The Hard Questions About Investing With L5, Answered Straight
You've been pitched before, and you've learned to ask hard questions. Good. L5 Legacy Capital, a veteran-led real estate firm in Frisco, Texas, answers them here: who can invest, the minimum, target returns, fees, risk, retirement accounts, taxes, reporting and how you get out. Every answer starts with the short version. We would rather lose a pitch than dodge a question.
By Byron Kizzie, Managing Partner · Updated October 2026
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure.
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Who is behind L5?
Who is L5 Legacy Capital?
A veteran-led private real estate investment and development firm based in Frisco, Texas, investing in Texas and Louisiana growth corridors. We find overlooked and underperforming real estate, from boutique hotels and workforce housing to self-storage and mixed-use, then reposition, develop and operate it. Accredited investors invest through the L5 fund, open now.
Who founded L5, and do they invest their own money?
Byron Kizzie and Dr. Melynda Kizzie, both U.S. Army veterans. Yes, the founders put their own capital into the L5 fund before bringing in investors, and limited partners receive a preferred return before the general partners share in profits.
Who can invest, and what is the minimum?
Who can invest in the L5 fund?
Verified accredited investors. The fund is offered under Rule 506(c) of Regulation D, and accredited status is confirmed through InvestNext before anyone invests.
What is the minimum investment?
$25,000 for the L5 fund. Self-directed IRAs and entity accounts (LLC, trust) are welcome.
Returns, fees, risk and liquidity
What are the target returns?
The fund underwrites projects to a 2.0x target equity multiple and an 18–22% target IRR over a 5-year target hold period. Target returns are not guaranteed, and all investments involve risk.
How does the waterfall work, and who gets paid first?
Investors (limited partners) receive a preferred return paid before general partners share in profits. Byron walks through the exact waterfall on your investor call.
What fees does L5 charge?
Fees are set out in the offering documents provided during your private briefing. General partners share in profits only after limited partners receive their preferred return.
How liquid is my investment?
Private real estate is illiquid. You should expect your capital to be committed for the target hold period (~5 years) until an exit or refinance occurs.
Retirement accounts, taxes and reporting
Can I use a self-directed IRA?
Yes. SDIRAs can invest in the L5 fund. Your custodian holds the asset and distributions flow back into the account tax-deferred or tax-free.
What tax documents do I receive?
An annual Schedule K-1 delivered through the InvestNext portal for tax reporting.
How often do I get updates?
Quarterly investor updates on project progress, financial performance, and distributions, plus our monthly newsletter.
Ask Byron directly on a private conversation.
No call centers, no gatekeepers. Bring your hardest questions about the waterfall, underwriting, or risks.