Newsletter Archive

This week, Amazon announced layoffs affecting 14,000 employees. These are not underperformers or redundant workers. They are people who show up every day, contribute meaningfully to the company mission, and believed their positions were secure. Having spent over a decade at Amazon myself, I understand the shock and uncertainty these individuals now face. But this…

As most of you know by now, I am a strong advocate for investing in syndications. After 30 years of studying real estate investing and transitioning from active property ownership to passive investing, I credit my syndication investments with allowing me to retire just six years after I began investing in them. However, you may…

Assuming that the sponsor has passed your review [1] and the property meets your investment criteria [2,3],  you have reached the final steps in your due diligence journey. The opportunity looks promising. The sponsor may be encouraging you to commit quickly. You may feel excitement about the projected returns. This is precisely when you must…

You have identified sponsors you trust [1] and refined your investment thesis to filter opportunities that align with your goals [2]. Now comes a critical juncture: evaluating the specific property that will house your capital for the next five to seven years. While your sponsor vetting process has eliminated the majority of deals crossing your…

Why the most successful investors ask “Who?” instead of “How?” When most of us encounter a problem or set a goal, our first instinct is to ask: “How can I accomplish this?” According to Dan Sullivan and Benjamin Hardy in their book “Who Not How” [1] this question, while natural, fundamentally limits our potential for…

Investors entering the syndication space often assume all deals follow the same basic structure: a group pools money to buy a single, identified property. While this represents the most common opportunity you will encounter, limiting yourself to this single approach can restrict your ability to build truly diversified passive income streams. Understanding the three distinct…

When evaluating real estate investment opportunities, most investors focus primarily on location, asset class, and projected returns. While these factors are undeniably important, there is another critical element that can dramatically impact your investment outcomes: the capital stack. Understanding how a deal is financed and structured can mean the difference between achieving your expected returns…

The most critical due diligence step for any passive investor involves thoroughly vetting the sponsor and team who will manage your investment. This principle cannot be overstated: an exceptional sponsor can transform a mediocre deal into a profitable venture, while an incompetent sponsor can destroy even the most promising opportunity. Your success depends entirely on…

As your syndication portfolio grows, you will face a new challenge: too many opportunities and not enough time to evaluate them all. This abundance of options represents a significant shift in your investment journey. Where you once searched desperately for any deal, you now must become selective, strategic, and efficient in your evaluation process. The…

If you spend time in real estate investing circles, you will encounter a curious phenomenon: many seasoned real estate investors entirely dismiss stock market investing. Syndicators, in particular, seem to share a universal set of complaints about traditional securities:: These criticisms contain elements of truth, but they present an incomplete picture while ignoring the compelling…

Gold has captured headlines again, soaring past $3,200 per ounce and touching $3,500 in April—a dramatic climb from under $2,400 just one year ago and under $2,000 two years back. While the financial media buzzes with predictions of continued growth, it is important to filter out the noise and intentionally decide what role precious metals…

For high-income professionals, taxes represent one of your largest annual expenses—yet most assume nothing can be done to reduce this burden. This assumption can cost of thousands of dollars each year, money that could be accelerating your journey toward financial independence through strategic investments. The reality is that intelligent tax optimization can save you $20,000…

Not everyone enjoys dedicating substantial time to thinking about investing. This is perfectly understandable. Your professional responsibilities, family obligations, and everyday necessities create constant demands on your limited time and mental energy. When precious free moments arise, you want to relax and enjoy them—not analyze financial documents, evaluate investment opportunities, or study investment principles. The…

When you purchase an asset, one of the most fundamental decisions you face is how to hold that asset—determining who will be the owner of record. This decision might seem trivial early in your investing journey when you simply hold everything in your name. As your portfolio grows, however, the structure of ownership becomes increasingly…

When conducting due diligence on a real estate investment opportunity, looking solely at the General Partner (GP) team provides an incomplete picture. Understanding who operates the property and the relationship between your GP and these operators is equally critical. This relationship can significantly impact your investment outcomes, yet it often remains overlooked by inexperienced investors.…

Now that you’ve established your goals and overall investment strategy, it’s time to translate them into actionable tactics. This chapter will guide you through creating your investment thesis—a personalized framework that will serve as your financial compass for years to come. In particular, you need to establish your ideal: Design Your Portfolio Allocation The fundamental…

“The most important investment you can make is in yourself.” — Warren Buffett Once you understand the goals for your investments [1] it is time to clarify your overall investment strategy. Building on the work of my mentors [2], I have identified five dimensions that combine to form the space of possible investments. Consider these…

While having a full-time job with a substantial paycheck is great, you are still trading your time for money. In order to break your paycheck dependency, you need to develop a strategy that puts your hard earned income to work for you. This article provides the first step in developing your personal investment thesis. At…

You’re likely familiar with the challenge of evaluating investment opportunities. With sponsors presenting different metrics to showcase their deals, it’s crucial to understand which numbers truly matter for your investment decisions. Recently, Yield on Cost (YoC) has gained popularity, with some sponsors even suggesting it should be the primary metric for evaluating deals. But is…

As passive real estate investors, we often focus on the numbers – IRR, equity multiples, and cash-on-cash returns. But I’ve discovered that a sponsor’s communication patterns can tell you more about their operational excellence and investment philosophy than any pro forma. Recently, I’ve observed two concerning trends in sponsor communications that every Limited Partner should…

One of my favorite asset classes for cash flow is notes – also known as mortgages, hard money loans, or private money loans. Think of it as becoming the bank – without the bureaucracy. There are two common ways to invest in notes. The first is to invest directly in a specific note against a…

You’ve heard the conventional wisdom – “never sell your real estate investment” – but is that always the right move? Spoiler alert: It’s not. Absolutes are rarely your friend. As with any professional activity, real estate investing requires continuous optimization, strategic thinking, and a willingness to evolve your strategy.  As an investor, you need to…