JF3843: LP Survival Guide: Avoiding Sponsor Red Flags, Verifying Track Records, & Building Multi-Deal Success with Hans Box
Episode description
On this episode of The Passive Income Playbook, Pascal Wagner interviews Hans Box, co-founder of Box Wilson Equity, who has invested in close to 100 real estate deals as both a general and limited partner. Hans shares his journey from recovering CPA to real estate investor, including the pivotal story of taking over his first deal as an LP when the original sponsor underperformed. He provides a comprehensive framework for evaluating investment opportunities, emphasizing the importance of assessing sponsors beyond just projected returns. Hans explains how to verify a sponsor's track record by examining NOI growth rather than IRR, why transparency is non-negotiable during due diligence, and why single-asset deals rarely have audited financials. Throughout the conversation, he emphasizes finding deals with genuine value-add components that provide a margin of safety, and advises passive investors to look for "singles and doubles" rather than home runs to build sustainable wealth.
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