Updated: Mar 7
It’s the dream of many hard-working men and women to leave their full-time job and replace their income with money earned from passive investing and syndicating multifamily properties. For many successful syndicators, it’s a lot more than a dream. In fact, many of today’s syndicators started while working a full-time job and filing their W2s every April.
So, how did some of them persevere and become successful as syndicators, while others haven’t been able to do so? How were some able to say goodbye to their W2 jobs once and for all? It took discipline, along with tremendous dedication and commitment to be able to do justice to their W2 jobs while starting a syndication business. It took time to slowly move away from their 9 to 5 mentality and go forward 100% into syndicating multifamily properties.
Nobody ever said it would be easy to give up your job and live off income earned as a syndicator! The problem is, if you split your time between a full-time job and syndication, you may be successful, but it’s going to take time, and you’ll grow slowly. The key is to shorten the timeframe and move forward quickly. Here’s something else to consider: splitting your time may make your job performance suffer, as well as you ability to do justice to your fledgling syndication business.
Let’s look at some steps you can take that will help move things along and help you realize your goal:
Step 1: Make the Commitment
Before you do anything else, you have to make the commitment to yourself and potentially others that you are taking the steps needed to give up your full-time job and go 100% into becoming a syndicator of multifamily properties. Without that commitment, everything else is moot.
You’ll need to develop a business plan and a timetable to show what dates and milestones are required to execute the plan. This gives you a roadmap for your journey to becoming a full-time syndicator.
Step #2: Build a Team
Having a full-time job will diminish your availability to handle all the responsibilities that go into syndicating multifamily properties. There’s simply no way around this. But you can do a workaround by building a team and having them in place to help you get things done, and it doesn’t have to be expensive.
Your team should consist of people with experience in marketing, administration, underwriting and other key areas, because even if you didn’t have a full-time job, you wouldn’t be able to do those tasks and find time to vet any deals that are presented to you. You also may want to add a broker to your team, as they are an excellent source of finding available properties, particularly if you plan to invest in out-of-state markets.
As for a limited budget, you can get highly qualified people at Upwork and Guru.com. Both are websites where registered freelance talents can see your job posting and bid on the job, irrespective of the budget or the date that the job is due. Freelancers can bid the job either by the hour or by the project, and if it’s bid by the hour, Upwork will install a clock/timer on the freelancer’s computer and send screenshots to the person who posted the job, to ensure that the work is being completed within the amount of time being billed.