Sal Buscemi – ACPARE – Funds vs. Joint Venture Structures Mastery

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Sal Buscemi – ACPARE – Funds vs. Joint Venture Structures Mastery

In fact, very few people actually know the difference between these two major structures and fail to get any institutional investor to listen to them because they don’t know how to structure before the pitch.

And if you don’t know these differences, and when and why they are used, then you have no right talking to anyone about your deals. Period.
Professionally, you’ll never be a “grown up” investor because you don’t speak the same language of high finance as institutional investors will expect you to know. They will qualify and judge you – not on your credit or income – on your

Intellectual capital.
The differences you’re expected to know are:  

• Discretion and control
• How Promotes And Crossed Promotes Are Calculated
• Investor Profiles: LPs vs Institutional Equity
• Realization Timeline For Your Fund or JV
• Capital Stacks
• When Profits Are Paid: Current Pay vs Accrual Pay
• Profits Structures: Straight Line vs. IRR Look Back vs. Fixed Exit Fee vs. IRR Waterfall
And in today’s cynical market, it’s not enough to simply be an “investor.”

If you want to add value, you need to know how to structure solutions around opportunities. You need to focus on being a Transactional Specialist.

Opportunities always exist, in up markets, and down markets.
You need to SPECIALIZE.

As a Real Estate Fund and JV Transactional Specialist, you set yourself apart from every single investor in your market. You send a crystal clear message to your prospects that you have a thorough understanding of their needs and concrete solutions to their problems.
As a specialist, you grab the lion’s share of deals, you attract the BEST clients, and you command much higher fees for your services and expertise. And when you specialize, you automatically position yourself as THE expert and authority in your market. And that leads effortlessly to attracting investors, capital, and deals.

The cold, brutal truth of the matter is…
INSTITUTIONS, LENDERS, SPONSORS, AND OPERATORS NEED SOMEONE LIKE YOU TO TRUST AND DEPEND ON
And to be that investor, that deal maker, that intermediary, that transactional specialist, you simply need the right training to make it happen.

ACPARE® – Association of Capital Placement Agents for Real Estate – is the country’s gold standard for commercial real estate investing training and education.

You’ll be uniquely qualified to help you & your clients identify, analyze, execute and confidently structure real estate funds and joint venture opportunities.

And more importantly, you’ll avoid horrible deals, be able to place capital and structure the risk away from your investors.

Specifically, in this Mastery Class, you’ll learn:

• When exactly to use a fund structure vs. when to use a joint venture structure (hint: novices will shoot themselves in the foot immediately out of the starting gate with this one…)
  The 6 Major Differences between funds and JVs… and how they are structured.
• Understanding the capital structure (that your investors will expect you to know… and most SEC attorneys don’t know!)
• What terms of the deal you need to negotiate – so you come out ahead every single time.
• How will profits be shared (pari pasu or subordinated)? How is the ownership structured? Who has upside potential? Who has downside risk? The “hard questions” you better be able to answer!
• What the JV Equity Waterfall is and how it’s structured. Easily!
• How to command instant credibility in your negotiations by understanding pay structures and when to use each.
• What the 3 Defining Metrics of a deal are and when to use them (prior to going in.)
• Different Types of Equity (not all equity is equal). Avoid this one type of equity at your own peril!
• Punitive Clauses for Operators and Sponsors (control shifts, claw backs, “bad boy” clauses, and other “carrots and sticks”)
• The 4 Profit Participation Structures and which one matters the most to which investor
• How to settle partnership disputes – amicably – that saves tens-of-thousands in legal fees and personal grief
• Why you should avoid a “pledge fund” and 2 other types of structures that will cost thousands in legal fees and will give you – NOTHING.
• What it means to “call the capital” and how it’s done – and what to do if someone defaults…
• The 4 important parts of your fund’s business strategy your investors expect you to detail in your pitch book.
• Which of the 3 fund return metrics you must report on and when (before money is taken out or after?)
• The 4 Different Possible Fund Structures that are most commonly used and how they are structured.
• Understanding your fund’s economics: when you get paid, and how you get paid
• Promotes explained and the 6 Key Drivers For Your Fund’s Promotes and how they are EASILY calculated and how much you and your investors get.
• Knowing who the players in your fund and how all those “LPs” interact
• Fund legal structures you’ll need to know prior to papering the deal
• Where the institutional money is for the smaller balance fund manager (Yes, it exists!) and how to raise it effortlessly.
• How to structure a great partnership using these 4 criteria – and asking these 4 hard questions before getting married into any partnership

As an ACPARE Fund & Joint Venture Transactional Specialist, you’ll be first, foremost, and front-and-center in the minds of your local and regional investors, lenders, and property owners when it comes to hiring you to structure deals, place capital, and create true value.
Perhaps even more critical, is that you’ll be able to profit handsomely by bringing institutional money into smaller deals that your local operators desperately need because lenders and banks stopped lending to them.

To become a Fund and Joint Venture Transactional Specialist, just choose your program and then follow 3 Simple Steps…

How Does It Work?
Step 1. Take the Course
The Funds vs Joint Venture Structure Mastery course is 2 hours of video training lessons plus 12 handout downloads. You also get flowcharts and cheat sheets for quick, easy reference, plus 6 module-specific quizzes and a final exam.

Step 2. Pass the Test

The exams are designed for your success. They’re not “tricky” (no SAT goofiness)…  yet they do test your knowledge and comprehension of the material. A passing grade is 80. You can take the exam 3 times. If you don’t pass after 3 attempts, simply go  back through the module prior to taking the  test again.

The exams are not timed. They consist of 60 multiple choice and true/false questions. Allow 45-60 minutes to complete the exam. If you can complete the exam is a single  sitting. Answers are saved if you need to  finish at a later date.

Step 3: Display Your Badge

Display your badge on your website, in your email signature, on your blog, and especially in your Linkedin profile and Twitter status.

Become a Fund and Joint Venture Structure Specialist Today!

Here’s What You’ll Get
When you enroll today, you’ll get:

• The Real Estate Fund and Joint Venture Mastery Course
• 6 Core Lessons
• 35 Modules
• 12 Handouts
• 6 Blueprints
• 6 Review Quizzes
• Full Easy-To-Reference Manual

PLUS, upon successful completion of the course and all the quizzes and final exam you’ll receive:

• A Wall Street grade ACPARE badge designating you as a Fund and Joint Venture Transactional Specialist that you can display on your website, email signature, and LinkedIn® profile

Course Details:
Level: Intermediate / Advanced
Setting: Online / Virtual
Course Length: 8 hours
Expected Completion Time: 3-7 Days

Who Is For?

• Crowdfunding startup real estate investors
• Commercial Sell-Side Investment Brokers and Intermediaries
• Deal Makers
• Commercial Real Estate Consultants and Service Providers
• Private Lenders and Savers looking to invest in other people’s commercial real estate deals
• Existing Owners & Operators Looking to Raise Private Institutional Equity
• Sponsors
• Single Family Offices and MFO’s
• Endowments
• Asset Managers
• Real Estate Funds of Funds Managers
• Investment Banks
• Hedge Funds
• Real Estate Private Equity Funds
• Foundation CIOs
• Pension Funds
• Institutional Private Wealth Managers
• Insurance Companies Alternative Investment CIOs
• Property Managers
• Retail Investors new to entity-level real estate transactions
• Anyone who knows Credibility matters

So if you want to…

• Get expert training and guidance
• Build a business you can be proud of AND get noticed
• Feel confident knowing that you’re qualified and prepared to quickly take on clients and projects
• Rise above the fold and distance yourself from the competition
• Attract ONLY high quality clients
• Know how to expertly parlay your intellectual capital
• Structure deals like a Wall Street pro
• Charge highly lucrative fees for your advice and consultation…

When everyone on your team is in synch, can understand what you—their leader—is doing and thinking, productivity and incentive skyrockets.

With everyone in your office on the same page, using the same language, and possesses the same skills, your company becomes a formidable force in the marketplace.

You still have all the great content, training, and modules to enhance your team’s education. And the more specialized they are, the more you can charge for your services.

…is Different
Are there other courses out there on Stabilized Property investing? Probably. But you won’t find anything that comes close to what you’ll get with this training.

The difference is, all of us here at The Commercial Investor, including our students and partners, are actual investors, in the trenches every day.

We raise capital, place capital, analyze and structure deals, buy and sell property, negotiate with institutions, home offices, and lenders, and pitch the ‘big boys.’

So…does this sound exciting to you? Is this something you want to be part of? If your answer is ‘yes,’ then you’re in the right place.

Course Details and Description

Course Breakdown:

Lesson 1: Start Here
1.1 Orientation
1.2 Here’s What to Expect
1.3 Types of Commercial Real Estate Transactions
1.4 Types of Capital (Capital Structure)
■   First Trust Debt■   Mezzanine
■   Equity High Leverage Mezzanine Preferred Equity
■   Hard Money / Bridge Loans / Distressed / Value-Added Financing
■   Debtor-In-Possession Loans (Dip)
■   Super Collateralized Loans (Super C)

Lesson 2: Joint Venture Equity – Part 1
2.1 JV Equity Partners Overview (Understanding Who the Participants Are)
2.2 JV “Pari Pasu“ Equity
2.3 JV Profit Participation Overview
2.4 JV Equity Waterfall: Full Stack Vs Normal Stack
2.5 JV Promote Structures

Lesson 3: Joint Venture Equity – Part 2
3.1 JV Metrics to Understand
3.2 JV Punitive Clauses for Operating Partners
3.3 JV Profit Participation Structures
3.4 JV Residual Strategies for Existing Joint Venture Deals

Lesson 4: Fund Structure – Part 1
4.1 What Is Private Equity
4.2 Capital Formation: Calling the Capital
4.3 Capital Fomration: Business Strategy
4.4 Capital Formation: Fund Investments
4.5 Fund Returns
4.6 Fund Terms
4.7 Commonly Used Terms
4.8 Institutional Rules of Engagement
4.9 Possible Fund Structures

Lesson 5: Fund Structure – Part 2
5.1 Fund Economics
5.2 Key Drivers for Promotes
5.3 Not All LPs Are Created Equal
5.4 Lead LP Investment Rights
5.5 The Players in Your Fund: GPs Vs LPs
5.6 The Due Diligence Interrogation Process
5.7 Legal Structure
5.8 Where the Money Is
5.9 Investor Transaction Selection Criteria
5.10 The Fund of Funds Structure

Lesson 6: Understanding How Partnerships Work
6.1 Partners or Friends
6.2 How to Create a Great Partnership
6.3 Ask the Hard Questions

More specifically, in this Mastery Class, you’ll learn:

• When exactly to use a fund structure vs. when to use a joint venture structure (hint: novices will shoot themselves in the foot immediately out of the starting gate with this one…)
• The 6 Major Differences between funds and JVs… and how they are structured.
• Understanding the capital structure (that your investors will expect you to know… and most SEC attorneys don’t know!)
• What terms of the deal you need to negotiate – so you come out ahead every single time.
• How will profits be shared (pari pasu or subordinated)? How is the ownership structured? Who has upside potential? Who has downside risk? The “hard questions” you better be able to answer!
• What the JV Equity Waterfall is and how it’s structured. Easily!
• How to command instant credibility in your negotiations by understanding pay structures and when to use each.
• What the 3 Defining Metrics of a deal are and when to use them (prior to going in.)
• Different Types of Equity (not all equity is equal). Avoid this one type of equity at your own peril!
• Punitive Clauses for Operators and Sponsors (control shifts, claw backs, “bad boy” clauses, and other “carrots and sticks”)
• The 4 Profit Participation Structures and which one matters the most to which investor
• How to settle partnership disputes – amicably – that saves tens-of-thousands in legal fees and personal grief
• Why you should avoid a “pledge fund” and 2 other types of structures that will cost thousands in legal fees and will give you – NOTHING.
• What it means to “call the capital” and how it’s done – and what to do if someone defaults…
• The 4 important parts of your fund’s business strategy your investors expect you to detail in your pitch book.
• Which of the 3 fund return metrics you must report on and when (before money is taken out or after?)
• The 4 Different Possible Fund Structures that are most commonly used and how they are structured.
• Understanding your fund’s economics: when you get paid, and how you get paid
• Promotes explained and the 6 Key Drivers For Your Fund’s Promotes and how they are EASILY calculated and how much you and your investors get.
• Knowing who the players in your fund and how all those “LPs” interact
• Fund legal structures you’ll need to know prior to papering the deal
• Where the institutional money is for the smaller balance fund manager (Yes, it exists!) and how to raise it effortlessly.
• How to structure a great partnership using these 4 criteria – and asking these 4 hard questions before getting married into any partnership

Become a Fund and Joint Venture Structure Specialist Today!

Your Instructor: Sal Buscemi
Sal Buscemi is the CEO of The Commercial Investor and  managing partner of Dandrew Partners in NYC.

A former investment banker for Goldman Sachs in NYC, Sal left the company after 8 years to start his own commercial real estate hedge fund.

He raised $30 Million within 6 months. Sal has since raised close to $150 Million in capital for various private money pools and the JG Mellon fund.

Sal founded Dandrew Partners and Dandrew Media as vehicles for investing in real estate and publishing educational content for serious investors. His passion for teaching is rivaled only by his excitement to see his students succeed.

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