WS1935 Building Better Real Estate Partnerships | Lance Pederson

In today's episode of the Real Estate Syndication Show, we had the pleasure of welcoming back Lance Pederson, co-founder at Passive Advantage and creator of the Empire Builder Formula. Lance brings a wealth of experience in advising both General Partners (GPs) and Limited Partners (LPs) in the real estate syndication space.

Our conversation with Lance was incredibly insightful as we delved into the common frictions that arise between GPs and LPs and how to mitigate them. Lance shared valuable suggestions that can help both GPs and LPs have a smoother and more transparent partnership.

Key Takeaways:

• Transparency and Access to Information: Lance emphasized the importance of GPs being transparent with LPs by sharing detailed financial models and documentation. He suggested using secure data rooms like Google Drive, Dropbox, or DocSend to provide LPs with access to sensitive information under a non-disclosure agreement (NDA).
• Background Checks and Principal Questionnaires: He recommended that GPs run annual background checks on themselves and upload the results to the data room, along with a principal questionnaire, to build trust with LPs.
• Realistic Underwriting: Lance discussed the pressure GPs face to inflate their underwriting to show higher potential returns. He advised GPs to be conservative and honest in their projections and to educate LPs on the reality of investment returns in the current economic climate.
• Personal Habits for Success: Lance attributes his success to his habit of going to bed early and waking up early, which allows him to have a productive start to his day.
• Spiritual Discipleship: Lastly, Lance spoke about the importance of discipleship and mentoring in one's spiritual journey, highlighting the need to actively help others grow in their faith.

We're also excited to announce that Lance will be contributing to the podcast by hosting some shows, bringing his expertise to our listeners.

Remember to like and subscribe to the Real Estate Syndication Show for more valuable insights into the world of real estate investing. Share this episode with friends who are looking to improve their GP-LP relationships and stay tuned for more expert advice on navigating the real estate syndication landscape.

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