Every question,
every answer.

Our offerings have carried a minimum investment of $100,000 per investor. In return, limited partners receive a preferred return paid quarterly and, depending on the share class, a share of the upside at the end of a roughly five-year business plan. Each offering's memorandum sets out its own minimum, preferred return and targets, so check the documents for the deal in front of you.

Yes. Every offering's deck, financial model and memorandum live in our investor portal, and we share the link during and after each session. If you would rather not ask your question live, reach out afterwards. We are always available.

Our general partners invest their own capital in every deal and our raises have historically been oversubscribed, so we do not plan around equity gaps. Once a raise fills we move to close as soon as the lender's timeline allows, which on our most recent acquisition was about two weeks. The exact timeline is set out in each offering.

We hold ourselves to a strict acquisition discipline, so the deals that pass our screen are rare and we do not run a deal every quarter. When one does pass, the window to invest is usually a matter of weeks, because once the numbers and the vision line up we move to close. The best preparation is to be ready before the next one opens: portal account set up, funds identified, and any retirement account already self-directed.

Open an investor account on our portal, where you can review each offering memorandum and submit a soft commitment when a deal is open. If you would prefer a one-on-one conversation first, reply to any of our emails or reach out directly and we will set up a call.

Yes. The full investor package for any open offering, including the deck, financial model and memorandum, is available on request. Email invest@milapennchazak.com and we will get it over to you the same day.

Yes. The deck goes to everyone who attended, and we are glad to set up one-on-one meetings with anyone who wants to go deeper. Reach out at invest@milapennchazak.com.

Because the value plan starts the day we take over. Operational control lets us capture rents that are already trending above underwriting, put our management in place and begin the exterior work. Closing dates are set in each offering and we work toward the earliest date the lender allows.

The minimum applies per investor, but there is precedent for pooling. Groups of investors have put their capital together through a single entity to participate. Some of our own partners started exactly that way, pooling with a colleague before investing on their own. Reach out to the team if you want to explore that route and we will walk you through how it has been done.

Limited partners come first. LPs receive their preferred return before the general partners take anything, and at exit LPs are paid until they reach their target return before the sponsorship team shares in the upside. That order forces us to outperform: to make a dollar ourselves, we have to deliver what we promised you.

We only buy when the entry basis sits well below what comparable communities have recently traded for, and far below replacement cost. Buying below the trailing comps and below the cost of building new means equity is built in on day one rather than hoped for later. Every offering memorandum shows the price per unit against recent sales and replacement cost so you can see the discount yourself.

Where we offer two share classes, the cash-flow class is designed for predictable distributions and is paid first; it does not share in the upside but carries priority for the life of the hold. For the growth class, the sensitivity table in the deck shows worst-case, target and best-case scenarios, and those translate directly to what an investor can expect in each market condition. Distributions follow the capital stack: the lender is paid first, then the cash-flow class, then the growth class. Read the sensitivity table before you invest; it is the honest answer to this question.

Fixed-rate senior debt sized to the business plan, so the mortgage payment is known for the full hold and does not depend on where rates go. Our acquisitions have used agency financing (Fannie Mae or Freddie Mac) amortised over 30 years, and we intentionally do not over-leverage: senior debt has run at roughly 60 to 70 percent of value. We size leverage from sustainable property-level cash flow and downside scenarios, not from the maximum a lender will offer.

Distributions come from the property's cash flow, so they begin once the property is under our control and the first full quarter of operations is complete. From there they are paid quarterly through the life of the deal. Each offering states its expected first distribution date.

Our offerings have used two classes. A cash-flow class pays a straight preferred return with no profit split, for investors who want predictable income. A growth class pays a lower preferred return plus a share of the upside at sale, for investors who want their capital to grow alongside the cash flow. In the growth class, part of the preferred return may be held back during the capital-intensive renovation years and paid later along with the upside. The minimum has been $100,000 in either class.

We commission a cost segregation study on every acquisition. It accelerates depreciation and typically produces a substantial first-year paper loss relative to the amount invested, delivered on your K-1 for your CPA to apply. Depending on your income and tax situation that can be a meaningful offset. Always run it by your CPA first.

Through a self-directed IRA. Old IRAs and old employer plans can be moved to a custodian that allows alternative assets such as multifamily syndications. The transfer is tax-free as long as the money stays inside the retirement wrapper, and distributions from the investment accumulate inside the account. Most of our investors use cash, but a growing share use a self-directed IRA. Our Invest with your IRA page and the self-directed IRA session replay walk through the whole structure.

It depends on the situation, but $20,000 to $40,000 a year in savings is very typical just from the low-hanging fruit, before any investing. Some clients save hundreds of thousands. Compounded over a working life, the difference is life-changing.

Typically around 25%, give or take, so roughly $25,000 on a $100,000 investment, allocated to you per the operating agreement.

More to leverage: multiple tenants so a single vacancy is not a 100% loss, economies of scale, easier financing (you can refinance by unit), and more built-in equity. Several single-families can get close, but multifamily achieves it with less vacancy risk and more ease.

Doctors almost never qualify, not mainly because of the 750 hours but because real estate must exceed the hours you spend in any other income source, and physicians earn more from medicine. The workaround is a spouse qualifying. If any tax professional ever tells you that they'll take that REP status for you, that should be a pretty big red flag.

Yes, a short-term rental is the easiest unlock. It requires material participation but not much time (answering renter questions, facilitating fixes, working with a manager). To count as short-term the average stay must be 7 days or less, with at least two rentals showing income. Long-term rentals are capped at $25,000 a year per property.

If you have a passive-loss offset (a short-term rental or a spouse with REPS), the cost-segregation study is the biggest. Without that offset, a non-professional with a long-term rental is capped at $25,000 per property, so the 1031 exchange becomes the biggest lever because it defers all of the capital gains.

The owner of the property or partnership initiates it, and a good tax professional should recommend it. Doc Wealth provides a referral list of engineering companies to choose from.

Not entirely. Depreciation recapture is normally taxed at your marginal rate. A step-up in basis at death converts it to the lower capital-gains treatment, and heirs can then do a 1031 to defer further. It lowers the tax substantially, but it does not erase it outright.

By self-directing it. Instead of holding stocks, you self-direct the plan, make the purchase, sell later, and roll the proceeds back into the plan (kept at arm's length). The money keeps growing inside the plan. That's actually how Warren Buffett got as rich as he did, through his cash balance plan.

Yes, options that do not require hours: REITs, Qualified Opportunity Funds (hold 10 years and pay no capital gain on the sale), and syndications. In a syndication, if a cost-seg is done at the entity level the losses pass through to you, and as a passive investor they accumulate and carry forward, typically reducing taxable income to zero without a negative hit.

Backdoor Roth conversions reported incorrectly, which are costly and time-consuming to unwind. The fix is working with a well-seasoned professional. The other mistake is simply waiting too long to start, people kick themselves for not doing it sooner.

Get with a proactive tax-planning professional you trust. Reactive filing only tells you what you owe; the investment vehicle does not matter nearly as much without a seasoned planner on your side. Tax planning is really where it's at.

Oil and gas investment. Investors typically deduct 80% to 90% of the investment in the first year via depreciation, depletion, and drilling costs, and those losses can offset active earned income. The back-end ROI is also tax-advantaged.

It is not the number of deductions, it is the percentage of each category versus your gross revenue. The IRS keeps a database of normal expense percentages by business type. Claiming 30% rent when 10% is typical, or 40% marketing when 5% is typical, is a major flag and is how fact-based (non-random) audits are selected.

A big difference. Above roughly $80,000 of net income, an S-corp election starts saving meaningfully, easily $5,000 to $6,000 or more a year for a typical practice, because distribution income is not subject to self-employment tax. One caveat: some states penalize S-corps.

It is about the type of event, not the room. For a large gathering, pull comparables from event centers or hotel ballrooms; for a smaller meeting, use hotel meeting rooms or coworking spaces. Deductions can run $600 to $1,000 or more per rental, totaling roughly $11,000 to $14,000 across the year.

The principal of the payment is not deductible. You write off the vehicle either by actual expenses (gas, repairs, interest, depreciation) at your business-use percentage, or by mileage (about 72.5 cents per mile this year). To take 100% of the purchase price in year one, the vehicle must be over 6,000 pounds.

Not necessarily. We get multiple insurance quotes during due diligence and budget the line conservatively, and real-world quotes have come in well below what we underwrote, which helps net operating income rather than hurting it. Age matters less than the condition of the roofs and systems and the claims history.

Every time. Before we commit we tour the asset, walk every unit and open every door and closet, walk the roofs with our general contractors and inspect the plumbing and mechanicals. We then run a full financial audit of the lease files and historical operations. Men lie, women lie, numbers don't.

For the same reason we plan to sell at the end of our own business plans. Buying an apartment community is buying a business: owners sell when their plan is complete and they move on to a bigger one. That is how the industry functions, and it is what creates the opportunities we buy.

We have them checked by specialists and our general contractor during due diligence, and we ask for the age and replacement history of every roof and system. Anything that will not hold through the business plan goes into the budget before we send an offer. If it is not in the plan, it is because we confirmed it will last.

Known before the offer, and built into the renovation plan. We buy assets precisely because there is work to do, so nothing about the required work should be a surprise. Our general contractor walks the property with us during due diligence and quotes the work on the same scale we carry in the underwriting.

Renovations are funded from the equity raise, not from additional borrowing. Every line item is sourced and estimated up front, we carry a 10 to 20 percent contingency on top, and we hold a separate operating reserve in the bank that is touched only for unforeseen circumstances.

Roughly twelve months end to end, sequenced in phases. Exterior work comes first, fences, paint and curb appeal, so current residents see the improvement before any rent conversation. Interior work follows. We want residents to feel they are getting value for any increase, not just to earn a return.

We work from the outside in. Exterior work starts within the first few months and interior work later in the first year, and we only buy communities whose occupancy has held up through cycles. Because the plan is phased, a few units at a time with about a month of downtime each, income keeps flowing while the property is improved rather than dropping while everything is turned over at once. We also underwrite a break-even occupancy far below where our communities actually run.

Two interior strategies. First, renovate units as residents move out at the end of their leases. Second, in areas where people do not want to leave, offer an existing resident the chance to move into an already renovated unit, then renovate the one they left. On-site teams tell us residents want in-unit washers and dryers, new countertops and new cabinetry, so either option appeals.

We force the appreciation through the work we do, not by pushing residents out. Renovations are phased so the community is never turned over all at once, and residents who are paying at or near market and are good fits stay through their renewal.

Typically a few units a month once the exterior phase is done. Leases run about twelve months, so as they end, residents who do not renew free up units that we renovate and re-lease at market. If that does not happen fast enough, we offer residents an already renovated unit to move into and renovate the one they left. Due diligence tells us what residents want, and that is what we build.

We benchmark against the market rent of properties in the condition we plan to deliver: comparable assets of similar vintage and renovation level. The gap between their rents and the property's current rents is the lead we follow, and we underwrite to close only part of it.

Places people already choose to live: nearby employment, retail, recreation and entertainment, and the kind of family-friendly amenities that hold residents for years. We look at what is within a short drive today and what is coming, because those are the things that keep a community full. Where a property lacks its own amenities, we add them, such as a clubhouse, grills, a picnic area and a family-friendly playground.

Supply is the biggest risk to rents. When no new apartments are scheduled for delivery in a submarket for the next couple of years, everything that exists is all people have to rent, and existing communities can push rents toward market even before renovation. We check the delivery pipeline within a few miles of every asset before we buy.

The market sets the rent; we cannot assign a random number. When more people move into a metro and demand is higher, the comparable units around a property pull its rents up, and population growth into Atlanta and its suburbs is public data anyone can check. We underwrite to the market, not to the moment.

Rents can freeze for a period, but look at any major U.S. city and it is rare to look back five years and see rents lower. Our underwriting starts with a property trailing the market, so the first step is catching up to what the competition already charges, before any market growth is counted. That is why we buy assets whose rents sit below the comparable set.

Yes. We meet residents on site during due diligence, learn who has been there longest and what they pay, and hear what they want from the community. We also work with the property manager on partnerships with nearby employers so local staff can live on the property, which strengthens the resident profile over time.

Our raises have consistently been oversubscribed and we keep them deliberately small relative to our investor base, so we do not foresee falling short. Get your soft commitment in early, because spots are limited and allocations go in order of commitment.

We buy communities whose occupancy stayed high through the last five years, a period that included a pandemic, high inflation and real uncertainty, because people need somewhere to live and in-place rents well below market hold up in a downturn. We underwrite conservatively, add the ancillary income streams a previous owner was not charging, and model a cap-rate-expansion worst case. History helps here too: in 2008, while single-family homes were losing value, apartment rent growth was strong as people moved into rentals, and the months after the initial COVID shock produced the highest rent growth of the decade. A deal only passes our screen if the worst case still sells at a profit.

Our general partners invest their own capital directly in every deal, we have a history of oversubscribed raises, and operating data typically validates the underwriting before closing. If an equity gap ever materialized, GP capital and the network around us would close it.

It is the question we ask ourselves first. We start with the end in mind: the entry basis has to be covered by comparable sales before anything else. Population could stop growing, so we buy in metros that are growing. New construction could stall rents, so we check the supply pipeline within a few miles. Residents might not move out, so we underwrite rent lifts on renewals even if fewer units are renovated than planned. And we layer in operational efficiencies, contingencies and working capital. We have accounted for the classic ways things go wrong.

Yes, and the stress-test page is in every deck, available on request. We underwrite the exit at a cap rate above where the market is trading today, so no compression is needed for the plan to work, and we model a worst case with no compression at all. A deal only passes our screen if that worst case still sells at a profit and still outpaces the long-run stock market average.

Best-in-class third-party managers already operating in the same submarket, chosen with our strategic operating partners, who have more than $250 million of multifamily assets under management. The relationship is proven on other Atlanta deals before it is used on ours.

Dr. Campbell has not had a deal he personally participated in underperform, because he underwrites to very conservative assumptions, and we partner with experienced operators with more than $250 million under management. Warren Buffett's rules apply: rule one, don't lose money; rule two, see rule one. And we eat our own cooking: the general partners invest alongside you in every deal.

Dr. Campbell is personally invested across ten deals, and our operating partners have taken multiple deals full cycle, with more than $270 million of assets under management, many of them in the Atlanta market. Real estate is a team sport, and plain-vanilla value-add multifamily is the strategy that team has run many times.