Every Deal That Went Sideways Had a Good Deck

If you've invested passively in private real estate for more than a few years, you know these three.

The capital call. The refinance didn't happen, and the sponsor asked for more money to protect the money you'd already sent.

The paused distribution. Updates got shorter, then late, then stopped.

The sponsor you can't reach. Great on the webinar. Gone once the wire cleared.

Every one of those had a good deck.

THE DECK IS THE WRONG PLACE TO START

A deck is built to raise money. It shows the deal at its best: the business plan, the projections, the team slide. That's its job. But by the time you're reading it, the sponsor is presenting. You're seeing the version of the business they chose to show you, on the timeline they chose.

What you actually need to know sits underneath the deck. How does this operator run the business day to day? How do they talk about their own numbers? Do they know where their weak spots are, and are they working on them? How do they handle a question they don't like?

You rarely see any of that before you wire. Most passive investors meet a sponsor on a webinar, read the PPM, take a call or two, and decide based on the polished version.

THE FIX ISN'T COMPLICATED

Fewer sponsors, known better, backed earlier, on deals the crowd never saw.

Fewer, because a dozen checks with a dozen operators you barely know is a dozen relationships you can't realistically follow.

Known better, because the time to learn how someone operates is before money is involved, not after the first missed distribution.

Backed earlier, because a lot of operators raise quietly from their own network. Their deals never reach a portal or a broker's list. By the time a deal is marketed to the crowd, you're one name among many.

The hard part is access. Where do you get to watch operators work on their business, with real numbers on the table, before anyone asks you for a dollar?

A ROOM BUILT FOR OPERATORS, WITH A FEW INVESTORS SITTING IN

Three times a year, I put a hundred real estate operators and fund managers in a room. They pay to be there. They spend three days working on their own business, with their own numbers

on the table.

The room usually runs multifamily, industrial, self-storage, development and private lending.

Most of them raise quietly, from their own network. Many of them have a deal under contract and the capital stack still open.

This year I'm hosting a small number of investors in that room on Saturday, November 14, at the Westin Kierland in Scottsdale.

No fee. There's no seat to buy. We extend it, and only to people who clear verification.

You sit in while operators work through their own businesses. Then, for two hours of speed networking, they come to your table, one after another.

You'll know who runs a real business before anyone asks you for a dollar. In that room, you're the one being sought.

WHAT TO LISTEN FOR

When operators are working on their own business instead of pitching, a few things show up fast:

- How they talk about a deal that didn't go to plan. Specifics and what they changed afterward, or a story about the market.

- Whether they know their numbers without a slide in front of them.

- How they handle investor reporting. Who sends it, how often, and what happens when the news is bad.

- Who's on their team, and what runs without them in the room.

None of that requires a pitch. You just have to be there when they're not presenting.

TWO QUESTIONS COME UP EVERY TIME

Why are you hosting investors?

Operators pay for the three-day curriculum. The room is better for them with real allocators in it, and better for you because nobody's performing for a crowd. You pay nothing.

Am I going to get pitched?

Not from the stage, and not by us. Operators will want to talk to you. Every conversation is yours to end. We don't vet or recommend anyone, and we don't introduce you to deals. We run the

room.

THE WHOLE COMMITMENT

- Friday, November 13, 5:00 pm: VIP reception.

- Saturday, 9:00 to 3:30: The room.

- Saturday, 3:30 to 5:30: Speed networking.

- Saturday, 6:00 to 9:00: Off-site event.

Home Saturday night or Sunday morning.

WHO THE HOSTED SEAT IS FOR

- You're accredited.

- You've put money into private real estate in the last two years.

- You're writing $250K or more per deal.

If that's you, apply. Two minutes on the form, then a 15-minute call with our team, and the seat is confirmed. Applications close Saturday, October 31.

Apply for a hosted seat

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IF YOU RAISE CAPITAL YOURSELF

Plenty of people reading this sit on the other side of the table. You're the operator, the GP, the one putting deals together and raising for them. The hosted seat isn't yours, but the room might

be. Say so on the form and our team will point you at the right one.

Either way, the idea is the same. The best time to know who you're in business with is before the money moves.

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Educational purposes only. Nothing here is legal, tax, accounting, financial or investment advice, and nothing here is an offer to sell or a solicitation of an offer to buy any security.

M1 Real Capital Corporation does not act as a broker-dealer, placement agent or intermediary in securities transactions. M1 does not vet, endorse or recommend operators or offerings and does not introduce investors to client offerings. Any discussion between attendees about an investment is solely between those parties.

Hosted seats are by application, subject to verification, limited in number, non-transferable, and may be declined at M1's discretion. Dates, agenda, venue and format are subject to change.

For U.S. residents. Governed by the laws of Wyoming.

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