How do you count how many doors you have?

[Tamar Hermes]

This topic seems like one of the first questions Real Estate investors ask each other. If I include passive investments in syndication, my numbers are significantly higher.  Do you count those units as additional doors in your portfolio?

[Charles LeMaire]

As a passive MF investor, when someone asks how many doors I have, I respond with a straight face and tell them that I have about 5500 doors*.  Then I add that in many cases, I own only the door knob or perhaps the sawdust created when the peephole was added.  

* Entered 50 MF deals since 2010, 15 have sold, so the 5500 doors are in the current 35 deals.

The folks that are asking me are attempting to gauge the value of my opinions.  I agree that is sound like boasting and is questionably accurate, but in my world of MF, it is the accepted practice.

Regards,

Charles LeMaire