Seven Steps From First Conversation to Exit. Nothing Binding Until You Sign.
You're busy, you're careful, and you won't make a six-figure decision on faith. Investing with L5 Legacy Capital, the veteran-led real estate firm in Frisco, Texas, takes seven steps. The first five take you from a conversation with Byron to funding, typically in about 90 days. The last two are ours to run: ownership and the exit.
By Byron Kizzie, Managing Partner · Updated October 2026
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure.
Why does L5 run its investor process like a mission plan?
Because clear plans, clear roles and clear communication are how missions succeed. Byron is a 20-year U.S. Army veteran, and Dr. Melynda Kizzie served in the Army too. You always know what happens next, what we need from you and what you get in return.
We do the heavy lifting: find the deal, underwrite it, plan the exit, raise the capital, run the property and report. Your part fits around a full calendar.
You make one commitment to the L5 fund, $15 million for commercial real estate in Texas and Louisiana, and we place that capital in projects we select. Some call that a blind-pool fund. We take the blindness out: we publish every project we place in the fund, so you see exactly where your capital goes.
How does investing with L5 work, step by step?
Seven steps, the same for every investor. You always know which step you're on and who to call.
Talk with Byron
A private conversation with Byron Kizzie, Managing Partner. He listens first: your goals, timing and questions. Then he walks you through the fund, open now, and whether it fits. If it doesn't, he'll tell you.
Review the private briefing
The fund's terms, the current project's location, brand, business plan and market thesis, how the targets were built, the capital stack, the fees and the key risks.
Verify your accredited status
Confirm you're an accredited investor privately in InvestNext, our investor portal, using the route that suits you. A letter from your CPA or attorney is often the fastest.
How verification works →Sign the offering documents
In InvestNext you review the private placement memorandum (PPM), the operating agreement and the subscription agreement, and sign electronically. Read them with your own advisers first.
Fund your investment
Wire funds, or have your self-directed IRA custodian send them, following the instructions in the portal. You receive confirmation when L5 accepts your subscription.
Own it, passively
A quarterly investor update on project status, distributions and performance, plus our monthly newsletter. Statements, distributions and your annual K-1 live in the portal. The line to the founders stays open.
Exit
When each project's business plan is complete, the property is refinanced or sold, and capital and profits are distributed under the fund's operating agreement, limited partners first. The fund's target hold period is 5 years.
Who does what at each step?
| Step | You | L5 |
|---|---|---|
| 1. Talk with Byron | Share your goals, timing and questions | Explain the strategy, the fund and whether it fits |
| 2. Private briefing | Read it; ask hard questions | Provide terms, business plan, underwriting assumptions, fees and risks |
| 3. Verify | Complete one verification route | Confirm eligibility in InvestNext |
| 4. Sign | Review documents with advisers; sign | Countersign and confirm acceptance |
| 5. Fund | Send funds via wire or SDIRA custodian | Confirm receipt |
| 6. Own it | Read the updates; ask anything | Execute plan; quarterly update & newsletter; pay distributions |
| 7. Exit | Receive capital and share of profits | Refinance or sell per plan; pay limited partners first |
What protects me along the way?
Alignment, transparency and process, built into every step.
Alignment
Our money goes in first. You get paid first: limited partners receive a preferred return, paid before the general partners share in profits. We don't win until you do.
Transparency
You see the business plan, assumptions, fees and downside cases before you commit a dollar, and every project placed in the fund is published.
Four Checks
Before a project reaches you: our underwriting, second team underwriter, bank underwriting, and investor review call walking the numbers, area and competition.
Process & Access
Verification and signatures run securely in InvestNext. Every first conversation is with Byron, and the line stays open after you invest.
One conversation tells you whether L5 fits your portfolio.
Book a private conversation with Byron. Bring your questions, your spouse or your adviser. Leave with a clear answer on whether the L5 fund fits you.
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure. Nothing is binding until you sign.