What's your baseline IRR to jump into a deal?

[Robert Blaine]

Like the title says, what IRR are you looking for in order to be willing to invest in a deal and what markets do you look in? Curious to see how this breaks down across regions.

[Shafi Noss]

I see most syndications going it at around mid-teen IRRs. 

Personally I'd advise against relying on IRR though. It assumes that early payouts are reinvested at the IRR itself, which usually overestimates how much you actually make.