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One way syndicators con investors

Want to take moment to explain and decry a move I see a lot of syndicators making (particularly on crowd-funded deals): Making distributions using investor capital, rather than free cashflow. Heres’ where the problem comes from: Syndicators need capital from investors. Investors generally want both regular distributions AND high forecast IRRs. It’s a seller’s market

Learning from Stephen Schwarzman (again)

Just finished Stephen Schwarzman’s new book What it Takes, which is a kind of a combination memoir and business advice book. Regular readers know I idolize Schwarzman, who founded Blackstone and built it into, by far, the largest manager of alternative assets in the world. As one of the co-founders of a tiny speck of an alternative

Learning from Charles Koch

Have been listening to Tim Ferris’s interview with Charles Koch, which pairs nicely with Sons of Wichita, which I read last year. In case you don’t know, separate from his efforts to bend our country’s politics to the right over the past 40 years or so (or, maybe, not so separate!), Koch is an extraordinary business

The pain of losing out to a price-chipper

For the last few months, we have been chasing a deal in a neighborhood we know well. The owner finally gathered offers from a bunch of potential buyers, including us. As usual for us, we gave our bottom line number and a commitment that we would not chip price. The broker knew us and, as

The surreal experience of turning down capital

Last week, I had three different, current investors separately ask me if I could take more of their capital. Sadly, right now, I can’t. While we’re deploying a fund, we’re fiduciaries for that fund, so I’m not going to take any capital for rivalrous deals (5+ units, LA County). And, while I can see some

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