I am in a handful and am increasing my allocation to about 20-25% of NW and selling some direct real estate investments to fund the syndications.
My first several were single deal Multifamily syndications with a friend - ok but nothing great.
I recently joined a couple online groups for syndication investors - very helpful DM me if you want. They have great deal flow and thoughtful other investors and share DD on sponsors and deals.
For the new stuff - I’m betting on the jockey not the horse as too hard to evaluate all the horses. But some people analyze every deal (horse in the analogy). I prefer funds to individual deals for diversification - with investments spread across multiple sponsors and property types.
Here is a book on evaluating as well.
The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications https://www.amazon.com/dp/1947200275/ref=cm_sw_r_cp_api_glt_fabc_WJ11TE6P9B2RNNJNTPZH
I'm in one. I bought in around 1 year ago so haven't gotten a full cycle of returns yet. Ideally it should be a somewhat small percent of your nw. I'm not losing any sleep over what happens. Despite this specific investment being risky, I personally view my overall portfolio as being less risky having about 5% of it in of these investments rather than being 100% in vti/vxus.
BTW, here's a book that talks about these types of investments. I haven't read the book, but have read/listened to the author a decent amount and what he says makes sense to me: https://www.amazon.com/Hands-Off-Investor-Insiders-Investing-Syndications/dp/1947200275/
I "hate" telling people about this book because I feel I'm giving away secrets but it's a great, detailed primer about passive investing. I did about 6-7 syndications before reading this book and I still learned a few things. Great read.
https://www.amazon.com/Hands-Off-Investor-Insiders-Investing-Syndications/dp/1947200275
If you're looking into real estate private equity, read The Hands-Off Investor.
It's a really good guide to investing in real estate syndications. The author is also the founder of one of the most reputable firms - I've invested with them.
It's all about the operator you choose to invest with. Brian Burke released a great new book on this a few months ago: The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications. HIGHLY recommended for giving a great view into the investor side and particularly what to look for in a good operator.
I would also recommend reading/listening to resources from Michael Blank and Joe Fairless. Both are pretty big names in the multifamily syndication space. Their content has a greater focus on operators (the general partners in a syndication), but is good for someone interested in the investor side (limited partner) as well.