Learn Private Real Estate Before Anyone Asks You for a Dollar
Most physicians, practice owners, executives and veterans never get a straight briefing on private real estate. Get it here, free. L5 Legacy Capital, a veteran-led firm in Frisco, Texas, investing in Texas and Louisiana, explains how deals work, where returns come from, how to vet any sponsor, the tax basics and who can invest.
By Byron Kizzie, Managing Partner · Updated October 2026
Free. Watch on your schedule. No pitch. No pressure.
Why do so many high earners stay out of private real estate?
Not because it doesn't work. Because no one explained it to them straight. Wealthy families have built fortunes in real assets for generations. Everyone else gets jargon, a glossy pitch deck and someone who wants a check by Friday.
So the money stays in a 401(k) and a brokerage account, riding the same market as everyone else's, taxed at the top of the bracket. Every year that continues is growth your capital doesn't get back.
Those who do jump in often learn the hardest lesson last. In private real estate, you're betting on the sponsor as much as the property. Trust the wrong one and your capital can be locked up for years with no one answering the phone.
Why does L5 teach before it pitches?
Because informed investors make better partners. We'd rather you understand exactly how a deal works, including ours, than invest on trust alone.
We learned this business the hard way, so you don't have to. Byron Kizzie is a 20-year U.S. Army veteran with 15-plus years in real estate development and private equity. Dr. Melynda Kizzie, our Co-Founder, is an Army veteran with an MBA and a Doctorate in Organizational Leadership. Before we raised a dollar from anyone, we were building homes ourselves, hard hats on, and we built through the 2006 boom and the 2008 downturn. This library is what we wish someone had handed us then.
Use what you learn on any sponsor. Including us.
Where should you start?
Start with Private Real Estate 101, then watch the webinar. If you served, start with the Veteran's Guide. Not accredited yet? Start with L5 Investor Foundations, our free, step-by-step track that gets you ready for the day you qualify.
Private Real Estate 101 →
Syndications and funds, who does what, where returns come from, GP vs. LP roles, and who can invest.
Diligence FrameworkHow to Evaluate a Real Estate Sponsor →
The 25 questions to ask before you wire a dollar. Use them on any sponsor, including us.
Tax StrategyReal Estate Tax Basics →
Depreciation, cost segregation, the K-1, bonus depreciation, and passive losses for high earners and their CPAs.
Free On-DemandInvestor Education Webinar →
The whole picture in one sitting, hosted by Managing Partner Byron Kizzie. No pitch, no pressure.
Downloads & ChecklistsGuides & Resources →
The Veteran's Guide, the printable Sponsor Due Diligence Checklist, and our monthly newsletter.
Complete LexiconGlossary →
Every offering term defined plainly: IRR, equity multiple, preferred return, waterfall, cap rate and more.
Who can invest in private real estate?
Anyone can learn. To invest in an offering that is marketed publicly under Rule 506(c), including the L5 fund, you must be a verified accredited investor.
For individuals, that generally means income above $200,000 in each of the past two years ($300,000 with a spouse or spousal equivalent) with the same expected this year, or net worth above $1 million not counting your primary residence. Many physicians, dentists, practice owners and senior leaders qualify without realizing it. See the tests and how verification works on Accredited Investors. Not there yet? Investor Foundations is built for you.
How does L5 do it?
Every page here ends with how L5 applies the lesson. The short version:
Our money goes in first
The founders put their own capital in before we bring in investors. "There's no project we're going to do that we don't have some money in." — Byron Kizzie
You get paid first
Limited partners receive a preferred return and are paid before the general partners share in profits.
We say no 95 times
We review about 100 deals to find the two to five that work, and we plan the exit before we buy.
Direct founder access
Your first investor conversation is with Byron Kizzie, our Managing Partner. No call centers or gatekeepers.
Our $2.25 million Northeast Louisiana workforce housing development pre-qualified buyers before breaking ground and returned a 1.5x equity multiple to investors: $1.50 back for every $1.00 invested, in under 15 months.
One project's results do not predict the results of any other project. Target returns are not guaranteed. All investments involve risk, including possible loss of principal.
Not sure where to start? Pick your first step.
Every step is free. Start wherever you are.
Get ready now, so you're ready the day you qualify.
Written by two Army veterans for military families.
The whole picture in one sitting, on demand.
Run any deal you've been pitched through it.
A private conversation with our Managing Partner.
Get the full picture in one sitting.
Byron Kizzie walks you through how private real estate works, how a disciplined sponsor finds, fixes and exits a property, and what to ask before you invest.
Free. Watch on your schedule. No pitch. No pressure.
Frequently Asked Questions
Do I need to be accredited to use L5's education resources?
No. Everything in Learn is free and open to everyone. Accredited status matters only when you decide to invest.
Is this investment advice?
No. It's general education to help you ask better questions. Talk with your own advisers, and bring them into the conversation with us if you like.
Will using these resources put me on a sales list?
No. We send what you ask for and our monthly newsletter, and you can unsubscribe any time. When you want to talk, you book the conversation with Byron.