Steve or Randy, what kinds of returns have you seen, or been seeing, from your passive syndication deals? The ones I have looked at recently advertise (or project) 15-20% IRR, and getting 100-120% of your initial investment back in 3-5 yrs, when they refi, while still maintaining your equity stake in that property for as long as they own it. So additional cash flow for years. If you reinvested the cash returns into an additional deal every 3-5 years, while also allocating even more additional personal capital each year, the compounded cash flow 10-20 years down the road, once you now have 5,10,15 different investments, looks very solid. I know there are a lot of assumptions made when trying to model returns over a 10-20 year period but just curious if your returns have been close to what you thought they would be. And if this stacking or compounding affect is a valid "strategy".
