My Many Real Estate Investments

In my investing career, I have made many real estate investments of varying sizes, types, and with a wide range of returns.

I’ve touched on them here and there, but have not written a comprehensive post covering all of them until now.

Note that I won’t be talking about the properties we’ve purchased to live in (covered here, here, and here) or land we purchased to possibly build on (covered here). Some of those became rental properties and flips, but were not necessarily intended to be investments.

I’ll be detailing my various passive real estate investments, ones that don’t require any effort from me other than a bit of due diligence on the front end and a bit of extra paperwork to pass along to my CPA.

 

My many real estate investments

 

My first investment in passive real estate was made in July of 2013 when I bought shares of Vanguard’s Real Estate Index Fund (VGSLX), a collection of publicly traded REITs (Real Estate Investment Trusts).

The volatile nature of REITs combined with the availability of numerous additional ways to invest passively in real estate as a result of the JOBS Act passing and me becoming an accredited investor led me to seek out other real estate investments.

I started small with a few investments in January of 2018. Wanting to diversify across both deal types (debt, equity, eREIT), and across different investment platforms, I made about a half-dozen investments in the first part of 2018.

As I continued to become more familiar with my investment options and the platforms offering them, I broadened my scope to include larger investments in crowdfunded syndications and real estate funds.

As of June, 2021, these various passive real estate investments that I’ll be detailing today represent about 10% of our investment portfolio. Our total investment in alternatives (including these real estate deals plus ownership in privately held companies) is somewhere in the range of 15% to 25% of our portfolio.

Valuation of privately held companies is challenging, and we don’t necessarily know the true market value of some of these real estate investments, either, until the deals have been completed (i.e. properties sold or loans paid back). I also didn’t include VGSLX in that calculation, which behaves more like a stock fund, or the 3% of VTSAX that is invested in REITs. You can understand how determination of asset allocation can be rather challenging.

 

Why So Many Real Estate Investments?

 

I’ve asked myself the same question at times.

First, I wanted to dip my toes in the water with small sums of money. There’s no better way to learn how these investments work than by becoming an investor yourself with a tiny sliver of your portfolio.

Also, with some of these platforms, I’ve had advertising or referral relationships in place, and I figure if I’m researching them and presenting them as potentially viable options for your investment dollars, I should be comfortable investing with them myself, which I’ve done in most cases.

With any asset class, diversification is a good idea, and in the case of crowdfunded real estate in particular, there is no Vanguard with 40+ years of experience. The JOBS Act that allowed for these platforms has only been around since 2012, and I think it’s a good idea to diversify across different platforms.

I’m now at the point where I’m comfortable making a six-figure investment in a real estate fund with a single operator, but I don’t know that I would have gotten there without slowly wading into these waters. I don’t think jumping into the deep end of the real estate pool to either sink or swim is a good approach for most people, and it was certainly not for me.

 

DISCLAIMER

 

Most of the platforms and operators have offered dozens, if not hundreds, of real estate investments to potential investors. Some deals overperform their projections, some underperform, and my one or two investments on a platform should NOT be taken as a representative sample.

For example, Crowdstreet‘s deal flow is very steady, with several offerings weekly. AcreTrader presents a new farm weekly while declining to offer 99% of the farms they consider to investors.

My one deal with Alpha Investing gave an outstanding return; my returns on my single investment with EquityMultiple were only slightly positive. That doesn’t mean one company is better than the other. These are individual deals among dozens offered by both platforms. I may have simply been lucky with one and not so much with the other when it came to the individual project, both of which were value-add multifamily equity deals in this case.

Some companies offer only a few funds or eREITs, each of which is invested in a variety of underlying deals.

Some of them regularly update the Net Asset Value (NAV) of the deals they’re invested in. Others do not, and you won’t know the value of your investment until it goes full circle. This is technically true even of those that do estimate the NAV on an ongoing basis — it’s their best estimate, but you don’t know the true fair market value of a thing until it sells on the open market.

All of this to say that it’s tough to compare apples to apples when investing in different deal types with various companies that might report asset values differently.

I do calculate my IRR with an Excel sheet, but when you don’t know the current estimated value of the investment, you’ve got incomplete information. I’ll report what I can for each investment I’ve made.

 

Completed Deals

 

Alpha Investing

In July of 2019, I made my first investment on the Alpha Investing platform, a low five-figure investment. It was an apartment complex in Arizona to be purchased, improved, and resold, with Tides Equities being the operator.

I received small quarterly distributions from September 2019 to September 2020. In December 2020, the property was sold for a handsome profit, and I was paid out with payments in December 2020 and January 2021.

 

My Results with Alpha Investing

IRR: 50.45%

Days Invested: 512

Total Return on Investment: 76.5%

 

Explanation of Terms

IRR: Internal Rate of Return (IRR) is the compound annual growth rate, accounting for inflows (investments made) and outflows (distributions from the investment). It is annualized and probably the best way to measure performance of investments like these.

Total Return on Investment: The total cash returned / total cash invested. Not annualized. Change this from a percentage to a decimal and put a 1 in front of it, and you’ve got the equity multiple.

Days Invested: How many days it took to earn that total return.

 

EquityMultiple

This was one of my first investments in passive real estate, made in January of 2018, and it was a low five-figure investment via EquityMultiple. It was also a value-add apartment complex project in Connecticut in an area suitable for commuting to New York City.

The investment was all set to be completed in the spring of 2020, but COVID threw a wrench in those plans. I received distributions from rental income from May, 2018 to November, 2019, and then the distribution stopped while lawyers sorted out the details of the stalled closing.

Eventually, a new buyer was identified, and after the sale closed, I was paid out in April of 2021. I made money, but not much.

 

My Results with EquityMultiple

IRR: 1.99%

Days Invested: 1,204

Total Return on Investment: 6.50%

 

 

PeerStreet

I also invested with PeerStreet in January of 2018, a mid-four figure debt deal for a project in Palm City, Florida. Their business model is making short-term loans to individuals who like to fix-and-flip homes.

These short-term loans, typically in the 4-month to 24-month range, with 12 months being quite common, tend to pay interest in the high single digits.

From March, 2018 to December, 2019, I received monthly interest payments, and my money was returned with one final interest payment in January of 2020.

 

My Results with PeerStreet

IRR: 8.54%

Days Invested: 705

Total Return on Investment: 15.90%

 

RealtyShares

This was another investment that I made in January of 2018, a low four-figure short-term debt deal for a quadplex in Albuquerque, New Mexico.

The RealtyShares platform no longer exists, having shut down gradually beginning late in 2018. Fortunately, your investment with a crowdfunding platform like them is not held by the company; RealtyShares was the technology platform that connected investors with operators seeking investors, performing some due diligence and record-keeping and reporting duties.

Still, their closing undoubtedly created some headaches for investors. My investment had gone full circle by July of 2018 and I received my 1099 for the interest income in early 2019 as expected.

 

My Results with RealtyShares

IRR: 6.98%

Total Days Invested: 152

Total Return on Investment: 2.94%

 

Ongoing Deals

 

My remaining investments have not yet gone full circle, making reporting my returns a bit more complex. Where an up-to-date NAV (net asset value) is provided by the platform / operator / sponsor, I will use it, but keep in mind this is only an estimate of the current value.

Some of these will be completed in the coming months or years. Others are meant to be “evergreen” where I can choose to leave my money invested indefinitely or request a return of funds. The liquidity options vary by investment, and penalties can exist for early exits.

 

Small Deals (Investments Under $10,000)

 

DiversyFund

DiversyFund has one investment offering, the Diversyfund Growth REIT, with a minimum investment of only $500. I invested in it in July of 2019 and chose to have my monthly distributions reinvested.

I am currently one of about 22,500 investors in the fund with $49 Million deployed across 9 multifamily and student housing projects in 5 states, and the fund remains open to new investors.

The goal is for the fund to match their historic performance of an IRR in the 16% to 18% range with a hold period of five years, and there is no liquidity (withdrawal) option during the five-year hold period.

My reinvested dividends represent a distribution of about 5% annually, but without an updated NAV, I cannot guesstimate my total return. Ask me again in a few years!

 

 

Fundrise

Fundrise also offers eREITs, a collection of various real estate investments, and I’ve been invested with them since January of 2018.

I’ve opted to take my distributions in cash, and they pay quarterly. Fundrise does update the Net Asset Value of their holdings, so you can see the growth of your investment over time and estimate your total returns. They also offer a liquidity option, but you’ll pay a penalty, decreasing over time, of 3% to 1% if you make a withdrawal in the first five years of your investment.

To calculate returns most accurately, I’ve included a prorated distribution theoretically made at the end of May, which represents a portion of the total quarterly distribution I’ll be receiving in July. I’ve done the same for other ongoing investments below that have reliably paid distributions where we’re between payments.

 

My Results with Fundrise

IRR: 8.33%

Days Invested: 1218

Total Return on Investment: 27.76%

 

RealtyMogul

RealtyMogul has a variety of real estate investments on their platform, including two eREITs, numerous individual syndicated deals, and triple net leases.

Since April of 2018, I’ve been invested in their MogulREIT II, the goal of which is to realize capital appreciation while providing regular income.

I’ve received quarterly distributions since July, 2018. The NAV, which is regularly updated, took a hit during COVID, but has bounced back. It was $10 a share when I invested, and now sits at $10.65. I’m hopeful that it’s a conservative estimate, as that is not a lot of capital appreciation over a 3-year period.

The portfolio consists of 9 multi-family equity deals in 4 states, although 6 of the 9 apartment complexes are in Texas.

In terms of liquidity, there’s none in the first year, and after that, you can opt to have RealtyMogul buy back 25% of your shares quarterly. There are decreasing penalties of 2% or 1% that disappear once you’ve been invested for 3 years, which I now have.

 

My Results with RealtyMogul

IRR: 6.45%

Days Invested: 1,146

Total Return on Investment: 20.37%

 

AcreTrader

Agriculture is something I was surrounded by growing up, and I’m happy to say that I own a little piece of a farm myself now — roughly 2 acres of a row crop farm on fertile Arkansas soil to be precise.

I’ve been invested since July of 2019 and have received annual distributions in December of 2019 and 2020 based on rental income.

AcreTrader works with the farmers that rent the land to help increase crop yields, soil health, etc… Their plan is to hold the property for 5 to 10 years, selling at an advantageous time, and they have data that shows farmland to be an asset class with both outsized returns and low volatility.

Since they do not update the asset value between the time or purchase and sale, I cannot estimate my returns. Time will tell, but based on the regular updates on the productivity of the acreage, all seems to be going according to plan.

 

 

Republic Real Estate

I’ve made two small investments and one big one via Republic Real Estate, the first of which was made when it was known as Compound.

They offer a wide variety of real estate investments from short-term loans to unlevered luxury condominiums to private REITS to real estate funds with six-figure minimums.

The first investment I made was in an equity deal for a luxury Miami condominium that was purchased at a relative discount while the market was down somewhat pre-COVID. There is a small income component to the investment, with an annual dividend of about 2% from rental income, but the main source of return is anticipated to be realized when exiting after a 3-to-5 year hold period.

The model here is actually quite similar to the AcreTrader deal in that no leverage is used — the property was purchased with cash from investors — and most of the return is dependent upon the property increasing in value

The 1-bedroom, 1.5 bath condo was purchased early in 2020 for $445,000 and current listings for 1-bedrooms in the same complex are currently listed at $510,000 to $749,900.

My return on this investment is to be determined, but look promising at the moment. Republic Real Estate will act as the selling agent, so the transaction costs should be less than is typical.

 

My other investment with Republic Real Estate is about to go full circle after only 7 or 8 months. It was a loan as part of a fix and flip project in Los Angeles.

They raised $1.5 Million for the project ($108,000 via Republic Real Estate) and have listed it for just under $2 Million. There’s actually an open house today (6/2/2021) if you happen to be in the area, have deep, deep pockets, and would like a 4 bed / 4 bath place on Boeing Avenue.

This remodel marked the launch of Republic’s American Dreamhouse series, and a series of mini-episodes were released on Instagram to show the progress of the home as it was remodeled. A bit like something from HGTV where you can invest in the project before the show begins.

If it sells at or above asking price (as most homes do these days), after fees, I expect I’ll see a return on investment of 30% or more in about a 7 or 8 month timeframe on this one, which is pretty fantastic.

Here’s a picture of the proposed home and an actual picture from its Zillow listing. The garage door is less fancy, but otherwise, they pretty much nailed it.

 

republic_RE_boeing

 

 

Medium Deals ($25,000 to $50,000 investments)

 

Crowdstreet

I’ve invested twice with Crowdstreet in projects with projected IRRs greater than 20%. They are one of the most active platforms in terms of deal flow, as you will see after a free registration.

They offer real estate funds, individual syndicated equity deals, and I’ve even seen marijuana investment opportunities. I passed (and did not puff) on those.

As of June, 2021, CrowdStreet investors have funded nearly 500 deals, 51 of which have gone full circle for an average IRR of 17.6% with a wide range of returns.

I’ve chosen to invest in two ground-up builds in Texas. One will be student housing, the other residential townhomes.

With new builds, there is no income to disperse, so my returns will be realized when the projects are complete and sold.

I made these investments in December 2019 and January 2021. Both are anticipated to be fully realized in 2023. Until then, I won’t have much to say about returns, but I can say that the communication has been excellent with quarterly updates, pictures of the progress, and more.

 

DLP Capital Partners via CityVest

DLP Capital Partners offers three funds, a Housing Fund, a Lending Fund, and a Note Fund. When I first learned about them, the minimum investment was $250,000 to $500,000, depending on the fund.

In recent months, that figure has been lowered to $100,000 for audiences of Physician on FIRE and the White Coat Investor, a concession that we really appreciate, as that’s a more achievable figure for our readership.

In 2019, however, the only way to invest with less than a quarter-million dollars or more was via an “access fund,” also sometimes referred to as a “feeder fund” in which assets from multiple investors are pooled together (for a fee) to meet the minimum to make otherwise inaccessible investments.

I’ve been invested in the DLP Lending Fund via a CityVest access fund since April 2019, and have received quarterly dividends since. There was a one-month delay in the most recent distribution from CityVest, and I would have liked for that to have been better communicated, but the money did arrive.

When the investment is liquidated as planned after 3 to 4 years (2 of which have now passed), I will likely invest this money directly with DLP to save on fees, now that that the minimum investment is more approachable.

 

My Returns with DLP via CityVest

IRR: 9.58%

Days Invested: 782

Total Return on Investment: 19.82%

 

Big Deals (Six Figure Investments)

 

Origin Investments

Origin Investments was founded in 2007, and the co-founders invest a good amount of their own money alongside their investors. People I know and trust have invested with them, and after learning more about the current and past funds, I felt comfortable investing a six-figure sum with them.

They have had three funds go full circle, with an average IRR of 27.3% over 25 realized deals. They currently offer two funds, the IncomePlus Fund, in which I’m invested, and the QOZ fund, a qualified opportunity zone fund that helps defer and potentially reduce taxes on realized capital gains.

I’ve been invested  in the IncomePlus Fund since September 2020. The fund aims to provide a tax-neutral distribution of about 6% annually in 0.5% monthly increments, along with additional capital appreciation of 3% to 5%, investing in a mix of preferred equity, equity, and ground-up builds.

It’s an evergreen fund, and I can choose to remain invested indefinitely or sell my shares at a later date.

Origin updates the NAV per share monthly, so I have a good idea of my total return to date, although the timeframe is rather short in my case. The IRR will improve with time, as there is a bit of initial drag from an investment fee.

 

My Results with Origin Investments

IRR: 9.07%

Days Invested: 271

Total Return on Investment: 6.55%

 

SFR3 via Republic Real Estate

SFR3 is a fund that purchases and renovates distressed homes to provide rental workforce housing throughout the southeastern U.S.

I was impressed by the resumes of the leadership team and their algorithmic approach to identifying neighborhoods and properties for potential acquisition. They’ve also got an impressive, albeit short performance record, and residential real estate has continued to perform quite well since I invested in the fund.

I saw this fund as a way to profit from single family home purchases and subsequent rental in a very passive way without getting my hands dirty. Most of the other investments I’ve made have been either equity in large, multifamily complexes or lending to various projects.

I committed my funds in December, 2020, and the money was deployed in March, 2021. As such, I’ve got no information on returns to share just yet. This investment was made via an access fund put together by Republic Real Estate.

 

VGSLX

We’ll wrap this up where we started, with a look at my first passive real estate investment, the Vanguard REIT index fund.

Having been an investor for nearly 8 years, calculating my own IRR with a spreadsheet as I have done for the others would be quite cumbersome with so many inflows and outflows. Luckily, Vanguard tracks the performance of my investments in the fund, reporting an annual return of 8.3%.

 

Vanguard_VGSLX

 

Morningstar reports a 93% total return over the same timeframe, suggesting that it’s almost doubled in the nearly 8 years I’ve been invested. The Rule of 72 would suggest that a 9% return would result in an 8-year doubling time, and an 8% return would double in 9 years, so these numbers are consistent.

It’s been a wild ride, but not nearly as scary as the fund’s performance in 2009, when the fund was down 78% from it’s all-time high.

 

My Take on Passive Real Estate Investments

 

I got comfortable with the asset class by making small investments in diversified eREITs. I think that’s a great place to start.

Read everything you can on the website of any platform you consider investing with. Many of them have investor education blog posts and modules. Become educated and familiar with the terms used.

As you gain knowledge and confidence, and eventually attain accredited investor status by virtue of at least two years of multiple six-figure income ($200,000 as an individual or $300,000 as a couple) or by having a million dollar net worth (not counting your primary home), you may be ready to choose individual syndications. These are deals found either on the popular crowdfunded platforms or by connections made with other investors in your network. Passive Income MD and his Facebook groups are great resources for learning more.

If you are not an accredited investor, your options are limited to smaller investments like the REITS offered by Diversyfund, Fundrise, and RealtyMogul, and various offerings at Republic Real Estate. There are additional publicly traded and private REITS, and REIT index funds like Vanguard’s.

At this point, I’m most likely to direct future passive real estate investments to evergreen funds like those offered by DLP, Origin, and others. As my smaller investments come full circle or reach the point where there’s no penalty to liquidate, I’ll plan to consolidate for the sake of simplicity.

I would be very happy with a tax-neutral distribution in the 6% range with total returns in the low teens, which is the somewhat conservative target of the funds I’m considering or have invested in.

Passive real estate investments are certainly not without risk — nothing offering double-digit returns ever will be — and a total loss of capital on a single deal is not unheard of. It’s an optional asset class, as there are no called strikes in investing, but it’s an asset class that has generated a great deal of wealth for many individuals and families.

I plan to continue to grow my investments in the space to roughly 20% of our investment portfolio.

 


 

As mentioned earlier, I currently or previously have had advertising or referral relationships with a number of the platforms I’ve invested with. If you choose to register with any of them to see more details of their offerings, you may be supporting this blog and its charitable mission.

 

19 thoughts on “My Many Real Estate Investments”

    • I don’t believe any of mine are eligible directly, but RealtyMogul frequently lists projects that are 1031 exchange-eligible, and labels them clearly as such.

      That said, the funds I’m invested in may be able to 1031 exchange to new properties within the funds, and the investors would thus benefit indirectly.

      Best,
      -PoF

      Reply
  1. Subscribe to get more great content like this, an awesome spreadsheet, and more!
  2. POF,

    Thanks for such an open post. I had no idea you had so many passive real estate investments! We decided to pull the trigger this year and invest in a fund with an operator we trust.

    We like funds for the diversification but it really relies on faith in the operator even more with single asset acquisitions. And even though fees (or operating expenses) are higher in real estate, it is something to consider with funds.

    Question for you: are you considering at looking internationally for real estate investments?

    Best of luck and can’t wait to hear more.

    regards,

    Psy-FI MD

    Reply
    • That’s a good question, and no, I have not looked internationally. I imagine many of the tax benefits that come with equity deals in the US would be lost when going overseas.

      Congrats on starting your passive real estate investing journey!
      -PoF

      Reply
  3. You say you are increasing your percentage of these passive deals to 20%
    Is that because of the challenge, the cash flow, or the return
    Thank you for sharing your experience

    Reply
    • It’s certainly not the challenge — I could make it happen with a few clicks of the mouse.

      It’s more a combination of the total return (which matters most to me) and tax-free (or close to it) cash flow, particularly from the funds.

      Cheers!
      -PoF

      Reply
  4. I’ve looked at VGSLX for some real estate exposure but have never quite been able to stray from just throwing more cash into VTSAX. Ideally I’ll own some physical real estate in the next handful of years, but not as my primary residence. Will be paying attention to the crazy market for sure!

    Reply
  5. PoF – Thanks for the recap, it was nice to see as I’m venturing into my first syndication after reviewing a bunch of them for friends.

    There’s such a wide range of risk buried in these deals, it’s so difficult to compare one to the other. Minimums matter as well to get into better funds, like the CityVest vs direct investment example.

    Reply
    • True. The more you bring to the table, the lower the fees as a percentage of your investment. It makes sense — much of the work the sponsor does is a fixed cost to them whether you invest $10k, $100k, or $1M.

      Cheers!
      -PoF

      Reply
  6. Nice summary, POF! I’ve been doing flips and rentals for the last 7 or 8 years, but over the past few years have been much more interested in passive real estate syndications (young kids and a full time job will do that to you).

    While I could certainly get higher returns with my own “sweat equity” in local rental properties, I have been pretty happy with the passive portfolio I’ve put together. We have a handful of rental properties left, and I could see us selling them off one by one as tenants leave. I got a taste of true passive real estate, and I want more!

    Reply
  7. Two questions:

    1. What has the addition of this asset class done to your federal and state tax returns? How many states do you have to file in?
    2. The return on the Vanguard REIT fund is pretty solid. Do you really feel that all of the extra work on these “passive” real estate funds and opportunities is worth the additional risk and return (if there really is any)?

    Thanks. Great post.

    Reply
    • Great questions, Joel.

      1. To date, I’ve only had to file in my home state of Michigan (and before that, Minnesota, when I lived there). The need to file elsewhere will depend upon how the income is reported / where it’s sourced, and the amount of that income. Most states have thresholds for filing in their state.

      With my 2 Crowdstreet ground-up investments, I intentionally chose a no-income -tax state (TX) to eliminate any possibility of having to file elsewhere based on those.

      Most of the distributions I’ve received have been low-to-no tax, but the debt deals in particular are not very tax-efficient. If I were to invest more in future lending funds or individual debt deals, the best way to do so would be to invest in a self-directed IRA or 401(k).

      2. I’d say the Vanguard REIT fund has plenty of risk itself, having lost 78% of its value during the Great Recession. And if you took away the returns from the last 14 months away, I woudn’t have seen much return at all.

      Spreading my real estate dollars out as I have may actually be lowering the overall risk of the real estate portion of my portfolio as a whole. When I look at how long the list has gotten, it might look like a lot of work, but keep in mind, I’ve acquired these over a three and a half year period, so it might be one investment per quarter, on average.

      I do plan on consolidating to some extent, especially with some of the smaller dollar amount investments I made. Those investments have played an important role, though, as they gave me the experience and confidence that I needed to be willing to invest larger sums in similar types of investments.

      Cheers!
      -PoF

      Reply
  8. POF, awesome blog post! It’s nice to see the actual returns of your investment and keep us in reality. Is it possible for you to share your top 10 syndicators for accredits investors?

    Reply
    • I’d be hesitant to rank them or try to decide who to include and who to exclude. One would have to have a lot more experience and familiarity than I have to even begin to make such declarations. And there are dozens of sponsors out there that I have no knowledge of and that don’t have much of an online presence, making gathering information much more difficult.

      Cheers!
      -PoF

      Reply
  9. I would be interested in your analysis of the fees and expenses of each of your real estate investments. Also, we’re you provided with a prospectus or offering circular prior to investing? What fees and expenses were disclosed? How do these compare with Vanguard’s? Thank you for your blog, as I find it very helpful, but I’ve been warned about high fees and illiquidity.

    Reply
    • The returns I’m reporting are after all fees have been paid. It’s the actual money I’m getting back on my investment.

      It’s really tough to compare fees from one platform or investment to another. What one company considers an operating expense, another considers a fee. Some say they charge “no fees” to the investor, but the cost of operating the deal is money that doesn’t come back to you.

      With mutual funds, the only fee you should be incurring is the expense ratio that covers the cost of managing the fund. You’re not directly paying the costs of running the companies the fund holds, but in a way you are, as those costs decrease company profits, and will affect the value of their stock.

      With many private real estate investments like those above, your fees are both management fees and operating costs of the company. So you may see fees in the 1% to 3% range, which would be considered egregious fees on a mutual fund, but may be very fair in this world.

      I hope that makes sense. Reporting after-fee returns is my way of accounting for them.

      Best,
      -PoF

      Reply
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  11. Hello.

    Thank you for your thorough revelation of your real estate investments. Just wondering if you heard of a company called 37th parallel properties? They have individual apartment complexes as well as a real estate fund as well. I have had good success with them

    Reply
    • I have, and I had a good conversation with Principal Dennis Bethel, MD a couple of months ago.

      At the moment, we’re saving up to build a home, so I don’t anticipate making any new investments in the near future, but I’ll definitely keep 37th Parallel on my short list when I’m in the market to add to my holdings.

      Cheers!
      -PoF

      Reply

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