How to Find an Apartment Deal to Syndicate

Most apartment deals a first-time sponsor sees come from four places: listings that brokers send out, letters and calls to owners who have not listed, property managers who know which owners are tired, and lenders or other sponsors who pass along deals they cannot do. The skill is not finding deals. It is rejecting the wrong ones quickly and being ready when a good one appears. If you are the sponsor, we built DoorRaise to handle the legal and investor side once you have a property under contract.

This post is part of our guide to real estate syndication. It covers where deals come from, a ten-minute screen, and how to behave while you search. Rules are as of October 2026.

What does a deal worth syndicating look like?

It is an income-producing apartment building, usually five or more units, where the rents can support the loan and the costs, and where the equity needed is an amount you can realistically raise from your own network. DoorRaise works with apartment buildings with 5 or more units, so smaller properties are outside what we support.

Three questions sort most deals before you do any math:

Is there real income? Look for a property with actual rents, not a plan to create rent. Operating history is what lenders and investors can check.
Is the equity check fillable? Add the purchase price, closing costs, any renovation and reserves, subtract the loan, and see what is left. If that number is more than your friends and followers could plausibly fund, the deal is too big for now, or you need a co-sponsor (see co-sponsors and key principals).
Is the business plan simple enough to explain? A first deal with one clear idea is easier to describe honestly than one with six moving parts.

Size matters for another reason. A raise has fixed costs, such as documents, filings and escrow. Spread over a very small deal, those costs weigh heavily. Our guide to how much money a sponsor needs walks through those costs.

Where do apartment deals come from?

Here are the main channels, with what each asks of you.

Source	How it works	What it rewards
Broker listings	Brokers market properties to a list of buyers and send offering memoranda	Quick, credible replies and a clear buying profile
Off-market outreach	You write or call owners of buildings that are not for sale, using public county records	Persistence and a respectful, specific message
Property managers	Managers know which owners are considering a sale	Trust built over time; ask for introductions, not favors
Lenders and loan brokers	They see deals that fall through and buyers who need financing	Showing you understand loan terms
Other sponsors	Larger sponsors pass along deals outside their size or market	Being useful, such as offering to do the legwork as a junior partner

Brokers and listings

Brokers work for the seller. They want buyers who close. Tell them in two sentences what you buy: unit count, area, price range, type of business plan and how you finance. Reply to every package within a day, even to say no, and say why. A broker who gets useful no's learns your criteria and sends better deals.

Off-market letters and calls

Public property records usually show the owner's name and mailing address. A short, honest letter to the owner of a building that matches your criteria can start a conversation. Be specific about who you are and what you want, and do not pretend to be a bigger buyer than you are. Expect a low response rate and treat each reply as a relationship, not a lead.

Property managers

Managers see rents, repairs and owner fatigue first. A manager who respects you may mention an owner who is thinking about selling. This is also useful later, because you will need a manager for the deal (see choosing a property management company).

How do you screen a deal in ten minutes?

Use a fixed order so you do not skip steps when you are excited.

Location. Is it in a market you can describe and visit? See how to choose an apartment market.
Price per unit. Compare it with other sales you can find in the same submarket. A figure far from comparable sales needs an explanation, not a story.
Rent roll. Look at the rents by unit, the lease end dates and how many units are vacant. Our rent roll and T-12 guide explains what to check.
T-12. Compare the trailing twelve months of income and expenses with the broker's summary. If the broker shows a number you cannot find in the T-12, ask why.
Rough math. Enter the price, income and a realistic loan into the apartment deal calculator to see the cap rate and whether income covers the loan payment. For the full method, read multifamily underwriting basics.

If a deal fails any step, log why and move on. Do not spend a weekend on a model for a deal that failed the rent roll.

What belongs in a deal log?

A spreadsheet is enough. For each deal, record the address, units, price, price per unit, the source, the date you received it, the date you replied and the reason you passed or kept going. Add a column for "kill criteria," a short list written before you start looking. Examples: no deal with an unverifiable T-12, no deal outside the two submarkets you studied, no deal where the lender will not quote terms.

Writing criteria down protects you from the common trap of lowering your standards after thirty rejections. It also gives you something concrete to tell a broker.

How do first-time sponsors earn broker attention?

You do not have a track record yet, so offer proof of readiness instead:

A one-page buyer profile: what you buy, where, and how you close.
A named lender or loan broker who has looked at your plan.
A clear statement of how you raise equity, including that investor money sits with an independent escrow agent.
Consistent, fast replies.

Be honest about being new. Brokers have heard every claim, and the ones who help you are the ones who trust that you will do what you say. Our guide for first-time sponsors without a track record covers how to build credibility.

When do you put a property under contract, and what do you tell investors before then?

You usually sign a letter of intent and then a purchase contract with a deposit, and the raise happens during the contract period. Read earnest money and the letter of intent and the timeline from LOI to first wire before you sign anything.

Before you have a deal, you can talk to people who already know you about what you are building: the type of property, the area, and how you work. That is different from offering them a specific investment. Under Rule 506(b), you cannot use general solicitation, and a pre-existing, substantive relationship with each person you approach is what the exemption relies on. Showing a specific deal's price and projections to strangers on social media is where sponsors get into trouble. See what counts as general solicitation and 506(b) vs 506(c).

Do not call a deal "great" or predict results, to a broker or to a future investor. Describe the facts and the risks. Every investment can lose money.

Common mistakes

Trusting the pro forma. A seller's projected income is a sales document. Underwrite from the T-12 and the rent roll.
No debt quote. A price that works with imaginary financing does not work. Get a real indication of loan terms before you spend on diligence.
Chasing size. A deal that needs more equity than your network can fund leads to a failed raise and a lost deposit.
Ignoring the raise. The best property fails if you cannot fill the equity. Use the raise planner early to see how many people must see a deal.
Hiding the weak parts. If you leave a known problem out of what you tell investors, you create legal risk as well as a bad outcome. See Rule 10b-5 and what sponsors cannot say.

How DoorRaise fits in

DoorRaise is software, legal document preparation, escrow coordination and verification services for sponsors raising equity for apartment buildings. When you have a property under contract, you build a deal page with the facts, the terms and the documents, and your friends and followers can read it, join your live Q&A and commit. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal, and it does not hold investor money. Funds go to an independent escrow agent named on the deal page.

The fees are $500 to set up (due when you submit the deal, non-refundable), $5,000 at closing (only if the deal closes, and it includes state filing fees) and $3,500 a year.

Raise your apartment deal from the people who already follow you.

DoorRaise is built for apartment buildings with 5 or more units: one link for the deal, escrow until closing and a standard fee card.

Launch a deal See the fee card

When you are ready, create your sponsor page.

FAQ

How many deals should I look at before I buy one?

There is no standard number, and anyone quoting one is guessing. Look at enough deals that you can recognize a fair price in your submarket quickly. Your deal log will tell you when you are there.

Can I find deals without a broker?

Yes. Direct letters to owners, property manager introductions and other sponsors all produce deals. These take more time, and the seller may not have a clean set of financial records.

What is the minimum size apartment building to syndicate?

DoorRaise supports apartment buildings with 5 or more units. Beyond that, the right size is whatever you can underwrite well and fill with equity from your own network.

Not under Rule 506(b), which prohibits general solicitation. Rule 506(c) allows it, but then every buyer must be an accredited investor and you must take reasonable steps to verify each one.

Should I tell investors about a deal before I have it under contract?

You can talk to people you already have a relationship with about your plans. Be careful about offering a specific investment before the facts exist, and never promise a result. Ask your own securities attorney how to handle the conversation.

Sources

This article is general information, not legal advice. Talk to a securities attorney about your deal. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.