The Best Ever CRE Show JF 3989: Capital Calls, 10% Debt, and Investor Burnout with Ash and Amanda
Aug 6, 2025
In this insightful dialogue, Amanda shares her journey with mobile home park acquisitions and the rise of private debt investments offering fixed returns. Meanwhile, Ash reflects on successful commercial real estate exits, unveiling a controversial GP-LP structure. The discussion tackles investor psychology amid capital call backlash and highlights the inefficiencies of underwriting with AI. Both hosts stress the importance of realistic returns, flexible structures, and maintaining hands-on involvement in deal sourcing despite their past successes.
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Amanda Cruz's Investing Journey
- Amanda Cruz started real estate investing with a duplex requiring 25% down and renovations.
- She progressed to manufactured home communities and passive investor involvement reaching $10M in real estate.
Growing Demand for 10% Debt
- Investor appetite for 10% fixed debt returns has soared recently amid equity losses in multifamily.
- Investors now prefer safer, steady monthly debt payments over risky high-return equity deals.
Capital Calls Burnout Investors
- Multifamily investors are jaded by capital calls and losses; many deals still remain unresolved after years.
- Capital calls often delay defeat but usually lead to reduced returns and emotional investor strain.