The Debt Side of Real Estate Syndication with Jake Clopton
Jake, thank you for joining us today.
Thanks so much for having me on and a great, been great conversation so far for our listeners out there who don’t know about you and your business.
Can you tell us a bit about what you do and what you’re up to these days?
Absolutely. So we’ve been around for some period of time, between 13 and 14 years.
We are a nationwide commercial finance intermediary. So what do we do? We connect borrowers with the right capital sources for commercial real estate projects. And we do, fixed-rate loans, bridge loans, construction, and then we’re also quite involved in the higher capital stack space with Madison prep, equity, and joint venture equity all asset types.
We look at deals all with. Yeah, that’s awesome.
You know all about money. So we’re going to talk about that today, as it relates to real estate investing and something that has struck me. And I think a lot of other people lately are just, Hey, interest rates are going up. Inflation is very high and how’s that going to affect the real estate market in the future.
And like you, how do you stand on? The state of the lending market for real estate right now and how it’s impacting the future of real estate investing.
Yeah. Generally speaking, right? Like lenders are very well-capitalized. Then, the secondary markets are healthy. The capital markets are healthy.
There’s more than enough money up. To be lent, the basic economics of the real estate market is good. I think, capital’s readily available. It’s not, but it’s not stupid capital, it’s still got its right place. And the biggest difference is between.
And we’re coming out of a recession, right? The biggest difference between 2009 and now was that it wasn’t a financial crisis, like 2009, 2009, all that stuff that there was a bank balance sheet, liquidity crisis, and lending crisis. Now, there, there was lending available throughout the pandemic and the downturn.
That’s one reason why I think now you’re seeing just a much, much faster recovery than you did from that.
I’m glad you pointed that out though because we hear people talking about, Hey realist, this is quoting, real estate is great right now because Hey, people always need a place to live.
Housing did short supply, but if you rewind the clock to, 2000 7, 8, 9, those can do a lot of those conditions were still the same. The fundamentals of real estate didn’t change back then. It was really the capital markets, the lending markets. In my mind, my estimation caused the depth of the great recession and the crash and real estate prices.
It wasn’t because all markets in the US had massively overbuilt. We had this huge oversupply of housing, some had for sure, but the big crash was banks, lending, wall street, et cetera. It wasn’t a fundamental shift in the principles. Real estate. Would you agree with that? Disagree? What are your thoughts?
there, there were market differences, right? And when you have, maybe we’ll watch that movie that was about the great recession or recession. What are the key points in there like GE they couldn’t get their credit lines, renewed, stuff like that? So businesses were real, couldn’t access financing there.
They’re having a real liquidity crisis too. And there were mass layoffs all over the place. I remember leaving brothers got, and everybody they’re gone. And the, one of the biggest differences, now is I think you’ve got a lot more. Labor market direct support, the PPP program.
That was, that went right into keeping people in their jobs and I’m here payroll. And then you had direct stimulus checks and all this stuff, and that’ll play in real, the real estate, economic sphere. A lot of these. A lot of the people back in 2009 lost their jobs and those jobs went away and businesses, couldn’t access financing.
And, like in, in a lot of retail centers renting out, we haven’t seen that this, that much this go around. A lot of these are those tenants and whether they’re multifamily or retail or whatever, Restaurants and hotels or this whole thing we’re just completely shut down.
They’ve been able to just hang on. And a lot of them are covered and some haven’t, but they’re still feeling business. We do a lot of hotel lending and lean, like some of these hotels that back in 2009, this, that thing would have been gone in the first couple of months.
They’ve been able to hang on because of, all of these kinds of like direct support mechanisms they put out there. So as I think that’s one of the biggest differences, right? I think real estate economics in a way where didn’t go away. But also always a real in commercial, especially, it depends on what asset you’re in.
And every one of them weathers it a little differently. For instance, this, in 2020, for instance, industrial, real. And values and the underlying economics just shot through the roof. Cause you needed all this logistical space because everything moved online. And then, all this wasn’t 20 home builders where we’re just killing it.
They’re crushing. You need, you needed all these new houses. And so there were definitely certain pockets that benefited. Yeah, others, hotels, I’ve seen some hotels are performing, some, just get crushed and others, hang on. So it’s this one is very much so different for everybody.
And some just depend on where you’re located and what the local restrictions are in those areas.
So there’s always. A lot of talk about interest rates and cap rates. That’s a big question in a rising interest rate environment is, Hey, what’s going to happen to prevailing cap rates people like to build in increases in cap rates to their underwriting and all of that.
W what are you seeing from a lending standpoint? Do you think cap rates on commercial real estate are going to go up with interest rates? Are we, how are we looking at a potential reversion to a 10 cap market or, what do you think they’re Yeah, you don’t know my theory on what cap rates are tied to.
It is maybe a little different to some people, I think cap rates are more tied to how much equity is out there chasing deals. So if you look at, what happened after 2009, right? And you, you did, you had breaks come up since 2009, right before this happened, but then look at what happened in California, right?
You’ve had. Enormous cap rate compression and they stayed at extremely low levels. And why is that? You had so much equity capital coming into those markets. They were just willing to continuously push it down and, in different types of equity. I think, there, there is an enormous amount of equity out there chasing down.
And, I think that’s going to, put a top on, how high cap rates are going to move. As far as lending I don’t really care what cap rate, somebody buys something at, it just means they’re coming to the table with more equity. For instance, when, somebody comes to me and let’s say they’re in like, Washington state, or maybe it was important or whatever.
I just, I know. They’re buying an apartment building. I’m never getting done 80% LTV on that thing because they’re probably buying it at some ridiculously low cap rate. And it’s only going to underwrite to a 65 LTV max. Not that it can’t go higher than one in value, but just the debt services constrain.
Because the yield at the property is coming with. Lending will still be there. It’s just, how high can you. At certain points.
So in that case, are you more focused on DSCR, and are, do you ever look at like price per unit compared to the comparable sale price per unit? Or does it all come back down to DSCR?
So when you’re underwriting, like a fixed rate, like perm loan, right? You’re going into the assumption that it’s stabilized, right? If you are going into a property and is a value add, right? Hey, For some reason, some guy is on this for 30 years and he never raised the rent, and I know I can buy this thing.
He’s 20% below market rents. I can go in, he’s got prison toilets in there. I can go in and raise rents, replace all the toilets, lower the water bills, whatever. And I’m going a great, I’m going to lower the expenses, raise income, and it’s going to be worth it. Ax plus 10, two years from now, then it would go into the product.
The Debt Side of Real Estate Syndication with Jake Clopton
We would use a bridge loan, right through like private capital or something like that, that can really underwrite that sort of proforma income, versus something that’s more permanent. Like we’re talking about power and Belize, like a Fannie or Freddie type of deal, that’s never going to take future income into account.
That’s always space. Historicals. Go, if you’re doing something that’s more Pro-based, it’s going to be a bridge deal, and then it’s going to recap, once you have, recognize those, higher rates.
Okay. Okay. I guess, another aspect of this that I think people don’t talk about quite as much as they probably should is prepayment penalties, especially in such a falling interest rate environment.
I’ve talked to a few people who have been burned on those because they didn’t really always know what they were getting into. From that standpoint, can you walk us through, some of the different Prepayment penalties that are out there? And are you seeing, have you seen people make mistakes without not understanding what they were getting into, yes.
So look, everybody always wants to go into a deal and have, have it fixed for 30 years with no prepayment penalty and all this stuff. It doesn’t work that way, but it, but a lot of the prepay, functioning comes from. Who the lender is and how they do their loans.
For instance, if you’re a D if you’re, and this is something good to look into, when you’re, trying to raise money or you’re trying to get along, what do they have to do? Do they sell those loans into the secondary market? Most likely if that lender sells those loans, right?
The secondary market likes to have the investments that they’re buying locked up for a while. So there might be yield maintenance or defeasance that’s attached to them. Have you seen domains defeated? But you’re not getting out of it. It’s going to be prohibitively expensive to pay the thing off.
And that’s just it at the end of the day, I never asked can you tell me what the calculation is? It doesn’t matter. You’re not getting out. It’s never going to be worth it. It’s gotta be huge. It’s gotta be it. So realistically, if you’re in one of those, you’ve got to go into it.
I’m not doing anything with this property. And for you a 10-year loan, not doing anything with property for 10 years, right? It’s a long-term investment. I don’t want to recapitalize. I’m never gonna have to access equity, stuff like that, then great locking a low fixed rate, putting it to bed, coming back in 10 years, redo the loan, whatever it is.
If you are doing something that’s more short-term or. You want to access your equity sometime in the future, right? Or if it’s more of a business type of piece of real estate, like a hotel, those are the times when you know, I see people get really tripped up with prepayments. Forensic. If it’s, if you’re buying a property, you’re doing some sort of value add and you’re expecting the value to go up, in the next two years.
And you want to recap where you want to sell it or something like that. As a short-term strategy, do a break lunch, it’s more expensive, but just do a brittle. It’s going to be a lot more, less expensive when you’re trying to get out of it. Because of the two-year deal, that’s what it’s there for all that stuff.
Or if you’re, let’s say you’re like, Hey, I might continue to look for more properties. I’ve got this apartment building that’s at 50% loan to value and maybe we want to access the equity in the future. Right? The chances that you’re going to get a second mortgage to access that equity is almost zero.
Especially if you have a failure, Friday deal on and it prohibits that. Then, you probably need to look for something more open, shorter, fixed period. Something like that, at least bring in the prepays go to a local bank or, so a lot of credit unions have no.
More at least get him to step down so it’s knowing what it is. The other areas where I see people get really tripped up is if like it’s more of a business type of asset, like a hotel. W when that happens, you never know. Like when your business is going to need liquidity, right?
Like something might happen like a worldwide pandemic. That’s where you’re going to have access credits. And you know it, but if you’re stuck, like for instance, a lot of the guys I saw that, have had a tough time with the pandemic. They were in CMBS loans, with hotels or, whatever, and something like that happens.
You need to access liquidity. And you go to your lender and say, Hey, how much is it to pay me, pay off this $5 million loan? And they say, ah, it would be, you gotta give me 5 million bucks plus 2 billion, additional dollars as a free thing. It doesn’t make a lot of sense. Do you know what I mean?
Yeah, everything’s different and it’s the same sink thesis as everybody’s, every investment is different for everybody else. What is your equity? W what’s your personal goal here where, what are you going to be doing in the future? What type of asset is this?
Okay. Okay. So to, to bring it a maybe full circle or kind of sum it up, we have a lot of listeners out there listening to us right now who are passive investors, that’s indications. They want to invest in the best deals. They can find where they can. They want to understand what they’re getting into, but they’re not going to be in the driver’s seat on these deals.
Can we bring it together and just talk about things that they should look for and say, we’ll talk about maybe apartment self-storage or mobile home park deals. Cause those aspects are the most popular right now with the folks that, that I speak to who listen to this show,
Yeah, a lot of, so there’s investing into inner syndications, right? As far as like prepayment penalties, what type of financing, whoever their syndicator is using, what is really going to come down to is, if they need to get their equity back, how’s that going to happen? If they’re syndicating your structure were, they’ve got a fund that maybe is an umbrella to a bunch of smaller properties and the. It’s got access to liquidity and they have redemption and all this stuff. It’s not so much of an issue, but if they are investing into syndications of individual properties yeah.
That can be an issue. And if, if you’re investing into some property and you’re like, Hey, maybe I want my money back in two years. Yeah. You probably need to pay attention to how locked up the financing area is. Because the only way for you to get out there’s so many else comes along.
And buys your shares directly, which I guarantee you they’re going to buy them at a discount. I think that’s where you really need to pay attention to it is if you, when you’re investing into single asset deals and then like how locked up your money is. But again, everybody’s different, right?
Some people want to invest their 75,000, a hundred thousand. And they don’t want it to reinvestigate it to you. So let’s lock this thing up for 10 years and then give it back to me then, so it’s, it depends on, what your timeline is. Yeah. You want to keep that capital deployed.
Now, one of the things I get concerned about as I see folks doing deals is where it appears to me that the financing and the business plan aren’t on.
The same timelines where they might have a pretty big value add on an apartment complex, but they’re saying they’re going to get it done. A lot more quickly than I figured that they can just on a, maybe more qualitative level led quantitative, let’s say, you’re gonna, you’re really going to renovate that many units in that short of a timeframe.
I don’t know how feasible that is. It just doesn’t something that doesn’t add up. It doesn’t make a lot of sense and they might be using it, as a longer-term note, or something like that. Are you seeing that happen a lot? What are your thoughts about that? And having realistic timeframes on those value adds.
It’s a good question. As far as timeframes and performers and all this stuff, right? It’s the saas me Anne’s. Maybe it all works out that way but maybe does it. And you’re really not going to know the real answer until you really get into the thing, I would trust syndicators performing a little bit more than I would just trust like a commercial real estate broker operating memorandum. You get out of it. Like I don’t know if that’s an eight cap, so that may not work out that way. W what would I say is when I think when you’re pricing anything to perfection, right?
You got, you see someone says I’m going to do this entire value add plan in 18 months. So I only want an 18 month. You probably need to give yourself some of the wiggle room in there. And like some, things come up and a lot of them, a lot of value add scenarios that I see, get delays is where are they located?
Let’s be, you’re going into a building that is a hundred percent occupied to do a value add like you got to get people out and I’m guessing you’re going to have somebody in there. That doesn’t want to move all its cats out and it doesn’t want to go to a hotel. Stuff like that happens.
And so some like a lot of that, it depends where you’re located, right? So if you’re in Texas, you to get people out, if you’re in Chicago, they might, if they want to fight you, you, you they’re gonna stay in there for a year. So you know, where it’s located, what the local government roles are, stuff like that.
And the kind of laws around that definitely comes into play. So that’s just one thing to keep. And really, w when I’m talking to a syndicator and I’m like, Hey, how realistic is your timeline? I also want to look at their past deals and see how their proforma is, have worked out.
It is based on what they were saying, if I’ve got some guy that’s done 10 deals and, they’re all in similar markets, kinda around the area, and he’s Hey, based on the last 10 deals we did, we were in and of. Okay. Great. Is it a lot of fields? Let’s do it right. But I would say it’s the guy’s first deal.
Everybody has a learning curve and you've got to be willing to go into it and make mistakes to get to a point where you are making the right decisions consistently.
And he normally does stuff in Maryland. It’s his first deal. And I don’t know, Florida email, there’s probably need some padding in there to make sure that, if and when, and most likely it’s real estate look, it’s when something comes up, there’s wiggle room that, so nobody has to execute on extension or expensive extension periods and all that stuff.
Okay. So I guess that brings up. Really great point or something that I want to clarify before we move on to the last part of the show is when you are looking at a syndicator for your purposes, when you’re looking at a syndicator, for some role, you’re going to play in the business, whether it’s helping them find debt or equity or however you’re coming in, what do you look at in addition to, their past track record?
Sure. If I’m looking at somebody just on the debit aspect, right? They’re certainly want to make sure the guy’s got experience in all this stuff. But what I really care about when I’m leveraging a deal with, what, let alone is, are the assumptions correct? Give me the least.
Like a flip flop, your other properties in the area and show me the business plan. And is it gonna make sense? Is this property really gonna, to get up to that level? If the guy’s gonna be managing it himself, then I really care about like the whole property management experience level.
But I wouldn’t say, having, 10 deals behind you. Is going to make or break the deal. If I’m just doing a loan, it’s more about making sure the economics of the dealer there. And I can prove it out, in the market today. Sometimes I get guys that say, Hey, yeah. In two years, leases are going to be X plus two.
So we’re going on a right to that. No, it’s not your work hat though, to today. And then that’s how we’ll, we’ll. We also raised joint venture equity, right? So not real estate, securities, JV, where they have a real say on what’s going on and when I’m doing a deal like that, then absolutely.
There’s a very strong focus. Prior deals that the syndicators have entered and exited. And did those work out the way that they expected? So it makes a lot of sense, right? Cause you’re, you’ve got equity guys that are taking on a lot more risks than just somebody that has a first mortgage lane.
And it’s, it’s, hyper-focused on executability of the business plan and it has a work out in the plan because realistic is the way that they’re looking at it is, it’s an event. Th and re has that investment for prior guys worked out the same way.
So what’s the need. Don’t need to be too specific about this, but what’s a typical profile of a JV equity investor that you might bring into a deal. Are we talking more institutional or individual investors or all of the?
Sure. It’s not BlackRock right here. We do have its small of a middle-market, equity sources either, either funds or, maybe some family offices.
I would say like the check sizes we typically deal with, they’re like 3 million bucks and up, right? So the minimum check size that they bring in is going to be like 3 million bucks and just up from there. I think the biggest difference is what we do versus. A lot of deals like a crowd street syndicator or something like that, because it’s really a joint venture.
There’s a real say they have controlled all this stuff. They’re not passive. So anytime somebody is putting out a PDM or right. The offering or crowd straight deal, it doesn’t. Passive. That’s just big investors have no say they’re along for the ride.
There’s basically a coupon clip, for the most part. So it’s much different, right? And so like for instance, the JV partner could force a sale, at some point in the future and stuff like that.
If there is a loan.
They’re usually in the limited partner C okay.
So they don’t really sign on a deal, but they may be bringing 90% of the. Whereas the general partners are usually the ones signing in the carve-outs and, or a personal guarantee if that’s required for a loan. And they’re coming in with about 10% of interesting, I would have expected not a lender, so I don’t have that level of expertise, but I would have expected a lender to still require that JV, even though it’s an LP position Since they have so much equity.
I would have expected the lender to require that person to sign on the loan, to some extent, at least, bad boy type of stuff.
Because they’re in a limited partner position. It’s re it’s not really necessary. There, there possibly become times when you know, you’ll go in and they’ll underwrite the limited partners because there is a scenario where the limited partners could take over the property and need to step into the general partner position.
So they still either underwrite them and be comfortable with them potentially as the GP, but going in as long as, for instance, in a lot of these. Shorter-term deals, right? Bridge deals and a lot of private lenders, stuff like that. So as long as the general partners are meeting the experience and net worth and liquidity requirements that they want and carve-outs they’re comfortable.
They’re not going to require it, but they’re still gonna underwrite the LP in case that falls back of them, stepping in happens.
Sometimes they’re going to look into it, make sure it’s not something like a drug cartel investor, but beyond that.
Yeah. If it’s Pablo Escobar, they might have a problem. Or El Chapo, but I think he’s in solitary confinement for the rest of time.
So there’s going to be a prompt. All right. Cool. Great. Right now we’re going to take a quick break for our sponsor. All right, Jacob got three questions. I ask every guest on the show. I’m running. All right. Great. First one. What is the best investment you ever made other than in your education?
All the equity that went into my business has by far, given the best return of investment out of anything, probably combined.
Nice investing in yourself in a way. So I certainly, there you go. Yeah.
Nice. I don’t have to wear a tie.
Yeah, I liked that. I liked that. So we have the best investment. Now we go to the other side of that coin, the worst investment. What is the worst investment you ever made?
The worst investment I ever made is a goofy one. At one point, this is probably 10 years ago. I bought a. An assignment of a contract for a lawsuit is like an investment.
It was really bad. It completely blew up in my face. So yeah, I, it was really interesting.
I probably shouldn’t have done it. But that, I would say that one, was it, were you taken in by a potential return or, what brought you in what tempted you.
There, there was potentially a way that it could be worked out that I would have gotten an equity position in a piece of real estate.
My, and this kind of goes along with my, my thesis now is that. I want, wanna, I wanna invest in the things that I know, and I don’t want to run too many races. And fly, invest in real estate. And I don’t invest in crypto or dogecoin or, I’m the world’s worst stock picker, so I’m not going to buy these stocks.
So you know what it is. So I stick to the thing, I’m just trying to stay in my lane as far as things that I know I’m good at that I know every day versus trying to get tricky about it and like draw it in by FOMO and like other things that people are doing. But I have a body that, I’m sure we all do, that owns a ton of crypto and XYZ things, so as a, as an inmate, so nice, it might be kicking himself right now, looking at it, looking at prices lately.
My favorite question here at the end of the show is what is the most important lesson you’ve learned in business and investing?
The most important lesson I’ve learned in business is. Real was really, backpack when you’re starting out. There’s kind of two aspects to it. One is, just having grit and sticking with it. I think 90% of businesses do that. Don’t work out. The person that was doing it usually gave up probably not too soon before it was actually gonna work out.
Like usually, cause they get, everybody is a learning curve and you’ve gotta be willing to go into it and make mistakes and screw up just as much as human. And usually, you’re hitting that critical mass of like really screwing up right before you start learning how to really, do it well.
And I feel like a lot of people, you get to that point, where, things aren’t working out. Yeah. So really getting past that right into the area of where you’re making the right decisions consecutively over and over is I think decent advice for a lot of people.
Because it’s not easy because you see a lot of businesses, especially if you watch CNBC, like everybody’s becoming a billionaire, like overnight, it doesn’t happen that way. And, sticking it out and it’s longer than you think it’s probably. At least two years before, it’s actually something that you can live off of.
As probably the. And then the, as far as investing again, just doing stuff that you have competency in and know and also don’t buy stocks after I buy them because you will lose money.
Maybe buy them from you at a steep discount. There you go. Nice. Jake, it’s been a great conversation today. A lot of lessons and knowledge for our listeners. If folks want to reach out, if they want to get in touch, if they want to learn more, or anything like that, where can they track?
Find me on LinkedIn super easy to find Jay Clopton, our website, Cloptoncapital.com that we’re incredibly easy to find.
And I’m always happy to chat about it.
Great. Thank you once again for joining us today to everybody out there. Thank you for tuning in. If you’re enjoying the show, please leave us a rating and review on the apple podcast. Five stars. If you don’t mind, guys, I appreciate that so much that helps other people learn about the show, because that helps us rank higher in the apple podcast ecosystem.
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Don’t forget to subscribe and catch us here every Monday, Tuesday, and Thursday. I hope you have a great rest of your day and we’ll talk to you on the next one. Bye-bye.
The Debt Side of Real Estate Syndication
About our Guest
Jake Clopton
Jake Clopton founded the company in 2010 and is active in all commercial mortgage broker operations. He has an extensive background in commercial finance and interest rate markets, serves as the company president and head mortgage broker, and personally oversees each loan arrangement.
Jake has personally negotiated hundreds of millions of dollars in real estate loans and advisory work. Under his guidance, the company developed an extensive network of pertinent relationships as shown above.
Prior to founding the company, Mr. Clopton traded interest rate hedging futures. He worked with the largest participant in the Eurodollar futures market (LIBOR) and gained extensive and unique insight into interest rate markets and commercial finance. Bottom line is that Jake has stamped Clopton Capital with the right balance of versatility, reliability, resolve, and measured aggressiveness in closing deals that make it a force in the commercial real estate funding industry.
Episode Show Notes
Jake Clopton founded the company in 2010 and is active in all commercial mortgage broker operations. He has an extensive background in commercial finance and interest rate markets, serves as the company president and head mortgage broker, and personally oversees each loan arrangement.
Prior to founding the company, Jake traded interest rate hedging futures. He worked with the largest participant in the Eurodollar futures market (LIBOR) and gained extensive and unique insight into interest rate markets and commercial finance. Bottom line is that Jake has stamped Clopton Capital with the right balance of versatility, reliability, resolve, and measured aggressiveness in closing deals that make it a force in the commercial real estate funding industry.
[00:01 – 08:51] Opening Segment
- Clopton Capital, a nationwide commercial finance intermediary
- The effect of interest rates and inflation on real estate
- How the Fundamentals of Real Estate Changed since 2009
[08:52 – 16:47] The Debt Side of Real Estate Syndication
- Jake talks about the prevailing cap rate trend in the lending space
- Debt-Service Coverage Ratio and Cap Rates
- Understanding the Different Types of Prepayment Penalties
[16:48 – 26:49] Passive Syndicating Know-Hows
- Things to Know as a Passive Syndicator
- How to Create Realistic Timeframes
- What Jake looks for in syndicators, joint venture equity investors, and more
[26:50 – 33:55] Closing Segment
- Quick break for our sponsors
- The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at www.escapingwallstreet.com
- What is the best investment you’ve ever made other than your education?
- All the equity that went into his business
- Jake’s worst investment
- Lawsuit contract
- What is the most important lesson that you’ve learned in business and investing?
- “Have grit and stick with it.”
Connect with Jake Clopton through Facebook, Twitter, Instagram, and LinkedIn. Visit their website at https://cloptoncapital.com/.
Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/
Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.
Join our Passive Investor Club for access to passive commercial real estate investment opportunities.
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Tweetable Quotes:
“Cap rates are more tied to how much equity is out there chasing deals.” – Jake Clopton
“Everybody always wants to go into a deal and have it fixed for 30 years with no prepayment penalty, but it doesn’t really work that way.” – Jake Clopton
