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All Forum Posts by: Lindsey Buxton

Lindsey Buxton has started 12 posts and replied 100 times.

Post: Is PassivePockets not included with BO pro?

Lindsey Buxton
Contractors
Pro Member
Posted
  • Denver, CO
  • Posts 103
  • Votes 80

Pro members can get PassivePockets for $95/year ($300 savings). An email went out this morning with the code to active the perk! @Joe Derobertis @Chris B. @Richard Anderson @John Sayers

Post: 16% Projected IRR? Our LP Panel Digs In

Lindsey Buxton
Contractors
Pro Member
Posted
  • Denver, CO
  • Posts 103
  • Votes 80

How do you gain more confidence as an LP? By reviewing sponsor after sponsor, and deal after deal to uncover what sets apart the good from the bad. 

We want to help you get more of these reps, and we're excited to kick off a brand-new Deal Review Series where experienced LP panels dig into real deals in real time. 

First up: RSN Property Group and Monday Properties present The Villas at Princeton Lakes to our panel of LPs, who ask questions and share their perspective. 

Check it out and let us know your thoughts! This is the first of many, so we're looking for feedback to make this as valuable as possible. 

Watch Here: 

;t=2s 

    Post: 🌟 PassivePockets is LIVE! 🌟

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    I'm really excited to share that we’ve launched PassivePockets—a platform built specifically for Limited Partners like you. 

    We know how tricky it can be to find legitimate sponsors and solid deals, so we built PassivePockets to give you the tools, resources, and community support to help you invest with more confidence. We want to cut through the noise  and bring more transparency and community to the space. 

    Here’s what PassivePockets includes: 

    🔑 Due Diligence Tools – Read sponsor ratings & reviews from investors, talk shop with community members, and access vetting frameworks.

    🔎 Sponsor & Deal Directories – Easily discover active investment opportunities and learn about the sponsors behind them.

    🌟 Sponsor Ratings & Reviews – Read honest, first-hand reviews from people who’ve already invested with different sponsors—the good, the bad, and everything in between.

    💬 Investor-Only Forums – Tap into investor-only forum spaces to connect, debate, and discuss — no sponsors or capital raisers around. Don't worry, we'll still have forums where you can chat with sponsors, too. 

    📚 Educational Resources – Passive Investing 101 course, ebooks, articles, podcast episodes, resources, and more.  

    To celebrate the launch, we’re offering a FREE 7-day trial plus $200 off your first year with the code GOPASSIVE. This is a limited-time offer, so dive in and check it out. 

    [Start Free Trial]

    Any questions? Let me know! 

    Post: Anyone follow Aleksey Chernobelskiy?

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    @Ronald Rohde Thanks for sharing! I'm not sure what he charges for that, but now I'm curious and will do some research.

    Post: Anyone follow Aleksey Chernobelskiy?

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    @Chris Seveney thanks for sharing. I am currently enrolled in his LP Cohort and am finding a lot of value in it.

    Post: Anyone follow Aleksey Chernobelskiy?

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    Anyone follow Aleksey Chernobelskiy? For context, he produces a lot of content about passive investing, and advises LPs on existing and future investments. He has a podcast, newsletter, and also offers monthly LP Cohort courses where you analyze 4 deals from different asset classes over 4 weeks. He used to run STORE Capital’s $10 billion commercial real estate portfolio and oversaw the firm’s underwriting team. He's clearly passionate about this topic, and seems to provide objective and valuable educational content for LPs.

    Has anyone subscribed to his Substack, or taken his course? What's your opinion? 

    Post: Ashcroft capital: Additional 20% capital call

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80
    Quote from @Brian Burke:
    Quote from @Guy Idan:

    @Brian Burke - Dropping a question on you as you are well versed in this world - It seems that Ashcroft has an LTV of about 80% at the moment, or 78% if you take out the $14m loan ashcroft themselves gave. For my personal properties, I like to have 65-60% LTV, so 78-80% LTV during a time when the properties were purchased of record low interest rates, and with fluctuating interest rate, seems extremely irresponsible and almost foolish. 

    Do most syndicators use these LTV's and is it common or did Ashcroft make a big mistake on that one?

    Appreciate your feedback!


     


    I won’t opine on whether Ashcroft made a big mistake—their investors will ultimately be judge, jury, and executioner based on the final outcome.  Even if I did comment, my Monday morning quarterbacking should be dismissed as inadmissible because, for lack of a better definition, I’m a competitor of theirs.

    But I can speak to my opinion as an operator, in a general sense, not specific to Ashcroft because I’m not familiar with the financing of these assets.

    Borrowing with short maturities dramatically increases risk, always. Ten years into a bull run amplifies that risk. Doing so with a high LTV amplifies that risk even further.

    Investing in a syndicate comes with risk and the idea is that investors should seek a risk adjusted return.  By that, I mean that the returns you expected should have been significantly higher than the returns from a similar investment with a more conservative financing structure. Was it?

    The problem I see is passive investors frequently don’t invest on a risk-adjusted basis.  Instead, they invest in the deal that projects the highest return.  And how do you get there?  High leverage.  Multiple share classes.  Preferred equity.  Mezzanine debt.

    This pushes groups to finance this way because “that’s what sells.”  It’s no accident that many of the groups you see today running into serious trouble are groups that acquired a lot of assets near the market peak using tools such as this that juiced projected investor return. 

    And to somewhat answer your question, a LOT of buyers were financing this way. Before I stopped buying in 2021, after being outbid by millions of dollars on a regular basis, I started asking brokers "how many of the other buyers are using bridge debt?" Their answer: "All of them." (I was underwriting to 60-65% LTV with one share class and no subordinate mezz/pref.) So I started selling off my portfolio. Among the groups bidding on my properties, how many were using bridge debt? Most of them.

    On the other hand, groups that used more conservative finance structures didn’t grow as fast because, in part, the investors weren’t fueling them to the same extent.  Also in part, because they couldn’t underwrite to as high a price as the higher-risk groups.  And in part because groups that finance conservatively tend to buy conservatively, which doesn’t result in much when a market is topping out.

    And just a comment about your statement that the Ashcroft properties have an "LTV of 80% at the moment." Then you said "80% LTV…when the properties were purchased." Depending on when these properties were purchased, along with a handful of other factors, these two statements could be mutually exclusive. Multifamily values have fallen somewhere between 20 percent and 40 percent since 2022, meaning that the LTV today could be greater than 80%, and very easily could exceed 100%.

    @Brian Burke great insight. I'm finding so much value in your commentary on this whole forum thread, thanks for sharing your experience and perspective!

    Post: 💡 Interested in passive investing? Help shape our future product

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    Lindsey here, VP of Marketing at BiggerPockets. 

    We're building a new product, PassivePockets, so you can more confidently find, vet and invest in real estate syndication opportunities. Take this brief survey to help us make it as valuable as possible.

    To thank you for your time, you'll be entered to win a $50 gift card to the BiggerPockets Bookstore.

    Post: Apartment Investor in Greenville

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    Hi, Arn! Great to have you in the Pro community.

    Post: Networking for Jeffersonville

    Lindsey Buxton
    Contractors
    Pro Member
    Posted
    • Denver, CO
    • Posts 103
    • Votes 80

    Hi, John! Great to have you in the Pro community. If you're looking for local agents, check out the BiggerPockets Agent Finder - it's a great way to find investor-friendly agents who know the local market.