Books on Apartment Syndication and Multifamily Investing: A Reading List
Most people who learn apartment syndication learn it from a handful of books, then from deals. A book gives you the vocabulary and the order of steps. A deal teaches you what the numbers mean when the market moves. This reading list is short on purpose. It names only the books whose titles we could confirm on a page that is live today, and it says where each one is listed.
This list is not ranked, and each entry is a starting point, not a verdict. Check current editions and prices on the publisher's or retailer's page before you buy.
The reading list
| Book | Author | What it covers | Where it was listed |
|---|---|---|---|
| Best Ever Apartment Syndication Book | Joe Fairless and Theo Hicks | A step by step system for completing a first apartment syndication deal, from the sponsor's side (456 pages, paperback, first published 2018) | Goodreads; Best Ever CRE's 2019 post reports it was on UpJourney's list of real estate books to read in 2019 |
| Apartment Syndication Made Easy: A Step by Step Guide | Vinney Chopra | A step by step guide to apartment syndication, drawn from the author's own career in the business | Goodreads |
Two reader notes from Goodreads. One reviewer of the Fairless book says it studiously avoids quantitative analysis. A reviewer of the Chopra book found the information basic for someone who already has apartment experience. Both points are useful. A sponsor-focused book tells you how the deal is run. Only the numbers tell you whether the deal can pay.
How to read them together
A sensible order for a first-time sponsor or a serious investor:
- Start with the process. Read the Fairless book to learn the steps: finding a deal, the team, the legal structure, the offering and the investors.
- Then read a second account. Read the Chopra book to see how another author describes the same steps, and where the two agree.
- Then check the numbers. Neither book replaces an underwriting source, so test each rent, expense and return figure against a deal you can check.
As you read, keep a list of every number you cannot check. Each one is a question for the sponsor or the operating agreement. Our post on how to read a syndication PPM explains where those numbers usually sit, and equity multiple, IRR and cash on cash explains the three return measures most sponsors quote.
Books are not the law or the deal
A book cannot tell you what the rules require for your offering, and it cannot approve a deal. For the law, read the rules themselves and the offering documents. Our post on Rule 506(b) and 506(c) covers the two exemptions most sponsors use. For a particular deal, a securities attorney and a CPA should review the documents, and the investor should read them too.
If you are a sponsor, DoorRaise gives you a written path for a first deal, from the LLC to the investor portal. Start at how DoorRaise works if you want the steps in one place.
Sources
- Goodreads: Best Ever Apartment Syndication Book
- Goodreads: Apartment Syndication Made Easy by Vinney Chopra
- Best Ever CRE: Best Ever Apartment Syndication Book named a top real estate investing book to read in 2019
This article is general information, not legal, tax or investment advice. Book titles are listed for reading only. DoorRaise does not endorse any author or publisher, and the pages above come from third parties, some of which sell related products. Prices and editions change, so check the retailer before you buy.