TexAlb Investment Group Network

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TexAlb Investment Group Network

The Tex-Alb Network connects Real Estate investors across Texas interested in real estate investing.

Networking by sharing experiences of well-established real estate investors and syndicators with a proven track record, posts, blogs, news, podcasts, video, and any relevant materials to build the confidence and gain the knowledge needed to successfully invest in Real Estate market trends and what works in the real estate world today.

08/04/2026

I've learned that you can fix a lot of things after closing.
You can improve operations.

Increase occupancy.
Renovate units.
Build a better resident experience.

But there's one thing you almost never get to change.
What you paid for the property.

That's why one of the first numbers I look at is our basis per unit, our total cost after the purchase, renovations, closing costs, and everything else needed to execute the business plan.
It isn't just another underwriting metric.

It's what determines how much room we have if things don't go exactly as planned.
If your basis is already above where comparable renovated properties are selling, you've created a problem that great management alone may not solve.

I've found that the best acquisitions aren't always the cheapest.
They're the ones that leave enough margin for error if renovations take longer, rents grow more slowly, or the market changes.

You can improve almost every part of a property.
You usually don't get a second chance to improve the price you paid.

07/31/2026

One of the most common misconceptions I hear is:
"If a deal has a 7% preferred return, does that mean I'll receive 7% every year?"
Not necessarily.

A preferred return isn't a guaranteed annual payment.
It's the order in which profits are distributed.

In many syndications, investors receive their preferred return before the sponsor participates in profits beyond their ownership interest.
But every deal is different.

Some preferred returns are cumulative, meaning unpaid amounts can carry forward.
Others are not.
That's why I always encourage investors to look beyond the headline number.

A preferred return tells you very little by itself.
What matters is how it's structured and how the rest of the distribution waterfall works.
The projected return might catch your attention.

Understanding how that return is earned is what helps you make a better investment decision.

07/29/2026

One of the biggest mistakes I see isn't investing in the wrong deal.
It's investing without understanding the documents that govern the deal.

Whenever someone reviews an investment opportunity, it's natural to focus on the projected returns, cash flow, and business plan.
Those matter.

But I also encourage investors to spend time understanding the documents that explain how the investment actually works.
One of those documents is the Private Placement Memorandum (PPM).

It's where you'll find the risks, how distributions are structured, how the sponsor is compensated, and what happens if things don't go according to plan.

No investment performs exactly as projected every time.
That's why understanding the rules before investing is just as important as understanding the potential returns.

I've found that informed investors tend to ask better questions, make better decisions, and feel more confident throughout the life of an investment.
Returns deserve attention.
So do the terms that govern them.

07/27/2026

One of the first questions I ask when reviewing a deal is simple:
"Is the upside real?"

A property can look like it has tremendous rent growth potential on paper.
But not all upside is created equal.

One of the first numbers I look at is loss-to-lease, the difference between what residents are paying today and what similar units are leasing for in the current market.
Sometimes that's exactly what you're hoping to find.

Long-term residents haven't received rent increases, and there's a clear opportunity to grow income as leases renew.
Other times, the gap exists because the market has softened.

Those "market rents" from six months ago may no longer exist.
That's a very different investment.

The number itself doesn't tell you whether you're looking at opportunity or risk.
It simply tells you where to start asking questions.

That's why I never underwrite a deal assuming every dollar of loss-to-lease will eventually be captured.

I first want to understand why that gap exists.
Sometimes it's hidden value.

Sometimes it's wishful thinking.
Knowing the difference is where good underwriting begins.

07/24/2026

Yesterday I was on the phone with a lender discussing a deal, and something he said made me stop for a second.

He reminded me that financing isn't just about getting the lowest rate.
It's about making sure the loan actually fits what you're trying to accomplish.

That sounds obvious, but it's a mistake I've seen people make.
A loan that's perfect for a stabilized property can become a problem if the property needs significant work before it reaches that point.

The financing should support the business plan, not dictate it.
It was a short conversation, but one worth remembering.

Sometimes the biggest lessons come from simple reminders.

07/22/2026

An LOI isn't just about the price you offer.
It's one of the first signals of how you do business.

Anyone can submit an aggressive offer.
The harder part is submitting terms that reflect what you honestly believe the deal is worth based on the information available at the time.

That's what due diligence is for.
It's where you verify the assumptions, inspect the property, and determine whether the facts support your original offer.

If they do, the deal should move forward.
If they don't, the economics may need to change.

I've never viewed an LOI as a document that locks you into a transaction.
I view it as a commitment to negotiate in good faith.

For me, an LOI should reflect a genuine intention to close if the property performs as represented.
In the long run, brokers and sellers remember more than your purchase price.

They remember whether you were straightforward, realistic, and reliable throughout the process.
Your reputation will open more doors than one aggressive offer ever will.

07/20/2026

One of the most attractive numbers in a deal package is often a number the property has never actually collected.

Gross Potential Rent shows what the property could produce if every unit were rented at the assumed rate, every resident paid in full, and there were no vacancies or concessions.

It is useful.
But it is not cash in the bank.

When I review a deal, I want to understand how much of that potential income is becoming Effective Gross Income, the revenue the property is actually producing after vacancy, concessions, bad debt, and non-revenue units.

That gap can tell you a great deal.
Maybe rents are genuinely below market and there is an opportunity to improve performance.

Maybe concessions are required because the submarket is oversupplied.
Maybe collections are weak.

Or perhaps the revenue assumptions were never realistic to begin with.
Two properties can show the same potential rent and still operate very differently.
That is why I do not stop at what the property could collect.

I want to know what it is collecting today, why the difference exists, and what evidence supports closing that gap.
Potential creates the story.

Collections tell you how much of that story is real.

07/17/2026

One document usually tells me more than the sales brochure ever will.

The rent roll.
Before touring a property, I usually spend time looking for patterns.

Are certain units consistently rented below market?
Do a large number of leases expire at the same time?
How many residents are month-to-month?
Are actual collections matching scheduled rent?

None of those questions tell me whether to buy the property.
Together, they tell me what questions I need to ask before I do.

A good rent roll doesn't give you answers.
It tells you where to start digging.

07/01/2026

A lot of investors look at today's Dallas-Fort Worth multifamily market and see softer rents, elevated concessions, and higher vacancy.

I see a market working through a supply cycle.

Over the past few years, DFW delivered a historic number of new apartment units. That additional supply has put pressure on rents and increased competition, especially among newer properties.

But that's only part of the story.

Construction starts have slowed dramatically, and the development pipeline continues to shrink. At the same time, DFW remains one of the fastest-growing metros in the country, supported by strong population and employment growth.

Markets don't stay out of balance forever.
The important question isn't whether today's conditions are challenging.

It's whether those conditions are temporary or structural.

That's why we spend less time trying to predict exactly when the market will improve and more time asking a different question:
Does this deal still make sense if the recovery takes longer than expected?

If the answer is yes, today's environment may present opportunities that weren't available when everything looked easy.

06/29/2026

One of the comparisons I hear most often is REITs versus apartment syndications.

The truth is, I don't think it's about which one is better.

I think it's about what you're trying to accomplish.

A REIT offers liquidity. You can buy or sell shares almost instantly, and you own part of a professionally managed portfolio.

A multifamily syndication is different. You're investing in a specific property, in a specific market, with a business plan you can review and a sponsor you can evaluate. The tradeoff is that your capital is typically committed for several years.

Neither approach is right or wrong.
They simply solve different problems.

When I talk with investors, the conversation usually isn't, "Which one has the higher return?"

It's, "What role should this investment play in your overall portfolio?"
Some investors value liquidity above everything else.

Others are comfortable committing capital for a longer period in exchange for direct ownership, potential tax advantages, and the opportunity to participate in a specific business plan.

Before comparing returns, make sure you're comparing investments designed to accomplish the same objective.
That's usually where the right decision starts.

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