We buy where we can create the value, not wait for it
A cheap asset is not an opportunity. The opportunity shows up when we can act on the asset with construction, with management or with structure, and when that work is ours to control.
Residential value-add
We buy assets priced below the market because of their condition, fix them, and re-rate them.
- Purchase below market value
- Renovation with our own crew
- Reappraisal and refinance
- Rent or sell depending on the cycle
Build-to-rent
New construction designed from day one to be rented, not flipped.
- Land in proven rental demand
- Built by M&D Buildings LLC
- Lease-up to stabilization
- Monthly cash flow to the vehicle
Small multifamily
Buildings of 4 to 20 units, the segment large funds ignore.
- Professional operations
- Maintenance economies of scale
- Staggered lease expirations
- Exit to an institutional buyer
Fix and flip
Short cycles of buy, renovate and sell to recycle capital.
- 6 to 12 month horizon
- Fixed construction budget
- Exit defined before we buy
- Capital back sooner
Land and development
Parcels with rezoning or subdivision potential.
- Zoning study
- Permit management
- Subdivision or development
- Sale by lot or self-development
Secured private lending
We lend against real property, with a real lien and a short term.
- First-position mortgage
- Conservative loan-to-value
- Periodic interest payments
- Lower exposure to the cycle
What we check before capital is committed
Title and liens
A full title search before any firm offer.
Zoning and permits
What can be built today, and what changing that would take.
Physical condition
Inspection and a fixed construction budget, not a guess.
Comparables
Sale and rent comps from actual transactions in the area.
Downside case
If the market drops, what happens to the deal and to the capital.
Exit
Who buys this at the end and at what price, defined before we buy.
Tax structure
How the deal is held and how it is taxed in the United States.
Alignment
How much of its own capital M&D is putting into the deal.
What can go wrong
No real estate investment vehicle is free of risk. These are the main ones and how we handle them.
Falling prices
Asset values can drop. We buy with a margin against market value and favor assets with rental income that can ride out the cycle.
Construction overruns
This is the risk that destroys returns fastest. We mitigate it by building with our own contractor and a fixed line-item budget.
Permitting delays
City timelines are not ours to control. We budget slack for them and report the moment they slip.
Vacancy
An empty unit produces nothing. We work with operating reserves and price rents below the top of the market.
Interest rates
A rate increase raises the cost of debt and pressures the exit. We model rate scenarios and avoid aggressive leverage.
Illiquidity
This is not an investment you sell in a day. The horizon is agreed up front, and capital you may need sooner should not be committed.
This is a summary, not a complete list of risks. The full risk factors for any specific offering are set out in its offering documents. See Important Disclosures.
Does this fit what you are looking for?
Book a conversation with no obligation. If it is not for you, we will say so.
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