The Blog
Longer-form pieces from Fundamento Research — opinionated, sourced, and aimed at decisions, not just description. Subscribe to alerts for the topics you care about.
Vetting a Syndication Sponsor: Start With the Exemption, Not the Track Record
Almost every real estate syndication sold to individuals relies on Rule 506 of Regulation D. Which branch of Rule 506 the sponsor chose determines what they had to tell you, what they had to verify about you, and what you can check independently before wiring a dollar.
What 28 Percent Doesn't Cover: The Real Cost of a 2026 Mortgage
At the July 2026 median home price of $434,100 and a 6.66 percent rate, principal and interest alone on a 20-percent-down loan runs about $2,232 a month — already more than the entire housing budget the 28 percent rule allows a household earning the national median income of $83,730, before PMI, HOA fees or insurance enter the picture.
FIRPTA Withholding and ITIN Financing for the Foreign Buyer, 2026
FIRPTA withholding runs up to 15 percent of a sale's full price, not the gain, and steps down only within specific residence-price bands the IRS sets at $300,000 and $1 million. ITIN buyers, meanwhile, finance entirely outside the conventional mortgage market, with down payments starting near 15 to 20 percent and rates commonly landing 1 to 3 points above conventional pricing.
The 2026 debt wall is already reshaping office pricing
$875B in CRE maturities this year, CMBS distress at 17.4% in office. The extend-and-pretend cycle is ending — and the next 18 months will produce realized losses, not just paper ones.
Senior housing — the strongest demographic bet of the decade
The 80+ population grows 4%+ annually through 2035. Supply growth is structurally capped at 1–2%. Occupancy hit 88.7% in Q3 2025, the highest since 2019. Few real estate theses are this mechanical.
1031 vs. OZ: a decision framework for the post-OBBB era
The One Big Beautiful Bill Act made Opportunity Zones permanent. That changes the math meaningfully — but not in the direction most CPAs are pitching.
The LatAm–Miami corridor: structural, not cyclical
$4.4B in foreign South Florida purchases in 2025 (+42% YoY). 49% of new construction sold to international buyers; 86% of those were Latin Americans. Five years of data have now closed the "is this cyclical?" debate.
Cost segregation in 2026: when the numbers actually work
The OBBB Act (July 2025) restored 100% bonus depreciation permanently for property acquired after January 19, 2025 — cost-seg math is back to its strongest form. The acquisition date, not just the year, decides which regime applies.
What the RealPage settlement means for multifamily
The DOJ consent decree (Nov 2025) didn't ban revenue management software — but it ended the 200 bps operating-spread advantage early adopters captured in 2020–2023. The mid-market multifamily edge case has changed.
Climate risk: the insurance-first underwriting framework
93% of homeowners are concerned about climate damage. 49% may move because of it. The biggest single variable in real estate underwriting for 2026 isn't price — it's next-decade insurance trajectory.
Data centers are the new trophy office (and the new risks)
Vacancy at 1%, rents +9% in 2025, $710B in hyperscaler capex committed for 2026. The strongest growth theme in real estate — with hyperscaler concentration risk that nobody is fully pricing.
House hacking after 2024: is the math still working?
With FHA at 3.5% down and rates at 6.75%, the classic house hack still pencils — but you need to be more selective about market and unit count than 2020 buyers did.
Why mid-tier real estate funds are the most threatened product format
The top 5 platforms control 30%+ of institutional AUM. Sub-$5B funds can't clear LP minimums. The middle band ($5–25B AUM) is being squeezed by both ends.