Alejandro Duque
MANAGING PARTNER
Leads your engagement and reviews the numbers behind each decision.
- Capital preservation
- Management relief
- Tax positioning
- Upside
- Cash flow
- Flexibility
What would you like your equity to do for you now?
We counsel real estate owners who want better benefits from the equity they already own.
New to this? What we mean by your equity
When there is a fit, we take responsibility for managing your equity in a specific real estate project. We also advise on deals, real estate tax questions, management, and operations.
MEET THE TEAM
Relationships come first.
You work directly with us. We get to know you, understand what you want from your real estate, and help you think through the next step.
Darryl McCullough
SENIOR PARTNER
Helps everyone at the table understand what they need and explore the options.
Victor Wagner
SENIOR ADVISOR
Reviews the tax assumptions and proposed structure before you agree to terms.
WHERE WE WORK AND LEARN
We stay involved with exchange groups, real estate counselors, and fellow brokers to share ideas, keep learning, and find opportunities.
HOW CAN WE HELP
Two ways to work with us.
01 · EQUITY MANAGEMENT
Put your equity to work.
If we decide to work together, we manage your equity in a specific real estate project. Each project stands on its own. We don’t run a fund.
Your equity is the property’s current value minus its debt. What Is Your Equity Earning Today? walks you through the calculation. Is that equity giving you the benefits you want today?
02 · COUNSEL AND ADVISORY
Talk it through before you commit.
Bring us a deal, a real estate tax question, or a property that needs better management. We help you compare your options, structure the transaction, review the tax consequences, and improve operations. You make the decision. We don’t have to be partners.
HOW WE WORK TOGETHER
Capital preservation and management relief come first.
Our job is to help you get better benefits from the equity you already own, without taking on another project to manage yourself.
01
Counseling comes before the project.
What benefits is your equity providing today? What responsibilities come with it? We work through those questions with you before considering a specific project.
02
We structure for Safety First.
We review the property, debt, operating plan, and what could go wrong. Before anyone funds, we put the order of payment, responsibilities, and exit choices in writing.
03
We manage the project for you.
DREA is the management team. We make decisions within the agreed terms, coordinate the Strategic Operator, and keep you informed through monthly reports. You remain passive.
WHAT WE WORK ON
Where we have experience, and what we are looking for.
We look for opportunities in mobile-home parks, multifamily, light industrial, and notes secured by real estate. The property, financing, ownership, or operations may need work. That’s where our experience comes in. These are our main areas of focus, though we consider other opportunities.
Before we move forward together, we agree on how your equity is treated, who is responsible for the work, and how the project can end.
How Safety First worksPayment order, supporting terms, and year-five choices.
- Payment priority. The documents state the agreed interest and capital priority before anyone funds. After expenses and reserves, available cash is applied to agreed interest and capital before our share of ownership profits.
- Our capital. In a typical structure, we contribute at least 20 percent alongside you, and our capital has a junior recovery position.
- Project and debt. Each project stands in its own entity. We aim for non-recourse debt and no personal guaranties.
- Exit choices. The possible exit choices are written before funding. At year five, an independent appraisal gives everyone the same starting point. The choices are to carry on under the agreed terms, sell and apply the payment order, have us buy you out at an agreed price, or buy us out at an agreed price.
LIBRARY
Putting the Pieces Together.
These 30 papers share how we think about real estate, how we look at a deal, and why counseling comes before a transaction. Drawn from five decades of experience, they are written in Darryl and Alejandro’s own words.
Questions owners bring us
GIVING
The secret to living is giving.
Una Luz, our nonprofit school in Colombia, serves 32 children and prepares about 100 community meals a day. Its school and community kitchen support children, elders, and families living in extreme poverty.
LET’S TALK
Is your equity giving you the benefits you want?
If capital preservation or relief from management is on your mind, let’s talk about the equity you own and what you’d like it to do for you. We’ll tell you whether we can help and what the next step could be.