Question: I know where the deals are; I just don’t have any credit. How do I get investors?
Answer: If you’re a real estate expert and you know where the deals are, and you’re able to find a deal, whether you have excellent or poor credit, you need to find a partner who has complementary skills to those that you have. A significant part of our program is about putting people with complementary skills together. I recognize complementary skills when I see them, and I want you to be able to recognize what your strengths and weaknesses are, so you can find other people who can fill in the gaps where your weaknesses are. There’s no harm or shame in admitting your weaknesses. In fact, great strength comes from acknowledging where your weaknesses are, because it enables you to fill in the gaps with other people who can collaborate with you, who bring different kinds of skills to the table.
Question: Where are the funding sources for lending products?
Answer: Lending products for successful real estate syndications are available through all of the traditional channels. Banks and real estate lenders are the best providers for these products, but depending on the circumstances, and depending on the nature of the collateral, hard-money lenders might be the way to go. There are many hedge funds in New York and in other places that have tremendous pools of capital that are available for you to tap into. If you do not know how to access these pools, I’m happy to make introductions and recommendations. However, I reserve these for people whom I know well, and for people who come through my programs, because these are prized contacts that I do not want to waste on people who are under-prepared to speak with them in the most sophisticated way.
Question: Where do you get investors?
Answer: This is the hardest part of the real estate game. If you don’t have investors, no matter how great the real estate is that you find, you are going to have a difficult time getting the job done. The best way to accumulate investors is to start small, deal with people you know, and grow your investment opportunities as you succeed and begin to develop an investor pool. There really is a lot of money out in the marketplace, and if you have a great deal, there is always somebody who has the money to fund it. You may have to partner or you may have to share, but the money is out there. So, you never really have to worry that you are going to pass up an opportunity. If you find such an opportunity, call my office and we will talk to you about how to get the job done.
Joel began his career as a CPA with the prestigious firm of Price Waterhouse. During his time with the company’s Entrepreneurial Services Group, Joel immersed himself in the real estate syndication business. After reviewing hundreds of partnership agreements and preparing as many tax returns, he left Price Waterhouse in 1986 to start his own syndication firm, raising several million dollars in three short years. By 1990, Joel had built a property management firm of more than 40 employees with a portfolio exceeding $100 million. Joel continues to syndicate real estate and other assets, as well as counseling other promoters on successful syndication strategies. He is also involved in film financing and invests in early stage companies and other deals. For more information about Joel Block and his upcoming seminar, visit his site at http://syndicatefast.com/
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