 8:42
  thick.
• 8:42
  You
• 8:43
  know,
• 8:43
  they
• 8:43
  probably
• 8:43
  have
• 8:43
  a
• 8:43
  lot
• 8:43
  of
• 8:44
  information
• 8:44
  that
• 8:44
  most
• 8:44
  people
• 8:44
  aren't
• 8:45
  truly
• 8:45
  taking
• 8:45
  the
• 8:45
  time
• 8:46
  to
• 8:46
  read.
• 8:46
  I've
• 8:46
  seen
• 8:47
  other
• 8:47
  ones
• 8:47
  where
• 8:48
  they're
• 8:48
  almost
• 8:48
  always.
• 8:49
  Photo
• 8:49
  is
• 8:49
  almost
• 8:49
  like
• 8:50
  kindergarten
• 8:50
  level.
• 8:51
  But
• 8:52
  the
• 8:52
  thing
• 8:52
  is,
• 8:53
  at
• 8:53
  the
• 8:53
  end
• 8:53
  of
• 8:53
  the
• 8:53
  day,
• 8:53
  they
• 8:54
  can
• 8:54
  both
• 8:54
  be
• 8:54
  effective.
• 8:55
  It
• 8:55
  just
• 8:55
  depends
• 8:55
  on
• 8:55
  what
• 8:55
  your
• 8:56
  style
• 8:56
  is
• 8:57
  and
• 8:57
  what
• 8:57
  works
• 8:57
  for
• 8:57
  you.
• 8:57
  So
• 8:58
  you
• 8:58
  gotta
• 8:58
  figure
• 8:58
  out
• 8:58
  what
• 8:58
  that
• 8:58
  Right.
• 8:59
  Mix
• 8:59
  is.
• 8:59
  Absolutely.
• 9:00
  I've
• 9:00
  even
• 9:01
  seen
• 9:01
  offering
• 9:01
  memorandums
• 9:02
  within
• 9:02
  a
• 9:03
  group
• 9:03
  of
• 9:03
  general
• 9:04
  partners
• 9:04
  where
• 9:04
  one
• 9:05
  of
• 9:05
  the
• 9:05
  general
• 9:05
  partners
• 9:05
  had
• 9:06
  a
• 9:06
  personal
• 9:06
  brand
• 9:07
  through
• 9:08
  his
• 9:08
  network
• 9:08
  and
• 9:09
  through
• 9:09
  social
• 9:09
  media
• 9:09
  marketing,
• 9:10
  actually,
• 9:10
  and
• 9:10
  he
• 9:11
  chose
• 9:11
  to
• 9:12
  rebrand
• 9:13
  the
• 9:13
  offering
• 9:13
  memorandum
• 9:14
  for
• 9:15
  his
• 9:15
  specific
• 9:15
  audience
• 9:16
  of
• 9:16
  investors
• 9:16
  that
• 9:17
  he
• 9:17
  knew
• 9:17
  he'd
• 9:17
  be
• 9:17
  reaching
• 9:17
  out
• 9:18
  to.
• 9:18
  So
• 9:19
  making
• 9:19
  sure
• 9:20
  to
• 9:20
  put
• 9:20
  that
• 9:21
  thought
• 9:21
  and
• 9:21
  that
• 9:21
  detail
• 9:22
  into
• 9:22
  your
• 9:22
  original
• 9:23
  offering
• 9:23
  piece
• 9:23
  is
• 9:24
  definitely
• 9:24
  something
• 9:25
  that
• 9:25
  just
• 9:25
  helps
• 9:25
  make
• 9:25
  the
• 9:26
  whole
• 9:26
  process
• 9:26
  smooth.
• 9:27
  Now,
• 9:27
  keep
• 9:27
  in
• 9:27
  mind,
• 9:28
  in
• 9:28
  addition
• 9:28
  to
• 9:28
  that,
• 9:29
  you're
• 9:29
  also
• 9:29
  going
• 9:29
  to
• 9:29
  need
• 9:29
  all
• 9:29
  of
• 9:30
  your
• 9:30
  offering
• 9:31
  documents.
• 9:31
  So
• 9:31
  you're
• 9:31
  going
• 9:31
  to
• 9:31
  need.
• 9:32
  You'll
• 9:32
  need
• 9:33
  all
• 9:33
  of
• 9:33
  those
• 9:33
  things
• 9:34
  legally.
• 9:35
  You
• 9:35
  have
• 9:35
  to
• 9:35
  give
• 9:35
  those
• 9:35
  to
• 9:35
  people.
• 9:36
  When
• 9:36
  you
• 9:36
  present
• 9:36
  these
• 9:36
  opportunities
• 9:37
  to
• 9:37
  them,
• 9:37
  they
• 9:38
  have
• 9:38
  to
• 9:38
  have
• 9:38
  the
• 9:38
  opportunity
• 9:39
  to
• 9:39
  review
• 9:39
  all
• 9:40
  of
• 9:40
  the
• 9:40
  potential
• 9:40
  risks
• 9:41
  associated
• 9:41
  with
• 9:41
  the
• 9:41
  investment.
• 9:42
  And
• 9:42
  also
• 9:42
  you
• 9:43
  want
• 9:43
  to
• 9:43
  make
• 9:43
  sure
• 9:43
  people
• 9:44
  understand
• 9:44
  what
• 9:44
  they're
• 9:44
  investing
• 9:45
  in,
• 9:45
  because
• 9:45
  where
• 9:45
  syndicators
• 9:46
  get
• 9:46
  into
• 9:47
  problems
• 9:47
  is
• 9:48
  when
• 9:48
  they
• 9:48
  take
• 9:48
  money
• 9:48
  from
• 9:49
  somebody
• 9:49
  who
• 9:49
  doesn't
• 9:49
  truly
• 9:50
  understand
• 9:50
  what
• 9:50
  they're
• 9:50
  investing
• 9:51
  in.
• 9:51
  And
• 9:51
  then
• 9:51
  they
• 9:52
  realize
• 9:52
  down
• 9:52
  the
• 9:52
  line
• 9:52
  that,
• 9:53
  oh,
• 9:53
  maybe
• 9:53
  I
• 9:54
  shouldn't
• 9:54
  be
• 9:54
  investing
• 9:54
  in
• 9:54
  this.
• 9:55
  It's
• 9:55
  not
• 9:55
  the
• 9:55
  right
• 9:55
  fit
• 9:55
  for
• 9:55
  me.
• 9:56
  So
• 9:56
  you
• 9:57
  want
• 9:57
  to
• 9:57
  give
• 9:57
  them
• 9:57
  that
• 9:57
  opportunity
• 9:58
  to
• 9:58
  have
• 9:58
  those
• 9:58
  things
• 9:58
  on
• 9:59
  the
• 9:59
  front
• 9:59
  end.
• 9:59
  Yeah,
• 10:00
  absolutely.
• 10:01
  And
• 10:01
  also
• 10:01
  need
• 10:02
  clear
• 10:02
  communication.
• 10:02
  Right.
• 10:03
  So
• 10:03
  why
• 10:03
  is
• 10:03
  that
• 10:04
  important?
• 10:04
  Goodness,
• 10:05
  that
• 10:05
  just
• 10:05
  helps
• 10:06
  solve
• 10:06
  problems
• 10:07
  quickly
• 10:08
  and
• 10:08
  it
• 10:08
  helps
• 10:08
  prevent
• 10:09
  problems
• 10:09
  from
• 10:09
  popping
• 10:10
  up
• 10:10
  in
• 10:10
  the
• 10:10
  first
• 10:10
  place
• 10:11
  when
• 10:12
  you.
• 10:12
  I
• 10:12
  don't
• 10:12
  believe
• 10:13
  in
• 10:13
  over
• 10:13
  communication,
• 10:14
  I
• 10:14
  think
• 10:14
  there's
• 10:15
  no
• 10:15
  such
• 10:15
  thing.
• 10:15
  I
• 10:16
  think
• 10:16
  that
• 10:16
  in
• 10:16
  this
• 10:16
  situation,
• 10:17
  when
• 10:17
  you're
• 10:17
  taking
• 10:17
  money
• 10:18
  from
• 10:18
  somebody,
• 10:18
  there's.
• 10:18
  I
• 10:19
  think
• 10:19
  that
• 10:19
  regularly
• 10:20
  updating
• 10:20
  them
• 10:21
  proactively
• 10:22
  with
• 10:22
  what's
• 10:22
  happening
• 10:22
  with
• 10:23
  their
• 10:23
  money
• 10:23
  and
• 10:23
  their
• 10:23
  asset,
• 10:24
  I
• 10:24
  think
• 10:24
  is
• 10:24
  a
• 10:25
  great
• 10:25
  way
• 10:25
  to
• 10:25
  clearly
• 10:26
  communicate
• 10:26
  on
• 10:26
  the
• 10:26
  front
• 10:27
  end
• 10:27
  and
• 10:27
  avoid
• 10:28
  any
• 10:28
  miscommunications
• 10:29
  on
• 10:29
  the
• 10:29
  back
• 10:29
  end.
• 10:29
  Totally.
• 10:30
  Well,
• 10:30
  let's
• 10:31
  talk
• 10:31
  about
• 10:31
  managing
• 10:32
  investor
• 10:32
  relations.
• 10:33
  That
• 10:33
  kind
• 10:33
  of
• 10:33
  goes
• 10:33
  into
• 10:33
  our
• 10:34
  next
• 10:34
  point
• 10:34
  then.
• 10:35
  So
• 10:35
  you
• 10:35
  were
• 10:35
  talking
• 10:35
  about
• 10:36
  no
• 10:36
  such
• 10:36
  thing
• 10:36
  as
• 10:36
  over
• 10:37
  communication.
• 10:37
  So
• 10:38
  why
• 10:38
  are
• 10:39
  regular
• 10:39
  updates
• 10:39
  important?
• 10:40
  So
• 10:40
  as
• 10:41
  you
• 10:41
  are,
• 10:41
  especially
• 10:41
  if
• 10:42
  you're
• 10:42
  doing
• 10:42
  a
• 10:42
  value
• 10:42
  add
• 10:43
  strategy,
• 10:43
  as
• 10:43
  you're
• 10:44
  doing
• 10:44
  the
• 10:44
  construction
• 10:44
  of
• 10:45
  units,
• 10:45
  as
• 10:45
  you're
• 10:45
  doing
• 10:46
  adding,
• 10:46
  you
• 10:46
  know,
• 10:47
  operational
• 10:47
  efficiencies,
• 10:48
  you
• 10:48
  want
• 10:48
  to
• 10:48
  make
• 10:49
  sure
• 10:49
  that
• 10:49
  you're
• 10:49
  updating
• 10:50
  them
• 10:50
  consistently,
• 10:51
  as
• 10:51
  in
• 10:51
  your
• 10:51
  investors.
• 10:52
  And
• 10:53
  it's
• 10:53
  really
• 10:53
  a
• 10:54
  journey
• 10:54
  that
• 10:54
  you're
• 10:54
  taking,
• 10:55
  and
• 10:55
  you
• 10:55
  want
• 10:55
  to
• 10:55
  make
• 10:55
  sure
• 10:56
  that
• 10:56
  they
• 10:56
  feel
• 10:56
  like
• 10:56
  they're
• 10:57
  included
• 10:57
  on
• 10:57
  this
• 10:58
  journey.
• 10:58
  And
• 10:59
  part
• 10:59
  of
• 10:59
  that,
• 11:00
  think
• 11:00
  about
• 11:00
  that.
• 11:00
  If
• 11:00
  you're
• 11:00
  creating
• 11:01
  that,
• 11:01
  like,
• 11:01
  customer
• 11:02
  experience
• 11:02
  for
• 11:02
  them,
• 11:03
  essentially,
• 11:03
  then
• 11:04
  more
• 11:04
  than
• 11:04
  likely,
• 11:05
  especially
• 11:05
  should
• 11:06
  they
• 11:06
  receive
• 11:06
  the
• 11:06
  returns,
• 11:07
  they'll
• 11:07
  want
• 11:07
  to
• 11:07
  invest
• 11:07
  on
• 11:08
  the
• 11:08
  next
• 11:08
  project
• 11:09
  with
• 11:09
  you.
• 11:09
  And
• 11:09
  so
• 11:10
  looking
• 11:10
  at
• 11:10
  this
• 11:10
  as
• 11:11
  a
• 11:11
  relationship
• 11:11
  with
• 11:12
  your
• 11:12
  investor
• 11:12
  rather
• 11:13
  than
• 11:13
  just
• 11:13
  this
• 11:13
  transaction
• 11:14
  with
• 11:14
  them,
• 11:15
  I
• 11:15
  think
• 11:15
  is
• 11:15
  critical
• 11:16
  to
• 11:16
  the
• 11:16
  longevity
• 11:17
  of
• 11:17
  your
• 11:17
  business.
• 11:17
  It
• 11:18
  totally
• 11:18
  is.
• 11:18
  If
• 11:19
  you
• 11:19
  want
• 11:19
  repeat
• 11:20
  investors,
• 11:20
  you
• 11:20
  absolutely
• 11:21
  have
• 11:21
  to
• 11:21
  inform
• 11:21
  them
• 11:21
  on
• 11:21
  a
• 11:21
  regular
• 11:22
  basis.
• 11:22
  So
• 11:23
  that
• 11:23
  is
• 11:23
  also
• 11:23
  transparency.
• 11:25
  So
• 11:26
  there's
• 11:26
  times
• 11:26
  when
• 11:26
  things
• 11:27
  go
• 11:27
  wrong.
• 11:27
  Maybe
• 11:29
  you're
• 11:29
  short
• 11:29
  on
• 11:29
  money,
• 11:30
  maybe
• 11:30
  something's
• 11:30
  not
• 11:31
  going
• 11:31
  according
• 11:31
  to
• 11:31
  plan.
• 11:32
  So
• 11:32
  you
• 11:32
  want
• 11:32
  to
• 11:32
  just
• 11:32
  let
• 11:32
  investors
• 11:33
  know
• 11:34
  what's
• 11:34
  happening,
• 11:35
  what
• 11:35
  caused
• 11:35
  the
• 11:35
  issue,
• 11:36
  what
• 11:36
  the
• 11:37
  plan
• 11:37
  is,
• 11:37
  to
• 11:37
  correct
• 11:37
  the
• 11:38
  issue
• 11:38
  and
• 11:39
  do
• 11:39
  whatever
• 11:39
  you
• 11:40
  can
• 11:40
  to
• 11:40
  make
• 11:41
  them
• 11:41
  aware
• 11:41
  and
• 11:41
  also
• 11:42
  to
• 11:42
  instill
• 11:43
  confidence
• 11:43
  in
• 11:43
  the
• 11:44
  situation.
• 11:45
  Absolutely.
• 11:46
  How
• 11:46
  about
• 11:46
  accessibility?
• 11:47
  Is
• 11:47
  that
• 11:47
  important,
• 11:47
  Erica?
• 11:48
  I
• 11:48
  believe
• 11:49
  it
• 11:49
  is.
• 11:49
  Absolutely.
• 11:50
  I
• 11:50
  think
• 11:51
  that
• 11:51
  I
• 11:51
  know
• 11:51
  several
• 11:52
  general
• 11:52
  partners
• 11:53
  that
• 11:53
  one
• 11:53
  of
• 11:53
  their
• 11:54
  value
• 11:54
  propositions
• 11:55
  to
• 11:55
  their
• 11:55
  investors
• 11:56
  is
• 11:56
  that
• 11:56
  they
• 11:56
  are
• 11:56
  accessible,
• 11:57
  that
• 11:57
  they
• 11:57
  can
• 11:58
  be,
• 11:58
  you
• 11:58
  know,
• 11:58
  you
• 11:58
  can
• 11:59
  call
• 11:59
  or
• 11:59
  text
• 11:59
  them
• 11:59
  anytime.
• 12:00
  They
• 12:00
  make
• 12:00
  sure
• 12:01
  that
• 12:01
  on
• 12:01
  the
• 12:01
  recordings
• 12:02
  that
• 12:02
  they
• 12:02
  send
• 12:02
  out
• 12:02
  every
• 12:03
  single
• 12:03
  week,
• 12:03
  that
• 12:03
  they're
• 12:04
  putting,
• 12:04
  you
• 12:04
  know,
• 12:04
  their
• 12:04
  cell
• 12:05
  phone
• 12:05
  numbers
• 12:05
  on
• 12:06
  this
• 12:06
  recording
• 12:06
  so
• 12:06
  that
• 12:07
  people
• 12:07
  have
• 12:07
  access
• 12:08
  to
• 12:08
  their
• 12:08
  personal
• 12:09
  contact
• 12:09
  information.
• 12:10
  Obviously,
• 12:10
  you're
• 12:10
  going
• 12:10
  to
• 12:10
  have
• 12:11
  general
• 12:11
  partners
• 12:11
  that
• 12:11
  are
• 12:11
  a
• 12:11
  little
• 12:12
  bit
• 12:12
  more
• 12:12
  detached
• 12:13
  from
• 12:13
  the
• 12:13
  process,
• 12:13
  I
• 12:14
  think.
• 12:14
  And
• 12:15
  I
• 12:15
  think
• 12:15
  that
• 12:15
  it's
• 12:16
  easy,
• 12:16
  especially
• 12:16
  when
• 12:17
  somebody
• 12:17
  has
• 12:18
  given
• 12:18
  a
• 12:18
  significant
• 12:18
  amount
• 12:19
  of
• 12:19
  money
• 12:19
  and
• 12:20
  if
• 12:20
  they're
• 12:20
  not
• 12:20
  receiving
• 12:20
  the
• 12:21
  updates
• 12:21
  that
• 12:21
  they
• 12:21
  should
• 12:22
  be,
• 12:22
  it's
• 12:22
  very
• 12:23
  easy
• 12:23
  for
• 12:23
  them
• 12:23
  to
• 12:23
  assume
• 12:24
  it's
• 12:24
  because
• 12:24
  something
• 12:25
  is
• 12:25
  going
• 12:25
  wrong.
• 12:26
  And
• 12:26
  I
• 12:26
  think
• 12:26
  that
• 12:26
  There's
• 12:26
  a
• 12:27
  snowball
• 12:27
  effect
• 12:27
  to
• 12:27
  that.
• 12:28
  So
• 12:29
  accessibility,
• 12:29
  making
• 12:30
  sure
• 12:30
  that
• 12:30
  your
• 12:31
  investors
• 12:31
  know
• 12:32
  they
• 12:32
  can
• 12:32
  contact
• 12:32
  you
• 12:33
  directly
• 12:33
  anytime,
• 12:33
  for
• 12:34
  any
• 12:34
  reason.
• 12:34
  I
• 12:34
  think
• 12:35
  that's
• 12:35
  really
• 12:35
  important
• 12:35
  too.
• 12:36
  And
• 12:36
  just
• 12:36
  being
• 12:36
  proactive
• 12:37
  and
• 12:38
  preventing
• 12:38
  problems.
• 12:39
  It
• 12:39
  totally
• 12:39
  is.
• 12:40
  What
• 12:41
  you'll
• 12:41
  see
• 12:41
  is
• 12:41
  a
• 12:41
  lot
• 12:41
  of
• 12:42
  times,
• 12:42
  at
• 12:43
  the
• 12:43
  end
• 12:43
  of
• 12:43
  the
• 12:43
  day,
• 12:43
  most
• 12:44
  syndicators,
• 12:44
  even
• 12:44
  though
• 12:45
  they
• 12:45
  may
• 12:45
  make
• 12:46
  themselves
• 12:46
  out
• 12:46
  to
• 12:46
  be
• 12:46
  bigger
• 12:47
  than
• 12:47
  they
• 12:47
  are,
• 12:48
  many
• 12:48
  of
• 12:48
  them
• 12:48
  are
• 12:48
  truly
• 12:49
  mom
• 12:49
  and
• 12:49
  pop
• 12:49
  businesses.
• 12:50
  And
• 12:50
  because
• 12:51
  of
• 12:51
  that,
• 12:52
  having
• 12:52
  that
• 12:52
  personal
• 12:53
  relationship
• 12:53
  with
• 12:53
  the
• 12:53
  investors
• 12:54
  is
• 12:54
  a
• 12:54
  big
• 12:54
  component
• 12:55
  of
• 12:55
  it.
• 12:55
  The
• 12:55
  most
• 12:56
  successful
• 12:56
  syndicators
• 12:57
  I
• 12:57
  see
• 12:57
  usually
• 12:58
  have
• 12:58
  a
• 12:59
  lot
• 12:59
  of
• 12:59
  investor
• 12:59
  relationships
• 13:00
  and
• 13:00
  they're
• 13:01
  very
• 13:01
  active
• 13:01
  maintaining
• 13:02
  those
• 13:02
  relationships
• 13:02
  because
• 13:03
  it
• 13:03
  takes
• 13:03
  work,
• 13:04
  it
• 13:04
  takes
• 13:04
  effort.
• 13:04
  So
• 13:05
  in
• 13:05
  order
• 13:05
  for
• 13:05
  those
• 13:05
  things
• 13:05
  to
• 13:06
  happen,
• 13:06
  you
• 13:06
  have
• 13:06
  to
• 13:06
  really
• 13:07
  put
• 13:07
  a
• 13:07
  focus
• 13:07
  on
• 13:07
  it.
• 13:08
  Absolutely.
• 13:09
  So
• 13:09
  then
• 13:09
  we
• 13:09
  get
• 13:09
  into
• 13:09
  compliance
• 13:10
  and
• 13:10
  legal
• 13:10
  considerations.
• 13:11
  So
• 13:12
  let's
• 13:13
  talk
• 13:13
  about
• 13:13
  how
• 13:14
  using
• 13:14
  investor
• 13:15
  money
• 13:15
  makes
• 13:15
  it
• 13:16
  a
• 13:16
  little
• 13:16
  bit
• 13:16
  different
• 13:16
  legally
• 13:17
  than
• 13:17
  if
• 13:18
  you're
• 13:18
  just
• 13:18
  using
• 13:18
  your
• 13:18
  own
• 13:18
  money
• 13:19
  or
• 13:19
  doing
• 13:19
  a
• 13:19
  jp.
• 13:20
  Is
• 13:20
  there
• 13:21
  any
• 13:21
  different
• 13:21
  component
• 13:21
  to
• 13:22
  it
• 13:22
  on
• 13:22
  this
• 13:23
  one?
• 13:23
  I
• 13:23
  always
• 13:24
  refer
• 13:24
  people
• 13:25
  directly
• 13:25
  to
• 13:25
  SEC's
• 13:26
  website
• 13:27
  so
• 13:27
  that
• 13:27
  they
• 13:27
  may
• 13:28
  access
• 13:28
  that
• 13:28
  information.
• 13:29
  It's
• 13:29
  really,
• 13:30
  really
• 13:30
  important
• 13:30
  to
• 13:30
  do
• 13:31
  your
• 13:31
  research
• 13:31
  on
• 13:31
  this
• 13:32
  one,
• 13:32
  to
• 13:32
  have
• 13:32
  a
• 13:32
  good
• 13:33
  attorney.
• 13:33
  I
• 13:33
  think
• 13:34
  that's
• 13:34
  important.
• 13:34
  You
• 13:34
  want
• 13:35
  really
• 13:35
  good
• 13:35
  attorneys
• 13:36
  on
• 13:36
  this
• 13:36
  if
• 13:37
  you
• 13:37
  need
• 13:37
  the
• 13:37
  documentation.
• 13:38
  And
• 13:38
  you're
• 13:38
  looking
• 13:38
  at
• 13:38
  doing
• 13:39
  your
• 13:39
  own
• 13:39
  syndication
• 13:39
  fund,
• 13:40
  attorney
• 13:41
  network
• 13:41
  and
• 13:42
  making
• 13:42
  sure
• 13:42
  that
• 13:42
  you
• 13:42
  are
• 13:42
  well
• 13:43
  researched.
• 13:43
  I
• 13:44
  utilize
• 13:44
  ChatGPT
• 13:45
  for
• 13:45
  everything,
• 13:45
  right,
• 13:45
  Charles?
• 13:46
  Yes,
• 13:46
  she
• 13:46
  does.
• 13:46
  I
• 13:46
  can
• 13:47
  attest
• 13:47
  to
• 13:47
  that.
• 13:47
  What
• 13:47
  does
• 13:48
  that
• 13:48
  experience
• 13:48
  like
• 13:48
  for
• 13:49
  you?
• 13:49
  Well,
• 13:49
  you
• 13:49
  know,
• 13:50
  I
• 13:50
  think
• 13:50
  it's
• 13:50
  very
• 13:50
  important
• 13:50
  to
• 13:51
  have
• 13:51
  the
• 13:51
  right
• 13:51
  attorney,
• 13:52
  as
• 13:52
  Erica
• 13:52
  said.
• 13:53
  I
• 13:53
  think
• 13:53
  that
• 13:53
  it's
• 13:54
  a
• 13:54
  lot
• 13:54
  different
• 13:54
  when
• 13:54
  you're
• 13:55
  using
• 13:55
  other
• 13:55
  people's
• 13:56
  money.
• 13:56
  And
• 13:57
  if
• 13:57
  you're
• 13:57
  using
• 13:57
  your
• 13:57
  own
• 13:57
  money
• 13:58
  or
• 13:58
  if
• 13:58
  you're
• 13:58
  doing
• 13:58
  a
• 13:58
  jv
• 13:59
  at
• 13:59
  that
• 13:59
  point,
• 14:00
  you're
• 14:00
  doing
• 14:00
  a
• 14:00
  real
• 14:00
  estate
• 14:01
  transaction.
• 14:01
  Once
• 14:02
  you
• 14:02
  take
• 14:02
  money
• 14:03
  from
• 14:03
  a
• 14:03
  passive
• 14:03
  investor,
• 14:04
  you're
• 14:04
  not
• 14:05
  just
• 14:05
  doing
• 14:05
  a
• 14:05
  real
• 14:05
  estate
• 14:06
  transaction
• 14:06
  now
• 14:06
  you're
• 14:06
  in
• 14:06
  structured
• 14:07
  finance.
• 14:07
  It's
• 14:08
  funny,
• 14:08
  I
• 14:08
  joke
• 14:08
  around
• 14:08
  with
• 14:09
  a
• 14:09
  lot
• 14:09
  of
• 14:09
  other
• 14:10
  syndicators
• 14:10
  in
• 14:10
  the
• 14:10
  space
• 14:11
  and
• 14:11
  newer
• 14:11
  syndicators
• 14:12
  too,
• 14:12
  and
• 14:12
  they
• 14:12
  tell
• 14:12
  me,
• 14:13
  oh,
• 14:13
  they're
• 14:13
  in
• 14:13
  real
• 14:13
  estate.
• 14:14
  I
• 14:14
  say,
• 14:14
  congratulations,
• 14:14
  I
• 14:15
  own
• 14:15
  the
• 14:15
  finance
• 14:15
  business,
• 14:16
  because,
• 14:17
  yes,
• 14:17
  I
• 14:17
  do,
• 14:18
  and
• 14:18
  I
• 14:18
  buy
• 14:18
  deals.
• 14:19
  But
• 14:19
  ultimately
• 14:20
  what
• 14:20
  we
• 14:20
  do
• 14:20
  is
• 14:21
  you're
• 14:21
  raising
• 14:22
  capital.
• 14:22
  And
• 14:22
  once
• 14:22
  you're
• 14:22
  raising
• 14:23
  capital,
• 14:23
  that's
• 14:24
  going
• 14:24
  to
• 14:24
  put
• 14:24
  a
• 14:24
  whole
• 14:24
  different
• 14:25
  set
• 14:25
  of
• 14:25
  laws
• 14:25
  and
• 14:25
  regulations
• 14:26
  on
• 14:26
  there.
• 14:27
  And
• 14:27
  things
• 14:27
  that
• 14:27
  wouldn't
• 14:28
  apply
• 14:28
  for
• 14:28
  a
• 14:28
  standard
• 14:29
  real
• 14:29
  estate
• 14:29
  transaction
• 14:30
  do
• 14:30
  apply
• 14:31
  when
• 14:31
  you're
• 14:31
  using
• 14:32
  somebody
• 14:32
  else's
• 14:32
  money.
• 14:33
  And
• 14:33
  some
• 14:33
  of
• 14:33
  you
• 14:33
  might
• 14:34
  think,
• 14:34
  well,
• 14:34
  what's
• 14:35
  the
• 14:35
  difference
• 14:35
  between
• 14:35
  doing
• 14:35
  a
• 14:35
  JV
• 14:36
  deal
• 14:36
  and
• 14:36
  somebody
• 14:36
  else
• 14:37
  is
• 14:37
  bringing
• 14:37
  the
• 14:37
  money?
• 14:38
  I'm
• 14:38
  still
• 14:38
  using
• 14:38
  somebody
• 14:39
  else's
• 14:39
  money.
• 14:39
  And
• 14:39
  that's
• 14:40
  true.
• 14:40
  But
• 14:40
  the
• 14:40
  difference
• 14:41
  is
• 14:41
  in
• 14:41
  most
• 14:41
  cases
• 14:42
  a
• 14:42
  JV
• 14:43
  partner
• 14:43
  has
• 14:44
  the
• 14:44
  legal
• 14:44
  right
• 14:44
  to
• 14:44
  do
• 14:45
  something
• 14:45
  about
• 14:45
  it
• 14:46
  if
• 14:46
  they
• 14:46
  don't
• 14:46
  like
• 14:46
  the
• 14:46
  way
• 14:46
  the
• 14:47
  like
• 14:47
  the
• 14:47
  way
• 14:47
  the
• 14:47
  investor's
• 14:48
  performing.
• 14:48
  When
• 14:49
  you
• 14:49
  have
• 14:49
  a
• 14:49
  passive
• 14:50
  investor,
• 14:50
  there's
• 14:51
  very
• 14:51
  little
• 14:51
  recourse
• 14:52
  they
• 14:52
  have.
• 14:53
  So
• 14:53
  they're
• 14:53
  pretty
• 14:53
  much
• 14:53
  at
• 14:53
  the
• 14:54
  mercy
• 14:54
  of
• 14:54
  the
• 14:54
  general
• 14:54
  partner
• 14:55
  or
• 14:55
  the
• 14:55
  sponsor.
• 14:56
  And
• 14:56
  because
• 14:56
  of
• 14:57
  that
• 14:57
  there's
• 14:57
  additional
• 14:58
  rules
• 14:58
  and
• 14:58
  additional
• 14:58
  laws
• 14:59
  that
• 14:59
  are
• 14:59
  in
• 14:59
  place
• 14:59
  to
• 15:00
  protect
• 15:00
  them
• 15:00
  from
• 15:00
  anything
• 15:01
  that
• 15:01
  could
• 15:01
  be
• 15:02
  wrongdoing
• 15:02
  or
• 15:02
  unscrupulous.
• 15:04
  Most
• 15:04
  deals
• 15:04
  in
• 15:04
  the
• 15:04
  syndication
• 15:05
  space,
• 15:06
  there's
• 15:06
  different
• 15:06
  offerings
• 15:07
  that
• 15:07
  are
• 15:07
  allowed
• 15:07
  to
• 15:08
  be
• 15:08
  done
• 15:08
  under.
• 15:08
  The
• 15:09
  most
• 15:09
  common
• 15:09
  one
• 15:09
  you'll
• 15:09
  hear
• 15:09
  is
• 15:10
  Raid
• 15:10
  D.
• 15:10
  And
• 15:11
  with
• 15:11
  Raid
• 15:11
  D
• 15:12
  it's
• 15:12
  usually
• 15:12
  the
• 15:12
  rule
• 15:12
  506
• 15:13
  as
• 15:14
  in
• 15:14
  Bravo
• 15:14
  or
• 15:14
  506
• 15:15
  as
• 15:15
  in
• 15:16
  Charlie.
• 15:16
  The
• 15:17
  main
• 15:17
  difference
• 15:17
  is
• 15:17
  that
• 15:17
  506
• 15:18
  allow
• 15:19
  accredited
• 15:20
  and
• 15:20
  non
• 15:20
  accredited
• 15:21
  investors.
• 15:21
  But
• 15:21
  the
• 15:22
  rule
• 15:22
  is
• 15:22
  that
• 15:22
  you
• 15:22
  have
• 15:22
  to
• 15:23
  have
• 15:23
  a
• 15:23
  pre
• 15:24
  existing
• 15:24
  relationship
• 15:25
  with
• 15:25
  those
• 15:25
  investors.
• 15:25
  So
• 15:26
  that
• 15:26
  means
• 15:26
  you
• 15:26
  can't
• 15:26
  just
• 15:26
  meet
• 15:27
  somebody
• 15:27
  today
• 15:28
  and
• 15:28
  prevent
• 15:28
  them
• 15:28
  with
• 15:29
  an
• 15:29
  opportunity
• 15:30
  tomorrow.
• 15:30
  At
• 15:31
  least
• 15:31
  not
• 15:31
  in
• 15:31
  most
• 15:31
  cases.
• 15:33
  The
• 15:33
  benefit
• 15:33
  to
• 15:33
  it
• 15:33
  is
• 15:34
  you
• 15:34
  could
• 15:34
  have
• 15:34
  friends
• 15:34
  and
• 15:35
  family
• 15:35
  that
• 15:35
  might
• 15:36
  not
• 15:36
  necessarily
• 15:37
  be
• 15:37
  accredited.
• 15:37
  But
• 15:38
  there's
• 15:39
  also
• 15:39
  more
• 15:39
  risk
• 15:40
  when
• 15:40
  you
• 15:40
  take
• 15:40
  non
• 15:40
  accredited
• 15:41
  investors
• 15:41
  in
• 15:41
  these
• 15:41
  deals.
• 15:42
  Then
• 15:42
  there's
• 15:42
  the
• 15:42
  506C
• 15:44
  which
• 15:44
  that
• 15:44
  way
• 15:44
  you
• 15:44
  can
• 15:44
  market,
• 15:45
  you
• 15:45
  can
• 15:45
  blast
• 15:45
  out
• 15:46
  to
• 15:46
  anybody.
• 15:46
  You
• 15:46
  can
• 15:47
  email
• 15:47
  blast
• 15:47
  it,
• 15:47
  put
• 15:47
  it
• 15:48
  on
• 15:48
  social
• 15:48
  media
• 15:49
  if
• 15:49
  you
• 15:50
  desire.
• 15:50
  You
• 15:50
  can
• 15:50
  buy
• 15:50
  your
• 15:51
  billboard
• 15:51
  and
• 15:51
  post
• 15:51
  it
• 15:51
  on
• 15:51
  there
• 15:52
  if
• 15:52
  you
• 15:52
  want.
• 15:52
  But
• 15:53
  you
• 15:53
  can
• 15:53
  only
• 15:54
  take
• 15:54
  accredited
• 15:55
  investors.
• 15:56
  So
• 15:57
  just
• 15:57
  for
• 15:58
  the
• 15:58
  sake
• 15:58
  of
• 15:58
  conversation,
• 15:59
  roughly
• 16:00
  95%
• 16:00
  of
• 16:01
  all
• 16:01
  offerings
• 16:01
  are
• 16:01
  506
• 16:02
  offerings.
• 16:03
  So
• 16:04
  just
• 16:04
  keep
• 16:04
  that
• 16:04
  in
• 16:04
  mind.
• 16:05
  That
• 16:05
  tells
• 16:05
  you
• 16:05
  what
• 16:05
  a
• 16:05
  lot
• 16:05
  of
• 16:05
  people
• 16:05
  in
• 16:06
  the
• 16:06
  space
• 16:06
  are
• 16:06
  doing.
• 16:07
  Yeah,
• 16:07
  and
• 16:07
  I
• 16:07
  will
• 16:07
  say
• 16:08
  it's
• 16:08
  something
• 16:08
  to
• 16:08
  consider
• 16:09
  that
• 16:09
  the
• 16:09
  minimum
• 16:10
  typically
• 16:11
  is
• 16:11
  $100,000
• 16:12
  to
• 16:12
  get
• 16:12
  in
• 16:12
  on
• 16:12
  a
• 16:12
  fund
• 16:13
  as
• 16:13
  an
• 16:13
  LP
• 16:14
  and
• 16:14
  sometimes
• 16:15
  50,000
• 16:15
  if
• 16:15
  you
• 16:15
  know
• 16:16
  someone.
• 16:16
  But
• 16:16
  something
• 16:17
  to
• 16:17
  consider
• 16:17
  is
• 16:17
  that
• 16:18
  you
• 16:18
  are
• 16:18
  taking
• 16:18
  that
• 16:19
  risk.
• 16:19
  There
• 16:19
  is
• 16:19
  no
• 16:19
  guarantees
• 16:20
  and
• 16:20
  there's
• 16:20
  no
• 16:21
  promises
• 16:21
  and
• 16:21
  there's
• 16:21
  no
• 16:22
  recourse
• 16:22
  to
• 16:22
  get
• 16:22
  your
• 16:22
  money
• 16:23
  back
• 16:23
  if
• 16:23
  something
• 16:24
  were
• 16:24
  to
• 16:24
  go
• 16:24
  wrong.
• 16:24
  So
• 16:25
  you
• 16:25
  just
• 16:25
  want
• 16:25
  to
• 16:25
  always
• 16:25
  know
• 16:26
  before
• 16:26
  you
• 16:27
  put
• 16:27
  an
• 16:27
  investment
• 16:27
  into
• 16:28
  something
• 16:28
  like
• 16:28
  a
• 16:28
  syndication
• 16:29
  fund.
• 16:29
  That's
• 16:29
  why
• 16:30
  making
• 16:30
  sure
• 16:30
  to
• 16:30
  really
• 16:30
  do
• 16:31
  your
• 16:31
  due
• 16:31
  diligence
• 16:31
  on
• 16:32
  the
• 16:32
  team.
• 16:33
  How
• 16:33
  qualified
• 16:33
  is
• 16:33
  the
• 16:34
  team?
• 16:34
  Have
• 16:34
  they
• 16:34
  done
• 16:34
  this
• 16:35
  before
• 16:35
  the
• 16:35
  asset
• 16:36
  itself,
• 16:36
  have
• 16:37
  they
• 16:37
  purchased
• 16:37
  it?
• 16:37
  Right?
• 16:38
  Does
• 16:38
  it
• 16:38
  look
• 16:38
  like
• 16:38
  they're
• 16:39
  doing
• 16:39
  a
• 16:39
  good
• 16:39
  job?
• 16:40
  So
• 16:40
  those
• 16:40
  are
• 16:40
  all
• 16:40
  things
• 16:41
  to
• 16:41
  consider,
• 16:41
  because
• 16:42
  it
• 16:42
  is
• 16:42
  a
• 16:42
  risk
• 16:43
  that
• 16:43
  you're
• 16:43
  taking
• 16:43
  on
• 16:44
  this.
• 16:44
  So
• 16:44
  you
• 16:44
  want
• 16:44
  to
• 16:44
  make
• 16:44
  sure
• 16:45
  that
• 16:45
  you're
• 16:45
  taking
• 16:46
  that
• 16:46
  risk
• 16:46
  with
• 16:46
  the
• 16:47
  right
• 16:47
  asset
• 16:47
  and
• 16:47
  the
• 16:47
  right
• 16:48
  team.
• 16:48
  Right.
• 16:49
  And
• 16:49
  then
• 16:49
  also
• 16:49
  your
• 16:49
  operating
• 16:50
  agreement.
• 16:50
  So
• 16:50
  the
• 16:50
  operating
• 16:51
  agreement
• 16:51
  is
• 16:51
  going
• 16:51
  to
• 16:51
  spell
• 16:52
  out
• 16:52
  pretty
• 16:52
  much
• 16:52
  everything.
• 16:53
  It's
• 16:53
  going
• 16:53
  to
• 16:53
  tell
• 16:53
  you
• 16:53
  who's
• 16:53
  in
• 16:54
  charge,
• 16:54
  who
• 16:54
  has
• 16:55
  decision
• 16:55
  making
• 16:55
  ability,
• 16:56
  you
• 16:56
  know,
• 16:57
  how
• 16:57
  the
• 16:57
  profit
• 16:58
  will
• 16:58
  be
• 16:58
  distributed,
• 16:58
  both
• 16:59
  from
• 16:59
  cash
• 16:59
  flow
• 16:59
  and
• 16:59
  from
• 17:00
  a
• 17:00
  sale
• 17:00
  or
• 17:00
  refinance,
• 17:01
  who's
• 17:01
  going
• 17:01
  to
• 17:02
  get
• 17:02
  the
• 17:02
  tax
• 17:02
  benefits,
• 17:03
  what
• 17:04
  happens
• 17:04
  in
• 17:04
  the
• 17:04
  event
• 17:05
  there's
• 17:05
  a
• 17:05
  dispute.
• 17:05
  So
• 17:06
  the
• 17:06
  operating
• 17:06
  agreement
• 17:07
  is
• 17:07
  going
• 17:07
  to
• 17:07
  lay
• 17:07
  out
• 17:07
  all
• 17:07
  these
• 17:08
  points
• 17:08
  and
• 17:09
  it'll
• 17:09
  tell
• 17:09
  you
• 17:09
  what
• 17:10
  process
• 17:10
  has
• 17:10
  to
• 17:10
  be
• 17:11
  followed
• 17:11
  to
• 17:11
  go
• 17:11
  forward
• 17:12
  with
• 17:12
  it.
• 17:12
  So
• 17:12
  then
• 17:12
  we
• 17:13
  have
• 17:13
  exit
• 17:13
  strategies.
• 17:14
  So
• 17:15
  what
• 17:15
  exit
• 17:15
  strategies
• 17:16
  do
• 17:16
  we
• 17:16
  have
• 17:16
  for
• 17:17
  syndication
• 17:17
  deals?
• 17:18
  So
• 17:18
  on
• 17:18
  these,
• 17:18
  I
• 17:18
  think
• 17:18
  the
• 17:19
  ones
• 17:19
  you
• 17:19
  typically
• 17:19
  find
• 17:20
  right
• 17:20
  are
• 17:20
  the
• 17:20
  sale
• 17:20
  of
• 17:20
  the
• 17:21
  property,
• 17:21
  just
• 17:21
  outright
• 17:22
  sale,
• 17:22
  the
• 17:22
  refinance
• 17:24
  and
• 17:24
  then.
• 17:24
  Or
• 17:24
  you
• 17:24
  could
• 17:25
  hold
• 17:25
  the
• 17:25
  property.
• 17:25
  What
• 17:25
  do
• 17:25
  you
• 17:26
  typically
• 17:26
  do?
• 17:26
  Charles?
• 17:27
  I
• 17:27
  typically
• 17:27
  sell,
• 17:28
  so
• 17:28
  most
• 17:29
  times
• 17:29
  that's
• 17:29
  my
• 17:30
  preferred
• 17:31
  exit
• 17:31
  strategy.
• 17:32
  I'm
• 17:32
  not
• 17:32
  opposed
• 17:32
  to
• 17:33
  refinancing,
• 17:33
  but
• 17:34
  generally
• 17:34
  I
• 17:35
  only
• 17:35
  refinance
• 17:35
  more
• 17:35
  out
• 17:36
  of
• 17:36
  necessity.
• 17:37
  Now,
• 17:37
  there
• 17:37
  are
• 17:37
  benefits
• 17:38
  to
• 17:38
  refinancing
• 17:39
  in
• 17:39
  certain
• 17:40
  cases,
• 17:40
  but
• 17:40
  that's
• 17:41
  going
• 17:41
  to
• 17:41
  largely
• 17:41
  depend
• 17:41
  on
• 17:42
  market
• 17:42
  conditions.
• 17:43
  What
• 17:43
  I
• 17:43
  don't
• 17:43
  like
• 17:43
  doing
• 17:44
  is
• 17:44
  underwriting
• 17:45
  a
• 17:45
  deal
• 17:45
  from
• 17:45
  the
• 17:45
  beginning
• 17:45
  and
• 17:46
  needing
• 17:46
  a
• 17:46
  refinance
• 17:47
  for
• 17:47
  that
• 17:47
  deal
• 17:47
  to
• 17:47
  work,
• 17:48
  because
• 17:48
  then
• 17:48
  I'm
• 17:48
  banking
• 17:49
  on
• 17:49
  something
• 17:49
  that
• 17:49
  I
• 17:49
  can't
• 17:49
  really
• 17:50
  control.
• 17:50
  So
• 17:51
  I
• 17:51
  usually
• 17:51
  underwrite
• 17:51
  it
• 17:52
  with
• 17:52
  the
• 17:52
  exit
• 17:52
  strategy
• 17:53
  being
• 17:53
  a
• 17:53
  sale.
• 17:54
  And
• 17:54
  then
• 17:55
  if
• 17:55
  I
• 17:55
  have
• 17:55
  the
• 17:55
  benefit
• 17:56
  of
• 17:56
  doing
• 17:56
  a
• 17:56
  refinance
• 17:57
  somewhere
• 17:57
  in
• 17:57
  the
• 17:57
  middle,
• 17:57
  I
• 17:57
  will.
• 17:58
  Very
• 17:58
  neat.
• 17:58
  So
• 17:59
  you
• 17:59
  allow
• 17:59
  it
• 17:59
  to
• 17:59
  stay
• 17:59
  flexible
• 18:00
  then?
• 18:00
  Yes,
• 18:01
  you're
• 18:01
  allowed
• 18:01
  to
• 18:01
  stay
• 18:02
  flexible
• 18:02
  as
• 18:02
  long
• 18:03
  as
• 18:03
  you
• 18:03
  state
• 18:03
  that
• 18:04
  in
• 18:04
  the
• 18:04
  documents
• 18:04
  at
• 18:04
  the
• 18:05
  beginning.
• 18:05
  So
• 18:05
  keep
• 18:05
  that
• 18:06
  in
• 18:06
  mind,
• 18:06
  guys,
• 18:06
  whenever
• 18:07
  you're
• 18:07
  doing
• 18:07
  one
• 18:07
  of
• 18:07
  these
• 18:07
  deals.
• 18:08
  Those
• 18:08
  offering
• 18:09
  documents
• 18:09
  are
• 18:09
  kind
• 18:09
  of
• 18:10
  like
• 18:10
  your
• 18:10
  bible.
• 18:10
  So
• 18:11
  you
• 18:11
  need
• 18:11
  to
• 18:11
  state
• 18:12
  everything
• 18:12
  that
• 18:12
  you
• 18:12
  could
• 18:12
  potentially
• 18:13
  think
• 18:13
  of
• 18:13
  at
• 18:13
  the
• 18:13
  beginning.
• 18:14
  So
• 18:14
  that
• 18:14
  way
• 18:14
  investors
• 18:15
  are
• 18:15
  aware
• 18:16
  of
• 18:16
  all
• 18:17
  the
• 18:17
  risks
• 18:17
  and
• 18:17
  that
• 18:18
  way
• 18:18
  they
• 18:18
  have
• 18:18
  the
• 18:18
  opportunity
• 18:19
  to
• 18:19
  invest
• 18:19
  or
• 18:19
  not
• 18:19
  invest
• 18:20
  based
• 18:20
  on
• 18:20
  that.
• 18:20
  Yeah,
• 18:21
  absolutely.
• 18:22
  Excellent.
• 18:22
  Well,
• 18:23
  we
• 18:23
  hope
• 18:24
  everybody
• 18:24
  enjoyed
• 18:24
  the
• 18:24
  episode
• 18:25
  and
• 18:25
  you
• 18:25
  can
• 18:26
  text
• 18:26
  word
• 18:27
  FREEDOM
• 18:27
  to
• 18:27
  33777
• 18:29
  if
• 18:29
  you
• 18:29
  want
• 18:29
  our
• 18:29
  commercial
• 18:30
  real
• 18:30
  estate
• 18:30
  startup
• 18:31
  success
• 18:31
  guide.
• 18:32
  And
• 18:32
  until
• 18:33
  next
• 18:33
  time,
• 18:33
  bye
• 18:33
  guys.