Host Paul Shannon sits down with Gino (of Jake & Gino) to trace the path from family pizza shop to operating ~1,900 units with no outside equity. Gino breaks down why they paused syndications after 2019, how “PPU—profit per unit” drives their buy/hold decisions, and the exact LP diligence framework he wishes he’d had before losing money as a passive. They dig into today’s tighter credit, catching-a-falling-knife rent/occupancy dynamics, and why longer debt runways and operator fit matter more than ever.

Key Takeaways:

The LP Framework: Jockey (sponsor) → Saddle (alignment of interests) → Horse (deal: buy right, manage right, finance right)

Why they exited syndications: control, long-hold strategy, and avoiding the “feed the beast” pressure—investor expectations make investors your de facto bosses

Diligence like a pro: visit the asset, run the PPM through AI, then spend an hour with a securities attorney before wiring a dime

Operate for durability: target $200–$400 PPU, prefer vertical integration, and secure ≥5-year debt to bridge cycles

Match strategy to you: know your relationship with money, stagger commitments (the “conveyor belt”), and choose sponsors aligned with long-term holds if that’s your goal

Disclaimer

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