There are different paths for real estate entrepreneurs. And those who find their way to multifamily syndication for the first time may find it puzzling. In this episode, we speak to Eric Nelson who is on his way to close his first multifamily syndication deal.
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Eric says syndication is the best wealth builder. He emphasizes the need for first-time syndicators to be patient and take their time. He also elaborates why your relationships with the brokers are key in sealing your success in this business. He also reminds entrepreneurs to just enjoy the journey and give a little along the way. Tune in now and be ready to pick up tons of wisdom in this episode!
Key Points From This Episode:
- Eric shares his background and why he chose to do real estate syndication.
- The importance of really educating yourself in the ins and outs of the syndication business.
- Eric elaborates how hiring a mentor and learning from his path helped him to start his own syndication business.
- How to find the right coach for you?
- Eric talks about the mindset shifts that he had which changed his perspective in syndication.
- How partnering with the right people can help you achieve your goal faster?
- Eric shares some challenges he has had in closing his first multifamily syndication.
- Why do you need to be patient and take your time when doing your first syndication?
- Eric’s advice on underwriting: don’t fudge the numbers, you just can’t.
- Eric shares what motivated him to be patient to get into his first syndication deal.
- Eric encourages everyone to learn to enjoy the process.
- How does Eric prepare for a downturn?
- The role of a good property manager in the success of your syndication business.
- Eric’s best source for meeting new investors right now.
- The daily habits that Eric is disciplined about that helped him achieve success.
- How does Eric like to give back?
“And so, really figured out syndication is kind of the way to go if you wanna scale as fast you can, and so that’s again, kind of dove right in.” [0:04:03]
“Probably one thing that really helped me is I hired a coach, and he’d done it before, and really learning from his path and just having the avenue to ask ’cause you kind of don’t know what you don’t know.” [0:04:50]
“For me, I had to really change my mind before I could really change my actions.” [0:08:46]
“But (partnering) with the right person who has complementary skills, it is gonna make it go so much faster. So, it is a huge shift for me, absolutely, to realize that partnering is way powerful.” [0:09:55]
“Give a little along the way and it creates that habit, and I promise you it feels better than you think. So don’t wait to give.” [0:25:59]