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How to Write a Real Estate Investment Policy Statement (IPS)
Introduction
An IPS is a tool used by professional investors to align goals with action. For family offices, a Real Estate IPS ensures all stakeholders are on the same page — especially across generations.
What to Include in Your Real Estate IPS:
Strategic Objectives (Income, Growth, Legacy)
Target Asset Classes
Preferred Markets
Underwriting Criteria (IRR, Cash-on-Cash, Cap Rate)
Leverage Limits
Governance (Who approves deals?)
Why It Works:
An IPS prevents hasty, emotion-driven decisions. It helps filter bad-fit deals and streamlines capital deployment.
Template Excerpt:
“We invest in value-add multifamily in growth markets with a minimum 12% IRR, holding for 5–7 years. We avoid hospitality and limit leverage to 65% LTV.”
Conclusion
Your IPS doesn’t need to be perfect — just intentional. Create version 1.0, review it quarterly, and refine over time.
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