Last premium post: The Refinance Assumption Trap
Last free post: LP Investing Digest #21
Announcements:
LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments. I have one spot left for the April cohort. If you’re interested, please reply to this email.
Announcing Monthly “LP Topics” Meetings - many have asked me to create an ongoing meeting where I can share some of the things that I’m seeing. The goal of these meetings will vary from modeling exercises to looking at deals in distress. If this is of interest, please reply to this email and (optional!) let me know what topics you’d enjoy seeing.
Two new podcasts:
In a new released podcast, I discussed GP Ethics, LP Losses, as well as things to keep in mind in a healthy Investment Process
As always, my podcast appearances are not an endorsement of the host
Happy Friday and welcome back 👋
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Really interesting look into debt maturities (although I do think the topic is overblown)
A deep dive of property tax underwriting
Some thoughts on rent comp tables
Open to all ideas on both of these!
An interesting look into CRE prices over time by asset class
Fascinating look into single family home prices
An interesting story / reminder to look at your financial reporting
Have a wonderful weekend!
Thank you for reading! I genuinely hope you found this helpful - the best way to say thank you is to spread the word.
I advise LPs on existing and potential positions and write articles here weekly on what I see in the marketplace that could help you invest better. You can find me on LinkedIn or Twitter.
Whether you’re an LP, want to learn to become one, or affiliated with LPs (GPs, Attorneys, CPAs, Wealth Advisors) I hope you’ll consider subscribing and sharing this post to help others make more informed investment decisions.
When you’re ready, I could help you in 3 ways - simply reply to this email if one is of interest:
Limited Partners:
Potential positions - you’re considering investing and need an independent opinion
Existing positions - there’s a lack of communication, you’re concerned about fraud, or perhaps you got a capital call request and you’re not sure how to proceed. I have also helped LPs with a “post-mortem” analysis on deals that didn’t work out - it’s important to learn these lessons as opposed to just blaming the GP.
LP Cohort - review 4 separate memos together with me and other LPs to learn how to vet LP investments.
LP Community - join my free 1,900+ member LP community on Twitter
Find GPs in unique asset classes/geographies on my monthly intro post (see LinkedIn’s post as well for more)
General Partners:
Deck review - I’ll look over your marketing materials from the perspective of an LP and provide slide by slide commentary to improve your pitch
Investment review - I’ll provide independent feedback on an opportunity you’re pursuing
Capital call advisory - you suspect that you’ll need to make a capital call, but aren’t sure how to proceed or communicate the message.
Other - anything from waterfall/fee advisory to disagreements between co-GPs on the proper path given a set of circumstances
General Consulting: modeling, strategic advisory, underwriting training, etc.
If you’d like to speak on the phone, you can set up an initial consultation.