Post i stole from linked in: GPs are still raising capital like it's 2015: • Generic track record deck • Quarterly letters no one reads • Placement agent intermediaries • Zero direct narrative control LPs, customers, and talent make decisions based on narrative. The market has shifted. LPs aren't just underwriting returns anymore. They're underwriting platforms, people, and theses they believe in. If two GPs have identical IRRs, the ones who can articulate their: • Market conviction • Operator relationships • Differentiated approach • Compelling point-of-view They’ll win the allocation. All because of storytelling. “But I don’t know what or how to say it.” Not true. You have better stories than most Fortune 500 companies: • Why you see opportunities others don't • Your thesis on where markets are heading • How you built relationships that create deal flow • The infrastructure you've built to compound over cycles Write them down. Share them consistently. Build an audience. Are you building a narrative strategy or just updating slides?

By fixing broken windows and removing graffiti in neighborhoods with high crime.... crime was reduced..... Utilize this theory when turning around parks. Specifically with POHs you can fix and SET THE EXAMPLE for the rest of the community. This was something initially brought to my attention by @Ryan Narus , then again by @Kyle Grimm , AGAIN by @Dekel Saati who actually underwrites refurb for TOH when he takes over parks. It works. Be the change you want to see in the world. I am seeing it in real time at Brighton Court MHP and so is @Tiernan Laue

Hey guys- I'm looking at 2 small parks (23 pads total) sold together. - Sellers own 20 of 23 HOA “units” (all TOHs, $425 lot rent). - 3 resident-owned units pay $200/mo HOA fees. - HOA run informally by sellers, no HOA capital reserves. My concerns: 1. HOA admin burden & liability 2. Lengthy foreclosure process (rather than eviction) needed for non-paying owners 3. No reserves = big repairs would fall all on me 4. Refi/resale challenges with the HOA format Numbers look good, but ownership format feels risky. Has anyone run into this before? Worth pursuing or hard pass? Thanks!

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Does anyone else flip mobile homes here? Would love to exchange stories!