On this episode of REI Mastermind Network, host Jack Hoss sits down with guest Jake Wiley to discuss the importance of understanding who you're working with in syndications. The episode starts off by highlighting the crucial role that communication and individual attention play in successful investments. Wiley emphasizes that syndicators who have grown large may not always be accessible or responsive, so it's essential to find syndicators who prioritize investor involvement and are willing to answer questions. The conversation then shifts to the significance of asking questions before investing. Both guests stress that asking questions not only reduces risk for investors but also shows that they are engaged and proactive. They recommend face-to-face interaction over email or virtual communication, as it allows for a deeper understanding of the investment and builds trust between investors and syndicators. Wiley shares his recommendation of using the Feedly tool to aggregate news sources and stay informed about the real estate market. He believes that staying informed through this tool can make individuals more confident and less susceptible to hype or misinformation. The episode dives into the importance of mindset in real estate investing. Wiley and Hoss discuss the benefits of networking and building relationships with the right people, which can help investors progress faster and achieve economies of scale. They encourage listeners to overcome their fears, start asking questions, and develop relationships to succeed in real estate investing. Wiley reflects on his own experience, wishing he had learned about multifamily investments sooner. He explains that multifamily investments are achievable sooner than people realize, especially when working with a skilled operator who can make the investment more passive and yield similar returns. The episode concludes with Wiley providing one piece of advice that listeners can implement today: take the time to understand who you are working with and what they're doing. He emphasizes the importance of not blindly investing in someone based on their story or marketing, but rather thoroughly researching and evaluating potential partners. Wiley also highlights the role of assumptions in investment models, particularly in commercial properties, and the importance of understanding how these assumptions are modeled and whether cap rates are expected to go up or down. Throughout the episode, Wiley shares personal stories and experiences, including a cautionary tale about a government program in New Orleans that provided guaranteed rental income for landlords. He shares the challenges he and his wife faced when the program unexpectedly ended, leaving them responsible for collecting rent from tenants who couldn't afford it. This story serves as a reminder to fully understand the terms and incentives of a deal before investing and to not get caught up in hype or time-limited opportunities. Overall, this episode provides valuable insights into the importance of understanding who you're working with in syndications, asking questions, and staying informed about the real estate market. It emphasizes the need for patience, caution, and thorough research when investing, while also highlighting the potential opportunities available in the current market dynamics.

Connect with Jake Wiley: https://www.thelimitedpartner.com/