From the desk:
I'm coming into this from the wrong end. I've been getting a first rental ready and reading everything about screening tenants, and somewhere in that I realized I was about to han…
Discussion
Doing diligence on a sponsor's fourth offering, 12m equity target. Their prior three deals list one family office as the largest investor, and from the capital account detail they…
From the desk:
Reading my way through an offering document for the third time and writing down every place money leaves before an LP sees a dollar. 8.4m equity raise, 22m purchase, industrial fl…
From the desk:
Been building a small portfolio for six years, 31 units, and along the way I've collected people who ask me every year whether I have anything they can put money into. I've never…
Discussion
I've got 18 LPs across two deals and I'm running the whole thing on a spreadsheet plus mail merge for distribution notices. It works until it doesn't. Last cycle I sent one invest…
Win
I met a sponsor at a local meetup and asked if I could be added to his investor updates without investing. He said yes, which I later learned is not a given. Some people won't do…
Win
I don't have money to raise and I don't have a deal. What I did have was a nagging feeling that I couldn't explain what I was looking for to another person. So I wrote the page I'…
Discussion
On the last deal I put a base case and a downside side by side on the same page of the investor memo. Base was a 16.4 net IRR to LP with 2 percent rent growth and a 25 basis point…
From the desk:
Sponsor I've co-invested with twice wants me to bring the LP equity on their next one. 6.5m of equity total, they have 2.3m soft circled internally, so my piece is 4.2m. Two struc…
Discussion
I'm putting together my first syndicated deal, small multifamily, about 6m of equity needed. Someone I met through a broker says he can bring 4m of it from his own investor list.…
Discussion
Two closed deals, 480k of equity raised across 9 people, both still paying. Next 18 months I want three acquisitions in the same submarket and that's roughly 1.4m of equity. The r…