Real estate developers often raise capital for an initial fund without preparing for the next deal, forcing later raises to rely on debt instead of fresh equity. This exhausts your equity pool and undermines the partnership's property management component.
Are you in the deal room? I don't, I don't want to push anything away or push anything aside, but I'm also not interested in wasting a bunch of breath and hot air on, we're not going to do it your way, you have to do it ours. And it's very basic to understand if you raise money for the first fund and you don't do any of the groundwork on the other two properties, when you go to raise money for those, you just disqualified them as, as you have to find debt to do that now instead of using equity because it's already been put into use. He's literally canceling the property management side of this by doing it the way he wants to.
