Watch the Live Breakdown

What's in the session

1. 0:00Live in the roomPace opens the session in front of a full room of SubTo students, mic in hand.
2. ~2:00How the deal found himSomeone who knew Pace's buy box sent a link his way. On the board: an arrow from the referrer straight into the "Buy Box: RV Parks".
3. ~7:00Four ways to fund itThe financing menu on the whiteboard: syndication, SBA, ARM — or simply operate the park, because it's already making money.
4. ~10:30The numbers on the boardDebt around $4.2M against a roughly $4.5M deal, working April to September, staff already in place.
5. ~12:00Master lease & the water fixWhy a master lease is on the table, and the short-term capex reality: trucked water until a GC finishes a ~$200K infrastructure fix.

The whiteboard, decoded

Buy box

The written description of exactly what you buy — asset type, size, market, terms. When people know your buy box, deals come to you. This whole deal started because someone knew Pace's said "RV parks".

Bird dog

Someone who finds and refers deals to an investor for a piece of the outcome. No cash or credit needed — just a deal and a JV agreement.

Wrap / assume

Keeping the seller's existing mortgage in place and buying "around" it, instead of paying it off with expensive new debt.

Seller finance second

The seller acts as a lender for part of the price, secured in second position behind the senior note — the terms are whatever you negotiate.

Master lease

Leasing the entire property with the right to operate (and often buy) it — control of the income without owning it yet.

Syndication

Pooling money from passive investors to buy a larger deal, with the operator running it for a share of the returns.