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Isaac Sandoval
Managing Partner, Happy Capital
In this conversation, Ahmad Ashrafi and Isaac Sandoval delve into the intricacies of real estate investing, discussing the importance of relationships, the concept of vertical integration, and the common pitfalls investors face.
Vet the person before there's a live deal. Relationships that start under deal pressure fail; Isaac starts every sponsor relationship over coffee, with references, past portfolios, and before-and-afters, long before money moves.
Ask for referrals, always. The cheapest due diligence is asking who a sponsor has worked with; no referrals means either no track record or burned bridges, and both are answers.
Impulse control is the hardest investor skill. Impatient investors ruminate instead of seeking solutions, and letting time decide is as costly as a bad decision; think in 40 seasons, not one big win.
Debt is the unemotional seat. Equity trades promises and feeds the ego of ownership; credit sits safest in the capital stack with real estate as collateral, and consistency compounds into a legacy.
