Title: Questions for LPs and GPs Before Investing!

Overview:

In this episode of the Ironclad Underwriting Podcast, Jason Williams and co-host Frank Patalano break down one of the most crucial skills in commercial real estate: properly vetting operators. Whether you're acting as a general partner, raising capital, or evaluating opportunities as a passive investor, understanding who is running the deal can make or break your investment.

Jason and Frank share personal experiences, lessons learned, and the key indicators that separate trustworthy, high-performance operators from risky ones. From track records and asset classes to market focus and team structure, this episode gives you a full blueprint for evaluating the people behind the numbers.

Topics Covered

• Why vetting operators is essential for both GPs and LPs

• What to look for in an operator’s track record

• How geographic concentration affects operator performance

• Evaluating operators who handle multiple asset classes

• Understanding differences between Class A, B, and C properties

• The importance of speaking with past investors

• How team size and structure impact deal execution

• Common red flags when reviewing operators and their deals

• Jason and Frank’s real examples from deals they accepted and declined

• How aggressive underwriting vs. conservative underwriting affects outcomes

Key Quotes:

• “As an LP, you need to vet operators just as hard as they vet you. You're investing real money, so know who you're trusting."
• "A Class B and a Class C property might look similar on paper, but they operate in completely different worlds."
• "Talking to past investors is the most important part of due diligence. Numbers matter, but transparency matters more."

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn