Raising money for real estate deals, or just considering it? Either way, this episode of “7 Rules For Real Estate Investing,” hosted by Nick Raithel, is for you. Nick’s guest, Kim Lisa Taylor of Syndication Attorneys PLLC, gives an in-depth look at real estate syndications. Having done over 300 syndications, Kim can safely be called an expert. And she’ll help you to become more of an expert in this episode. Here are just a few of Kim’s insights:
On keeping investment summaries concise — “Any time you get over 15 pages of text, you begin to repeat yourself and you’re going to lose the interest of your investors…It’s also being disrespectful of their time. Because they’re going to look at your investment summary for somewhere between 15 and 30 minutes, and if they don’t have the gist of it by then, they’re just going to put it down, try to get back to it later, and probably never will.”
On the perils of chasing whale investors — “They will string you along, and tell you they’re coming onboard…but you need to take that with a grain of salt until they show you the money. Because they are notorious for disappearing right before the deal is ready to close, and saying, ‘Oh geez, something came up and I can’t do it after all’, leaving you holding the bag and all the money that you’ve spent to get the deal as far as you have is lost.”
On the importance of education — “If you’re just starting out, get educated first. You don’t want to make hundred-thousand-dollar mistakes with other people’s money. If you do, you’re not going to be long for this business. So spend time getting your education.”
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