What I check before I read a single number

I get pitched 5–7 deals a week. Most are dead in three minutes. Here’s the test.

Who’s holding the pen?

What has this sponsor actually finished? Not bought. Finished, exited, returned capital on. A polished deck from a first-timer is a story. A plain deck from someone with scar tissue is a track record.

How does the sponsor get paid?

Fees up front, promote on the back, and is there a preferred return before the sponsor sees a dollar? Follow the incentives before the projections.

What has to go right for me to get my money back?

If the answer is “cap rates fall” or “rents jump 8%,” I’m out. I want the deal that still works when things go a little wrong.

None of that needs a spreadsheet. The numbers matter, but they’re the last thing I check, not the first.

That’s what we dig into at the Investor Exchange: what sponsors are offering right now, the terms getting funded, and what I passed on and why.