So just how do you go from just starting out to a very, very large fund? Or somebody who’s a multiple serial syndicator? How do we set those goals in order to achieve what we want to do? In this blast from the past, we’re going to look at a video I recorded about two or three years ago, when I was coaching syndicators who were really at the top of their game in their fields but were brand new to real estate syndication. I hope you find this video helpful. It’s a formal process to think about how you do your goals so that ultimately you can be successful and take this wherever you want to go.
In this video, we are talking about goals. Oh my god, did he say goals? Yes, we’re going to talk about goals. Goals are important. I’m sure I don’t need to hammer that in. This is actually going to be a fairly short topic because I want to give you a different paradigm for thinking about goals.
They all start with facts of where you are today. You are here. And this is also your investment company. So let’s talk about it in that framework. You’ve got so many assets under management, you’ve got such and such track record. It doesn’t matter if this is a trillion dollars under management and a track record of one, or no properties at all. But there are facts. You have so many team members. You’ve identified a founder’s investment theory and a niche. You’ve got so and so interested investors. These are all facts that you have in setting your goals.
Now, where do you want to go? Let’s pick a time horizon. Let’s say one year out. Where you want to be is way up here. You want a certain AUM (assets under management), you want a certain track record, you want specific team members, you’ll still have your fine founder’s investment theory, and you’ll have such and such investors. The distance between here and there creates this large chasm. You’ve got this big pit to get from here to there.
The first question we ask ourselves to get to this goal is: Who do I have to become? None of this is new. None of what I’m talking about here is my ideas. It’s just ideas I’ve picked out that I have found particularly useful and hopefully you do as well.
How are you going to get from where you are in your present facts to the goals? You’ve got some ground to cover. You’re going to have to become better than you are today in order to reach those higher goals. If you keep doing exactly what you’re doing today, there is no way you’re going to get there.
I would posit to you that the way to get there is through this gap. And we do that by breaking up the gap into quarters: Q1, Q2, Q3, Q4. Now it becomes suddenly much more manageable. To get to Q1, you just have to do the Q1 things. To get to Q2, you just have to do Q2 things. That leap is much shorter.
Once you’ve identified where you want to go, ask yourself: What has to be true for me to be here? What are the facts that need to be true? What’s the AUM? What’s the track record, etc.? You don’t worry about Q2, Q3, and Q4 until you get to Q1. That’s your next stage. That’s what you’re working on. That’s your entire focus.
You take this Q1 goal, and then you simply come up with your SMART goals. SMART goals need to be Specific, Measurable, Achievable, Relevant, and Timely. Timely is already covered – it’s got to be done in Q1. Achievable is important – it definitely needs to be something that you can do. It needs to be a stretch, but it can’t be impossible.
For example, if you’re starting with no assets under management and a track record of zero properties, it’s definitely an achievable goal to have two syndications done and funded and up and running and happy within a year. But it’s not achievable to have assets under management of $10 trillion, or even $100 million, for a first-time syndicator within a year’s time.
So, what might Q1 look like for a smaller, newer syndicator? It might include:
- Form company
- Grow list to 50 names of people you’ve talked to
- Identify fishermen (people who will help bring you deals) and whales (big investors)
- Identify one good property
Is that achievable? Heck, yeah. There’s no reason you shouldn’t be able to do that in a quarter.
At the end of Q1, then you’d be setting out Q2. Q2 might be to put together your first syndication. Q3 might be to grow more, add another property, all the while growing your list and investors.
This is how you get from where you are today to where you want to go. You’re breaking down what seems impossible into multiple, achievable things. Each step along the way, in their various quarters, is just going up the ladder.
I hope you found this video helpful in thinking about how to go from where you’re at today to where you want to go. How do you make those SMART goals? How do you do all the work so that you ultimately can go from where you’re at now to having the business of your dreams, whether that’s in real estate syndication, a real estate fund, or being a serial syndicator?
If I can help be a part of your journey, I’m happy to do that. My name is Tilden Moschetti. I am a syndication attorney with the Moschetti Syndication Law Group. Part of our practice is the legal documents – putting together the private placement memorandum, the operating agreement, all of those things that are necessary to be compliant. While we do an excellent job and we’re top of our field for doing that, what sets us apart truly is my background in coaching and my expertise from having done many deals for myself.
Whether you’re just starting out or whether you’re looking to ultimately put a REIT together, we can help you along that process. All you have to do is simply get on the phone, get a meeting, and let’s have a conversation about what it is that ultimately you want to do and where you want to go. Then we can talk about how we’ll get started with your very first project or your 50th project, wherever it is that you’re at, so that we can plot out that trajectory. It all starts with an engagement for a single project or for a fund. So if you’re ready for that, feel free to give us a call and set up a time to meet with me, and we’ll go through that.