How to Do Your First Multifamily Deal as a General Partner
What does it actually take to do your first deal as a general partner in multifamily?
In this episode, I answer the question I get asked more than any other on social media and at meetups, how do you get started as a GP in multifamily syndication. I share the real story of how Paula and I transitioned from single-family into large-scale multifamily, the mistakes we made along the way, and what finally got us traction after months of trying to figure it out on our own.
I break down the three businesses that make up multifamily investing, acquisitions, capital raising, and asset management, and why most new investors only focus on one instead of understanding all three. I also walk through the different paths people take to get started, what financial cushion actually looks like going into your first deal, and the three biggest pitfalls I see new investors make over and over again.
If you have ever wondered what it really takes to become a general partner in multifamily, this episode gives you the honest picture.
What We Cover
Why we chose commercial multifamily over single family investing
The three businesses inside every multifamily syndication
What it really takes financially and personally to do your first deal
The different paths into multifamily including solo deals and co-GP partnerships
The three biggest pitfalls new investors make when getting started
Why mentorship accelerates growth but does not replace taking action
Key Takeaways
Coaching and mentorship can accelerate your progress and help you avoid million-dollar mistakes
Going in without enough financial cushion puts you and any partners you bring in at real risk
Becoming a co-GP does not teach you every part of the business
The perpetual student mistake keeps people stuck learning instead of getting started
Partnerships are essential in multifamily; very few deals are ever done by one person alone
Trying to do everything alone in multifamily almost always leads to isolation and missed opportunities
Being honest about the work and risk involved leads to better outcomes than glossing over the hard parts
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