Sal Buscemi – ACPARE – Funds vs Joint Venture Structures Mastery

How To Become A Certified  Real Estate Private Equity

Fund and Joint Venture Structure Specialist

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Sal Buscemi – ACPARE – Funds vs Joint Venture Structures Mastery

At Last! You’ll Have a Step-By-Step Formula and System To…

Structure a commercial real estate fuNd or joint venture – regardless of experience.

In fact, very few people actually know the difference between these two major structures and fail to get any institutional investor to listen to them because they don’t know how to structure before the pitch.

And if you don’t know these differences, and when and why they are used, then you have no right talking to anyone about your deals. Period.

Professionally, you’ll never be a “grown up” investor because you don’t speak the same language of high finance as institutional investors will expect you to know. They will qualify and judge you – not on your credit or income – on your
Intellectual capital.
The differences you’re expected to know are:

• Discretion and control
• How Promotes And Crossed Promotes Are Calculated
• Investor Profiles: LPs vs Institutional Equity
• Realization Timeline For Your Fund or JV
• Capital Stacks
• When Profits Are Paid: Current Pay vs Accrual Pay
• Profits Structures: Straight Line vs. IRR Look Back vs. Fixed Exit Fee vs. IRR Waterfall

And in today’s cynical market, it’s not enough to simply be an “investor.”

If you want to add value, you need to know how to structure solutions around opportunities. You need to focus on being a Transactional Specialist.

Opportunities always exist, in up markets, and down markets.
You need to SPECIALIZE.
As a Real Estate Fund and JV Transactional Specialist, you set yourself apart from every single investor in your market. You send a crystal clear message to your prospects that you have a thorough understanding of their needs and concrete solutions to their problems.

As a certified specialist, you grab the lion’s share of deals, you attract the BEST clients, and you command much higher fees for your services and expertise. And when you specialize, you automatically position yourself as THE expert and authority in your market. And that leads effortlessly to attracting investors, capital, and deals.

The cold, brutal truth of the matter is…

Institutions, Lenders, Sponsors, and Operators NEED Someone Like You to Trust And depend on

And to be that investor, that deal maker, that intermediary, that transactional specialist, you simply need the right training to make it happen.

And that’s exactly what you get in this Real Estate Fund and Joint Venture Master Class and ACPARE Certification Program.

ACPARE® – Association of Capital Placement Agents for Real Estate – is the country’s gold standard for commercial real estate investing training and education.

You’ll be uniquely qualified to help you & your clients identify, analyze, execute and confidently structure real estate funds and joint venture opportunities.

And more importantly, you’ll avoid horrible deals, be able to place capital and structure the risk away from your investors.
Specifically, in this Mastery Class, you’ll learn:

1. When exactly to use a fund structure vs. when to use a joint venture structure (hint: novices will shoot themselves in the foot immediately out of the starting gate with this one…)
2. The 6 Major Differences between funds and JVs… and how they are structured.
3. Understanding the capital structure (that your investors will expect you to know… and most SEC attorneys don’t know!)
4. What terms of the deal you need to negotiate – so you come out ahead every single time.
5. How will profits be shared (pari pasu or subordinated)? How is the ownership structured? Who has upside potential? Who has downside risk? The “hard questions” you better be able to answer!
6. What the JV Equity Waterfall is and how it’s structured. Easily!
7. How to command instant credibility in your negotiations by understanding pay structures and when to use each
8. What the 3 Defining Metrics of a deal are and when to use them (prior to going in.)
9. Different Types of Equity (not all equity is equal). Avoid this one type of equity at your own peril!
10. Punitive Clauses for Operators and Sponsors (control shifts, claw backs, “bad boy” clauses, and other “carrots and sticks”)
11. The 4 Profit Participation Structures and which one matters the most to which investo
12. How to settle partnership disputes – amicably – that saves tens-of-thousands in legal fees and personal grief
13. What the 5 Critical Investor Transaction Selection Criteria for guaranteed fund success and how these will help to structure the risk away from you and your investors and sponsors.
14. Why you should avoid a “pledge fund” and 2 other types of structures that will cost thousands in legal fees and will give you – NOTHING.
15. What it means to “call the capital” and how it’s done – and what to do if someone defaults…
16. The 4 important parts of your fund’s business strategy your investors expect you to detail in your pitch book.
17. Which of the 3 fund return metrics you must report on and when (before money is taken out or after?)
18. The 4 Different Possible Fund Structures that are most commonly used and how they are structured.
19. Understanding your fund’s economics: when you get paid, and how you get paid
20. Promotes explained and the 6 Key Drivers For Your Fund’s Promotes and how they are EASILY calculated and how much you and your investors get.
21. Knowing who the players in your fund and how all those “LPs” interact
22. Fund legal structures you’ll need to know prior to papering the deal
23. Where the institutional money is for the smaller balance fund manager (Yes, it exists!) and how to raise it effortlessly.
24. How to structure a great partnership using these 4 criteria – and asking these 4 hard questions before getting married into any partnership

As an ACPARE Certified Fund & Joint Venture Transactional Specialist, you’ll be first, foremost, and front-and-center in the minds of your local and regional investors, lenders, and property owners when it comes to hiring you to structure deals, place capital, and create true value.

Perhaps even more critical, is that you’ll be able to profit handsomely by bringing institutional money into smaller deals that your local operators desperately need because lenders and banks stopped lending to them.

To become a Fund and Joint Venture Transactional Specialist, just choose your program and then follow 3 Simple Steps…

How Does It Work?

• Step 1. Take the Course
  The Funds vs Joint Venture Structure Mastery course is 2 hours of video training lessons plus 12 handout downloads. You also get flowcharts and cheat sheets for quick, easy reference, plus 6 module-specific quizzes and a final exam.
• Step 2. Pass the Test
  At the end of each module, you’ll take a brief quiz to ensure you have an understanding of the content and basic concepts covered in the lesson. Once you’ve completed all the quizzes, you’ll then take an online final exam.Upon successful completion, you’ll earn you Funds vs Joint Venture Structure Mastery Certification!The exams are designed for your success. They’re not “tricky” (no SAT goofiness)… yet they do test your knowledge and comprehension of the material. A passing grade is 80. You can take the exam 3 times. If you don’t pass after 3 attempts, simply go back through the module prior to taking the test again.

  The exams are not timed. They consist of 60 multiple choice and true/false questions. Allow 45-60 minutes to complete the exam. If you can complete the exam is a single sitting. Answers are saved if you need to finish at a later date.

• Step 3: Display Your Badge
  Upon successful completion of the course and exams, you’ll receive a personalized certificate and badge.Display your badge on your website, in your email signature, community portals, on your blog, and especially in your Linkedin profile and Twitter status.

  AND…your digital certificate is full color, so frame it and display it proudly in your home and office.

Here’s What You’ll Get

When you enroll today, you’ll get:

• The Real Estate Fund and Joint Venture Mastery Course
• 6 Core Lessons
• 35 Modules
• 12 Handouts
• 6 Blueprints
• 6 Review Quizzes
• Full Easy-To-Reference Manual

PLUS, upon successful completion of the course and all the quizzes and final exam you’ll receive:

• A Wall Street grade ACPARE badge designating you as a Certified Fund and Joint Venture Transactional Specialist that you can display on your website, email signature, and LinkedIn® profile
• An ACPARE certificate for framing
• Status and recognition as a Certified Real Estate Fund and Joint Venture Transactional Specialist

Who Should Get Certified?

Certification is for anyone looking to command premium fees for capital placement, deal making, and their services when it comes to transacting and consulting on stabilized property investments. Your positioning in the marketplace matters. Like it or not, your prospects and clients WANT to do business with credible business owners they can trust.

Who Is Certification For?

Crowdfunding startup real estate investors
Commercial Sell-Side Investment Brokers and Intermediaries
Deal Makers
Commercial Real Estate Consultants and Service Providers
Private Lenders and Savers looking to invest in other people’s commercial real estate deals
Existing Owners & Operators Looking to Raise Private Institutional Equity
Sponsors
Single Family Offices and MFO’s
Endowments
Asset Managers
Real Estate Funds of Funds Managers
Investment Banks
Hedge Funds
Real Estate Private Equity Funds
Foundation CIOs
Pension Funds
Institutional Private Wealth Managers
Insurance Companies Alternative Investment CIOs
Property Managers
Retail Investors new to entity-level real estate transactions
Anyone who knows Credibility matters

Why Should You Get Certified?

You get the same strategies, insider intel, tools, techniques, and resources we use in our business. All of it proven and time-tested.

So if you want to…

• Get expert training and guidance
• Build a business you can be proud of AND get noticed
• Feel confident knowing that you’re qualified and prepared to quickly take on clients and projects
• Rise above the fold and distance yourself from the competition
• Attract ONLY high quality clients
• Know how to expertly parlay your intellectual capital
• Structure deals like a Wall Street pro
• Charge highly lucrative fees for your advice and consultation…

When everyone on your team is in synch, can understand what you—their leader—is doing and thinking, productivity and incentive skyrockets.

With everyone in your office on the same page, using the same language, and possesses the same skills, your company becomes a formidable force in the marketplace.

Keep this in mind…there’s no rule that says you have to get certified or take the test.

You still have all the great content, training, and modules to enhance your team’s education. And the more specialized they are, the more you can charge for your services.

Whatever you choose, if you expect the best for your company and the most from your team, then this course and certification is for you.

Course Details and Description

Course Breakdown:
Lesson 1: Start Here

1.1 Orientation
1.2 Here’s What to Expect
1.3 Types of Commercial Real Estate Transactions
1.4 Types of Capital (Capital Structure)

■ First Trust Debt
■ Mezzanine
■ Equity High Leverage Mezzanine Preferred Equity
■ Hard Money / Bridge Loans / Distressed / Value-Added Financing
■ Debtor-In-Possession Loans (Dip)
■ Super Collateralized Loans (Super C)
Lesson 2: Joint Venture Equity – Part 1

2.1 JV Equity Partners Overview (Understanding Who the Participants Are)
2.2 JV “Pari Pasu“ Equity
2.3 JV Profit Participation Overview
2.4 JV Equity Waterfall: Full Stack Vs Normal Stack
2.5 JV Promote Structures

Lesson 3: Joint Venture Equity – Part 2

3.1 JV Metrics to Understand
3.2 JV Punitive Clauses for Operating Partners
3.3 JV Profit Participation Structures
3.4 JV Residual Strategies for Existing Joint Venture Deals

Lesson 4: Fund Structure – Part 1

4.1 What Is Private Equity
4.2 Capital Formation: Calling the Capital
4.3 Capital Fomration: Business Strategy
4.4 Capital Formation: Fund Investments
4.5 Fund Returns
4.6 Fund Terms
4.7 Commonly Used Terms
4.8 Institutional Rules of Engagement
4.9 Possible Fund Structures

Lesson 5: Fund Structure – Part 2

5.1 Fund Economics
5.2 Key Drivers for Promotes
5.3 Not All LPs Are Created Equal
5.4 Lead LP Investment Rights
5.5 The Players in Your Fund: GPs Vs LPs
5.6 The Due Diligence Interrogation Process
5.7 Legal Structure
5.8 Where the Money Is
5.9 Investor Transaction Selection Criteria
5.10 The Fund of Funds Structure

Lesson 6: Understanding How Partnerships Work

6.1 Partners or Friends
6.2 How to Create a Great Partnership
6.3 Ask the Hard Questions

More specifically, in this Mastery Class, you’ll learn:

• When exactly to use a fund structure vs. when to use a joint venture structure (hint: novices will shoot themselves in the foot immediately out of the starting gate with this one…)
• The 6 Major Differences between funds and JVs… and how they are structured.
• Understanding the capital structure (that your investors will expect you to know… and most SEC attorneys don’t know!)
• What terms of the deal you need to negotiate – so you come out ahead every single time.
• How will profits be shared (pari pasu or subordinated)? How is the ownership structured? Who has upside potential? Who has downside risk? The “hard questions” you better be able to answer!
• What the JV Equity Waterfall is and how it’s structured. Easily!
• How to command instant credibility in your negotiations by understanding pay structures and when to use each.
• What the 3 Defining Metrics of a deal are and when to use them (prior to going in.)
• Different Types of Equity (not all equity is equal). Avoid this one type of equity at your own peril!
• Punitive Clauses for Operators and Sponsors (control shifts, claw backs, “bad boy” clauses, and other “carrots and sticks”)
• The 4 Profit Participation Structures and which one matters the most to which investor
• How to settle partnership disputes – amicably – that saves tens-of-thousands in legal fees and personal grief
• What the 5 Critical Investor Transaction Selection Criteria for guaranteed fund success and how these will help to structure the risk away from you and your investors and sponsors.
• Why you should avoid a “pledge fund” and 2 other types of structures that will cost thousands in legal fees and will give you – NOTHING.
• What it means to “call the capital” and how it’s done – and what to do if someone defaults…
• The 4 important parts of your fund’s business strategy your investors expect you to detail in your pitch book.
• Which of the 3 fund return metrics you must report on and when (before money is taken out or after?)
• The 4 Different Possible Fund Structures that are most commonly used and how they are structured.
• Understanding your fund’s economics: when you get paid, and how you get paid
• Promotes explained and the 6 Key Drivers For Your Fund’s Promotes and how they are EASILY calculated and how much you and your investors get.
• Knowing who the players in your fund and how all those “LPs” interact
• Fund legal structures you’ll need to know prior to papering the deal
• Where the institutional money is for the smaller balance fund manager (Yes, it exists!) and how to raise it effortlessly.
• How to structure a great partnership using these 4 criteria – and asking these 4 hard questions before getting married into any partnership