The Flipping Upside of GPs

With preferred returns, a deal rarely produces enough cash on cash return to actually distribute anything to the general partners until you do that big cash out refine. And then we just elect to sell instead of refi, because it's like, makes a little bit more sense for us as owners to cash in on the value we've created. So I don't think it's a win-win model. We should be hot potatoing multifamily these days and real estate wealth is built by holdingreal estate for 18 months or longer.

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