What does it mean to vet a real estate deal as a limited partner? In this episode of The Real Estate Investor Podcast, host Gary Lipsky welcomes Aleksey Chernobelskiy, Principal at Centrio Capital Partners and Founder of GP-LP Match. Aleksey previously ran Store Capital’s lucrative real estate portfolio and underwriting team before shifting his focus to educating and advocating for limited partners (LPs). Through his daily posts, newsletter, and investing partner platform, he helps LPs avoid costly mistakes and spot opportunities others miss. During the conversation, Aleksey explains the difference between REITs and funds and how return profiles compare across REITs, funds, and syndications. Discover why the Internal Rate of Return (IRR) metric is flawed, Aleksey’s “three pillars” of LP investing, why investors should vet General Partners (GPs), and the biggest mistakes to avoid. Join Gary and Aleksey to learn why downside risk matters, what distorts deal projections, and why honesty, not perfection, builds investor trust. Tune in now!

Key Points From This Episode:

• Background about Aleksey and how he helps LPs evaluate real estate deals.
• Hear what got him interested in educating LPs to make better investment decisions.
• The difference between a Real Estate Investment Trust (REIT) and a real estate fund.
• Find out how return profiles compare across REITs, funds, and syndications.
• Issues with the Internal Rate of Return (IRR) metric and why it should be avoided.
• Discover Aleksey’s “three pillars” of LP investing and what makes it effective.
• Learn why educating yourself (or sitting out) is better than gambling on a deal.
• Unpack the biggest and most common mistakes Aleksey sees from both GPs and LPs.
• How to approach capital calls and why your best investors are your existing ones.
• Explore what is often missing from investment decks and what to include instead.
• Aleksey’s key advice for LPs: study 100 deals and trust the reps.

Links Mentioned in Today’s Episode:

Aleksey Chernobelskiy on LinkedIn

Aleksey Chernobelskiy on X

Centrio Capital Partners

GP-LP Match

Limited Partner (LP) Investing Lessons Newsletter

‘10 reasons why deal flow rules the world’

Invest Smart

Asset Management Mastery Facebook Group

Break of Day Capital
Break of Day Capital Instagram

Break of Day Capital YouTube

Gary Lipsky on LinkedIn

Joseph Fang on LinkedIn