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Fundamental research

Rigorously researched and detailed analysis of investment ideas. Pen&Paper is an independent, value-oriented, and contrary-minded real estate publication.


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We only write investment ideas on companies we understand.


See essential information you need to have before taking action. For each investment idea, Pen&Paper surfaces the relevant company data.


Need someone to move an investment idea forward? gain direct access to deal makers and join our community of real estate professionals.

Aligned incentives

We eat what we cook. The majority of our net worth is held in the portfolio companies. And we will never transact before writing about it to you.

Lower your costs by avoiding unnecessary fees.

Save over 20% of your investment return each year.

No management fees

Middle man fees, especially management fees, expense ratio, and commision fees, lower your investment return. So we don't charge them. 


Because Real Estate Investment Trusts (REITs) are required to distribute at least 90% of taxable income each year, you gain an additional source of income.

Trade less

A typical mutual fund owns over 200 positions and buys and sells 50 of them each year. It is a costly habit. We hold positions in 8 companies on average .

Gain access to deal flow.

Member-only investment opportunities in U.S commercial real estate.

Private offerings

Invest in private real estate properties with us. Get exposure to "off market" properties and transactions.

Due diligence

Not sure about the deal? we interview management, tenants, real estate professionals and other nearby property owners to get you the most relevant information.


Get a complete underwriting package that includes operating cash flow, market analysis, lease rollover, and information on the operator and tenants.

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