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Best Ever Apartment Syndication Book
Do you want to purchase an apartment community but don't have prior real estate or apartment investing experience, don't have access to private capital, can't find a good deal, lack the skills to execute a business plan or a combination of the four? The Best Ever Apartment Syndication Book is the ONLY book that will solve these challenges.It provides a step-by-step system for completing your first apartment syndication deal and building a multimillion or multibillion dollar apartment investing empire. You will learn the exact process that I followed to go from making $30,000 each year at a New York City advertising firm to controlling over $572,000,000 in apartment communities, which 1. Becoming an expert on the apartment syndication terminology 2. Setting a specific, quantifiable goal and creating a long-term, motivating vision 3. Building a powerful brand that attracts passive investors 4. Evaluating and selecting the real estate market that will be the launching point for your apartment empire 5. Surrounding yourself with an all-star real estate team 6. Tapping into your existing network to find passive investors 7. Creating a lead generation machine that pumps out qualified off-market apartment deals 8. Selecting the ideal business plan to maximize returns to passive investors 9. Learning the science behind evaluating, qualifying and submitting offers on apartment deals 10. Preparing and presenting an apartment offering to your passive investors and securing financial commitments 11. Impressing your investors by effectively implementing the business plan and exceeding their return expectations
- GenresBusiness
456 pages, Paperback
First published September 6, 2018
101 people are currently reading
297 people want to read
About the author
Joe Fairless
7 books9 followersJoe Fairless controls over $400,000,000 of real estate with a specific focus on value-add multifamily acquisitions. He's also host of the popular podcast; Best Real Estate Investing Advice Ever show, which is the world's longest running daily real estate podcast. Past interview guests include Barbara Corcoran and Robert Kiyosaki. Joe is the author of real estate books, including Best Real Estate Investing Advice Ever Volumes I and II, which feature guidance from some of the sharpest minds in real estate. His third book, BEST EVER Apartment Syndication Book, provides a proven step-by-step system for completing a first apartment syndication deal.
He currently resides in Cincinnati, Ohio and is on the Alumni Advisory Board for The College of Media and Communication at Texas Tech University and the Board of Directors for Junior Achievement.
He currently resides in Cincinnati, Ohio and is on the Alumni Advisory Board for The College of Media and Communication at Texas Tech University and the Board of Directors for Junior Achievement.
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Displaying 1 - 19 of 19 reviews
May 18, 2021
Exaggerated, but Useful
Real estate literature is a questionable genre. Many syndicators realize that thought leadership is essential to deal flow, and the shortcut to thought leadership is authorship. Thus the surfeit of low-quality limited-run real estate books and e-books. These tomes were never meant to be well-written, rather they simply exist as a bullet on the resume of the author. So it is with no small amount of trepidation that I approach ‘Best Ever’. Yet to my surprise there was enough information to break through its brotastic tone and justify publication.
Useful elements of the book are presented in immutable rules. For example, a real estate investor should look at 100 deals to evaluate 30 to make 10 offers to 1 purchase, known as the 100/30/10/1 rule, In the last year I’ve looked at hundreds of deals to evaluate 46, make 14 offers, and find 6 purchases. This makes me think that the rule is like a useful abstraction for appropriate deal funnel metrics. In another example, the path to guaranteed success is the 3 immutable laws of real estate investing such that If you stick to these laws of real estate investing, your portfolio will not only survive, it will thrive in any market. The rules are:
1. Buy for cashflow on value add properties
2. Debt secured should have a loan term longer than the hold period.
3. Have adequate cash reserves. Create operating account fund: 1-5% of purchase price, and reserve account of $250/unit/year
Again this is worthwhile shorthand, but hardly enough to ensure success in any market. Fairless studiously avoids quantitative analysis, and refers to even the most basic modeling with the following disclaimer: Grab a fanny pack and your favorite pair of suspenders because it’s time to NERD OUT. . Yet there are just enough frameworks and threads to pull on the softer side of successful apartment syndication that this ‘Best Ever’ is the most useful real estate book that I’ve read in the last few years. Maybe someday I’ll even write a low-quality limited-run real estate book of my own.
Notes
∙Annual reports worth reading:
1. Marcus + Millichap Annual Multifamily investment forecast.
2. CBRE Biannual cap rate survey
3. Integra Realty Resources (IRR)
4. Zillow annual consumer house trends report
5. RCLCO Quarterly Analysis of the real estate market
6. PWC Annual Emerging trends in real estate.
∙Mentor: www.besteveraptprogram.com mentor syndication program.
∙Offer the real estate broker a consulting fee. Show that you are serious and respect their time.
∙4 levels of alignment of interest with investors:
1. Participates in the deal
2. Provide them with equity in the property
3. Small piece of equity and they invest their own equity
4. They bring on their own passive investors in the deal
∙Ways to upfront the loan guarantor: Non-recourse: Typical fee is 0.5%-2% of the principle balance paid at close. 3.5% - 5% for recourse loans. Alternatively, can offer an equity stake of the deal - 5-30% of the partnership.
∙Amenities checklist
1. New cabinet doors.
2. Granite countersz
3. Black appliances
4. Microwave
5. Vinyl flooring
6. Modernized fireplace
7. New paint
8. Tile backsplash
9. Washer and dryer in the unit
10. New light fixtures
11. New plumbing fixtures
12. 2 inch blinds
13. Carport
14. Patio
Real estate literature is a questionable genre. Many syndicators realize that thought leadership is essential to deal flow, and the shortcut to thought leadership is authorship. Thus the surfeit of low-quality limited-run real estate books and e-books. These tomes were never meant to be well-written, rather they simply exist as a bullet on the resume of the author. So it is with no small amount of trepidation that I approach ‘Best Ever’. Yet to my surprise there was enough information to break through its brotastic tone and justify publication.
Useful elements of the book are presented in immutable rules. For example, a real estate investor should look at 100 deals to evaluate 30 to make 10 offers to 1 purchase, known as the 100/30/10/1 rule, In the last year I’ve looked at hundreds of deals to evaluate 46, make 14 offers, and find 6 purchases. This makes me think that the rule is like a useful abstraction for appropriate deal funnel metrics. In another example, the path to guaranteed success is the 3 immutable laws of real estate investing such that If you stick to these laws of real estate investing, your portfolio will not only survive, it will thrive in any market. The rules are:
1. Buy for cashflow on value add properties
2. Debt secured should have a loan term longer than the hold period.
3. Have adequate cash reserves. Create operating account fund: 1-5% of purchase price, and reserve account of $250/unit/year
Again this is worthwhile shorthand, but hardly enough to ensure success in any market. Fairless studiously avoids quantitative analysis, and refers to even the most basic modeling with the following disclaimer: Grab a fanny pack and your favorite pair of suspenders because it’s time to NERD OUT. . Yet there are just enough frameworks and threads to pull on the softer side of successful apartment syndication that this ‘Best Ever’ is the most useful real estate book that I’ve read in the last few years. Maybe someday I’ll even write a low-quality limited-run real estate book of my own.
Notes
∙Annual reports worth reading:
1. Marcus + Millichap Annual Multifamily investment forecast.
2. CBRE Biannual cap rate survey
3. Integra Realty Resources (IRR)
4. Zillow annual consumer house trends report
5. RCLCO Quarterly Analysis of the real estate market
6. PWC Annual Emerging trends in real estate.
∙Mentor: www.besteveraptprogram.com mentor syndication program.
∙Offer the real estate broker a consulting fee. Show that you are serious and respect their time.
∙4 levels of alignment of interest with investors:
1. Participates in the deal
2. Provide them with equity in the property
3. Small piece of equity and they invest their own equity
4. They bring on their own passive investors in the deal
∙Ways to upfront the loan guarantor: Non-recourse: Typical fee is 0.5%-2% of the principle balance paid at close. 3.5% - 5% for recourse loans. Alternatively, can offer an equity stake of the deal - 5-30% of the partnership.
∙Amenities checklist
1. New cabinet doors.
2. Granite countersz
3. Black appliances
4. Microwave
5. Vinyl flooring
6. Modernized fireplace
7. New paint
8. Tile backsplash
9. Washer and dryer in the unit
10. New light fixtures
11. New plumbing fixtures
12. 2 inch blinds
13. Carport
14. Patio
October 31, 2018
One of the best I have read (dare I say Best Ever?)
Amazing and incredibly useful book filled with gems. I can’t recommend this one enough to anybody interested in the real estate business.
Amazing and incredibly useful book filled with gems. I can’t recommend this one enough to anybody interested in the real estate business.
August 6, 2019
This book is packed with good content and step-by-step instructions. Highly recommended.
May 13, 2020
I still don't think after reading this book I can go out and syndicate. It's a tall ask for the price but he's a big picture thinker and there is value here.
Things my 👂 picked up on....👇
Set compelling goals
Three immutable laws of real estate investing
1. Buy for cash flow not appreciation
2. Secure long-term debt
3. Have adequate cash reserves
Got to get your mind right before you get your money right
I'm a global investor
Articulate your why
Unexpected maintenance issues
Price discovery is based on facts
People are always asking me what market I'm buying in, I don't buy a market, I buy a deal
Befriend money makers
There is value to be found in the market currently
What is your future goal outlook?
Have you toured the deal?
Interesting psychological concept called loss aversion refers to peoples preference towards avoiding losses relative to acquiring an equivalent gain in other words people's negative reacting to losing 5 dollars is greater then the positive reaction to gaining 5 dollars
I like to be 100 percent funded 30 days before closing bitch
Cap ex expenditures
I stay because I have a very high tolerance for pleasure
Things my 👂 picked up on....👇
Set compelling goals
Three immutable laws of real estate investing
1. Buy for cash flow not appreciation
2. Secure long-term debt
3. Have adequate cash reserves
Got to get your mind right before you get your money right
I'm a global investor
Articulate your why
Unexpected maintenance issues
Price discovery is based on facts
People are always asking me what market I'm buying in, I don't buy a market, I buy a deal
Befriend money makers
There is value to be found in the market currently
What is your future goal outlook?
Have you toured the deal?
Interesting psychological concept called loss aversion refers to peoples preference towards avoiding losses relative to acquiring an equivalent gain in other words people's negative reacting to losing 5 dollars is greater then the positive reaction to gaining 5 dollars
I like to be 100 percent funded 30 days before closing bitch
Cap ex expenditures
I stay because I have a very high tolerance for pleasure
February 16, 2020
Very informational book on syndication. The content was all very accurate. Though I think there are many gaps in the steps - and perhaps the hardest part of coming to the syndication market as a new-comer is selling yourself and you business adequately - let alone getting the opportunity to actually be in front of a high net worth individual. I did incredibly enjoy how the author built an online business of content generation to bridge the gaps in their knowledge as well as their credibility. Using a thought leader platform, is quite brilliant - You see many people doing this now, but I don't think the steps have been laid out in sequence as Fairless so simply puts in the book. This has made me want to take action on a variety of side projects - and the scalability of the internet.
Overall I really enjoyed this. Some of the steps seemed very basic and over explained, such as 'use Microsoft Powerpoint' to create a pitch deck. While other points didn't get much play at all - like the actual pitch and being able to articulate yourself. I think that I may be one of the core audiences for this type of gap - for me I can follow along quite well - I work in corporate, as the author did, though I think it would be challenging for someone who is not already at the level of putting together pitch decks for projects, as well as the financial analysis and general understanding of how real estate works, financially.
Overall I really enjoyed this. Some of the steps seemed very basic and over explained, such as 'use Microsoft Powerpoint' to create a pitch deck. While other points didn't get much play at all - like the actual pitch and being able to articulate yourself. I think that I may be one of the core audiences for this type of gap - for me I can follow along quite well - I work in corporate, as the author did, though I think it would be challenging for someone who is not already at the level of putting together pitch decks for projects, as well as the financial analysis and general understanding of how real estate works, financially.
February 12, 2021
The Best Ever Apartment Syndication
This book was written with the beginner and seasoned syndicated involved. It is chock full of relevant info. Building a thought leadership platform was worth the price of the book. This book will help you make the decision about becoming a syndicator and what a syndication process is and what it should look like after syndication is completed.
WOW🏦
This book was written with the beginner and seasoned syndicated involved. It is chock full of relevant info. Building a thought leadership platform was worth the price of the book. This book will help you make the decision about becoming a syndicator and what a syndication process is and what it should look like after syndication is completed.
WOW🏦
March 14, 2019
Clear and Concise Resource for getting started in Real Estate Syndication
Clearest and most concise book on the process and methodology for completing a real estate syndication. As someone who has syndicated a deal in the past was an excellent opportunity to learn from someone who has created a system and process for the business.
Clearest and most concise book on the process and methodology for completing a real estate syndication. As someone who has syndicated a deal in the past was an excellent opportunity to learn from someone who has created a system and process for the business.
June 20, 2019
Great practical advice
The authors cover a-z of multi-family syndication. Important reading for LPs that would like to diversify their portfolio; required reading for aspiring syndicators
The authors cover a-z of multi-family syndication. Important reading for LPs that would like to diversify their portfolio; required reading for aspiring syndicators
November 3, 2019
Great info
The actual syndication information is fantastic. Getting through the mindset and thought leader platform was a chore. That info should be an appendix. Muscle through that to get to the meat.
The actual syndication information is fantastic. Getting through the mindset and thought leader platform was a chore. That info should be an appendix. Muscle through that to get to the meat.
December 14, 2020
An excellent reference book for Apartment Syndication. This book has bunch of checklists. After listening to it on Audible, I am considering buying a physical copy of this book for reference purposes.
March 13, 2021
Similar to other real estate books, the author fills the pages with motivational crap. The author wrote it in a very conversational manner and he believes that he is quite funny with his lame jokes. I do not recommend spending your money on this book.
February 20, 2023
covers it all to become a syndicator
Joe did a great job covering it all. I come back here if I have any questions about a certain topic and always leave feeling a bit more competent.
Joe did a great job covering it all. I come back here if I have any questions about a certain topic and always leave feeling a bit more competent.
October 2, 2019
Everything you need to know.
January 8, 2020
Great Read!
Joe Fairless does a such great job of explaining the syndication process in detail while making it enjoyable to read.
Joe Fairless does a such great job of explaining the syndication process in detail while making it enjoyable to read.
September 8, 2020
Good tips on apartment syndication from someone who has had great success. As a fellow syndicator I even found some valuable tips. Read it and apply it. Great read.
August 25, 2021
Absolutely amazing. Must do paper copy due to the depth of content, tables, charts, and taking notes. Would 100% recommend to anyone getting into the industry. It's a phenomenal guide.
April 25, 2022
A good introductory book to apartment syndications. I expect the lessons will stand the test of time, however, some of the information is plain wrong
October 14, 2022
Provides excellent, useable, advice that will launch your syndication career.
May 20, 2019
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Displaying 1 - 19 of 19 reviews