Can anyone vouch for the “Syndicated Deal Analyzer” spreadsheet download by Michael Blank and it it’s worth it?
Or anyone got a link to a free copy of it? I mean $129?
[{"id": "fn577eo", "text": "Remember to stay safe, and wash you hands!", "replies": [], "depth": 1}, {"id": "fn5dcv0", "text": "No but I can vouch for the fact that syndicated deals are a great way to lose your money. Don\u2019t need to analyze them to tell you that.", "replies": [{"id": "fn9xwko", "text": "So you're getting negged here but I'll just add: My mentor in commercial real estate was forced into BK in his late 40's, lost everything and had to start over, due to massive liabilities from syndication deals where the GP was negligent and/or committing fraud. \n\nYES I know there are a million \"but but but\" retorts to this, however, it is a possible outcome to be aware of in syndication if you're not watching how the deal is structured.", "replies": [{"id": "fnaoyrl", "text": "Thanks. In my experience syndication don\u2019t work out as well as people hope for and there are a lot of totally negligent managers in the space. Most of these guys don\u2019t put any of their own money into the deals - if you look under the hood these companies make all of their money on fees. They survive by getting deals done, not by deal performance, so once it\u2019s done they don\u2019t really care what happens. They\u2019re super limited on ability to make capital calls and are often in super highly levered positions behind a lot of debt and pref equity. \n\nIf you have 1031 money just pay the tax or buy a small apartment building close by that you can manage, don\u2019t mess with TIC syndicators.", "replies": [{"id": "fo7o3ja", "text": "??? \n\nDepending on how structured people can get cut of AUM fees, and disposition/refi fees. You're aligned on delivery of proforma results or else you have a lot of sweat equity put in with nothing to show for it.", "replies": [{"id": "fo968p2", "text": "A lot of these guys just make money on fees - not enough recurring revenue to cover overhead - they\u2019re in it to get deals done, proforma results don\u2019t matter. TIC syndicator financials are super sketchy under the hood. In a prior life had looked at doing some line of credit work to a few of them but couldn\u2019t get comfortable with the businesses as a going concern once you see the corporate PL. also the principals typically don\u2019t have great credentials - no one is going from like Apollo or Fortress to start a TIC syndicator it\u2019s like hole in the wall shops raising a ton of other peoples money, not putting anything in, making money on fees and if they get a promote end of day, great it\u2019s gravy but in the meantime they\u2019re paying themselves a few million a year in fees so it doesn\u2019t really matter how they promote works out.  Also a lot of these things are super geared and I firmly believe that the underlying mom and pop investors don\u2019t understand the risks. \n\nThe only instances of outright fraud I\u2019ve come across in my career of distressed investing have been on the syndicator side.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fn6aki7", "text": "I'm in the process of learning from udemy, justin sivel?? . Course costs 10 dollars, figured I learn the fundamentals and how to build one myself", "replies": [{"id": "fn6axf4", "text": "$129 or X hrs to build your own. I would rather spend $129, or d/l it for free if I can.", "replies": [{"id": "fn6e6oc", "text": "Give a man a fish he'll eat for a day, teach a man to fish he'll eat for a lifetime...the class takes 3 hours. It's not about the 129 to me it's about truly knowing how to do things", "replies": [{"id": "fn6fagz", "text": "I\u2019m reading a ton of books on the subject right now.", "replies": [], "depth": 4}, {"id": "fn7ugiw", "text": "Exactly. Models are helpful and good guides, but you need to understand them in order to use them effectively.", "replies": [], "depth": 4}], "depth": 3}, {"id": "fn6lpbw", "text": "A single template generally isn't going to be flexible enough to serve you in the long term across multiple deals. Every deal is unique.\n\nReading books is great, but taking an actual modelling course is far better if you plan to be a serious investor.", "replies": [{"id": "fn7afs3", "text": "What\u2019s a modeling course? Go look at the video about the template", "replies": [{"id": "fn7blxv", "text": "It teaches you how to build financial models similar to this template, but for a variety of project types and asset classes.\n\nI'm not saying the template will be useless and it may very well be a good investment, I'm just saying it's always better to be able to do something yourself and understand the underlying mechanics and calculations.", "replies": [{"id": "fn7inug", "text": "I understand the formulas but it\u2019s nice to have it all laid out for you all ready to input numbers", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fn8xofy", "text": "Yes. I bought it several years ago. Excellent spreadsheet. Would take you days to make your own.", "replies": [{"id": "fn9rw9v", "text": "That\u2019s what I thought. Any chance you have a copy? Lol", "replies": [], "depth": 2}], "depth": 1}, {"id": "fnau2oq", "text": "It is a total waste of money.  The fact that he calculates all the \"KEY INDICATORS\" backwards should be a clue.  All you are doing in imputing numbers that mean very little if anything.  \n\nThe most important number is the purchase price but he just pulls a number out of the air for you offer price of $440,000 on a $575,000 asking.  \n\n[https://www.bing.com/videos/search?q=michael+blank+syndicated+deal+analyzer&amp;docid=608032420870883759&amp;mid=79A1331C9E3EEE86E76679A1331C9E3EEE86E766&amp;view=detail&amp;FORM=VIRE](https://www.bing.com/videos/search?q=michael+blank+syndicated+deal+analyzer&amp;docid=608032420870883759&amp;mid=79A1331C9E3EEE86E76679A1331C9E3EEE86E766&amp;view=detail&amp;FORM=VIRE)\n\nHere ya go for free!   \n\n[https://www.mortgage-investments.com/resources/online-calculators/10-year-investment-in-real-estate/](https://www.mortgage-investments.com/resources/online-calculators/10-year-investment-in-real-estate/)", "replies": [{"id": "fnawb9l", "text": "Thanks!", "replies": [], "depth": 2}, {"id": "fo7nr02", "text": "Cool, but no waterfall or split calcs.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fngir5s", "text": "Yes, I\u2019ve made several copies for different properties I\u2019ve analyzed. :) \nGo buy one. Worth every penny", "replies": [], "depth": 1}, {"id": "fo7nl0c", "text": "It's a solid B+. Check out the free models at [https://www.adventuresincre.com/](https://www.adventuresincre.com/) which are more complex. \n\nPersonally I'm ripping off ideas from all models I come across to make my own as they all have +/-'s.", "replies": [], "depth": 1}, {"id": "fq1fdej", "text": "You can email me at info@kapelrealestate.com and I will send you my personal underwriting template for free\n\nAbout us\nhttps://youtu.be/_BH5yDfaUxw", "replies": [], "depth": 1}]