The Multifamily Mindset

Just watched the full interview - there should have been a SEC intervention in this space years ago. 

I always figured there was a centralized network at play in this newer syndication space, but this really makes that world seem even smaller than anything I imagined. It's pretty much an MLM scheme when you think about it - it's "sponsors" putting on paid workshops for aspiring "syndicators" where they tell them that they need to participate in a deal as an LP to gain experience. Those "students" then branch out and raise funds from their friends and family, dump them into these "sponsored" deals, but then these RE gurus literally never seemed to really touch the deal again. 

Part of me wants to think that the RE gurus were really just that stupid, thinking a 3rd party management company, left to their own devices, would execute their business plan and take over their fiduciary role. On the other hand, they are 100% scum bag opportunists that are just trying to capitalize and take advantage of a seemingly vulnerable population.