Our principles
Your family office for real estate. These are the values and commitments behind every property we buy and every partner relationship we keep.
Owners first, capital allocators second, dealmakers last. Five values hold us to that.
Integrity
We tell the truth, especially when it costs us. Planned, projected and actual numbers are always labeled and never blended. If a business plan isn’t working, partners hear it in the next report, not the one after. When FRH’s interest and a partner’s pull apart, the partner whose capital is at risk comes first.
Transparency
Partners see what we see, when we see it. Every fee is written down in dollars and percent before anyone commits. Reports compare budget to actual and the original plan to today’s forecast, in plain English. Bad news comes early, with a plan.
Respect
Every partner, resident, lender and vendor gets straight, courteous treatment, whatever their size. Every partner in a deal gets the same terms and the same information at the same time, whatever the check size. Residents get fair, consistent screening and renewals, and long-term residents get a gradual path to market rent. We hire and contract on merit, and pay vendors on time.
Stewardship
We run every property as if it’s staying in the family. Healthy operations and adequate reserves come first. We underwrite the plan we will actually run, not the most aggressive one. Pat invests his own capital alongside partners, so his results rise and fall with theirs.
Discipline
No deal is better than a bad deal. We set a walk-away price before every bid and would rather lose an auction than overpay. We borrow only what a property’s steady income can carry, even when that means a lower return. We buy only what we can run well after closing.
How we decide
Every acquisition, fee, partner update and hire has to pass all six. One “no” or “not sure” stops it until it’s fixed and written down.
- Is it true? Would we be comfortable if every partner read exactly how and why we decided?
- Who comes first? Does the partner whose capital is at risk come out ahead of FRH, or equal to it?
- Does it survive the downside? Does it work without a sale, a rosy refinance or more debt than the property can carry?
- Can we run it? Is there a named owner, a budget and a reporting plan for the day after closing?
- Is everything disclosed? Every fee, every related party, every conflict, every source of capital?
- Would we defend it in public? Is this how we’d want residents, vendors and partners to see us treat them?
What we will never do
No exceptions, in any market.
- Charge a fee, markup or related-party payment that isn’t in the deal documents.
- Sign side letters, or slip other capital ahead of our partners without telling them.
- Re-cut a price after we’ve agreed to it, unless diligence turns up something new and material, explained in writing.
- Surprise partners with a capital call that wasn’t in the business plan.
- Blur planned, projected and actual results, or call a property cash-flowing on the strength of a future sale.
- Bid above our walk-away price, or bid with money we don’t have.
- Close on a property without a named owner, a budget and a reporting plan.
If this is how you think about real estate
We would be glad to hear from you. Partnerships with FRH begin with a conversation.