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How to Build a Bulletproof Syndication Process with Sam Giordano | 55
In this episode, I’m joined by Dr. Sam Giordano—a full-time physician and full-time passive investor who’s LP’d in over 50 real estate syndications. Sam shares how his analytical background in medicine led him to create the LP Deal Analyzer, a tool that’s now widely used by investors to objectively evaluate sponsor deals.
We unpack the red flags LPs should be looking for, how to vet sponsors beyond the pitch deck, and why you don’t need to chase 20% IRRs to build long-term wealth. Whether you’re looking to invest your first $50K or refine your process for deal selection, this episode will help you cut through the noise and invest with more clarity and confidence.
Episode Highlights:
[0:00] – Introduction
[2:10] – Sam’s background as a physician and how he got started in real estate
[4:45] – From first LP deal to building a 50+ syndication portfolio
[7:22] – Why he created the LP Deal Analyzer—and how it’s used
[9:30] – The three most important metrics every LP should focus on
[11:08] – Vetting sponsors: track record, communication, and alignment
[13:36] – What makes a deal “sponsor-risky” even if the returns look great
[16:44] – The role of geography, asset class, and business plan in deal selection
[19:05] – Why Sam prefers cash flow and downside protection over high IRRs
[21:30] – Red flags in underwriting most LPs miss
[24:18] – How newer LPs can build confidence and protect capital
[27:14] – Advice on managing expectations and being a truly passive investor
[30:02] – Where to access Sam’s resources and learn from his process
5 Key Takeaways:
Sponsor quality matters more than pro forma numbers – Strong communication, transparency, and past performance matter more than the pitch deck.
Underwriting is often overly optimistic – Watch for aggressive rent bumps, low expense assumptions, and short hold periods.
Cash flow trumps vanity metrics – Focus on risk-adjusted returns, not the flashiest IRR or equity multiple.
You don’t need to “know everything” to invest well – Sam built his portfolio as a full-time doctor by asking smart questions and using a consistent framework.
Having a process beats guessing – The LP Deal Analyzer isn’t magic—it’s about organizing your thinking and staying objective.
Links & Resources
Passive Advantage – https://www.passiveadvantage.com
LP Deal Analyzer – https://www.passiveadvantage.com/lpdealtool
Connect with Sam on LinkedIn – https://www.linkedin.com/in/sam-giordano-md
Mentioned: MFIN Conference and other LP-focused groups and communities
If this episode helped you see syndications with clearer eyes, please take a moment to follow, rate, and review the podcast. It helps more investors like you make smarter, more confident decisions with their capital.
View all episodes
By Peter NeillIn this episode, I’m joined by Dr. Sam Giordano—a full-time physician and full-time passive investor who’s LP’d in over 50 real estate syndications. Sam shares how his analytical background in medicine led him to create the LP Deal Analyzer, a tool that’s now widely used by investors to objectively evaluate sponsor deals.
We unpack the red flags LPs should be looking for, how to vet sponsors beyond the pitch deck, and why you don’t need to chase 20% IRRs to build long-term wealth. Whether you’re looking to invest your first $50K or refine your process for deal selection, this episode will help you cut through the noise and invest with more clarity and confidence.
Episode Highlights:
[0:00] – Introduction
[2:10] – Sam’s background as a physician and how he got started in real estate
[4:45] – From first LP deal to building a 50+ syndication portfolio
[7:22] – Why he created the LP Deal Analyzer—and how it’s used
[9:30] – The three most important metrics every LP should focus on
[11:08] – Vetting sponsors: track record, communication, and alignment
[13:36] – What makes a deal “sponsor-risky” even if the returns look great
[16:44] – The role of geography, asset class, and business plan in deal selection
[19:05] – Why Sam prefers cash flow and downside protection over high IRRs
[21:30] – Red flags in underwriting most LPs miss
[24:18] – How newer LPs can build confidence and protect capital
[27:14] – Advice on managing expectations and being a truly passive investor
[30:02] – Where to access Sam’s resources and learn from his process
5 Key Takeaways:
Sponsor quality matters more than pro forma numbers – Strong communication, transparency, and past performance matter more than the pitch deck.
Underwriting is often overly optimistic – Watch for aggressive rent bumps, low expense assumptions, and short hold periods.
Cash flow trumps vanity metrics – Focus on risk-adjusted returns, not the flashiest IRR or equity multiple.
You don’t need to “know everything” to invest well – Sam built his portfolio as a full-time doctor by asking smart questions and using a consistent framework.
Having a process beats guessing – The LP Deal Analyzer isn’t magic—it’s about organizing your thinking and staying objective.
Links & Resources
Passive Advantage – https://www.passiveadvantage.com
LP Deal Analyzer – https://www.passiveadvantage.com/lpdealtool
Connect with Sam on LinkedIn – https://www.linkedin.com/in/sam-giordano-md
Mentioned: MFIN Conference and other LP-focused groups and communities
If this episode helped you see syndications with clearer eyes, please take a moment to follow, rate, and review the podcast. It helps more investors like you make smarter, more confident decisions with their capital.