In the foxhole with you: the four rules we invest by
L5 Legacy Capital, a veteran-led real estate firm in Frisco, Texas, invests by four rules: alignment, discipline, access and legacy. Our money goes in first. Investors are paid first. We review about 100 deals to choose two to five in Texas and Louisiana, and we plan the exit before we buy.
Disciplined like soldiers. Invested like partners.
Why does a sponsor's philosophy matter to you?
Because when a deal gets hard, the sponsor's rules decide what happens to your money. Read them before you invest, not after.
Too many investors learn this late. Layers of fees. Fund managers you'll never meet. Salespeople who vanish the moment the wire clears. Sponsors who get paid whether the deal works or not. The market can cost you a bad year. The wrong sponsor can cost you your principal.
Soldiers trust the people who share the risk with them. You should expect the same from the people holding your capital.
“We're in the foxhole with you.”
That's the standard behind every rule on this page.
Where did these rules come from?
From job sites, not seminars. Every rule on this page was learned on a real project, with our own money on the line first.
The Army taught us recon before you move and no one gets left behind. Our first homes in Hawaii taught us to create value and know when to exit. Three test homes on 25 acres in Virginia taught us to prove a thesis before we scale it. Building through the 2006 boom and the 2008 downturn taught us to plan for the bad year first. We wrote the rules down long before we formally formed L5 Legacy Capital in 2026, and every deal still runs through them. Read the full story →
Does L5 put its own money in?
Yes, and it goes in first. Our money goes in first. You get paid first.
Our own money is in the deal.
Claim: we never ask you to take a risk we won't take.
Proof: the founders put their own capital into the L5 fund before bringing in a single investor.
“Whenever you invest with us, we'll treat your money just like our money. There's no project we're going to do that we don't have some money in.”
What it means for you: every decision about your capital is made by people with their own capital at stake.
You are paid first.
Claim: we don't share in profits until you've been paid.
Proof: the fund's offering documents give limited partners a preferred return, paid before the general partners share in profits.
“We always make it a point to pay our investors first, because you are the ones who trusted in the vision.”
What it means for you: when you win, we win, and not before.
We treat your money like our money.
Claim: the rule came before the firm. An early mentor taught Byron to treat investors' money like his own, and he built L5 around it.
Proof: it shapes what we buy, how much we borrow, how we budget and when we sell.
What it means for you: a partner who feels every decision the way you do.
Ask Byron to walk you through the waterfall line by line. A private conversation. No pitch. No pressure.
How does L5 choose deals?
By saying no far more than yes. We say no 95 times so we can say yes to you.
We pass on most of what we see.
Claim: selectivity is our first layer of protection.
Proof: we review about 100 deals to choose the two to five that work.
“We probably have to look at a hundred deals to get somewhere between two and five that work.”
What it means for you: most deals never make it past our desk. That's the point.
We run recon before we commit.
Claim: we test the thesis before we scale it.
Proof: in Virginia we built three homes before we built out 25 acres. In Northeast Louisiana we pre-qualified buyers before we broke ground. Every fund project is fully underwritten before we invite investors.
“You don't charge a hill without recon. I don't buy a building without it.”
What it means for you: you review a finished plan, not a sales pitch.
We plan the exit before we buy.
Claim: we know how we're leaving before we sign.
Proof: every business plan names the intended exit, a refinance or a sale, and the hold period before we buy. The fund's terms are laid out on Invest with L5.
“We know when we purchase it how we're going to leave it.”
What it means for you: you know the timeline and the way out before you commit a dollar.
We create value. We don't wait for it.
Claim: our returns are built, not hoped for.
Proof: we acquire, reposition, optimize, grow net operating income and then exit. That is forced appreciation, and we've practiced it through the 2006 boom and the 2008 downturn. See how we create value →
What it means for you: a business plan that doesn't depend on the market doing anyone a favor.
Can you reach the people running your investment?
Yes. That's a rule, not a perk.
You start with the Managing Partner.
Claim: no call centers, no gatekeepers.
Proof: every first investor conversation at L5 is with Byron Kizzie. Melynda leads the front end, finding the deals, and Layla Wilson leads investor relations as a point of contact for investors and their questions.
What it means for you: the people who find, underwrite and close every deal are the people you talk to.
You see where the capital goes.
Claim: transparency is part of the structure.
Proof: we publish every project we place in the fund. Fund investors receive a quarterly investor update on project status, distributions and performance, and everyone on our list can get the monthly newsletter.
What it means for you: no surprises. When something changes, you hear it from us first.
Why does L5 build?
To leave families stronger and communities busier than we found them. Legacy is in our name, and we think in generations.
We build ecosystems, not just buildings.
Claim: a good project changes more than a balance sheet.
Proof: in Northeast Louisiana, working families bought quality homes they could afford, with closing-cost assistance and mortgage programs from local lenders we partnered with.
“You look around and the community you put that asset in is thriving. People are working. You have coffee shops, hospitality, retail, apartment buildings. You've built a little ecosystem.”
What it means for you: real assets you can visit, explain to your family and be proud of, built to outlast the deal.
What won't L5 do?
We won't break these five promises, and you should ask every sponsor to make them.
- 01
We won't promise returns.
Targets are labeled as targets, with the risks disclosed.
- 02
We won't chase a deal that doesn't work.
If the numbers don't hold up under conservative assumptions, we pass.
- 03
We won't ask you to invest in something we haven't invested in ourselves.
- 04
We won't hide behind a call center.
You talk to the people making the decisions.
- 05
We won't rush you.
Talk with your spouse, your CPA or your adviser first. We'll talk with them too.
Does the philosophy work in practice?
Yes. Our Northeast Louisiana workforce housing development is the proof: every rule on this page, applied to one project.
Buyers pre-qualified before we broke ground.
Local lender partnerships for closing-cost assistance, favorable financing and workforce mortgage programs.
Investors realized a 1.5x equity multiple, $1.50 back for every $1.00, on a $2.25 million project 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.
How should you evaluate any sponsor, including us?
Ask every sponsor the questions this page answers. Is your money in the deal? Who gets paid first? How many deals do you pass on? What's the exit plan? Can I reach the people making decisions?
We wrote them down for you. Use our checklist on any sponsor, including us. For the full method, read how to evaluate a sponsor.
Hold us to these rules.
Ask Byron anything on this page: the waterfall, the underwriting, the exit, the fees. He'll show you.
A private conversation with Byron Kizzie, our Managing Partner. No pitch. No pressure.
What happens next:
- (1) a short form
- (2) a confirmation and calendar invite
- (3) your conversation with Byron
- (4) if it's a fit, a private briefing on the L5 fund and its projects, and verification of your accredited status through InvestNext, our investor portal
Every year your capital sits idle is a year of growth it never gets back. Funding typically takes about 90 days from the first conversation, the L5 fund is a limited $15 million, and Byron takes every first conversation himself. Start now.
Not ready to talk yet?
Start smaller. Learn how we think before you decide.
Questions investors ask us
Straight answers about the rules we invest by and how they protect your capital.
Do L5's founders invest their own money?
Yes. Byron Kizzie and Dr. Melynda Kizzie put their own capital into the L5 fund before bringing in investors. We never ask you to take a risk we won't take. Schedule an investor conversation with Byron.
Who gets paid first in the L5 fund?
Investors. The fund's offering documents give limited partners a preferred return, paid before the general partners share in profits. Byron will walk you through the waterfall line by line on a call. Schedule a call.
How selective is L5 Legacy Capital?
Very. L5 reviews about 100 deals to choose the two to five that work, and underwrites every one before inviting investors. See current opportunities.
When does L5 decide how it will exit an investment?
Before it buys. Every L5 business plan names the intended exit, a refinance or a sale, and the expected hold before the purchase. Private real estate is illiquid, so you'll know the timeline before you commit. See how it works.
Does L5 promise returns?
No. L5 labels every target as a target and discloses the risks before anyone invests. 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.
What fees does L5 charge?
Fees are set out in the fund's offering documents, and the general partners share in profits only after limited partners receive their preferred return. Ask Byron on your investor conversation, and he'll show you. Schedule your investor conversation.