JF 3857: Structuring Smart Syndications, Vetting Operators, and Going Active ft. Bethany LeFlam

The Best Ever CRE Show

Best Ever CRE

Realestatepodcast, Entrepreneurship, Business, Realestate, Investing, Realestateinvesting, Realestateinvestingpodcast

4.8 • 983 Ratings

🗓️ 27 March 2025

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of the Best Ever CRE Show, Pascal Wagner interviews Bethany LeFlam, a seasoned SEC attorney who has structured thousands of real estate syndications. They dive deep into LP protections, red flags in PPMs, and what Bethany looks for before investing passively herself. She shares how she transitioned from legal advisor to active hotel investor, what makes boutique hotels attractive, and why operators’ communication styles reveal more than any pitch deck. Bethany also explains the legal implications of capital raising, share class structures, and her stance on whether GPs should invest their own capital in deals. Bethany LaFlam SEC Attorney Based in Irvine, CA Say hi to them at Premier Law Group Bethany LaFlam https://www.instagram.com/bethany_laflam/?hl=en Sponsors: Vintage Capital Capital Gains Tax Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	certain about the legal side of syndications or wondered if you're truly protected as an LP.
0:06.3	In this episode of the Passive Income Playbook on the Best Ever CRE show, we're breaking it all down
0:11.3	with insider insights from a top syndication attorney.
0:15.5	I'm your host, Pascal Wagner, and today we're joined by Bethany La Flam, a leading SEC attorney who's helped countless
0:22.0	syndicators structure their funds. Bethany has been behind the scenes on deals that have raised
0:28.0	millions of dollars. Yet interestingly, she hasn't personally invested in commercial
0:33.9	real estate syndication. So we're going to find out a little bit more about why. But if you ever wondered where LPs get trapped in legal terms,
0:40.8	what protections actually hold up when deals go sideways,
0:43.9	and how to read between the lines and offering documents,
0:46.9	this episode will be for you.
0:49.5	Welcome to the show, Bethany.
0:51.5	Thank you.
0:52.2	Thank you.
0:52.8	Good to be here.
0:55.2	Yeah. Anything I missed here. You've been in the syndication world for at least seven years,
1:01.5	maybe even a decade. Eight years on the real estate side, yeah. Yeah. How, why do you think,
1:07.4	I find it fascinating that you help GP structure deals, but don't, haven't
1:13.7	participated in it. Tell us why. I have. I have. Okay. Yeah. So I'm passive in some deals and I'm
1:21.9	also active now in, in a deal on the hotel side and getting ready to launch a luxury fund. So I can tell you about that.
1:29.0	So it took me a minute to decide to become active. On the passive side, what's interesting is I have
1:36.1	such a good vantage point because I get to look at thousands of deals. Right. And so I can I can kind of
1:42.6	pick. I get I know what to look for when I'm looking at operators. I know what to look for when I'm looking at fees. I know what to look for when I'm looking at waterfalls. And then the different asset classes. So I do have a really good vantage point. I have taken advantage of it a few times. So I am passive in some deals. And just about a year and a half ago, I did my first syndication on the other side of
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