Summary
In this episode, welcome Tilden Moschetti, Esq., a legal expert in real estate syndication and fund management. Tilden shares his journey into the industry and provides insights into the structure and regulations of syndication deals. He emphasizes the importance of trust between syndicators and investors and highlights the rules and regulations that govern syndication offerings. Tilden also discusses different structures, such as REITs, funds, and DSTs, and provides advice for sponsors on fee structures and investor communication.
Takeaways
Trust is crucial in syndication deals, and investors should only invest in deals where they trust the syndicators.
Syndication deals are governed by regulations, such as Regulation D, and it's important to ensure that the rules are being followed.
Different structures, such as REITs, funds, and DSTs, have different benefits and considerations, and sponsors should choose the structure that aligns with their investment goals.
Sponsors should properly incentivize themselves by setting appropriate fees and be transparent with investors about the fees and the investment plan.
DSTs are a good option for 1031 exchange investors, but it can be challenging to fit them into syndication structures.
Sponsors should disclose all relevant information to investors and maintain open communication to build trust and ensure a successful partnership.
Chapters
00:00 Introduction and Background
04:50 Understanding Syndication Structures
09:14 Different Rules for Different Offerings
14:40 Choosing the Right Structure: REITs, Funds, or DSTs
22:43 The Importance of Transparency and Communication
29:00 Challenges and Considerations of DSTs in Syndication
35:07 The Complexity of Combining Securities and Real Estate
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