LPWhisperer @LpWhisperer
News & Insights for RE LPs Uncovering GP nonsense Sharing insider information & rumors (with disclaimers) Anon for safety's sake Daily news coming soon 👇 lpwhisperer.com Chicago, IL Joined March 2024-
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-- Risk-Adjusted Returns -- is the most important concept for LPs to understand. A 16% IRR on an existing, rented-out building in a good area with no rent-control makes sense. But that IRR has to be 30% for you to invest in a new development deal.
When we look at sponsor deals for LPs this is the order of things. 1. Have they made previous investors money? Was the money they made investors what they promised they would generate? Did they do this for a long-period of time in this market and in this asset class? 2. Some…
RE Sponsor: The biggest LP check I got was from Twitter. People: How's that deal performing? What was the proforma? What are actuals? RE Sponsor: My kids... 1200 lbs club... Weber grill... God... Toyota...
LP observations after a month on X: 1. The tone among LPs here is a lot more optimistic (compared to closed investor groups) 2. Some GPs provide outstanding high value content 3. It’s awesome to see what CRE brokers are doing in real time #RETwit
So you do a solid round of DD on a sponsor and you learn that: - they've missed a couple of loan payments here and there but always seem to catch up - they charge a 4% acquisition fee, a 2% dispo fee and a 3% PG fee - GP is a known womanizer - GCs don't love him - he's been sued…
This is an ad I saw here on X. Is this how we're raising on X now. It used to be "post good content, show you're a pro, add value, get inbound interest, convert." Now we're just getting straight to it, is that right?
This is an ad I saw here on X. Is this how we're raising on X now. It used to be "post good content, show you're a pro, add value, get inbound interest, convert." Now we're just getting straight to it, is that right?
The hero we need, but don't deserve.
The hero we need, but don't deserve.
The way you excel at retwit is by building friendships. And the way you do that is by yes-manning people who do nonsense things in real estate. You'll often see someone overpay for a property or by in a really bad location or take out a loan on crazy dumb terms. Want retwit to…
Social media GPs taking delivery of the secret ingredient before spending the weekend fishing for retail LPs to recap that 'irreplaceble 1982 courtyard community.'
If a GP you're thinking about investing in projects 2027 rents or a 2021 exit cap just ask them: "What's this based on?" and "How do you know that? No one knows that." It'll be fun, I promise.
This is really great.
This is extremely important. A GP is not a startup founder. They can never lose an investor's money. Ever. The return profile just does not allow for that. If you're promising 18% IRR, you have to return principal.
This is extremely important. A GP is not a startup founder. They can never lose an investor's money. Ever. The return profile just does not allow for that. If you're promising 18% IRR, you have to return principal.
I've done a couple consults for LPs reviewing GPs and from what I hear they're very different from what others are offering. Sure, we look at fees and waterfall structures and all that, but the truth is none of that is really important. 90% of the analysis is 'What did they…
If your GP is modeling exit cap rates or using leverage to purchase or stabilize an investment, they absolutely have to be able to predict interest rates. It's a big part of their job. If they're paying cash and not projecting prices at exit, they don't have to know about rates…
Was it the GP who won or did they win despite really sucking?
Was it the GP who won or did they win despite really sucking?
(on a call with an attorney) "What do you mean by '5-7' for using the money in our account we just raised from new investors to make up for the distributions we missed on the earlier fund?"
Someone check my math: If you have 2000 doors at say $2200/monthly rent per door, you can go public under the Jobs Act's lower IPO provisions?
So if you don't care about returns, why do you invest with a GP? I understand why folks do this in the tech world, but why do you write a GP a check knowing that they most likely won't return your capital?
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Our process for rehabs is done the same exact 4 ways every single time. Just like a car wash, we simply press the button for the package our car (unit) needs. Here is how it looks: 1. Silver Package: *All new LVP(luxury vinyl plank flooring), new trim, and all new paint.…
@CesarMarsais @LpWhisperer @mhprvpmvp Fun is important.
@AllyTaft My initial assessment usually can change over a few first dates. If they are more intelligent or funnier than I first thought, they get insanely attractive.
A guy decides if he wants to date you or bang you (or neither) within minutes of meeting you and almost nothing you do changes his mind. Have as many drinks as you want. Sleep with him or don't. Eat what you want to eat. Enjoy yourself. He's already put you in a box.…
@CryptoN57813338 tbf, fraternity culture in the south contains a bumper crop of complete d bags i take some solace knowing these kids are outliers imo
@LpWhisperer At least it doesn’t mention “guaranteed cash flow day 1” lol
Do a little funny thing at the beginning of the year with a couple of friends where we try to encapsulate the spirit of the upcoming year in one word. My word for this year? BEEF
Probably my favorite thread of the month - straight talk on a Friday evening about what motivates LPs to write checks - the answers may surprise you.
@LA_Multi_Fam Many ways. The cliché is bragging at cocktail parties about this and that private/exclusive investment that someone is in. But I’ve found that to be very real. Whatever social circle LPs are in, there’s a status and bragging rights about not only exclusively but returns as…
@LpWhisperer Id ask him what the missed loan payments were about and if it was all the same lender and who is involved in the relationship…could display an absolute amazing relationship with lenders
@LpWhisperer Every developer that's ever been worth writing or reading about fits this description.
@LpWhisperer @LA_Multi_Fam Exactly. Returns should be the only thing that matter. But in my experience if you’re “selling” return you’ve already lost.
@LeylaKuni @LpWhisperer There is definitely a lot of money chasing the guys missing by 30% and always with an excuse. Unfortunately it is probably the GP who markets the best and who can build the largest following that raises more. I think the only thing to fix that is a real recession.
@LpWhisperer @LA_Multi_Fam Pleasantly Surprised to hear you say this @LpWhisperer - more than returns after all!!
@LeylaKuni @LpWhisperer Great question and discussion. IMHO private is a different animal than public. Character of management should be more important to investors in private deals since liquidity is in the hand of the GP. The high fees and missed loan payments are flags to me.
@BowTiedBroke Careful it’s a quick way to get friendzoned—- can you help me move? Can you help me pick this up from IKEA? Put it together ?
Who loves compounding as much as Mr1031?
@LpWhisperer Again, what are you trying to say here?
@LpWhisperer Assume current market spreads and cap rates and use forward curve for base rate projections. Only way to do it.
LP observations after a month on X: 1. The tone among LPs here is a lot more optimistic (compared to closed investor groups) 2. Some GPs provide outstanding high value content 3. It’s awesome to see what CRE brokers are doing in real time #RETwit
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