Voyager Development

Tax advantages sit near the top of the list of reasons high-earning professionals look at real estate. They are also the part of a passive investment most often described in slogans. This article replaces the slogans with mechanics: what depreciation is, what a cost segregation study does, how bonus depreciation changes the timing, and how all of it arrives on the Schedule K-1 you hand to your accountant each spring. Two notes on scope. This is educational content, not tax ad

Most explanations of passive real estate investing cover mechanics: how a private placement is structured, how a distribution waterfall works, what belongs in a proforma. Far fewer cover sequence. If you commit capital to a ground-up multifamily project, what happens next, in what order, and what will you hear along the way? This article walks the first twenty four months from the passive investor's seat. Two notes on scope. Twenty four months is a window, not a full cycle: t

When a developer sends you a proforma, they are handing you a financial story about a project that does not yet exist. Every line item, every assumption, every projected rent and exit price is a judgment call. For passive investors evaluating ground-up multifamily deals, understanding how to read that story is one of the most valuable skills you can develop. Most proformas look the same on the surface: a spreadsheet with rows of numbers and a returns summary at the top. The r