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MB 172: Building an Investor Pipeline for Multifamily Syndications – With Kyle Mitchell

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Once you get a multifamily deal under contract, the clock starts ticking. You have limited time to raise capital, so it’s super-important that you’ve already built relationships with potential investors and have a database to call on. But how do you transition from simply talking to people about the opportunity to invest with you to building a formal pipeline of truly interested investors?

Kyle Mitchell is Managing Partner at Limitless Estates, a multifamily firm investing in the Phoenix and Tucson markets. He started investing in single-family in 2015, building a $1M portfolio of nine properties in Illinois, Ohio and Arkansas, before quitting his W-2 job to pursue multifamily in 2018. Within two months of going all-in on apartment buildings, Kyle landed a 42-unit deal, and he is currently negotiating a $15M 128-unit deal. Kyle is also the host of the Passive Income Through Multifamily Real Estate Investing Podcast.

Today, Kyle joins me to explain his decision to quit his 9-to-5 before he had a multifamily deal, discussing the benefits of going full-time and the way he got brokers to take him seriously. He shares the details of his first multifamily syndication, describing how he raised $1M in 60 days and why he had to switch lenders late in the process. Listen in for Kyle’s advice around finding a mentor and building your team—and get his blueprint for building an investor database for multifamily syndications!

Key Takeaways

Why Kyle quit his job before he had a multifamily deal

  • Savings and wife’s income made possible to go all-in
  • Accelerate progress after 10 months building pipeline

How Kyle and his wife’s goals were in alignment

  • Already investing in SFH, did SDA course together
  • Goal to become entrepreneurs + control time

Kyle’s insight on the benefits of going full-time

  • Ability to visit markets more often
  • Brokers take more seriously

How Kyle got brokers to take him seriously

  • Build relationships over 6 months (persistence)
  • Meetup, newsletter and podcast
  • Mentorship and coaching

Kyle’s first multifamily deal

  • 42-unit property near U of A in Tuscon
  • Mismanaged by SFH property manager

When Kyle started raising money

  • Building investor list for 10 months before
  • Webinar after signed, $1M raise in 60 days

How Kyle built his investor database

  • Leads from podcast, newsletter + meetup
  • One-on-one meetings to determine interest

How Kyle overcame objections re: lack of track record

  • Professional experience in management
  • Real estate license and SFH portfolio
  • Coaches, education, mentors + partners

Kyle’s insight on the Law of the First Deal

  • LOI for second property within 3 weeks
  • $15M 128-unit deal with same partners

Kyle’s advice for aspiring multifamily investors

  1. Double number of investors
  2. Always be raising money
  3. Be transparent with lender
  4. Set up team in advance

Kyle’s blueprint for following in his footsteps

  • Find mentor that fits goals
  • Define goals + take action
  • Build partnerships

Connect with Kyle

Limitless Estates

Passive Income Through Multifamily Real Estate Investing Podcast

Email [email protected]


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