Boots-on-the-Ground Due Diligence with Adam Cranmer
About this episode
Adam Cranmer shares his experience conducting boots-on-the-ground due diligence for a real estate investment in Houston.
Track Record Assets Deal Page: https://passivepockets.com/directory/deals/morgan-bay-apartments/ A few weeks after an LP Deal Review with Track Record Assets, PassivePockets member Adam Cranmer realized he’d be in Houston, just minutes from the actual property. So he did what most LPs wish they could do: boots-on-the-ground due diligence, in-person operator time, and a full “does this actually feel real?” check. Adam walks through the deal at a high level (268-unit Class C value-add in north Houston acquired from a distressed seller, not a distressed property), then shares what he saw on-site and what he learned over lunch with the team—especially the operator’s “secret sauce” for stabilizing workforce housing. Most importantly, Adam breaks down the one major concern that still gave him pause (exit assumptions / value growth) and why, after ~20 hours of diligence, he ultimately decided to invest anyway—jockey-first, with a clear-eyed view of the risks and the fallback plan. Key Takeaways What “value-add” actually looks like on-site (and why this one felt real vs. cosmetic) How Adam pressure-tested rent comps and the plan after touring the area The operator edge: creating a tenant…
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