Q: I feel that my husband and I should invest in a small, four-unit residence or a single-family house. We could rent these out and have a continuous income flow. There are dozens of people who want to sell to us (friends and family included). But aren't there people in the real estate industry who specialize in these types of sales? In one of your columns you mentioned investing in a real estate syndicate. How can we look into this?
A: Yes, there are real estate brokers who tend to specialize in sales of the type of property you mentioned for income-producing real estate investment. Call your local board of realtors. (If you can't get the name and telephone number any other way, call the Chamber of Commerce and they should be able to put you in touch with the board).
Ask the board of realtors to suggest three or four brokers who are competent and reputable and who specialize in or are knowledgeable about small income-producing property. Also ask the board of realtors' to suggest three or four brokers who are competent and reputable and who specialize in or are knowledgeable about syndicating income-producing properties.
In addition, you could read the second edition of the Real Estate Syndicator's Manual and Guide (1979, Hussander, Prentice-Hall), How to Syndicate Real Estate (Real Estate Review Portfolio Number 11, Warren, Gorham & Lamont), and Syndications and Partnerships (1978, Binford, Impact Publishing Co.)